ASSOC A ON OF AFRICAN UNIVERSITIES NOTES TO THE F NANCIAL STATEMENTS (CONTINUED) 30 JUNE 201 7 S. G- IATACOUNTING POLICIES (CONTINUED) 3 8 mpairmert of non-financial assets Property prn and equipment are cev ewed at echC repartin daetdtrie hte eesany indicaton of mpairmen t. f any such rndicat on ex sis the th asst' -eovral amount s est mated. For the pu rpose of measurin recoveab amons> ast at the owest ee s for which there are separey dent f a Cas Ga Un (Cs). The recoverable amount is the highfer of ansset s f ra es s u ose (being the present value of the expected future casf o o 0 assetir CGUs). An impairment loss s recognized for the amfu.nt u c t s dianourt exceeds its recoverab e amount. The Assoclation evaluates impcairrrent losses for potentia reversa s when e or c rcumstances may indicate such consideration is appropr ate. The ncreased carra amount of asset sha not exceed the carrying amount that wou d have een etm n ne oF depreciation) had no impairment oss been recognised for the asser F prir CFrs 3.9 Financial instruments Ana c al instrument is any contract that gives rise to a financ al asset of on lary a a ancia lab ity or equity instrument of another party. A inanca instruments are classifred into one of the fol owing categor es: heortad ng, he dormaturoty investments, loans and receivables, available-for-sale finan' assets or oh r finan al iabilities. Finana instruments classified as held-for-trading are measured at fair valu F in fair vaue recognized in the statement of financial performance. nancia struments classified as available-for-sale are measured at fair value s ng q ted pri in an active market. Changes in fair value are recognised n other compr ehensive c arti the item is derecognised or determined to be impaired, at hiCh t me the cumu a gain or loss previous y reported in other comprehensive Fo sr'n - recoised in state m t of financial performance. When actively quoted prices are not aa ab e falr vae is dtrined using other valuation techniques. If fair value cannot be re ably est mated the ter s carried at cost. F nancia instruments classified as held-to-r-aturity investments, cans 0n ece va es oF other financia iabilities are measured at fair value upon initial recognition 0nd subsequentry measi red at their anortised cost using the effective interest method. Transaction costs on financial instruments are expensed vhen incurred. Purhases a-' of financia assets are accounted for at trade dates. FinanFal instruments include disc osures on their iquidity risk and the in us ,o fa r a m-easurement, inc uding their c assification within a hierarchy that prioritizes s nputs. The tfree evels of the fair value hierarchy are: Leve 1 - Unadjusted quoted prices in active markets for identical assets or at Leve 2 nputs other than quoted prices that are observabe for th asset r lab y ithr rec y rindirectly; and Level 3 - nputs that are not based on observab e market data. 15 ASSOC ON OF AFRICAN UNIVERSITIES OTES TO THE F NANCIAL STATEMENTS (CONTINUED) 3 JUNE 2017 3, SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 310 Employee benefits Short-erm emp ovee benefits, such as sares paid sences r e ccou d for on or acruais basis over the perod which emp oehave p de ser ar. Bnuses are recognised to the extent toat the Assoc a a to its empl oees that can be measured rliab y. A ns deated to empo-ee bnefts ae re>og o pef ne wthin employee enefts cost. Tme Association contributes to the defined contribution scheme t o a 1a behalf of erp oyees. (i) Defined Benefit Plans Under the national pension scheme, the Association contr bute 13% of em oes basic saa ry to the Social Security and National insurance Trust (SSNI f pensions. The Association's obligation is limited to the re evant cor - butons have been recognized in the financial statements. The pensn o a te and ob igations, however, rest with SSNIT. (I I) Defined Contributory Plans The Association has a provident fund scheme for senior and junior stalffb r a schemne, the Association contributes 4% and 5% of bas c sa ary for senior an jiu or staff respectively. The Association's obligations under the p an is mted r e relevant contributions and have been recognized in the financia statements due dates. (i I) Other long term employee benefits Additional y, staff are entitled to gratuities entitled dete m ned as 15 o the staff's term nal basic annual salary for each completed year of service an p-r a fraction of a year's service. 3.11 Taxation The Associaton is classified as a tax exempt organisation under Section 98 of the ncor Tax Act (2015) Act 896. 16 ASSOC AT ON OF AFRICAN UNIVERSITIES NOTES TO THE F NANCIAL STATEMENTS (CONTINUED) 30JUNE-2017 3 11NFCANT ACCOUNTING POLICIES (CONTINUED) 312 S int accounting judgments, estimates and assumptions earaon of the Associat on's financia statements requrs man t om udgemes, estimates and assumptions that affect the reportD amount of e s xpenses, assets and labilities, and the disclosure of contingent iabi tes. Uncer tn bo sesmpt ons and estimates could resu t in outcomes that req r a aateria ausmn to the ar r - g amount of assets or liabilities affected in future per ods. Estimates and assumptions The preparation of the Association's financial statements require mranag e o ma ud geets- estimates and assumptions that affect the reported mounts of rees expenses, assets and liabilities, and the Association's disclosures, and tne disco o cont ngant Iali ities. Uncertainty about these assumptions and est'mates cou d ts t outcomes that require a material adjustment to the carrying amount of assets au ties affected in future periods. n the process of applying the Association's accounting policies, management has made var ous judgements. Those which management has assessed to have the most significan effect on the amounts recognised in the financial statements have been discussed :n the ua notes of the related financial statement ine items. Th ck-ey ssurrptions concerning the future and other key sources of et i uncer at he reporting date, that have a significant risk of causing a material adjustme t c r rng armounts of assets and iabilities within the next financia year, are a so descrbad thea nvidual notes of the related financial statement line items be ow. The Asso based its assumptions and estimates on parameters available when the financia' statements were prepared. Existing circumstances and assumptions about future deve opmentsr hoever, . m y change due to market changes or circumstances arising tsat ar e yond the contro of the Association. Such changes are reflected in the assumptions when they occur, 3.13 Standards issued but not yet effective The standards and interpretations that are issued, but not yet effective, up to the cate of ssuance of the Association's financial statements are disc osed be ow. The Assoc ation ntends to adopt these standards, if applicable, when they become effective. IFRS 9 Financial Instruments In July 2014, the IASB issued the final version of IFRS 9 Financial Instruments which rehecis a phases of the financial instruments project and replaces lAS 39 Finacial Instrumrrenfs: Recognition and M4easurement and all previous versions of IFRS 9. The standard nc a ao s new requirements for classification and measurement, impai rment, and hedge accounting. iFRS 9 s ffective for annual periods beginning on or after 1 January 2018 w ea y cat -on permitted. Retrospective application is required, but comparative nform to !s no rnmusory. Early application of previous versions of IFRS 9 (2009, 2010 ad 2013, is ermrtd f -he date of initia application is before 1 February 2015. The ador of FPS 9 mav' n have or effect on the classification and measurement of the Assocvaton's ina assets and o aot have an effect on the classification and measurement of tae Assoc a's f; n a a i es. 17 SASSOC AT ON OF AFRICAN UN VERSITIES -TES TO THE FINANCIAL STATEMENTS (CONTINUED) 30 JUNE 2017 3, G CANT ACCOUNTING POLICIES (CONTINUED) 3.13 Standards ssued but not yet effective (continued) FRS 15 Revenue from Contracts with Customers - -RS 15 was ssued in May 2014 and establishes a new f ve-step moea way e u rng from contracts with customers. Under IFRS 15 reven ue s recons a amortj tat reflects the consideration to which an entity expects to be ent e n e f ransferring goods or services to a customer. The pincp es in FRS 15 provide a more structured approach to measuring ad Th ews reenue standard is app icable to alI entities and will supersede all curre t e ven cognitnr requirements under IFRS. Either a full or modified retrospective app car rn -equired for annual periods beginning on or after 1 January 2017 with ea adopi-o per itted. The Association is currently assessing the impact of FRS 15 and piars to adop the new standard on the required effective date. Amendments to IAS 7 Statement of Cash Flows n January 2016, the IASB issued amendments to IAS 7 Statement of Cash F cws it the ntent on to improve disclosures of financing activities and help users to better undrst the report ng entities' liquidity positions. Under the new requirements, entit es w na d sc ose chan es in their financial iabilities as a result of financing activit es su as ch anges fror cash f ws and non-cash items (e.g., gains and losses due to foreign cur recy ovenents). The amendment is effective from 1 January 2018. The Association s current y evarating the impact. FRS 16 Leases Th ASB issued the new standard for accounting for leases - IFRS 16 Leases inJan 016l. new standard does not significantly change the accounting for eases fcr essor. Hoe e, it does require lessees to recognise most leases on their balance sheets as ease an ites, wvith the corresponding right of-use assets. Lessees must apply a sn e mode for al r ecognsed leases, but will have the option not to recognise 'short-term' eases and eases of a o-value' assets. General y, the statement of financial performance recogi n rpatern r r r gnised eases will be similar to today's finance lease accounting, wit" k terest and deprr iation expense recognised separately in the statement of statement of financia peiformance, FRS 16 is effective for annual periods beginning on or after 1 january 2019. Er y app ication is permitted provided the new revenue standard, IFRS 15, s0 piedo the soa date. Lessees must adopt IFRS 16 using either a full retrospective or a mod fe retrospetv a:proach. e asscriate does not anticipate ear y adopting IFRS 16 and is cuiren[ly evalutn rt 18 ASSOC AT ON OF AFRICAN UNIVERSITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) - 30 JUNE 2017 5. SUBSCR PT ON s represent amounts received from both associate ano lu r i en 6. GHANA GOVERNMENT GRANT The gr t received from the Government of Ghana is in respect o furics r - const c of the Association's new office building. 7a. RESTRICTED GRANTS 2017 Balance at Amount Available Amount Ba ance at Description 1 July Received Receipts Disbursed 30 June US$ US$ US$ US$ US$ ACBF/CADRE (2) (48,114) 331,385 283,271 238 138 45,133 ECOWAS MOBILITY SCHEME 91,422 150,000 241,422 ?70214 (28,792) SIDA SAREC (CURRENT) 424,959 395,977 820,936 415,628 405,308 WORLD BANK - AFRICA CENTRE OF EXCELLENCE (note 18) 52,074 995,820 1,047,894 841,180 206,714 AfriQAN - QUALITY ASSURANCE 39,496 26,740 66,236 12,457 53,79 HAQAA - QUALITY ASSURANCE (29,172) 176,045 146,873 192,546 (45,673 ADEA - 40,965 40,965 40,200 76 Total 530,665 2,116,932 2,647,597 2,010,363 637,234 7b. RESTRICTED GRANTS 2016 Balance at Amount Ava lab e Amount Ba ance at Descript on 1 July Received Receipts D sbursed 30 June US$ US$ US$ US$ US$ ACBF/CADRE (2) 33,817 636,952 670,769 718,883 (48,114) ECOAS MlOBIL TY SCHEME - 760,200 760,200 668;778 91,422 S 0A SAREC (CURRENT) 153,824 823,007 976,831 551,872 424,959 WORLD BANK - AFRICA CENTRE OF EXCELLENCE (note 18) 387,818 394,971 782,789 730,715 52,074 Afr0oN - QUAL TY ASSURANCE 12,899 36,940 49,839 10,343 39,496 HAQAA - QUALITY ASSURANCE - 29,172 29,172) 588,358 2,652,070 3,240,428 2,09,763 530,665 7c. RESTRICTED GRANT 2017 2016 US$ JS$ Rr cted grants (7a &7b) 2,010,363 2,709,763 rarorme contr butions (8) (425,550) (355,518) 1,584,813 2,354,245 19 ASSOCIATION OF AFR CAN UNIVERSITIES OTES TO THE F NANCIAL STATEMENTS (CONTINUED) 30 JUNEB 2017 ECO- 'SMOBILITY SCHEME T oseo e fund is to create within the region, an academ c nob sste for udents s rcuo(ing diaspora); and to encourage institutions to put r p ace ac uage rs on prorammes to promote mobi ity of students and teachers in the reion. S DA SAREC Tr p o of t his grant is towards support institutional support and research cn granrt in udes an amount of 16.million Swedish kronor for the period December 13 to 30 Demrz 2017. WORLD BANK - AFRICA CENTRE OF EXCELLENCE The r obect-ve is to promote regional specialization among participating u es tiesn a ta address specific common regional development cha lenges; strengthen t aac; ties of t se o iversties to deliver high quality training and appled research and meet t demand for s required for Africa's development such as the extractive industries. The projet s foc n on strengthening 22 existing institutions in West and Centra Africa. The investment s a rou US$8 m lon per institution. HAQAA - QUALITY ASSURANCE Gr ats received are to support the development of a harmonized quality assurance and accreditation system at institutional level, national, regional and Pan-African continenta evel 8. OTHER NCOME 2017 2016 US$ US$ C otoence registration fees incone 156,026 134,234 Pr o rame contributions (70) 425,550 355,518 0Oe 173,833 118,366 ntet icome on Investments 114 5,293 755,523 613,411 9. ADMINISTRATIVE EXPENSES 2017 2016 US$ Us$ E ovee beonefit expense (9a) 686,751 592,260 Transpr taton and Subsistence(9b) 12,287 39,274 Mter a s/Su, p les/Maintenance 5,102 11,774 Postage, Cad es and Telephone 2,347 15,002 A sit Fees 17,625 28,699 eh ce Run ng and Maintenance 26,884 23,475 Bank~ Chries 13,115 17,965 Sertaory General's Residence (9c) 6,645 65,130 Of ce Rent 0 48,024 Sundry Ex penses (9d) 65,736 80,506 D c- p D r 163,247 23,318 999,739 945,427 20 ASSOC AT ON OF AFRICAN UNIVERSITIES NOTES TO THE F NANCIAL STATEMENTS (CONTINUED) 30 JUNE 2017 E C YEE BENEFIT EXPENSES 2017 2016 US$ US$ lw ances 604,699 472,028 31,259 34 751 -31~s 54,677 51720 e a 2 rued expenses - 31,971 SuPPo Staff Provldent Fund 1,756 1,79 0 692,391 592,260 9b. TRANSPORTATION AND SUBSISTENCE 2017 2016 US$ US$ Executive Board - 7,500 Secretariat 12,287 31,774 12,287 39,274 9c. SECRETARY GENERAL'S RESIDENCE 2017 2016 US$ US$ Utilities 6,645 2,820 Rent - 62,070 Oth ers - 240 6,645 65,130 9d. SUNDRY EXPENSES 2017 2016 US$ US$ E cc cty and Water 21,015 23,515 nsurance 4,824 2,300 Legal Fees and Professional Fees 19,801 2,280 Other expenses 20,096 52,411 65,736 80,506 21 ASSOC ATION OF AFRICAN UNIVERSITIES NOTES TO THE F NANCIAL STATEMENTS (CONTINUED) 30 JUNE 2017 10. NFMTN AND COMMUNICATION COSTS 2017 2016 US$ US$ E beneft expense 143,054 123,923 Pa Distribution 8,728 9,512 OthIe expenses 7,175 2,545 158,957 135980 11. PROGRAMME COSTS 2017 2016 US$ US$ Sa a es and wages 318,342 364,186 Direct project costs 1,692,021 2,345,577 Programime contributions (8) (425,550) (355,518) 1,584,813 2,354,245 12. OTHER OPERATING EXPENSES 2017 2016 US$ US$ AAU General Conference 49,782 2,326 WNorkshops and Meetings 82,026 48,690 131,808 51,016 22 ASSOCIATION OF AFRICAN UNIVERSITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 30 JUNE 2017 13a. PROPERTY, PLANT & EQUIPMENT Office Fixtures & Motor Capital Work- Buildings Equipment Fittings Vehicles In- Progress Total US$ US$ US$ US$ US$ Cost Balance as of 1 July 2016 - 123,352 102,246 52,458 - 278,056 Additions 3,807,966 4,372 - 48,426 3,860,764 Balance at 30 June 2017 3,807,966 127,724 102,246 52,458 48,426 4,138,820 Depreciation Balance as at 1 July 2016 123,352 102,246 20,984 - 246,582 Charge for the year 152,319 437 - 10,492 163,248 Balance at 30 June 2017 152,319 123,789 102,246 31,476 - 409,830 Net Book Value as of 30 June 2017 3,655,647 3,935 - 20,982 48,426 3,728,990 Net Book Value as of 30 June 2016 - - - 31,474 - 31,474 23 ASSOCIATION OF AFRICAN UNIVERSITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 30 JUNE 2017 13b. PROPERTY, PLANT & EQUIPMENT Office Equipment Fixtures & Fittings Motor Vehicles Total US$ US$ US$ US$ Cost Balance as of 1 July 2015 123,352 102,246 52,458 278,056 Additions - - Balance at 30 June 2016 123,352 102,246 52,458 278,056 Depreciation Balance as at 1 July 2015 111,457 101,315 10,492 223,264 Charge for the year 11,895 931 10,492 23,318 Balance at 30 June 2016 123,352 102,246 20,984 246,582 Net Book Value as of 30 June 2016 - - 31,474 31,474 Net Book Value as of 30 June 2015 11,895 931 41,966 54,792 24 ASSOCIATION OF AFRICAN UNIVERSITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 30 JUNE 2017 a. LONG TERM NVESTMENTS 2017 2016 Us$ US$ GIB investment - Endowment fund 92,652 92,652 )resents the investment of seed fund introduced by the originators of AAU at the ),ton of the Association. 14b. SHORT TERM INVESTMENTS 2016 2015 US$ US$ First Atlantic Bank Dollar investment 221,951 16,688 First Atlantic Bank Cedi investment 4,289 200,921 226,240 217,609 The short term investments are in fixed deposits with tenors of 91 days and below earning an average rate of 24% p.a. for Ghana cedi investments, and a range of 0.5% tol%p.a. for the United States dollar investments. 15. ACCOUNTS RECEIVABLE 2017 2016 US$ US$ Staff Advances 400 11,440 Sundry Debtors 110,814 4,489 Accountable imprest 73,365 46,425 184,579 62,354 The maximum amount due from staff of the Association during the year was US$400 (2016: US$11,440). Staff advances are for short periods usually below 12 months. The carrying amounts of these approximate its fair value. 16. BANK .ND CASH BALANCES 2017 2016 Change US$ US$ US$ Cash on hand 4,164 1,317 2,847 Cash at bank 838,436 693,124 145,312 Bank balances and cash 842,600 694,441 148,159 17. ENDOWMENT FUND This represents seed fund introduced by the originators of AAU at the conception of the Association and has since been invested in long term investment. 25 ASSOC AT ON OF AFRICAN UNIVERSITIES NOTES TO THE F NANCIAL STATEMENTS (CONTINUED) 30 JUNE 2017 18. EMPLOYEE BENEFIT OBLIGATION 2016 2015 US$ US$ End of Service Benefit 383,422 336,321 T ns represents gratuities entitled to staff determined as 15% of the staff's termina basic annua sa ary for each completed year of service and pro-rata for a fraction of a year's serv ce. 19. RESTRICTED FUNDS These are amounts received from various donor institutions that support the activities of AAU. The funds are made available subject to the Association meeting certain specfic criteria. These have been treated as deferred income and shown as a current liability total ng US$637,235 n 2017. (US$530,665; 2016). 20. ACCOUNT PAYABLE 2017 2016 US$ USS Support Staff Provident Fund 25,359 23,602 Accrued emp oyee benefits 39,165 164,966 MasterCard Foundation 120,360 - Others 190,135 138,689 375,019 327,257 21. DEFERRED GOVERNMENT GRANT 2017 2016 US$ US$ At 1 January 3,807,966 Amount released to statement of financial performance (152,319) At 31 December 3,655,647 Government grant represents the cost of constructing the Association's new office pi mises. Funding for the new office building was provided by the Government of Ghana through mhe Ghana Educational Trust Fund. Deferred government grant will be amort sed over a 25 year period through the statement of financial performance. 26 ASSOC ATION OF AFRICAN UNIVERSITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 30 JUNE 2017 22. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Association is exposed to various risks in relation to financia instruments. The main types of r:sks are market risk, credit risk and liquidity risk. The Association's risk management is managed by the Head of Administration in c ose cooperation with the board, and focuses on actively securing the Association's short to mediurn-term cash flows by minimising the exposure to volatile financial markets. Short-term fiancial investments are managed to generate lasting returns. The most significant financial risks to which the Association is exposed are described ow. Market risk analysis The Association is exposed to market risk through its use of financial instruments and specifically to currency risk, interest rate risk which result from both its operating and investing activities. Foreign currency sensitivity Most of the Association's transactions are carried out in US dollars. The Associaton has limited or foreign currency exposure. Interest rate sensitivity The Association's policy is to minimise interest rate cash flow risk exposures on long-term financing and investing activities. The Association has no interest rate risk as its short term investments are held at a fixed rates. Credit risk analysis Credit risk is the risk that counterparty fails to discharge an obligation to the Association. The Association is exposed to this risk for various financial instruments, for example by receivables from customers and placing deposits etc. The Association's maximum exposure to credit risk is limited to the carrying amount of financial assets recognised at 30 June, as summarised below: Ciasses of financial assets - carrying amounts 2017 2016 US$ US$ investment 318,892 310,261 Trade and other receivable 184,579 62,354 Cash at bank and short term deposits 850,728 694,441 Total 1,354,199 1,067,056 The Association continuously monitors defaults of counterparty, identified either individually, and incorporates this information into its credit risk controls. The Association's policy is to deal only with creditworthy counterparties. The Association's management considers that all of the above financial assets are of good credit quality. At 30 June the Association has certain receivables that have not been seti ed by the contractual due date but are not considered to be impaired 27 ASSOCIATION OF AFRICAN UNIVERSITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 30 JUNE 2017 23. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED) The arount at 30 June analysed by the length of time past due, are: Neither due nor impaired Past due but not impaired More than 3 More than months but 6 months not more but not than 6 more than More than months 1 year one year Total US$ US$ US$ US$ US$ 2017 184,579 184,579 2016 62,354 62,354 LIQUIDITY RISK ANALYSIS The Association's objective is to maintain a balance between continuity of funding and flexibility through the use of customer's deposits, loans and other payables. The table below summarises the maturity profile of the Association's financial liabilities based on contractual undiscounted payments. Year ended 30 June Less than 3 to 12 2017 On demand 3 months months 1 to 5 years Total US$ US$ US$ US$ US$ Accounts payable and other liabilities 1,012,254 - - - 1,012,254 Year ended 30 June Less than 3 to 12 2016 On demand 3 months months 1 to 5 years Total USD USD USD USD USD Accounts payable and other liabilities 857,922 - - 857,922 Amounts disclosed above are the Association's maximum possible credit risk exposure in relation to these instruments. Financial instruments and cash deposits Credit risk from balances with banks and financial institutions is managed by the Institute's Finance Department in accordance with the Association's policy. Investments of surplus funds are made only with approved counterparties and within credit limits. 28 ASSOCIATION OF AFRICAN UNIVERSITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 30 JUNE 2017 24. FAIR VALUE MEASUREMENT The carrying amounts of the Institute's financial assets and liabilites approximate ts fair values and none of its non-financial assets or liabilities were measured or presented based on fair values. 25. RELATED PARTY DISCLOSURES Compensation of key management personnel Compensation US$ 2017 Short term benefits 363,374 2016 Short term benefits 330,444 26. POST-REPORTING DATE EVENTS No adjusting or significant non-adjusting events have occurred between the 30 June reporting date and the date of authorization of the financial statements. 27. COMMITMENTS AND CONTINGENCIES There was no contingent liability as at the reporting date (2016: nil) 29 ASSOCIATION OF AFRICAN UNIVERSITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 30 JUNE 2017 27 (i) WORLD BANK - AFRICA CENTRE OF EXCELLENCE STATEMENT OF RECEIPTS AND PAYMENTS 2017 2016 US$ US$ INCOME Peceipts 995,820 394,971 LESS: EXPENDITURE ACE project verification 68,627 3,539 Operations manual - 22,500 Sites visits - implementation and review - 40,082 international consultancy on evaluation - 150 Consultancy on knowledge management - 4,790 Consultancy financial management/ M & E baseline studies 67,343 17,230 ACE workshop - 120,015 Capacity building for ACE & AAU - 36,037 Project steering committee meetings (PSC) 349,392 137,714 Support National Review - 3,408 Project coordinator recruitment - 6,882 Project coordinator Salary 72,000 72,000 Project officer salary - 1,974 Monitoring & supervision missions 122,370 30,957 Website management 11,385 - Communication & equipment - 2,083 Translation services 4,908 766 Intervention tasks/Mobility - 35,790 Knowledge sharing among ACE/MMD - 14,522 Bank Charges 10,239 8,875 Running cost 75,000 2,660 AAU staff time 25,258 139,392 Audit fees 11,750 10,000 Miscellaneous expenses 22,908 19,349 Total project expenditures 841,180 730,715 Excess of receipts over expenditure 154,640 (335,744) 30 ASSOCIATION OF AFRICAN UNIVERSITIES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 30 JUNE 2017 27(ii) WORLD BANK - AFRICA CENTRE OF EXCELLENCE STATEMENT OF ACCUMULATED FUND 2017 2016 US$ USs Opening fund balance as at 31 July 2016 52,074 387,818 Excess of receipts over expenditure 154,640 (335,744) Closing fund balance as at 30 June 2017 206,714 52,074 28(iii) WORLD BANK - AFRICA CENTRE OF EXCELLENCE STATEMENT OF FINANCIAL POSITION 2017 2016 US$ US$ Current assets Staff imprest 98,162 300 Cash and bank balance 130,302 61,774 228,464 62,074 Current liabilities Accrued audit fees 21,750 10,000 Net current assets 206,714 52,074 Financed by: Accumulated fund 206,714 52,074 31