MOI UNIVERSITV OFF CE OF THE VICE- (HANCE LLO Tl: (0;3) 43620/0790 O4O508 P.O Box 30 ; 0 0771 336911/0736 138770 L "T Email: vemwq@mu.ac.kecena vc@mu.ac.ke Ref: MU/ADM/7/1 28th December, 2021 Josephine Kabura Kamau, World Bank Group, Delta Centre, Menengal Road, Upper Hill, P.0 Box 30577-00100, NAIROBI, KENYA. Dear / " ' RE: REPORT OF THE AUDITOR GENERAL FOR FY 202012021 ON THE FINANCIAL STATEMENTS OF THE AFRICA CENTRE OF EXCELLENCE (ACEII) The above- captioned subject matter refers. We herewith attach ihe report of the Auditor General on the financial statements of the Africa Centre of Excellence (ACEll) for the financial year ended Ot-h June 2021. We have a!so attached the responses and clarifications to the matters raised in the audit report for your reference and record. Additionally, we have attached the ioliowing documents relating to the audit process for the financia year ended 30th June 2021. 1. Management Letter to Moi Universify dated 10th November2021 2. Resocnse to the Management Letter dated 22nd November 2021 3. Draft Report of the Auditor General dated 30t November 2021 4. Management response to thie Draft Audit Report dated 2nd Decemer 2021 Yfc Ph ~GFASAAC REPUBLIC OF KENYA AGFAO 6OFFICE OF THE AUDITOR-GENERAL Enhancing Accoinmtabilitv REPORT OF THE AUDITOR-GENERAL ON AFRICA CENTRE OF EXCELLENCE (ACE II) IN PHYTOCHEMICALS, TEXTILES AND RENEWABLE ENERGY (PTRE) PROJECT (IDA CREDIT NO.5798-KE) FOR THE YEAR ENDED 30 JUNE, 2021 MOI UNIVERSITY P ) o 7430100 pOF PROJECT NAME: AFRICA CENTRE OF EXCELLENCE (ACEII) PTRE PROJECT IMPLEMENTING ENTITY: MOI UNIVERSITY PROJECT GRANT/CREDIT NUMBER: IDA CREDIT 5798-KE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED JUNE 30, 2021 Prepared in accordance with the Cash Basis of Accounting Method under the International Public Sector Accounting Standards (IPSAS) REPUBLIC OF KENYA Telephone: +254-(2o) 3214000 HEADQUARTERS E-mail: info@oagkenya.go.ke Anniversary Towers Website: www.oagkenya.go.ke Monrovia Street OFFICE OF THE AUDITOR-GENERAL P.O. Box 3oo84-00100 hni AccountabilitY NAIROBI REPORT OF THE AUDITOR GENERAL ON AFRICA CENTRE OF EXCELLENCE (ACE II) IN PHYTOCHEMICALS, TEXTILES AND RENEWABLE ENERGY (PTRE) PROJECT (IDA CREDIT NO.5798-KE) FOR THE YEAR ENDED 30 JUNE, 2021 - MOI UNIVERSITY PREAMBLE I draw your attention to the contents of my report which is in three parts: A. Report on the Financial Statements that considers whether the financial statements are fairly presented in accordance with the applicable financial reporting framework, accounting standards and the relevant laws and regulations that have a direct effect on the financial statements. B. Report on Lawfulness and Effectiveness in Use of Public Resources which considers compliance with applicable laws, regulations, policies, gazette notices, circulars, guidelines and manuals and whether public resources are applied in a prudent, efficient, economic, transparent and accountable manner to ensure government achieves value for money and that such funds are applied for intended purpose. C. Report on Effectiveness of Internal Controls, Risk Management and Governance which considers how the entity has instituted checks and balances to guide internal operations. This responds to the effectiveness of the governance structure, the risk management environment, and the internal controls developed and implemented by those charged with governance for orderly, efficient and effective operations of the entity. An unmodified opinion does not necessarily mean that an entity has complied with all relevant laws and regulations, and that its internal control, risk management and governance systems are properly designed and were working effectively in the financial year under review. The three parts of the report are aimed at addressing the statutory roles and responsibilities of the Auditor-General as provided by Article 229 of the Constitution, the Public Finance Management Act, 2012 and the Public Audit Act, 2015. The three parts of the report, when read together constitute the report of the Auditor-General. Report ofthe Auditor-General on Africa Centre ofExcellence (ACEII) in Phytochemicals, Textiles and Renewable Energy (PTRE) Project (IDA Credit No.5798-KE) for the year ended 30 June, 2021- Moi University REPORT ON THE FINANCIAL STATEMENTS Opinion I have audited the accompanying financial statements of Africa Centre of Excellence in Phytochemicals, Textiles and Renewable Energy (PTRE) Project set out on pages 1 to 19 which comprise the statement of financial assets as at 30 June 2021, and the statement of receipts and payments statement of cash flows and statement of comparison of budget and actual amounts for the year then ended, and a summary of significant accounting policies and other explanatory information in accordance with the provisions of Article 229 of the Constitution of Kenya and Section 35 of the Public Audit Act, 2015. I have obtained all the information and explanations which, to the best of my knowledge and belief, were necessary for the purpose of the audit. In my opinion, the financial statements present fairly, in all material respects, the financial position of Africa Centre of Excellence in Phytochemicals, Textiles and Renewable Energy (PTRE) Project as at 30 June, 2021, and its financial performance and its cash flows for the year then ended, in accordance with International Public Sector Accounting Standards (Cash Basis) and comply with the Subsidiary Grant Agreement for IDA Credit No.5798-KE between the Government of Kenya and Moi University dated 27 October, 2016 and Grant Agreement No. 2019- 1973/006-001 between Moi University and the European Commission dated 28 November, 2019 and the Public finance Management Act, 2012 . Basis for Opinion The audit was conducted in accordance with International Standards of Supreme Audit Institutions (ISSAls). I am independent of Africa Centre of Excellence in accordance with ISSAI 130 on Code of Ethics. I have fulfilled other ethical responsibilities in accordance with the ISSAI and in accordance with other ethical requirements applicable to performing audits of financial statements in Kenya. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. Other Matter Budgetary Control and Performance The Africa Centre of Excellence in Phytochemicals, Textiles and Renewable Energy (PTRE) Project budgeted to receive and spend a total of Kshs.347,524,796 in implementation of Phytochemicals, Textiles and Renewable Energy (PTRE) projects during the financial year ended 30 June, 2021. However, budget utilization during the year was as follows Budget Actual Difference Utilization Receipts /Payments Kshs. Kshs. Kshs. % Total Receipts 347,524,796 167,920,595 179,604,201 48% Total Payments 347,524,796 151,099,847 196,424,949 43% Report ofthe A uditor-General on Africa Centre ofExcellence (A CEll) in Phytochemicals, Textiles and Renewable Energy (PTRE) Project (IDA Credit No. 5798-KE) for the year ended 30 June, 2021- Moi University 2 The under absorption is an indication that not all planned projects and programmes were implemented by the Africa Centre of Excellence as planned in the financial year. Other Information The fund Management is responsible for the other information, which comprises the fund Chairpersons Report, fund administrators' report, the statement of corporate governance, management discussions and analysis, statement of corporate social responsibility and the statement of management responsibilities. The other information does not include the financial statements and my auditor's report thereon. My opinion on the financial statements does not cover the other information and I do not express any form of assurance or conclusion thereon. REPORT ON LAWFULNESS AND EFFECTIVENESS IN USE OF PUBLIC RESOURCES Conclusion As required by Article 229(6) of the Constitution, based on the audit procedures performed, except for the matter described in the Basis for Conclusion on Lawfulness and Effectiveness in Use of Public Resources section of my report, I confirm that, nothing else has come to my attention to cause me to believe that public resources have not been applied lawfully and in an effective way. Basis for Conclusion Single Sourcing for Accreditation Services The statement of receipts and payments reflects purchase of goods and services of Kshs.105,798,067 which include education capacity and development impact expenses of Kshs.6,919,398 as disclosed under Note 11.4 to the financial statements. Included in the education capacity and development impact expenses of Kshs.6,919,398, is a payment of Kshs.1,063,078 to a firm to carry out accreditation of two programs, PhD in Textile Engineering and PhD in Energy Studies vide Tender Number MUIRFP/02/2019-2020 dated 7 January, 2020. However, perusal of the tender file availed for audit showed that, although five tender documents were sent out, only one bidder responded and the project management went ahead to evaluate the only bidder, instead of cancelling the advertisement and making another advert for at least three bidders to respond in order to procure the service at a competitive price. The audit was conducted in accordance with ISSAI 4000. The standard requires that I comply with ethical requirements and plan and perform the audit to obtain assurance about whether the activities, financial transactions and information reflected in the financial statements are in compliance, in all material respects, with the authorities that govern them. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my conclusion. Report oftheAuditor-General on Africa Centre ofExcellence ( ACEII) in Phytochemicals, Textiles and Renewable Energy (PTRE) Project (IDA Credit No.5798-KE) for the year ended 30 June, 2021- Moi University 3 REPORT ON EFFECTIVENESS OF INTERNAL CONTROLS, RISK MANAGEMENT AND GOVERNANCE Conclusion As required by Section 7(1)(a) of the Public Audit Act, 2015, based on the audit procedures performed, I confirm that, nothing has come to my attention to cause me to believe that internal controls, risk management and overall governance were not effective. Basis for Opinion The audit was conducted in accordance with ISSAI 2315 and ISSAI 2330. The standards require that I plan and perform the audit to obtain assurance about whether effective processes and systems of internal control, risk management and overall governance were operating effectively, in all material respects. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my conclusion. Responsibilities of Management and those Charged with Governance Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Public Sector Accounting Standards (Cash Basis) and for maintaining effective internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error and for its assessment of the effectiveness of internal control, risk management and governance. In preparing the financial statements, Management is responsible for assessing the Africa Centre of Excellence ability to continue as a going concern/ sustain services, disclosing, as applicable, matters related to sustainability of services and using the applicable basis of accounting unless Management is aware of the intention to liquidate the Project or to cease operations. Management is also responsible for the submission of the financial statements to the Auditor-General in accordance with the provisions of Section 47 of the Public Audit Act, 2015. In addition to the responsibility for the preparation and presentation of the financial statements described above, management is also responsible for ensuring that the activities, financial transactions and information reflected in the financial statements are in compliance with the authorities which govern them, and that public resources are applied in an effective way. Those charged with governance are responsible for overseeing the Africa Centre of Excellence in Phytochemicals, Textiles and Renewable Energy (PTRE) Project financial reporting process, reviewing the effectiveness of how the entity monitors compliance with relevant legislative and regulatory requirements, ensuring that effective processes and systems are in place to address key roles and responsibilities Report ofthe Auditor-General on Africa Centre ofExcellence (ACEII) in Phytochemicals, Textiles and Renewable Energy (PTRE) Project (IDA Credit No.5798-KE) for the year ended 30 June, 2021- Moi University 4 in relation to governance and risk management, and ensuring the adequacy and effectiveness of the control environment. Auditor-General's Responsibilities for the Audit The audit objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion in accordance with the provisions of Section 48 of the Public Audit Act, 2015 and submit the audit report in compliance with Article 229 (7) of the Constitution. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISSAIs will always detect a material misstatement and weakness when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. In addition to the audit of the financial statements, a compliance audit is planned and performed to express a conclusion about whether, in all material respects, the activities, financial transactions and information reflected in the financial statements are in compliance with the authorities that govern them and that public resources are applied in an effective way, in accordance with the provisions of Article 229 (6) of the Constitution and submit the audit report in compliance with Article 229 (7) of the Constitution. Further, in planning and performing the audit of the financial statements and audit of compliance, I consider internal control in order to give an assurance on the effectiveness of internal controls, risk management and governance processes and systems in accordance with the provisions of Section 7(1)(a) of the Public Audit Act 2015 and submit the audit report in compliance with Article 229(7) of the Constitution. My consideration of the internal control would not necessarily disclose all matters in the internal control that might be material weaknesses under the ISSAls. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Because of its inherent limitations, internal control may not prevent or detect misstatements and instances of non-compliance. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the Africa Centre of Excellence policies and procedures may deteriorate. As part of an audit conducted in accordance with ISSAls, I exercise professional judgement and maintain professional skepticism throughout the audit. I also: Report ofthe Auditor-General on Africa Centre ofExcellence (ACEII) in Phytochemicals, Textiles and Renewable Energy (PTRE) Project (IDA Credit No.5798-KE) for the year ended 30 June, 2021- Moi University 5 * Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. u Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management. * Conclude on the appropriateness of the Management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Project's ability to continue to sustain its services. If I conclude that a material uncertainty exists, I am required to draw attention in the auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my audit report. However, future events or conditions may cause the Project to cease to continue to sustain its services. * Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. * Obtain sufficient appropriate audit evidence regarding the financial information and business activities of the Project to express an opinion on the financial statements. " Perform such other procedures as I consider necessary in the circumstances. I communicate with the Management regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that are identified during the audit. I also provide Management with a statement that I have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on my independence, and where applicable, related safeguards. CPA u, CBS AUDITOR-GENERAL Nairobi 08 December, 2021 rica Centre ofExcellence (ACEI) in Phytochemicals, Textiles andRenewable Energy (PTRE) Project (IDA Credit No. 5 798-KE) for the year ended 30 June, 2021- Moi University 6 � � �` г, N и 00 О� �--� О 00 � � О И и � oNO v�i � .-N,•i д� � и о м а� � оо м Ijj �� � N О .-� И и н и ,Vj l� д� N � � ^h('у � � м � .-� И l� �� Lч `O °, м с� � � .-. и cv � ..� Gт� м � о о�о ом, oNO � о о м м о �о и о� �о о ^, .-а оо оо �о о, �о с� � о rn ��� � г й о � и N � о � м сЧ й �t � � N р � рр ,п ,--� �о t� U пs •-+ Е-+ о н 1 1 1 1 1 1 I 1 � � � � ` �� О и +' и � д � N .С � Q�' Z � � � р Р-+ � � Q Р�-i и-Ui � '� с� и м et м oNO r о а� О М � О � � О� �О О � м и � .-. оо оо � � й � ч-� � � .-. �- с� � �r и о ° А � о� и �о � А оо о а� м cv й �r � о � � и .-� �О � L1. F-� сб Lта �'Д � ° � �. о ^, и l� О l� ОС � W м о0 00 О� �U о0 `с}' et N .-, г-. И О [� 00 [:. � � � � рр ,-� С� О � _ ..W.. . . М. .. � � _�. . 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STATEMENT OF FINANCIAL ASSETS AS AT 3 JUNE 2021 7 -, -7 -_-, 7 '7 - 7- 7 7' 7 V -7- FINANCIAL ASSETS Cash and Cash Equivalents Bank Balances 11.6 203,259,801 184,822,509 Cash Balances Cash Equivalents (short-term deposits) - - Total Cash and Cash Equivalents 203,259,801 184,822,509 Accounts Receivables 11.7 3,692,786 TOTAL FINANCIAL ASSETS 206,952,587 190,131,839 FINANCIAL LIABILITIES Payables- Deposits and Retentions - - NET ASSETS 206,952,587 190,131,839 REPRESENTED BY Fund balance b/fwd 11.8 190,131,839 66,059,830 Prior year adjustments - - Surplus for the year 16,820,748 124,072,009 NET FINANCIAL POSITION 206,952,587 190,131,839 The accounting policies and explanatory notes to these financial statements form an integral part of the financial statements. The financial statements were approved on 2021 and signed by: 25 Vice Chancellor Project Leader Deputy Vice Chancellor, Finance: Prof. Isaac S. Kosgey Prof. Ambrose Kiprop Prof. Daniel Tarus ICPAK M/No 1223 0 2 Moi University Africa Centre of Excellence (ACEII) PTRE Project Reports and Financial Statements For the financial year ended June 30, 2021 7. STATEMENT OF CASHFLOW FOR THE PERIOD 30TH JUNE 2021 CASHFLOW FROM OPERATING ACTIVITIES Receipts from operating activities Transfer from Government entities 11.1 149,355,234 108,969,337 Proceeds from domestic and foreign grants 11.2 17,715,180 80,611,345 Miscellaneous receipts 11.3 850,181 48,003 Payments from operating activities Compensation of employees - - Purchase of goods and services 11.4 (105,798,067) (53,136,693) Transfers to other government entities Other grants and transfers Adjustments during the year Decrease/(increase) in Accounts Receivables 11.7 1,616,544 (4,997,938) Increase/(Decrease) in Accounts Payable: - Net cash flow from operating activities 63,739,072 131,494,053 CASHFLOW FROM INVESTING ACTIVITIES Acquisition of Assets 11.5 (45,301,780) (12,419,982) Net cash flows from Investing Activities (45,301,780) (12,419,982) CASHFLOW FROM BORROWING ACTIVITIES Proceeds from Foreign Borrowings Net cash flow from financing activities NET INCREASE IN CASH AND CASH EQUIVALENTS 18,437,292 119,074,071 Cash and cash equivalent at BEGINNING of the year 11.6 184,822,509 65,748,438 Cash and cash equivalent at END of the year 11.6 203,259,801 184,822,509 The accounting policies and explanatory notes to these financial state form an integral part of the financial statements. The Project financial statements were ap roved \ / 2021 and signed by: Vice Chancellor Project Leader Deputy Vice Chancellor, Finance: Prof. Isaac S. Kosgey Prof. Ambrose Kiprop Prof. Daniel Tarus ICPAK M/No 12230 3 i I � - � � �О и l� оо � N М � �-' N �' и М !}' N U �ч о cv � и� о о � а, � � � � � й � N cav� N � � � � д�- й � о о� N � о И l� N �О И 01 !1' � � l� О� N С� О и �О й � О l� О� [� О О� О� �--� � �--� U � � N с�б U � ~ Е� о �r о � ,-.� и � о � t� � � � � м оо оо о� � оо �t с� � � и о � оо �•� � и � о о оо �-• � и и N rn о � � г �, (� � м с� оо о� t � м о oLv../' � о� � [� и й .-i � �, 4--i �h �о о � и ,_.., � О � � '-, � к Са а, U � � ¢ �t с� � о �о � и � �д � О 00 �-+ О� М И О� . � 00 И '� I � м д� [ � .� � о � д' N О �--� N � Zi U д- � и м N И '� и-� �О � м t� �О � � �у � N � М N � М у N � � � � Q�, N М ' о0 М д' О� ' М � ь� ' М д' � О� О � О� О^ о U О [� И N �--� О V N у � � М �-+ М м О М � � � � � � � �.` ,' ., f:и Z м oN � rn о � � \ О� � � . � � �, W i � й й � � о � (� си оо � N м м о � м � �� '� А � .-� N о�о� м � о`�о� � � � W � � V � а °� � м й � м -v � " � ..__, � rn � � � � о � W � � cv � � оо о °с�' о о � ,у н г,,, ,� � � � w Р-+ Н N Г�1' � N �f С� V О 1у'NQ�'1 и �-�.:ы � � � � .� й О н О�� � N v � й � � V +-� � Сб w w0�i � С � bp � � U и '+=' �' vCr•' �V�' � � . U С й � � � V�� О s.�. й 3 п. С � и bA � � � Е" > � ° ' � `� 4" � ' � � � � W � -� �° °�.' о � � ,� � � й и � � � �•� '� W О� с��б с0 N .О" boA О и � V �,v о Ои Г+и �^1 � Н и Ч� и у.._ и � � у�', о О � � � �� 4i �� [-� G. Ч°� a�i o�U � � �i a�i �' гn bд А, � \V v Г/� •� � � С/1 �� С c�i ' � � се � � ��„ � �е а> �` � � с� а� и_ ++ '� '� "` �i Е� w ц� а. � Е-+ А� а, д О Е-+ F" ��\ U и о .� '-" ��� об � U о z � а Moi University Africa Centre of Excellence (A CEII) PTRE Project Reports and Financial Statements For thefinancial year ended June 30, 2021 9. SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of these financial statements are set out below: 10. BASIS OF PREPARATION 10.1 Statement of compliance and basis of preparation The financial statements have been prepared in accordance with Cash-basis IPSAS financial reporting under the cash basis of accounting, as prescribed by the PSASB and set out in the accounting policy note below. This cash basis of accounting has been supplemented with accounting for; a) receivables that include imprests and salary advances and b) payables that include deposits and retentions. The financial statements comply with and conforin to the form of presentation prescribed by the PSASB. The accounting policies adopted have been consistently applied to all the years presented. 10.2 Reporting entity The financial statements are for the ACEII PTRE Project under National Government of Kenya. The financial statements encompass the reporting entity as specified in the relevant legislation PFM Act 2012. 10.3 Reporting currency The financial statements are presented in Kenya Shillings (KShs), which is the functional and reporting currency of the Project and all values are rounded to the nearest Kenya Shilling. 10.4 Significant Accounting Policies a) Recognition of receipts The Project recognises all receipts from the various sources when the event occurs, and the related cash has actually been received by the Government. i) Transfers from the Exchequer Transfer from Exchequer is recognized in the books of accounts when cash is received. Cash is considered as received when payment instruction is issued to the bank and notified to the receiving entity. ii) External Assistance External assistance is received through grants and loans from multilateral and bilateral development partners. iii) Other receipts These include Appropriation-in-Aid and relates to receipts such as proceeds from disposal of assets and sale of tender documents. These are recognized in the financial statements the time associated cash is received. 5 Moi University Africa Centre of Excellence (ACEII) PTRE Project Reports and Financial Statements For the financial year ended June 30, 2021 Significant Accounting Policies (Continued) b) Donations and grants Grants and donations shall be recognized in the books of accounts when cash is received. Cash is considered as received when a payment advice is received by the recipient entity or by the beneficiary. In case of grant/donation in kind, such grants are recorded upon receipt of the grant item and upon determination of the value. The date of the transaction is the value date indicated on the payment advice. c) Proceeds from borrowing Borrowing includes treasury bills, treasury bonds, corporate bonds, sovereign bonds and external loans acquired by the Project or any other debt the Project may take on will be treated on cash basis and recognized as a receipt during the year they were received. d) Undrawn external assistance These are loans and grants at reporting date as specified in a binding agreement and relate to funding for the Project currently under development where conditions have been satisfied or their ongoing satisfaction is highly likely and the project is anticipated to continue to completion. An analysis of the Project's undrawn external assistance is shown in the funding summary. e) Recognition of payments The Project recognises all payments when the event occurs, and the related cash has actually been paid out by the Project. i) Compensation of employees Salaries and Wages, Allowances, Statutory Contribution for employees are recognized in the period when the compensation is paid. ii) Use of goods and services Goods and services are recognized as payments in the period when the goods/services are consumed and paid for. If not paid for during the period where goods/services are consumed, they shall be disclosed as pending bills. iii) Interest on borrowing Borrowing costs that include interest are recognized as payment in the period in which they incurred and paid for. iv) Repayment of borrowing (principal amount) The repayment of principal amount of borrowing is recognized as payment in the period in which the repayment is made. The stock of debt is disclosed as an annexure to the consolidated financial statements. v) Acquisition of fixed assets The payment on acquisition of property plant and equipment items is not capitalized. The cost of acquisition and proceeds from disposal of these items are treated as payments and receipts items respectively. Where an asset is acquired in a non-exchange transaction for nil or nominal 6 oi University Africa Centre of Excellence (A CEI) PTRE Project Reports and Financial Statements For the financial year ended June 30, 2021 consideration and the fair value of the asset can be reliably established, a contra transaction is recorded as receipt and as a payment. A fixed asset register is maintained by each public entity and a summary provided for purposes of consolidation. This summary is disclosed as an annexure to the consolidated financial statements. f) In-kind donations In-kind contributions are donations that are made to the Project in the form of actual goods and/or services rather than in money or cash terms. These donations may include vehicles, equipment or personnel services. Where the financial value received for in-kind contributions can be reliably determined, the Project includes such value in the statement of receipts and payments both as receipts and as payments in equal and opposite amounts; otherwise, the contribution is not recorded. g) Cash and cash equivalents Cash and cash equivalents comprise cash on hand and cash at bank, short-term deposits on call and highly liquid investments with an original maturity of three months or less, which are readily convertible to known amounts of cash and are subject to insignificant risk of changes in value. Bank account balances include amounts held at various commercial banks at the end of the financial year. For the purposes of these financial statements, cash and cash equivalents also include short term cash imprests and advances to authorised public officers and/or institutions which were not surrendered or accounted for at the end of the financial year. Restriction on cash Restricted cash represents amounts that are limited/restricted from being used to settle a liability for at least twelve months after the reporting period. This cash is limited for direct use as required by stipulation. Amounts maintained in deposit bank accounts are restricted for use in refunding third part deposits. h) Accounts receivable For the purposes of these financial statements, imprests and advances to authorised public officers and/or institutions which were not surrendered or accounted for at the end of the financial year is treated as receivables. This is in recognition of the government practice where the imprest payments are recognized as payments when fully accounted for by the imprest or AIE holders. This is an enhancement to the cash accounting policy. Other accounts receivables are disclosed in the financial statements. 7 Moi University Africa Centre of Excellence (ACEII) PTRE Project Reports and Financial Statements For the financial year ended June 30, 2021 Significant Accounting Policies (Continued) i) Contingent Liabilities A contingent liability is: a) A possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or b) A present obligation that arises from past events but is not recognised because: i) It is not probable that an outflow of resources embodying economic benefits or service potential will be required to settle the obligation; or ii) The amount of the obligation cannot be measured with sufficient reliability. Some of contingent liabilities may arise from: litigation in progress, guarantees, indemnities. Letters of comfort/ support, insurance, Public Private Partnerships, The Project does not recognize a contingent liability but discloses details of any contingencies in the notes to the financial statements unless the possibility of an outflow of resources embodying economic benefits or service potential is remote. j ) Contingent Assets The Project does not recognize a contingent asset, but discloses details of a possible asset whose eXistence is contingent on the occurrence or non-occurrence of one or more uncertain future e% ents not wholly within the control of the Project in the notes to the financial statements. Contingent assets are assessed continually to ensure that developments are appropriately reflected in the financial statements. If it has become virtually certain that an inflow of economic benefits or ser% ice potential will arise and the asset's value can be measured reliably, the asset and the related revenue are recognized in the financial statements of the period in which the change k) Pending bills Pending bills consist of unpaid liabilities at the end of the financial year arising from contracted goods or services during the year or in past years. As pending bills do not involve the payment of cash in the reporting period, they recorded as 'memorandum' or 'off-balance' items to provide a sense of the overall net cash position of the Project at the end of the year. When the pending bills are finall\ settled, such payments are included in the statement of receipts and payments in the Vear in %i hich the payments are made. 1) Budget The budget is developed on a comparable accounting basis (cash basis), the same accounts classification basis (except for accounts receivable - outstanding imprest and clearance accounts and accounts payable - deposits, which are accounted for on an accrual basis), and for the same 8 Moi University.4fi-ica Centre of Excellence (ACEII) PTRE Project Reports and Financial Statements For the financial year ended June 30, 2021 period as the financial statements. The Project's budget was approved as required by law and National Treasury Regulations, as well as by the participating development partners, as detailed in the Government of Kenya Budget Printed Estimates for the year. The Development Projects are budgeted for under the MDAs but receive budgeted funds as transfers and account for them separately. These transfers are recognised as inter-entity transfers and are eliminated upon consolidation. A high-level assessment of the Project's actual performance against the comparable budget for the financial year/period under review has been included in an annex to these financial statements. m) Exchange rate differences The accounting records are maintained in the functional currency of the primary economic environment in which the Project operates, Kenya Shillings. Transactions in foreign currencies during the year are converted into the functional currency using the exchange rates prevailing at the dates of the transactions. Any foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statements of receipts and payments. n) Comparative figures Where necessary comparative figures for the previous financial year/period have been amended or reconfigured to conform to the required changes in financial statement presentation. o) Subsequent events There have been no events subsequent to the financial year/period end with a significant impact on the financial statements for the year ended June 30, 2021. p) Errors Material prior period errors shall be corrected retrospectively in the first set of financial statements authorized for issue after their discovery by: i. Restating the comparative amounts for prior period(s) presented in which the error occurred; or ii. If the error occurred before the earliest prior period presented, restating the opening balances of assets, liabilities and net assets/equity for the earliest prior period presented. 9 Moi Univ'ersity .-ifrica Cenire of Excellence (.CEII) PTRE Projecl Reporis and Financial Stalemenis For thei nancial vear ended June 30, 2021 11. NOTES TO THE FINANCIAL STATENIENTS 11.1 TRANSFERS FRONI GOVERNNIENT OF KENYA These represent counterpart funding and olher receipts from go ernimeit as foIlou\ s: Ministry of Education/World Bank Funds received Quarter 1 45,749,425 157,603,592 Funds received Quarter 2 284,628 - 47,896,711 Funds received Quarter 3 149,070,606 48,024,527 197,095,133 Funds received Quarter 4 - 15,195,385 15,195,385 Total (See Annex 2) 149,355,234 108,969,334 417,790,821 10 Moi University Africa Centre of Excellence (A CEII) PTRE Project Reports and Financial Statements For the financial year ended June 30, 2021 11.2 PROCEEDS FROM DOMESTIC AND FOREIGN GRANTS During the 12 months to 30 June 2021 we received grants from donors as detailed in the table below: Grants Received from Multilateral Donors (International Organizations) European Commission - 45,291,150 - - - 45,291,150 Inter University Council - 28,879,600 - - 503,040 28,376,560 Energy Saving Trust Tea LP - 59,818 - - 59,818 - Helmholtz-Zentr Helmho - 1,105,195 - - 1,105,195 Mekelle University Research Fun-Spee rojct- 10,717,123 - - 10,717,123- Fund-Spree Project University of Cape Town - 5,484,711 - - 208,577 5,276,134 University of E. University - 2,930,737 - - 2,930,737 - Grants Received from Local Individuals and organizations Kenya Education - 1,500,000 - - - 1,500,000 KALRO - 1,358,191 - - 1,190,690 167,501 Kenya Space Agency - 1,000,000 - - 1,000,000 - Total 98,716,538 - - 17,715,180 80,611,345 11 Moi University Africa Centre of Excellence (ACEII) PTRE Project Reports and Financial Statements For the financial year ended June 30, 2021 NOTES TO THE FINANCIAL STATEMENTS (Continued) 11.3 MISCELLANEOUS RECEIPTS Kshs Kshs Kshs Kshs Kshs Appicaionand328,587 - 328,587 48,003 862,829 accommodation fees Conernc fes521,594 - 521,524 - 521,594 Interest income - 1,695,342 Total 850,181 - 850,181 48,003 3,079,765 11.4 PURCHASE OF GOODS AND SERVICES Kshs Kshs Kshs Kshs _Kshs Set up Institutional Framework for Commencement of the ACEII expenses 10,850,145 - 10,850,145 12,032,745 51,185,709 Strengthen Educational Capacity Excellence - Quality and Productivity expenses 3,840,836 - 3,840,836 15,327,710 57,010,692 Education Capacity and Development Impact expenses 6,919,398 - 6,919,398 1,416,361 10,390,183 Strengthen Research Capacity Excellence - Quality and Productivity 28,102,740 - 28,102,740 12,053,163 61,939,099 Observation of Best Practices in ACE Procurement Operations expenses 18,140 - 18,140 - 18,140 Donor Attracted Research expenses 56,066,808 - 56,066,808 12,306,714 81,214,666 12 Moi University Africa Centre of Excellence (ACEII) PTRE Project Reports and Financial Statements For the financial year ended June 30, 2021 11.5 ACQUISITION OF NON-FINANCIAL ASSETS Kshs Kshs Kshs Kshs Kshs Set up Institutional Framework for Commencement of the ACEII 2,231,333 - 2,231,333 875,929 11,543,491 Strengthen Educational Capacity Excellence - Quality and Productivity 565,000 - 565,000 2,028,967 6,263,304 Education Capacity and Development Impact - - - - 23,478,663 Education Capacity and Development Impact 40,665,080 - 40,665,080 9,476,886 52,289,026 Donor Attracted Research Expenses 1,840,367 - 1,840,367 38,200 1,878,566 Total 45,301,780 - 45,301,780 12,419,982 95,453,051 13 Moi University Africa Centre of Excellence (A CEII) PTRE Project Reports and Financial Statements For the financial year ended June 30, 2021 NOTES TO THE FINANCIAL STATEMENTS (continued) 11.6 CASH AND CASH EQUIVALENTS Bank accounts (Note 11.6) 203,259,801 184,822,509 Total 203,259,801 184,822,509 The project has one (1) number project account within the project implementation area as listed below: 11.6.1 Project Bank Account Local Currency Account Kenya Commercial Bank [A/c No. 1202447163] 203,259,801 184,822,509 Total bank account balance 203,259,801 184,822,509 14 Moi University Africa Centre of Excellence (A CEII) PTRE Project Reports and Financial Statements For the financial year ended June 30, 2021 NOTES TO THE FINANCIAL STATEMENTS (Continued) 11.6.2 Special Deposit Accounts The balances in the Project's Special Deposit Account(s) as at 30th June 2021 are not included in the Statement of Financial Assets since they are below the line items and are yet to be drawn into the Exchequer Account as a voted provision. Below is the Special Deposit Account (SDA) movement schedule which shows the flow of funds that were voted in the year. These funds have been reported as loans/grants received in the year under the Statement of Receipts and Payments. 11.6.2.1 Special Deposit Accounts Movement Schedule (i) A/C Name [A/c No 1000331704] Opening balance 51,589 154,690 Total amount deposited in the account 3,379,572 1,672,441 Total amount withdrawn (as per Statement of Receipts & 3,372,572 1,775,542 Payments) Closing balance (as per SDA bank account 51,589 51,589 reconciliation attached) (iii) A/c Name [A/c No 1000331704] Opening balance (as per the SDA reconciliation) - Total amount deposited in the account 11,238,265.82 Total amount withdrawn (as per Statement of Receipts & 11,238,265.82 Payments) Closing balance (as per SDA bank account reconciliation attached) The Special Deposit Account(s) reconciliation statement(s) has (have) been attached as Appendix xx support these closing balances. 15 Hoi Universi -Ifrica Centre of Excellence (ACEII) PTRE Project Reports and Financial Statements For Ihe financialyear ended June 30, 2021 NOTES TO THE FINANCIAL STATEMENTS (Continued) 11.7 ACCOUNTS RECEIVABLES Imprests 3,692,786 5,309,330 Total 3,692,786 5,309.330 16 Moi Universit .-lifrica Cenire of Excellence (-1 CEII) PTRE Projecl Reports and Financial Staleiments For the financial year ended June 30, 2021 NOTES TO THE FINANCIAL STATEMENTS (Continued) 11.7.1 BREAKDOWN OF IMPRESTS AND ADVANCES Kogei Michael Seurey 325,680 325,680 - Cherus Ann 101,106 22/7/2021 101,106 101,106 - Serem Abraham 312,130 Kipkemei 312,130 22/7/2021 312,130 Kosgei Viola 119,840 Jepehumba 119,840 26/7/2021 119,840 Kosgei Viola 104,160 Jepehumba 104,160 26/7/2021 104,160 Morogo Naomi Jepkemoi 346,800 346,800 Kweyu C. Muganda 692,208 692,208 - Kipsanai Janet 128852 Jepchumba 128,852 19/7/2021 128,852 Kipsanai Janet Jepehumba 352,508 352,508 Oduor Elton Dickens 515,650 19/7/2021 515,650 515,650 - Njuguna David 595,852 Githinji 595,852 14/7/2021 595,852 Kandie Faith Jebiwot 98,000 17/7/2020 98,000 98,000 - Keter Abraham 182,200 182,200 Kimanyur 182,200 12/8/2020 1 Letting Lawrence 407,460 407,460 Kiprono 407,460 25/3/2020 Omolo Edwens Ogutu 585,660 25/3/2020 585,660 - 585,660 Kimuyu Edward 747,252 747,252 Nyenze 747,252 12/9/2020 7 Kipkorir Daniel Kibett 62,000 27/8/2020 62,000 - 62,000 Chepkwony Kefa Chesire 220,000 17/7/2020 2 Kipkorir Paul 500,000 27/7/2020 500,000 - 500,000 Mecha Cleophas Mech Clephas700,000 700,000 Achisa 700,000 5/8/2020 7 Oduor Elton Dickens 68,200 27/8/2020 68,200 - 68,200 Maritim Esther Jeptum 250,053 21/8/2020 250,053 - 250,053 Ramkat R. 238,230 25/8/2020 238,230 - 238,230 17 Moi University Africa Centre of Excellence (A CEII) PTRE Project Reports and Financial Statements For the financial year ended June 30, 2021 Chepchirchir Mwanzi Obadiah 598,675 598,675 Maube 598,675 12/7/2020 - Cheruiyot Kiprotich 294,300 3/9/2020 294,300 - 294,300 Makatiani Jacqueline 154,100 154,100 K. 154,100 3/9/2020 - Chirchir Moses 301,200 301,200 Kipkosgei 301,200 22/7/2020 - Total 9,002,116 7,284,920 3,692,786 5,309,330 11.8 FUND BALANCE BROUGHT FORWARD Bak account 203,259,801 184,822,509 Otstanding imprests and advances 3,692,786 5,309,330 Total 206,952,587 190,131,839 11.9 CHANGES IN RECEIVABLES Opening Receivables as at 1st July 2020 5,309,330 311,392 Closing account receivables as at 3 0th June 2021 3,692,786 5,309,330 Change in Receivables 1,616,544 4,997,938 18 Moi University Africa Centre of Excellence (ACEII) PTRE Project Reports and Financial Statements For the financial year ended June 30, 2021 12. PROGRESS ON FOLLOW UP OF PRIOR YEAR AUDITOR'S RECOMMENDATIONS The following is the summary of issues raised by the external auditor, and management comments that were provided to the auditor. We have nominated focal persons to resolve the various issues as shown below with the associated time frame within which we expect the issues to be resolved. Reference Timefrane: I Status: No. on the I I (Put a (late Issue / Observations from Management (Resolked / 0 Auditor comments Not audit expect the issue Resoli,ed) Report to be resolved) 1 Discrepancies in the The discrepancies Resolved numbering of notes in the were noted and have financial statements been rectified Unsupported purchase of The payments were all Resolved goods and services and supported and the 2 expensing of imprests University did not expense imprests before accounting Unsupported acquisition of The purchase of the Resolved non-financial assets. equipment was duly Purchase of equipment included in the budget 3 valued at Kes 8,208,000 and the procurement was not budgeted for and plan included in procurement plan Unsupported accounts The imprest register is Resolved 4 receivables and imprest well maintained in the register ERP and evidence was provided to this effect Unsupported summary of The fixed assets Resolved . fixed assets register register was provided to support the fixed assets summary Vice Chancellor Project Leader Date: 02G 6 Date: \, cI- 19 Moi University Africa Centre of Excellence (ACEII) PTRE Project Reports and Financial Statenents For the financial year ended June 30, 2021 13. ANNEXES ANNEX 1: VARIANCE EXPLANATIONS - COMPARATIVE BUDGET AND ACTUAL AMOUNTS a b c=a--b d=b/a % Receipts Transfer from Government entities 226,902,804 149,355,234 77,547,570 66 i) Proceeds from domestic and foreign grants 117,476,582 17,715,180 99,761,402 15 ii) Miscellaneous receipts 3,145,410 850,181 2,592,229 27 iii) Total Receipts 347,524,796 167,920,595 179,604,201 48 rayments Set-up institutional framework for commencement of the ACE 19,971,283 13,081,478 6,889,805 66 Strengthen education capacity excellence -quality and productivity 25,400,047 4,405,836 20,994,211 17 v) Education capacity & development impact 10,773,014 6,919,398 3,853,616 64 vi) Strengthen Research Capacity excellence - qaliy ad podutivty172,528,414 68,757,821 103,760,594 40..i - quality and productivity 40 vui) Observation of Best Practices in ACE Financial 105,683 - 105,683 0 Operations vin) Observation of Best Practices in ACE 104,190 18,140 86,050 17 Procurement Operations 1x) Education Support Capacity 1,016,182 - 1,016,182 0 x) Donor attracted research expenses 117,625,983 57,907,175 59,718,807 49 xi) Total payments 347,524,796 151,099,847 196,424,948 43 20 `'� _о � � � � � � О и �� а ,� N , 4; � •'б .� w � � � � � -� bл � � -• ау и ° � 4-+ � и � о � О О ;� W и N v Q ,S� � О � ц�,� U � "ГS о� а� U 3 � v � � � � � � � й � � •� � � � о � ьд ь°д ° b � � � � � � � � о � � � � ,� �, W о � о ++ � ,.� ,� ""'� � � '�bA ++ и 'б v � •� � � � � � й � � 'Q '� 7.., •.. � н � г.N, О с�б Е-� sч сб 7,,; сб 3 � .° -'�' � U �' � � и � .� '� ш д � �, ,н .,.у � О � з � � ,� ° пt и ° -� �'' °� � � О � � s�-� � � и � �д :С7 .ы,, � сб +.� � � bд .�, й и � .ь-+ и •-• e�i � � � О �, � �'i � N у Я ш •� � сб и � '�' � t'" � � а �� � й � с""'б р � и � �i � °v а� '� � О � � � �А i�i � °� ш � '�1 �i 'б �+-+ О [� . � '+ �'' ,� s� � ш ш *� t�, � � � � � а+ � � � .х о о �, ;� с! ~ � и � и ' .� � Я � О V с�б � �, с�б � о с~б � ш � "б � . � О ш '� О U �'i �, +� N � +� с� � .� и C�i N � .ы+ bд � г.�"'., �' � �А � � �' � cS% � N ° Z+ � ,�- й � �,�, ° � � b°А � i; � V О 'б и.� и w и О с"°�б �, � н и М � гб О � ш �1, ° � ��� с� � �'V р bor) � v v'� и с�б � p�j "С � ..� 'б ,�,, д-' �'�,., сGб 'б ' � О +� � ш � С '� и � ° .� и � � н � w :о � '� 4� � � � � � � � � й г"и�'" � � 0 О V v � �i' 'б и � ,и � � � ч-i vi :� .� � �i � •� Ct -� � v � � ° й с� :" ',�-�-+ � С ti v сб ш v � �•� р �' р и'� � ¢, +�.+ и � w О и ш-� ¢, �'i � •� .U � О i.v., О � ,+.; ° � � �� � � +, й � � 'v � •с�б Г� .� п N н :L" � а' �" ` � ° S� .о ,� ? С � � N О '� � �' '�,'' •,.�'j �v., �б � ¢,, � сб .� 'и � U '�-� �i V (Sj � i�ч i� и .Z" .N 41 i��+ , ,^� сб ;Г� ° � .i� �Ш[-; ++ �С`''�! Ч r'� N � у � и . н N � V .1-+ н F , • � � •ь., � �' f., р � СС^' � ^ V � '� � � � Z � � � � о � ° � � �� � •� � к к n喝戸郎囲→い→→ー国―ー―ーー一 -/―・ Moi University Africa Centre of Excellence (ACEH) PTRE Project Reports and Financial Statements For thefinancial year ended June 30, 2021 ANNEX 3: SUMMARY OF FIXED ASSETS REGISTER mn -2ý 4 Motor Veliiele 7,400,000 17,781,393 25,181,393l Office equipment, furniture and fittings 42,751,271 27,520,387 70,271,658 Total 50,151,271 45,301,780 95,453,051 23 Moi University Africa Centre of Excellence (A CEII) PTRE Project Reports and Financial Statements For the financial year ended June 30, 2021 APPPENDICES i. Signed confirmations from beneficiaries in Transfers to Other Government Entities ii. Special Deposit Account(s) reconciliation statement(s) iii. Bank Reconciliations statement as at 30th June 2021 iv. 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"1+�::`.�•':�_ц,1.-� � �' • . 1 l.' � �: . ` _" - - "'1 _ - ' . �.i.'.2Гч. `i F,� г . - . i --"-._-� -_'�:'= - -__ '_й':'' -- 'г:.` г'.° - .,_:г?':1•::'_ � : __ - _ е Ь... _ -��'. нi;.То. - ,',1 ,, „ � .тti�ь+'�т'�-i'�';.:.�� 5cat�ned wifih CamScanner 一－一‘.“•屆田••‘••，&‘••••‘•••••■•■••■•••••■■■■■■■■■■■ 口‘f 戶于 》才 咯戶 !_＿露 勵·。，弟悵→r〞， i A--weT rs Ity KBI7 - PVRU ACE, 11 WB Proiect A eoUnt No. 1202447163 - Kerall Q) Kinh - apyr F, an k Bank Reconefflaflog Statement - Jurie 021 Particulars Note Kes Kes Balance as per Bank Statement 20J,732,260.14 Less: Payment in Cashboo]( not in Bank statement 1 1,472,459.00 Receipts in Bank Satement not in Cashbook 2 1,472,459.00 Add.: Payme4t in Bank Statement not in Cashbook 3 Receipts in Cashbook not in Bank Statement 4 Ualafice as per Cash b6ok 203,259,801.14 Prep : ared BY:...Ar r ............. Approved By: ........... ............. Acco`unta nt - Ret'nelliation For:'Ch,ief lFinance Officer. M01 UNIVERSITY aternal Memo FROM: Centre Accountant DATE: 30t June 2021 TO: Chief Finance Officer REF: MU/FIN/Projects/6/ CERTIFICATE OF CEAS-1 SURVEY This is to confirrn that the above named petty cash holder has fully surrendered pétty cash Kshs 30,,00/= as at 30, June 2021. Authodzed amount 3p,O00 00 Amount Surrendered 30,0000 Cash in hand Petty c~ash Hokder Esther Martie .. . In Presence ofAcutn. Couta ntusant Centre accountå,nt iulius K Cheboriot .Dåt.2/ ~Y MOX UNIERSITY AFRICA CENTRE F EXCELLENCE ACEM »RO Æ Trial Balance a_sat 30th :June 2021 £4 rpur. Details Dr Cr 1.0 Set up Institutional Franework for Connemencement of the ACEI 13,263,158 2,0 Strenghten Educational Capacity Excellence - Quality and Productivity 4,405,836 - 3.0 Education Capacity and DeVelopment Impact 6,919,398 4.0 Strenghten Research Capacity Excellence - Quality and Productivity 72,693,347 7.0 Observation of beast practices in ACE procurement operation 18,140 DonorÅitra6ted Research Expenses 58,106,281 Bank Balances 203,259,801 Project Capital lunds - 190,131,839.00 GoK/Donoifdnds - 149,355,234.35 Attracted Funds - 17,715,179.65 Appli.a:ion S Accomod:ficn Fcs - 328,587.00 Short Courses aid Semijnai - 521,594.00 fi prest Surrenders - 613,526.00 358f65,960 358,665,960 0