I I I I AFRICA HIGHER EDUCATION CENTERS OF EXCELLENCE PROJECT I FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 E I I I I I I I I I I I I t • l t Africa Higher Education Centers of Excellence Project Year ended 31 December 2017 E Contents Pages I ' Project management information 1 I Report by the Project Management Team 2 E Project background 3 I Independent auditor's report E Financial statements: Statement of Receipts and Payments 7 I Notes 8-10 I I I I I I I I I I I t Africa Higher Education Centers ofExcellence Project Year ended 31 December 2017 PROJECT MANAGEMENT INFORMATION I Project Management Team Prof. Gordon Awandare- Director I Prof Kwadwo Karam- Deputy Director Prof. Diakite Mahamadou- Collaborator, MRTC Dr. Alfred Amambua Ngwa- Collaborator, MRC I Dr. Cisse Mamoudou- Collaborator, Centre Muraz Dr. Sodiomon B. Sirima- Collaborator, CNRFP Prof. Bassirou Bonfoh- Collaborator, CSRS I Dr. Olukemi K. Amodu- Collaborator, CoM-UI Dr. Bismarck Dinko- Collaborator, UHAS Dr. Kwaku Poku Asante- Collaborator, KHRC I Dr. Lucas Amenga-Etego- Collaborator, NHRC Dr. Paul A. Lartey- Collaborator, LaGray I Dr. Mohamed Mutocheluh- Collaborator, KNUST Dr. Gideon Helegbe- Collaborator, UDS Dr. Juliana Ameh- Collaborator, LEKMA I Dr. Patrick Arthur- Head of Research And Training Dr. Osbourne Quaye- Head of Monitoring & Evaluation Mr. Emmanuel 0. Ghartey- Administrator I Mr. Collins Amofah- Finance Manager Dr. Lydia Masi- Logistics Coordinator I Dr. Theresa Manful- Graduate Admissions & Examinations Coordinator Mr. BarfiAdomako- Co-Head ICT- Electronic Resources I Ms. Arna Gyakyewaa Dadson- Co-Head ICT- Physical Resources Ms. Constance Cocke- Procurement Officer I Registered office West African Centre for Cell Biology of Infectious Pathogens (WACCBIP) I Dept. of Biochemistry, Cell and Molecular Biology College of Basic and Applied Sciences I University of Ghana P.O. Box LG 54 Legan, Accra E Auditor PricewaterhouseCoopers Chartered Accountants I No. 12 Airport City UNA Home 3rd Floor I PMBCT42 Cantonments, Accra E Bankers Standard Chartered Bank Ghana Ltd I I Africa Higher Education Centers of Excellence Project Year ended 31 December 2017 I REPORT OF THE PROJECT MANAGEMENT TEAM The Project Management Team has the pleasure in submitting their report and the audited financial I " statements of the Project for the year ended 31 December 2017. Statement of responsibility by the Project Management Team I The Project Management Team is responsible for the presentation of the financial statements for the period which presents in all material respects funds received and expenditure incurred for the year. In preparing I the financial statements, the Project Management Team has selected suitable accounting policies and applied them consistently and followed the cash basis of accounting as indicated on page 8. I The Project Management Team is responsible for ensuring that the Project keeps proper accounting records that disclose with reasonable accuracy at any time the cash position of the Project. The Project Management I Team is also responsible for safeguarding the assets of the Project and taking reasonable steps for the prevention and detection of fraud and other irregularities. I Results for the year The Statement of Receipts and Payments on page 7 shows a surplus for the year of US$633,655 (2016: I US$1,462,620). I I I 30 April 2018 I I I I I I I l Africa Higher Education Centers of Excellence Project Year ended 31 December 2017 PROJECI'BACKGROUND The Africa Higher Education Centers of Excellence Project is sponsored by International Development I Association. The Project is implemented by the West African Center for Cell Biology of Infectious Pathogens (WACCBIP) at the University of Ghana and seeks to improve diagnosis, prevention and control of infectious diseases in sub-Saharan Africa by providing advanced level training and research excellence on the cell and I molecular biology of infectious pathogens. The objectives of the Project are: I • to develop and run short-term projects (2-4 week long workshops/courses) targeting professionals in the health delivery sector, including physicians, pharmacists, and senior laboratory personnel, I to improve their knowledge of disease pathogenesis and modern methods of diagnosis and treatment; I • to run 3-6 month long research internships projects for trainee biomedical scientists and hospital laboratory technologists, to provide experiential training on research design, specialized techniques, and team building skills; and I • to develop and run new Masters and PhD projects in Molecular Cell Biology, targeting career biomedical scientists in Universities and Health research institutions. This is in addition to the already existing programs at BCMB (MSc/MPhil Biochemistry, MPhil Molecular Biology and PhD I Biochemistry). The project spans a period from 10 April 2015 to 31 December 2018. I I I I I I I I E I t INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF AFRICA HIGHER EDUCATION CENTERS OF EXCELLENCE PROJECT [ REPORT ON THE AUDIT OF FINANCIAL STATEMENI'S Our opinion In our opinion, the accompanying financial statements of the Africa Higher Education Centers of Excellence Project for the year ended 31 December 2017 are prepared, in all material respects, in accordance with the financial reporting provisions of the project as described in note 1 to the financial statements. I What we have audited • • We have audited the financial statements of the Africa Higher Education Centers of Excellence Project (the "Project") for the year ended 31 December 2017. [ The financial statements on pages 7 to 10 comprise: • the Statement of Receipts and Payments for the year ended 31 December 2017; and l • the notes to the financial statements, which include a summary of significant accounting policies. Basis for opinion I We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. I We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. I Independence I We are independent of the Africa Higher Education Centers of Excellence Project, Office of Research and Development CORID) of the University of Ghana and its donors in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code). We have I fulfilled our other ethical responsibilities in accordance with the IESBA Code. Other information I The Project Management Team is responsible for the other information. The other information comprises the Report of the Project Management Team but does not include the financial statements and our auditor's report thereon. I < Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. E < In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this E regard. [ t t [ INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF AFRICA HIGHER EDUCATION CENTERS OF EXCELLENCE PROJECT (continued) [ REPORT ON THE AUDIT OF FINANCIAL STATEMENTS (continued) E Emphasis of Matter - Basis of Accounting and Restriction on Distribution and Use We draw attention to note 1 to the financial statements which describes the basis of accounting. The financial I statements are prepared to assist the Project Management Team to report to the board of Africa Higher Education Centers of Excellence Project. As a result, the financial statements may not be suitable for another E purpose. Our report is intended solely for the use of the Project Management Team and the Board of Africa Higher Education Centers of Excellence Project and should not be distributed to or used by parties other than the Project Management Team and the Board of Africa Higher Education Centers of Excellence Project. t Our opinion is not modified in respect of this matter. Responsibilities of management and those charged with governance for the financial t statements Management is responsible for the preparation of the financial statements in accordance with the financial E reporting provisions of the Project, and for such 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. I In preparing the financial statements, management is responsible for assessing the Project's ability to continue as a going concern. Under the terms of the grant agreement, the project will end on 31 December I 2018. I Those charged with governance are responsible for overseeing the project's financial reporting process. Auditor's responsibilities for the audit of the financial statements I Our 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 l our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably I be expected to influence the economic decisions of users taken on the basis of these financial statements. t £ I . [ l [ INDEPENDENT AUDITOR'S REPORT TO THE PROJECT MANAGEMENT TEAM OF AFRICA HIGHER EDUCATION CENTERS OF EXCELLENCE PROJECT (continued) [ REPORT ON THE AUDIT OF FINANCIAL STATEMENIS (continued) t Auditor's responsibilities for the audit of the financial statements (continued) As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional [ scepticism throughout the audit. We also: • 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 our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, t as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control; • Obtain an understanding of internal control relevant to the audit in order to design audit [ procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Project's internal control; I • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management; and I . • Conclude on the appropriateness of 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' ability to continue as a going concern. I If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of I our auditor's report. However, future events or conditions may cause the Project to cease to continue as a going concern. I We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. I The engagement partner on the audit resulting in this independent auditor's report is Michael Asiedu-Antwi (ICAG/P /1138). I I PricewaterhouseCoopers (ICAG/F /2018/ 028) I Chartered Accountants _. Accra, Ghana 30 April 2018 I [ pwc • t 1 Africa Higher Education Centers of Excellence Project Financial statements Year ended 31 December 2017 I STATEMENT OF RECEIPTS AND PAYMENTS (All amounts are expressed in US Dollars) [ Year ended 31 December Note 2017 2016 Receipts I Transfers from International Development Association Other receipts 2 3 2,614,432 75.470 2,435,000 t Total Payments 2.689,902 2.435.000 [ Achieving excellence in training Improving learning experience 4 5 449,390 1,234,354 443,904 310,584 Develop regional partnerships and programs 6 22,022 38,705 [ Promote applied research Management and governance establishment 7 8 119,059 30,101 153,760 113,385 Project management 9 74,553 31,871 'I Contingency 10 3,109 3,830 Total 2,056.247 972,380 Surplus for the year 633.655 1.462.620 Balance at 1 January 1,541,397 78,777 I Surplus for the year Fund Balance at 31 December 11 633.655 2,1:z5,052 1,462,620 1.541.39:z I . I The Statement of Receipts and Payments and accompanying notes on pages 8 to 10 were approved by the Project Management Team on ..~~. April 2018 and signed on its behalf by: E Finance Manager: Co~\ ~LG~ I Name and Signature E E [ [ f I I Africa Higher Education Centers ofExcellence Project Financial statements Year ended 31 December 2017 I NOTES I 1. Accounting policies The principal accounting policies adopted in the preparation of the financial statements are set out below: I (a) Basis of accounting I The financial statements have been prepared using the cash basis of accounting. E (b) Receipts Transfers are recognized as receipt when received in the bank accounts of WACCBIP of the University of I Ghana. (c) Payments I Expenditure is recognized when payment is made. I (d) Foreign currencies I Functional and presentation currency The financial statements are presented in United States Dollars which is the presentation currency of I the Project. The functional currency is Ghana Cedis. Transactions denominated in currencies other than US Dollars are translated into US Dollars and I recorded at the exchange rate prevailing at the date of the transaction. Foreign exchange gains and losses arising from the translation of year end balances of monetary assets and liabilities denominated in currencies other than the presentation currency are recognised in the statement of I receipts and payments. I (e) Capital Expenditure Capital expenditure is expensed on acquisition. I (f) Cash and Bank balance I Cash and bank balance consist of cash in hand and deposits held with Standard Chartered Bank Ghana Limited. I [ [ [ Africa Higher Education Centers of Excellence Project Financial statements Year ended 31 December 2017 I NOTES (continued) (All amounts are expressed in US Dollars unless otherwise stated) [ Year ended 31 December 2017 2016 2. Transfers from International Development Association [ First tranche 2,300,000 1,000,000 Second tranche 314.432 1,435,000 [ 2,614,432 2,435.000 3 Other receipts [ Interest on investment* 74,193 Bus hire 1.277 [ 25,470 *The Project Management invested an amount of US$1,ooo,ooo (GHS4,070,ooo) in fixed deposit with I IDEAL Capital Partners in January 2017. The annual interest on the investment is US$135,473 out of which US$74,193 was received on 20 July 2017. 4. Achieving excellence in training I Obtain international accreditation for 'new curricula 4,487 15,819 Enrol new students and support training of existing students in Mphil 148,480 130,411 I Enrol new students and support training of existing students in PhD Outreach event targeting women and minority groups 271,878 3,166 267,398 1,737 Develop and run curricula for existing and new short courses 21.379 ~ I 449,390 443,9M I 5. Improving learning experience Refurbish and upgrade ICT infrastructure, purchase software 312,899 146 I Provision of new lecture and seminar rooms, conference room and offices Upgrade cell biology core facility Upgrade research laboratories 334,626 416,685 817 238,020 67,485 156,647 I Faculty Exchange programs with regional and national institutions Engagement of international faculty for teaching courses, workshops and co-supervision of students 1,175 2,941 13.497 I 1,234.354 310.584 6. Develop regional and national partnerships and programs I Maintain active website for showcasing centre's activities and available opportunities 7,175 157 E Engagement of regional faculty for teaching and co-supervision of student research Conduct outreach programs and seminar /lecture tours regionally 1,201 428 [ Provide travel awards for regional students and faculty for short research visits 13.218 ~ r 22,022 ~ [ [ Africa Higher Education Centers of Excellence Project Financial statements Year ended 31 December 2017 NOTES (continued) (All amounts are expressed in US Dollars unless otherwise stated) I Year ended 31 December 2017 2016 7. Promote applied research [ Support centre projects across partner institutions that provide students 47,978 5,891 high quality experience in research Support short training and research visits for faculty and students outside [ the ACE 26,333 24,210 Support incubator projects at the centre 17,701 Investigating the aetiology of febrile illness in Ghana 27,047 [ 119,059 l 8. Management and governance establishment Ensure regular meetings of international advisory board, steering 13,575 15,220 committee and the two subcommittees I Maintain administrative support team for the centre Purchase equipment, furniture and office supplies for administrative team 136,668 3,517 89,204 8,961 153,:z{io 113,385 I I 9. Project management This represents expenditure made on administrative aspects of the project, including audit fees and insurance. I 10, Contingency I This represents bank charges for the year. 11. Fund balance I This represents cash balance of the project at year end held in the pool bank accounts of WACCBIP of University of Ghana and investment in fixed deposit with IDEAL Capital Partners. I 12, Commitments I There were no commitments as at the report signing date. I 13 Unretired advances Included in the payments for the year are advances to Partners and PhD students amounting to I US$22,885 which are yet to be retired at the reporting date. [