BETTER EDUCATION SERVICE DELIVERY FOR ALL (BESDA) UNIVERSAL BASIC EDUCATION COMMISSION (UBEC) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2020 i BETTER EDUCATION SERVICE DELIVERY FOR ALL (BESDA) UNIVERSAL BASIC EDUCATION COMMISSION (UBEC) TABLE OF CONTENT CORPORATE INFORMATION 1 PROJECT BACKGROUND 2 REPORT OF THE PROJECT MANAGEMENT TEAM 3-4 PROJECT TECHNICAL ASSESSMENT COMPONENT TEAM RESPONSIBILITIES 5-7 AUDITORS REPORT 8-9 STATEMENT OF FINANCIAL AND ACCOUNTING POLICIES 10-13 STATEMENT OF FINANCIAL POSITION 14 STATEMENT OF FINANCIAL PERFORMANCE 15 STATEMENT OF CHANGES IN NET ASSETS/EQUITY 16 CASHFLOW STATEMENT 17 NOTES TO THE ACCOUNT 18-20 ii BETTER EDUCATION SERVICE DELIVERY FOR ALL (BESDA) UNIVERSAL BASIC EDUCATION COMMISSION (UBEC) CORPORATE INFORMATION DR. HAMID BOBBOYI EXECUTIVE SECRETARY, UBEC PROF GIDADO TAHIR NATIONAL PROGRAM COORDINATOR, BESDA MRS A.B. HARUNA FME BESDA PROGRAMME CO-ORDINATOR BAR. A.N. ABUBAKAR HCST, UBEC/BESDA CO-ORDINATOR MRS. ROSEMARY UJUNWA DDFA, UBEC/BESDA PROJECT ACCOUNTANT MR. ALAWANI EDWIN CA, FME BESDA PROJECT ACCOUNTANT REGISTERED OFFICE: UBEC BUILDING No 7, Gwani Street, IBB Close, Wuse Zone 4 PMB 5086, Post Code 900284 Abuja, Nigeria BANKER: Central Bank of Nigeria TSA AUDITORS: Kadeb Professional Services Suite 219/221, Anbeez Plaza, Plot 2121, Ndola Square, Wuse Zone 5, Abuja 1 BETTER EDUCATION SERVICE DELIVERY FOR ALL (BESDA) UNIVERSAL BASIC EDUCATION COMMISSION (UBEC) PROJECT BACKGROUND The Federal Government of Nigeria (FGN) has obtained credit facility for the implementation of the Better Education Service Delivery for All (BESDA) with financing from the World Bank to the tune of USD 611 Million. Part of the credit in the sum of USD 33 million is being applied for the implementation of the Technical Component (TA). The program development objective (PDO) is to increase equitable access for out-of-school children, improve literacy in focus states and strengthen accountability for results in basic education in these states which include all 7 in the North West (Jigawa, Kaduna, Kano, Katsina, Kebbi, Sokoto, and Zamfara); all 6 in the North East (Adamawa, Bauchi, Borno, Gombe, Taraba, and Yobe); as well as Niger (North Central); Ebonyi (South East); Rivers (South South); and Oyo (South West)—resulting in 17 states in Nigeria. Project Development Objectives (PDO) To increase equitable access for out-of-school children and improve literacy in focus states, and strengthen accountability for results, in basic education in Nigeria. 2 BETTER EDUCATION SERVICE DELIVERY FOR ALL (BESDA) UNIVERSAL BASIC EDUCATION COMMISSION (UBEC) REPORT OF THE PROJECT TECHNICAL COMPONENT TEAM The Project technical component Team consisting of Universal Basic Education Commission (UBEC) and Federal Ministry of Education (FME) has the pleasure of presenting this report and accounts for the year ended 31st December, 2020. Project overview The Federal Government of Nigeria (FGN) has obtained credit facility for the implementation of the Better Education Service Delivery for All (BESDA) with financing from the World Bank to the tune of USD 611 Million. Part of the credit in the sum of USD 33 million is being applied for the implementation of the Technical Assistant (TA) to states in the implementation of BESDA Program. The program development objective (PDO) is to increase equitable access for out-of-school children, improve literacy in focus states and strengthen accountability for results, in basic education in these states which include all 7 in the North West (Jigawa, Kaduna, Kano, Katsina, Kebbi, Sokoto, and Zamfara); all 6 in the North East (Adamawa, Bauchi, Borno, Gombe, Taraba, and Yobe); as well as Niger (North Central); Ebonyi (South East); Rivers (South South); and Oyo (South West) resulting in 17 states in Nigeria. Objective of the Project a. Increasing equitable access for out-of-school children b. Improving literacy c. Strengthening accountability for results Funding of the Project The Federal Government of Nigeria (FGN) has obtained credit facility for the implementation of the Better Education Service Delivery for All (BESDA) with financing from the World Bank to the tune of USD 611 Million. Part of the credit in the sum of USD 33 million is being applied for the implementation of the Technical Component (TA) of BESDA. 3 BETTER EDUCATION SERVICE DELIVERY FOR ALL (BESDA) UNIVERSAL BASIC EDUCATION COMMISSION (UBEC) REPORT OF THE PROJECT MANAGEMENT TEAM (Cont’d) Expenditure of the Project Procurement arrangements Procurement for the TA component will be carried out at the Federal level by UBEC/FME. The TA component is to enhance staff capacity and to support various functions including procurement. UBEC will ensure that procurement under the TA component is carried out as per the following agreed procedures and processes. Procurement for the TA Component will be carried out in accordance with ‘The World Bank Regulations for Investment Project Financing Borrowers - Procurement in Investment Project Financing for Goods, Works, Non-Consulting and Consulting Services’, dated July 2016 and the provisions stipulated in the Financing Agreement. . 4 BETTER EDUCATION SERVICE DELIVERY FOR ALL (BESDA) UNIVERSAL BASIC EDUCATION COMMISSION (UBEC) THE PROJECT TECHNICAL ASSESSMENT COMPONENT TEAM RESPONSIBILITIES The Technical Component will complement and support the program in the three result areas: a. Increasing equitable access for out-of-school children b. Improving literacy c. Strengthening accountability for results A cross-cutting set of activities under the TA component will also aim to strengthen capacity of Federal Government and state governments to (a) improve M&E systems and data utilization (including hiring the Independent Verification Agent responsible for verifying Program results and Disbursement Linked Indicators); (b) increase effectiveness and transparency in Program management (including focusing on results and budgeting); and (c) strengthen intergovernmental coordination in areas of policy formulation, strategic planning, and Program implementation. The TA component would also include support to design and implementation of a National Learning Assessment; a research agenda to inform the current Program and provide the analytical underpinning for future initiatives focused on out-of-school children and improving the quality of basic education; as well as a communication and outreach agenda. The Financial Management, Disbursement, and Procurement Arrangements are as follows: The FM arrangement for the IPF (TA) component will be the responsibility of UBEC. For the IPF (TA) component, the World Bank will disburse the funds to a U.S. dollar Designated Account (DA) opened at the CBN. The DA will be co-managed by UBEC and FME, which will, on the basis of approved and costed Annual Work Plans (AWP), disburse funds through the Naira draw-down account (also held with the CBN) directly for FME and UBEC activities, other service providers, and also as imprest advances to states (SUBEBs and SMEs) on replenishment basis (see schematic diagram on funds flow arrangements under the Operation) to finance eligible expenditures. Disbursements under the TA component will be made primarily as reimbursements on the basis of unaudited IFRs to be submitted on a quarterly basis. The DA ceiling will be based on six- month forecast expenditures, and replenished quarterly for the same period. The detailed assessment and related arrangements are below: a. Planning and budgeting. On an annual basis, the accountant designated by UBEC, Finance and Accounting Department for the TA component in consultation with key members of the National Coordination Team (NCT) will prepare the budget for the fiscal year based on the approved Annual Work Plans of service providers. The annual budget will be submitted to the World Bank at least two months before the beginning of the Program fiscal year. 5 b. Funds flow. The World Bank will disburse the funds for the TA component into a U.S. dollar Designated Account opened at the CBN. The Designated Account will be co-managed by UBEC and FME. A Naira draw-down account will be established, co-managed by the same group of signatories, and from which Naira payments will be made to SUBEBs, SMEs, and other service providers. The payments from the Naira draw-down account to the SUBEBs and SMEs will be on a revolving imprest cash advance basis, based on the six months forecast of expenditures linked to the approved work plans. These advances will be replenished quarterly, based on forecasts for the subsequent six months. Eligible expenditures for UBEC and FME as well as for service providers will be made directly from the Naira draw-down account as and when those expenditures are incurred (not as imprest advances). Replenishment of the U.S. dollar DA will be on the basis of unaudited IFRs prepared by UBEC and submitted quarterly to the World Bank. Funds Flow – Schematic Diagram World Bank SUBEBs UBEC/FME Co- UBEC/FME Co-managed managed DA DA Naira Draw Down (US$) held with Account held with CBN SMEs CBN Other service providers 6 c. Accounting and financial reporting. IDA funds will be accounted for by UBEC and FME on a cash basis, using their new computerized accounting system. The annual financial statements will be prepared in accordance with the relevant IPSAS. The responsibility for the preparation of financial statements including adequate disclosure is that of the implementing agency. The agency is also responsible for the selection and application of accounting policies. The agency would prepare the PFSs in accordance with International Accounting Standards The Project Financial Statements (PFSs) should include: (a) A statement of funds received, showing funds from the World Bank, project funds from other donors and counterpart funds separately, and of expenditures incurred. (b) A summary of the activity in the Designated Account; (c) Statement of Financial Position (if deemed necessary); (d) A summary of the principal accounting policies that have been adopted, and other explanatory notes; d. Procurement arrangements Procurement for the TA component will be carried out at the Federal level by UBEC/FME. The NCT is proposed to be established in UBEC, to enhance its capacity, and to support various functions including procurement. UBEC will ensure that procurement under the TA component is carried out as per the following agreed procedures and processes. Procurement for the TA Component will be carried out in accordance with ‘The World Bank Regulations for IPF Borrowers - Procurement in Investment Project Financing for Goods, Works, Non-Consulting and Consulting Services’, dated July 2016 and the provisions stipulated in the Financing Agreement. 7 REPORT OF THE AUDITORS TO THE MANAGEMENT OF BETTER EDUCATION SERVICE DELIVERY FOR ALL (BESDA) Our Opinion In our opinion, the financial statements present true and fair view of the financial position of Better Education Services Delivery for All (BESDA) as at 31st December, 2020, the financial performance, the Statements of changes in net Assets/Equities and cash flows for the year ended 31 st December, 2020 in accordance with the International Public Sector Accounting Standards (IPSAS) as issued by the International Public Sector Accounting Standard Board (IPSASB), International Standard on Auditing (ISA), Nigeria Financial Regulations and The Financial Reporting Council of Nigeria Act No. 6, 2011. We have audited: Better Education Services Delivery for All (BESDA) which comprises  the statement of financial position as at 31st December, 2020,  the statement of Financial performance for the year ended 31st December, 2020,  statement of changes in net Assets/Equities for the year ended 31st December, 2020,  statement of cash flows for the year ended 31stDecember, 2020, and  notes to the financial statements, which include a summary of significant accounting policies pages 10 to13 and other explanatory information set out on pages 18 to 19. Basis for Opinion We conducted our audit in accordance with the International Standards on Auditing (ISAs). Our responsibilities under these standards are further described in the Auditors’ responsi bilities for the audit of the financial statements section of the report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence: We are independent of BESDA in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code). We have fulfilled our other ethical responsibilities in accordance with the IESBA Code. Other Information: BESDA is responsible for the other information. The other information comprises the Project Background, Report of the Project Team, Statements of the Project management responsibilities, (but does not include the financial statements and our auditors’ report there on). Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 that are obtained prior to the date of this auditor’s report, 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 regard. 8 Responsibilities of management and those charged with Governance for the financial statements. Management is responsible for the preparation of the financial statements that give a true and fair view in accordance with the International Public Sector Accounting Standards (IPSAS) 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. Those charged with governance are responsible for overseein g the Project’s financial reporting process. Auditors’ responsibility for the audit of the statements Our objectives are to obtain reasonable assurance 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 our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will also detect a material misstatement when it exists. Misstatement 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. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism 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 procedure responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risks 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.  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 BESDA’s internal control.  Evaluate the appropriateness of the 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 BESDA’s ability to continue as a going concern. 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-date of our auditor’s report. However, future events or conditions may cause the program to cease to continue as a going concern. Evaluate the overall presentation, structure content of the financial statements, including disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with the 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. for: Kadeb Professional Services (Chartered Accounts) Abuja, Nigeria FRC/2014/ICAN/00000005614 May, 2021 9 BETTER EDUCATION SERVICE DELIVERY FOR ALL (BESDA) UNIVERSAL BASIC EDUCATION COMMISSION (UBEC) FINANCIAL AND ACCOUNTING POLICIES The following provides the description of the general accounting policies to be adopted: Basis for Preparation. The financial statements for the project would be prepared using a IPSAS Accrual. As such, receipts are recognized when earned and expenses recognized when incurred. Non Current Assets are capitalized and depreciated over their useful lives. All project transactions would be recorded at historical cost i.e. the price on the date of the transaction. The following paragraphs describe procedures for the various financial transactions under the project. 1. Non Current Assets –Policies and Procedures Non Current Assets are capitalized and depreciated over their useful life. The NCT should ensure that all the assets of the project are comprehensively insured. • Budgeting Non Current Assets: Capital expenditure (CAPEX) budget are prepared annually as part of the annual budgeting process. The CAPEX budget for the year should be a derivative of the overall CAPEX budget in the overall project budget. The budget should be approved or authorized by the Project Coordinator. This budget should be included in the work plan that would be prepared as part of the planning process. • Acquisition of Non Current Assets: Whenever non current assets are acquired, these should be fully inspected so that it is consistent with the agreed specifications. If satisfactory, the invoice and delivery notice should be forwarded to the Accountant for recording purposes. • Recording of Non Current Assets: The cost of the non current assets should include all expenses incurred in acquiring the asset such as shipping or delivery costs. The Accountant should adopt IPSAS 17 for accounting for Non Current Assets. • Depreciation Items of property, plant and equipment are depreciated from the date they are available for use or, in respect of capital-work-in-progress, from the date that the asset is completed and ready for use. Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using a straight-line basis over their estimated useful lives. Depreciation is generally recognized in the statement of financial performance unless the amount is included in the carrying amount of another asset. 10 BETTER EDUCATION SERVICE DELIVERY FOR ALL (BESDA) UNIVERSAL BASIC EDUCATION COMMISSION (UBEC) FINANCIAL AND ACCOUNTING POLICIES (Cont.) The estimated useful lives for the current and comparative years of significant items of property, plant and equipment are as follows: Item of PPE Depreciation rate Computer Equipment 25% Motor Vehicle 20% Plant & Machinery 20% Office Furniture and Equipment 15% Building 1% The carrying value of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss (determined by comparing net disposal proceeds with carrying amount) arising on de-recognition of the asset is included in the statement of financial performance in the year the item is derecognized. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount. The recoverable amount is the higher of the asset's fair value less cost to sell and value in use. No property, plant and equipment were impaired as at 31st December, 2020. 2. INVENTORIES – POLICIES AND PROCEDURES Inventory are valued at the lower of cost or net realisable value. Records of all stock items should be maintained and their movement should be monitored as part of the accounting system. Issuing Inventory Items: The National Program Coordinator/Head Program Support Team has the discretion in authorizing the requisition of inventory items of ordinary nature such as stationary for the use in the normal course of the projects. Items of specialized nature such as purchases of inventory items required for workshops or training activities, or for use that is not intended in the normal course of the project’s business, should be approved by the management. Receipt and Acceptance of Inventory items: Upon delivery of inventory items, the user (if required) should acknowledge receipt of the purchase order and delivery note by performing a physical verification of the items against the description of specifications, quantity, and quality in the presence of the supplier. If satisfactory, the Head should sign and stamp the delivery note as evidence of acceptance. Then, the 11 BETTER EDUCATION SERVICE DELIVERY FOR ALL (BESDA) UNIVERSAL BASIC EDUCATION COMMISSION (UBEC) FINANCIAL AND ACCOUNTING POLICIES (Cont.) Head should enter the goods in the inventory control module against the purchase order already entered in the system which should generate the goods receipt note (GRN). If the GRN is manually maintained, the FMS should fill out the information by hand and give a copy to the supplier. GRNs and supplier delivery notes would be responsible for comparing the respective invoice and payment methods and carryout monthly checks to ensure that payments are adequately made and recorded in the system. The GRN should have the following information: • Purchase order reference number • Quantity received • Date of receipt In addition to the GRN, the Project Accountant should maintain a memorandum stock register (MSR). The MSR should be updated with the following information each time stock items are received: • Description of the item • Item code/number • Quantities received and issued by date with a running balance • Name and signature of the receiving and issuing officer Accounting for Inventory: Accountants should abide by the provision of IPSAS 12 on accounting for inventory. 3. THE DEFINITION OF OTHER FINANCIAL TRANSACTIONS ARE DESCRIBED BELOW: Reporting Currency: The financial statements should be presented in Naira. Revenue Recognition: Revenue is recognized on receipt and when due. Revenue represent the amounts received and due from the World Bank and review as reflected in the monthly statements and comprise of cash transfers and direct payments. Cash transfers would be recognized in the cashbooks/general ledger when received in the project’s bank accounts. Direct payments by the World Bank to the GON are recognized when the project is advised on provision of relevant documentation. 12 BETTER EDUCATION SERVICE DELIVERY FOR ALL (BESDA) UNIVERSAL BASIC EDUCATION COMMISSION (UBEC) FINANCIAL AND ACCOUNTING POLICIES (Cont.) Expenses Recognition: Expenses comprise of costs incurred directly by the project for its activities. Expenses are recorded in the books of account when incurred. Commitment and liabilities. A list of commitments should be maintained and disclosed in the notes to the financial statements. Services performed and goods received but not paid are treated as liabilities in the statement of financial position. Advances: Outstanding advances are recorded as receivables or recoverable. An advances ledger should be maintained to ensure that advances are properly controlled and monitored. Foreign Currency: The cashbook related to World Bank funds are maintained in US Dollars and the cashbook related to GON contributions are maintained in Naira. 13 BETTER EDUCATION SERVICE DELIVERY FOR ALL (BESDA) UNIVERSAL BASIC EDUCATION COMMISSION (UBEC) STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER, 2020 ASSETS NOTE 2020 2019 N N Non-Current Assets: Property, Plant and Equipment 1 44,133,429 18,191,250 Current Assets: Cash and Cash Equivalent 2 1,920,672,531 905,359,774 Total Asset 1,964,805,960 923,551,024 LIABILITIES Current Liabilities Payables 3 38,379,263 27,403,555 Net Asset 1,926,426,697 896,147,469 Financed by: Accumulated Fund 4 1,926,426,697 896,147,469 14 BETTER EDUCATION SERVICE DELIVERY FOR ALL (BESDA) UNIVERSAL BASIC EDUCATION COMMISSION (UBEC) STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 31ST DECEMBER, 2020 INCOME: NOTE 2020 2019 N N IDA Fund 5 1,914,361,952 2,220,494,006 Interest received 128,829 - 1,914,490,781 2,220,494,006 EXPENSES Administrative Expenses 6 884,211,553 1,324,346,537 884,211,553 1,324,346,537 Surplus/(Deficit) for the year 1,030,279,228 896,147,469 Attributed to: Accumulated Fund 1,030,279,228 896,147,469 15 BETTER EDUCATION SERVICE DELIVERY FOR ALL (BESDA) UNIVERSAL BASIC EDUCATION COMMISSION (UBEC) STATEMENT OF CHANGES IN NET ASSETS/EQUITY FOR THE YEAR ENDED 31ST DECEMBER, 2020 Accumulated Total Change Fund N N N Balance as at 31 December,2019 896,147,469 896,147,469 - Balance as at 31 January, 2020 896,147,469 896,147,469 - Surplus/(Deficit) for the year 1,030,279,228 1,030,279,227 - Balance as at 31 December, 2020 1,926,426,697 1,926,426,696 1,030,279,227 16 BETTER EDUCATION SERVICE DELIVERY FOR ALL (BESDA) UNIVERSAL BASIC EDUCATION COMMISSION (UBEC) STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31ST DECEMBER, 2020 2020 2019 N N Operating Activities Surplus/(Deficit) for the year 1,030,279,228 896,147,469 Add: Depreciation 15,087,242 6,063,750 1,045,366,470 902,211,219 Change in Working Capital Increase/(Decrease) in Payables 10,975,708 27,403,555 Net cash provided by operating activities 1,056,342,178 929,614,774 Investing Activities Purchase of assets 41,029,421 24,255,000 Net cash flow from Investing Activities 1,015,312,757 905,359,774 Financing Activities Cash and cash equivalent as at 1 January, 2020 905,359,774 - Cash and cash equivalent as at 1 January, 2020 1,920,672,531 905,359,774 17 BETTER EDUCATION SERVICE DELIVERY FOR ALL (BESDA) UNIVERSAL BASIC EDUCATION COMMISSION (UBEC) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2020 1 NON-CURRENT ASSETS COMPUTER OFFICE MOTOR COST EQUIPMENT EQUIPMENT VEHICLE TOTAL N N N N As @ 1st Jan 2020 24,255,000 - - 24,255,000 Additions 16,523,160 171,000 24,335,261 41,029,421 As @ 31st Dec. 2020 40,778,160 171,000 24,335,261 65,284,421 DEPRECIATION As @1st Jan. 2020 6,063,750 - - 6,063,750 Charge for the year 10,194,540 25,650 4,867,052 15,087,242 As @ 31st Dec. 2020 16,258,290 25,650 4,867,052 21,150,992 CARRYING AMOUNT As @ 31st Dec. 2019 18,191,250 - - 18,191,250 As @ 31st Dec. 2020 24,519,870 145,350 19,468,209 44,133,429 18 BETTER EDUCATION SERVICE DELIVERY FOR ALL (BESDA) UNIVERSAL BASIC EDUCATION COMMISSION (UBEC) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2020 2020 2019 2 CASH AND CASH EQUIVALENT N N Draw Down Account (FME) 247,724,803 787,089,835 Draw Down Account (UBEC) 1,673,620,212 107,371,958 Special Account (672,484) 10,897,981 1,920,672,531 905,359,774 3 PAYABLES PAYE 6,677 - VAT 2,911,785 - WHT 5,375,481 - Stamp Duty 346,702 - Contractors 14,593,546 - Other payables 3,935,072 - Provision for Audit fee 11,210,000 11,210,000 Unpresented payment - 16,193,555 38,379,263 27,403,555 3.1 CONTRACTORS PAYABLE Barcelona Int. Ltd 339,750 - Barcelona Int. Ltd 704,505 - Barcelona Int. Ltd 9,900,090 - El-Domart Hotels and Suites 2,712,001 - Primal Hotel and Resort 937,200 - 14,593,546 - 3.2 OTHER PAYABLES FME 2,459,149 - UBEC 1,475,923 - 3,935,072 - 19 BETTER EDUCATION SERVICE DELIVERY FOR ALL (BESDA) UNIVERSAL BASIC EDUCATION COMMISSION (UBEC) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2020 2020 2019 N N 4 ACCUMULATED FUND Balance b/f 896,147,469 - Surplus/(Deficit) for the year 1,030,279,228 896,147,469 1,926,426,697 896,147,469 5 GRANT IDA Fund 1,914,361,952 2,220,494,006 6 ADMINISTRATIVE EXPENSES Salaries & Allowances/Remuneration 513,400 - Renovation of FME corporate office 12,520,200 - Exchange rate diff 1,059,526 - Office Stationary & Computer Consumables 5,099,436 663,825 Local Transport & Travel: Training 51,308,327 24,116,210 Consultancy 134,786,922 42,533,347 Refreshment & Meals 3,100,000 9,643,429 Local Travel and Transport: Others 195,704,937 123,746,668 International Travel and Transport: Others - 26,437,190 Internet Access Charge 11,555,500 - Maintenance of Motor Vehicle 362,615 - Bank charges 145,948 93,843 Data Survey (UPOPC) 416,705,200 1,058,760,000 Local Training 15,826,400 12,389,000 Advert and publicity 9,130,000 - Postages & courier services 95,900 - International T&T: Training - 8,689,275 Audit Fee 11,210,000 11,210,000 Depreciation 15,087,242 6,063,750 884,211,553 1,324,346,537 20