I NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ONBEHALFOFMALAWIGOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT Pl3l660 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 • I NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ON BEHALF OF MALA WI GOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT Pl31660 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 • CONTENTS Page Statement of Councillors responsibilities 1 Audit summary 2-7 Financial statements Independent auditor's report 8 - 10 Statement of income and expenditure 11 Statement of financial position 12 Statement of changes in funds 13 Statement of cash flows 14 Statement of activity on the designated account 15 Notes to the financial statements 16 - 29 Internal controls Independent auditor' s report 30 Compliance with agreement terms Independent auditor' s report 31 Appendices I Appendix I - Detailed income and expenditure statement 32 Appendix II - Fixed asset register 33 - 45 I NATIONAL COUNCIL FOR IDGHER EDUCATION (NCHE) ON BEHALF OF MALA WI GOVERNMENT SKILLS DEVELOPMENT PROJECT P131660 STATEMENT OF COUNCILLORS RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2018 The Councillors are responsible for the preparation and fair presentation of the financial statements of Skills Development Project, comprising the statements of financial position, statement of comprehensive income, changes in funds , cash flow and activity on the designated account as at and for the year ended 30 June 2018, and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes, in accordance with International Financial Reporting Standards, and provisions of the financing agreement. The Councillors are also required to ensure that the Council keeps proper accounting records which disclose, with reasonable accuracy, at any time, the financial position of the project and enable them to ensure that the financial statements comply with the International Financial Reporting Standards and the provisions of the financing agreement. In preparing the financial statements, the Councillors accept responsibility for the following: • Maintenance of proper accounting records; • Selection of suitable accounting policies and applying them consistently; • Making judgements and estimates that are reasonable and prudent; • Compliance with applicable accounting standards, when preparing financial statements, subject to any material departures being disclosed and explained in the financial statements; and • Preparation of financial statements on a going concern basis unless it is inappropriate to presume that the project will continue in business. The Councillors are also responsible for maintaining adequate accounting records and an effective system of risk management. The Councillors' responsibilities includes designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of these financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. The auditor is responsible for reporting on whether the financial statements are fairly presented in accordance with the International Financial Reporting Standards and provision of the financing agreement. Approval of the financial statements The financial rtatements of the project, as indicated above, were approved by the Council }4··/·~~ ..... on .. 2018 and are signed on its behalf by: ~ ~ COUNCIL CHAIRPERSON -1- NATIONAL COUNCIL FOR IDGHER EDUCATION (NCHE) ON BEHALF OF MALA WI GOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 AUDIT SUMMARY BACKGROUND AND PROJECT IDENTIFICATION The National Council for Higher Education (NCHE) is implementing the Malawi Government Skills Development Project (SOP), Project no. P131660, with support from the World Bank. The SOP is implemented in selected public higher education institutions. They are: • University of Malawi - the Polytechnic (POLY) • University of Malawi - Chancellor College (CHANCO) • Mzuzu University (MZUNT) • Lilongwe University of Agriculture and Natural Resources (LUANAR) • Technical, Entrepreneurial and Vocational Education and Training Authority (TE VETA) The National Council for Higher Education was established by Act of Parliament no. 15 of 2011 , with the primary purpose of providing accreditation and quality assurance services in higher education institutions in Malawi. Its mission is to promote and coordinate relevant, accessible, equitable, sustainable quality higher education in Malawi through accreditation, quality assurance policy support and planning and representation of Malawi's higher education interest nationally and internationally. The project became effective on 11th May 2015 , ten months after signing the financing agreement, and is expected to end on 30th June 2019. The key guiding project documents are: the Project Appraisal Document (PAD), Financing Agreement (FA), Sub - Project Grant Agreement (SPGA) and Project implementation Manual (PIM), among others. PROJECT OBJECTIVE The SDP aims to equip the primary beneficiaries - the students/trainees - with applicable skills in the society. It is hoped that the primary beneficiaries will be able to use the skills they will acquire for their livelihood and improve their general welfare either by getting employed or being self- employed and/or creating jobs for others. The Project Development Objective (PDO) statement of the SOP is: to increase access, market relevance and results orientation of supported skills development institutions in agreed priority areas. The project aims to equip its primary direct beneficiaries, i.e. the students / trainees, with skills needed in the labour market. By scaling up training of semi-skilled persons and expanding skilling opportunities for the currently underserved groups including rural communities and school dropouts from poor families, it is hoped that the project will work towards eradicating extreme poverty and promoting shared prosperity either through self- employment or salaried jobs which will guarantee regular income for the beneficiaries. It is further hoped that the improved income levels of the primary beneficiaries will contribute to the country's economic growth. - 2- • NATIONAL COUNCIL FOR IDGHER EDUCATION (NCHE) ON BEHALF OF MALA WI GOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 AUDIT SUMMARY (CONTINUED) The project consists of two components. Component 1 involves supporting Participating Institutions (PIS) in implementing Sub-Project Grant Agreements (SPGA). Through this component, the PIS are assisted in their strategic interventions in order to " increase access, market relevance, and results orientation in agreed priority areas". ln this regard, the PIS are assisted through construction and rehabilitation of infrastructure, supply of equipment, development of new programs and strengthening of staff capacity to deliver the programs. In addition to these, MZUNI and LUANAR are both assisted through establishment of Open and Distance Leaming (ODL) centres and setting up of satellite centres at Karonga and Lilongwe TTCS and at M ulanje and Balaka Secondary Schools for Mzuni and in Mzuzu and Blantyre for Luanar. For its part, Teveta is assisted through training of master craftsmen, supplying of equipment, training of staff in selected institutions offering informal sector training in rural areas and in selected institutions offering technician level programs. In component 2, the focus is on systems strengthening and policy reforms. It consists of carrying out a program of activities to strengthen the capacity of the national council for Higher Education (NCHE) in project planning, implementation, coordination, reporting, monitoring and evaluation and fiduciary management as well as provision of equipment. NCHE is mandated to regulate and coordinate higher education in Malawi. AUDIT OBJECTIVE The objective of the audit of the project financial statements as set out in the terms of reference for the assignment issued by national council for higher education is to: • Enable the auditor to express an independent professional opinion on the financial position of the project as at the end of the financial year; • Ensure that the funds granted to the project have been used for the intended purposes; • Ensure that the project books of accounts provide the basis for the preparation of the project financial statements are established to reflect the financial transactions in respect of the project; • Ensure that adequate internal controls and supporting documentation for transactions are maintained. - 3- • NATIONAL COUNCIL FOR IDGHER EDUCATION (NCHE) ON BEHALF OF MALAWI GOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 AUDIT SUMMARY (CONTINUED) AUDIT SCOPE Our audit was carried out in accordance with the international standards on auditing. It included such tests as we considered necessary to enable us to obtain reasonable assurance on whether:- (a) World bank funds have been used in accordance with the conditions of the financing agreement with due attention to economy and efficiency and only for the purposes for which they were provided; (b) Counterpart fund (government budget) and external funds (in case of co-financing) have been provided and used in accordance with the conditions of the financing agreement, with due attention to economy and efficiency and only for the purposes for which they were provided; (c ) Goods, works and services financed have been procured in accordance with the financing agreement and in accordance with bank' s rules and procedures and have been properly accounted for; (b) Appropriate supporting documents, records and books of accounts relating to project activities have been kept. clear linkages should exist between the books of account and the financial statements presented to the bank; (c) Special accounts have been maintained in accordance with the provisions of the financing agreement and in accordance with the bank' s disbursement rules and procedures; (d) The financial statements have been prepared by project management in accordance with applicable accounting standards and give a true and fair view of the financial position of the project as at the year end and of its incomes and expenditures for the year ended on that date; (e) Comprehensive assessment of the adequacy and effectiveness of the accounting and overall internal control system to monitor expenditures and other financial transactions and ensure safe custody of project-financed assets and that they are being used for the intended purposes; (f) Project' s fixed assets are real and properly evaluated and project property rights or related beneficiaries' rights are established in accordance with financing conditions; and (g) Ineligible expenditures identified during the audit be reflected in a separate paragraph of the audit report and if material, the point be reflected in the auditor' s opinion. In complying with International Standards on Auditing (ISA), the auditor is expected to pay particular attention to the following matters: - 4 - • NATIONAL COUNCIL FOR IDGHER EDUCATION (NCHE) ON BEHALF OF MALA WI GOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 AUDIT SUMMARY (CONTINUED) AUDIT SCOPE (CONTINUED) (h) Fraud and corruption: consider the risks of material misstatements in the financial statements due to fraud as required by ISA 240: the auditor' s responsibility to consider fraud in an audit of financial statements. the auditor is required to identify and assess these risks ( of material misstatement of the financial statements) due to fraud , obtain sufficient appropriate audit evidence about the assessed risks; and respond appropriately to identified or suspected fraud ; (i) Laws and regulations: in designing and performing audit procedures, evaluating and reporting the results, consider that noncompliance by the implementing agency with laws and regulations may materially affect the financial statements as required by ISA 250: consideration of laws and regulations in an audit of financial statements; (j) Governance: communicate audit matters of governance interest arising from the audit of financial statements with those charged with governance of an entity as required by international standard on auditing 260: communication of audit matters with those charged with governance. (k) Risks: in order to reduce audit risk to an acceptable low level, determine the overall responses to assessed risks at the financial statement level, and design and perform further audit procedures to respond to assessed risks at the assertion level as required by internal standard on auditing 330: the auditor' s procedures in response to assessed risks. - 5 - • NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ON BEHALF OF MALA WI GOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 AUDITSUMMARY(CONTINUED) PRE-AUDIT STEPS • Familiarization with project's records in respect of the following: PROJECT FINANCIAL STATEMENTS (PFS) • Examination of the project financial statements including budgeted amounts by category; • For expenditure, examination of source documents, verification of adequate authorization and verification that expenditure was allowable under the purposes for which the financing was provided; • Review of accounting records and ensuring that these have been maintained in accordance with generally accepted accounting principles hereunder, that skills development project has kept adequate records of the cash and bank transactions; • The conversion of one currency to another has been supported by an official receipt from the bank or an official exchange institution, stating the exchange rate; • Review of procurement procedures to ensure that they are in accordance with the financing agreement and the bank' s rules and procedures. INTERNAL CONTROL • Obtaining a sufficient understanding of the internal control structure to plan the audit and determine the nature, timing and extent of tests to be performed; • Documentation and evaluation of the control environment, the accounting system and the control procedures; • Assessment of control risk that is the effectiveness of the internal control structure, policies and procedures of the project in preventing or detecting material misstatements in the financial statements. COMPLIANCE WITH FINANCING AGREEMENT TERMS • Identification of the agreement terms and determination of those which if not observed could have a material effect on financial statements. • Assessment of each material requirement and the risks that non-compliance could occur; • Design of audit steps and procedures to test for errors, irregularities, and illegal acts that provide reasonable assurance of detecting instances of non-compliance. - 6- • NATIONAL COUNCIL FOR IDGHER EDUCATION (NCHE) ON BEHALF OF MALA WI GOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 AUDIT SUMMARY (CONTINUED) Compliance with financing agreement terms (continued) • For payments, verifying that they have been made in accordance with agreement terms and applicable ' • regulations; Verifying that expenditure by category was within the approved categories and the approved list of goods and services; • Determination that counterpart funds have been provided and expended in accordance with the relevant agreement; • Determination that the financial statements are supported by the books and records from which the financial statements are prepared; • Assessment of the physical status of implementation of the project components in relation to the level of disbursement made so far against the targets as set out in the appraisal report. SPECIAL ACCOUNT There is no special account since all payments are made through direct payments method. Skills development project management did not prevent us from conducting any tests and procedures deemed necessary to form a reasonable basis for our opinion. AUDIT RESULTS FINANCIAL STATEMENTS. In our opinion, the financial statements give a true and fair view of the financial position of the project as of 30 June 2018 and of its income and expenditure for the year then ended in accordance with the international financial reporting standards and provision of the financing agreement. INTERNAL CONTROL ' In our opinion, internal controls were adequate for the year. COMPLIANCE WITH AGREEMENT TERMS In our opinion, the bank' s disbursement rules and procedures were complied with during the year under review. SPECIAL ACCOUNT There are no special account to be audited since the payment method is direct disbursement by the bank. Please do not hesitate to contact us should you require any further information or clarification. - 7- ' •• GRAHAM CARRI I 1ered Accountants Cha1 INDEPENDENT AUDITOR'S REPORT TO THE COUNCIL OF NATIONAL COUNCIL FOR IDGHER EDUCATION (NCHE) ON BEHALF OF MALA WI GOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 Opinion • We have audited the financial statements of National Council for Higher Education - Skills Development Project, which comprise the statement of financial position as at 30 June 2018, and the statement of comprehensive income, statement of changes in funds and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory notes. In our opinion, the accompanying financial statements give a true and fair view of the financial position of National Council For Higher Education - Skills Development Project, as at 30 June 2018 and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting standards, the provisions of the National Council for Higher Education Act no. 15 of 2011 , the Public Finance Management Act, 2003 and provision of the financing agreement. Basis for opinion 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. We are independent of the Project in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and we have fulfilled our ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. There are no key audit matters. Responsibilities of the Councillors and those charged with governance for the financial statements Councillors are responsible for the preparation of the financial statements that give a true and fair view in accordance with International Financial Reporting standards, the provisions of the National Council for Higher Education Act no. 15 of 2011, the Public Finance Management Act, 2003, provision of the financing agreement, and for such internal control as the Council determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Councillors are responsible for assessing the project' s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the project either intends to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Project's financial reporting process. - 8- \DL House, 2' Hoor. C1t1 Ccntrc i P.O.Bo, S9S Lilong\\C \1ala\\i Tel: ( 265) 01 775 763 01 775 76-+ 01 775 S36, Fax: 01 775 761. !·.-mail: lilongwe a grahamcammuom '\exia International is a worldwide network of' independent auditors. business advisors and consultants Part11crs: C.\11.C Banda-Lilongwe. D. '\gwira(vlrs)-Blant 1 rc. Of'llces in Lilongwe and Blantyre. •• GRAHAM CARRI I Chartered Accountant s A member of Nexia International INDEPENDENT AUDITOR'S REPORT TO THE COUNCIL OF NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ON BEHALF OF MALAWI GOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 • Auditor's responsibilities for the audit of the fi nancial statemen ts 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 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 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 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, 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. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Project. • Conclude on the appropriateness of the Project'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 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 the date of our auditor's report. However, future events or conditions may cause the Project to cease to continue as a going concern. I • 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 a true and fair view. • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Project to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the audit. We remain solely responsible for our audit opinion. 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 aud it. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonab ly be thought to bear on our independence, and where applicable, related safeguards. - 9- • • GRAHAM CARRI I •• Chartered Accountants A member of Nexia 1nternat1ona1 INDEPENDENT AUDITOR'S REPORT TO THE COUNCIL OF NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ON BEHALF OF MALAWI GOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT Pl31660 ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 Auditor's responsibilities for the audit of the financial statements - continued From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report of on other contractual requirements. As required by the terms of reference for the external audit services for the Skills Development Project, we report to you based on our audit that: a) World Bank financing has been used in accordance with the conditions of the relevant financing agreement, with due attention to economy and efficiency and only for the purposes for which the financing was provided; b) Goods, works and Services financed have been procured in accordance with the financing agreements including specific provisions of the World Bank Procurement policies and procedures; c) Necessary supporting documents, records and accounts have been maintained in respect of project activities, including expenditures reported using Statements of Expenditure (SOE) methods of reporting. d) Designated Accounts have been maintained in accordance with the provisions of the financing agreements and funds disbursed out of the accounts were used only for the purpose intended in the financing agreement; e) National laws and regulations have been complied with that the financial and accounting procedures approved for the project were followed and used for the year ended 30 June 2018; f) Financial performance of the project is satisfactory; g) Assets procured from project funds exist and there is verifiable ownership by NCHE or beneficiaries in line with the financing agreement; and h) There-were no ineligible expenditures in the year under review. The engagement partner on the audit resulting in this independent auditor' s report is Cornwell Banda. c~~ Graham Carr Nexia International Chartered Accountants (Malawi) 2nd Floor ADL House City Centre PO Box 898 Lilongwe Date: o-1 ~f..t d'Jlg - IO - NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ONBEHALFOFMALAWIGOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2018 Income Note 2018 2018 2017 2017 MK'OOO US$'000 MK'OOO US$'000 • Income received Interest received Exchange gains 5 6 6 669,374 539 931 921,138 482 7,630 1,276 82 10 Capital grant amortization 7 48,658 68 59,609 3 Total income 718,571 1,000 988,859 1,371 Expenses Operating expenses App I 621,591 865 916,054 102 Capital expenses App I 14,033 20 73 ,557 1,270 635,624 885 989,611 1,372 Surplus/(deficit) for the year 82,948 115 (752) (1) • • - 11 - NATIONAL COUNCIL FOR IDGHER EDUCATION (NCHE) ONBEHALFOFMALAWIGOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2018 Assets Note 2018 2018 2017 2017 MK'OOO US$'000 MK'OOO US$'000 Non-current assets Property, plant and equipment 7 627,782 873 662,407 934 ' Current assets Trade & other receivables 8 64,805 90 11 ,442 16 Cash & cash equivalents 9 326,093 454 245,203 340 Total current assets 390,898 544 256,645 356 Total assets 1,018,680 1,417 919,052 1,290 FUNDS AND LIABILITIES Funds Capital fund 627,782 873 662,407 934 627,782 873 662,407 934 Current liabilities Deferred Income/ Restricted funds 10 327,343 454 244,396 339 Trade and other payables 11 63 ,555 90 12,250 17 Total current liabilities 390,898 544 256,646 356 Total funds and liabilities 1,018,680 1,417 919,053 1,290 The financial statements have been approved by the Council on .. behalf by: .li.\..~.:2.o.(i. and are signed on its "' COUNCIL CHAIRPERSON CHIB~S(:::R - 12 - NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ONBEHALFOFMALAWIGOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 STATEMENT OF CHANGE IN FUNDS FOR THE YEAR ENDED 30 JUNE 2018 Capital fund Total MK'OOO MK'OOO Balance as at 30 June 2017 662,407 662,407 Additional for the year 14,033 14,033 • Amortisation for the year (48,658) (48,658) Balance as at 30 June 2018 627,782 627,782 Balance as at 01 July 2016 649,211 649,211 Additions for the year 73,557 73,557 Disposal during the year (I , 199) (1,199) Amortisation for the year (59,609) (59,609) Depreciation on disposal 447 447 Balance as at 30 June 2017 662,407 662,407 • • - 13 - • NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ONBEHALFOFMALAWIGOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 STATEMENT OF CASH FLOWS AS AT 30 JUNE 2018 2018 2018 2017 2017 MK'OOO US$ '000 MK'OOO US$ '000 Surplus/(deficit) for the year 82,948 115 (753) (1) • Adjustment for: Interest income Depreciation (539) 48,658 (1) 68 (482) 59,609 (3) 83 Operating surplus for the year excluding 131,067 182 58,374 79 interest and capital expenditure Loss on disposal of assets/ deferred income 753 Interest received 539 1 482 3 Operating income before working capital changes 131,606 183 59,609 83 Movement in working capital Changes in other receivables (53,363) (74) (6,569) (9) Changes in deferred income 97,316 136 (162,033) (237) Changes in other payables 51,305 71 (26,510) (37) Cash generated from/(used in) operating activities 226,864 316 (135,503) (200) Cash flows from investing activities Purchase of property, plant and equipment (14,033) (20) (73,557) (102) Net cash used in investing activities (14,033) (20) (73,557) (102) Cash flows from financing activities Movement in capital funds (34,625) (47) 13,196 24 Net cash (used in)/from financing activities (34,625) (47) 13,196 24 Net increase/(decrease) in cash and cash equivalents 178,206 250 (195,864) (278) Cash and cash equivalent at I July 2017 245,203 340 441,067 618 Cash and cash equivalent at 30 June 2018 423,409 590 245,203 340 - 14 - NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ONBEHALFOFMALAWIGOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 STATEMENT OF ACTIVITY ON THE DESIGNATED ACCOUNT FOR THE YEAR ENDED 30 JUNE 2018 IDA Credit No. Q8920 Deposit Bank: NBS Bank Currency USD I Account No. 14253181 Part I 1 Cumulative advances to end of current reporting period 3,921 2 Cumulative expenditures to end of last reporting period 3,295 3 Outstanding advance to be accounted for (line 1 minus line 2) 626 Part II 4 Opening DA balance at beginning of reporting period (as of beginning of quarter) 526 5 Add/Subtract: Cumulative Adjustments (if any) 6 Advances from World Bank during period 100 7 Add lines 5 and 6 100 8 Outstaning balances to be accounted for (add lines 4 and 7) 626 9 Closing DA balance at end of current reporting period (as of quarter) 426 10 Add/Subtract: Cumulative adjustments 11 Expenditures for current reporting period 200 12 Add lines 10 and 11 200 13 Add lines 9 and 12 626 14 Difference (if any) (line 8 less line 13) • Part III 15 Total forecasted amount to be paid by World Bank 754 16 Less: Closing DA balance after adjustments 454 17 Direct payments/Special Commitments 18 Add lines 16 and 17 454 19 Cash requirement from World bank for next 300 • - 15 - NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ON BEHALF OF MALA WI GOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 1 REPORTING ENTITY The National Council for Higher Education ( NCHE) was established by an Act of Parliament ( Act 15 of 2011 ), to oversee institutions of higher learning in Malawi, by specifically providing a frame -work I for the promotion and regulation of quality higher education in Malawi. The National Council for higher Educational (NCHE) is implementing the Malawi Government Skill Development Project (SDP) Project No P131660, with support from the World Bank. The SDP is implemented in selected public higher education institutions. In component 2, the focus is on systems strengthening and policy reform. It consist of carrying out a program of activities to strengthen the capacity of the National Council for Higher Education (NCHE) in project planning , implementation, coordination, reporting, monitoring and evaluation and fiduciary management as well as provision of equipment. NCHE is mandated to regulate and coordinate Higher Education in Malawi. The Council is funded by the Malawi Government, International donors and internally generated mcome. These financial statements are for the National Council for Higher Education -Skill Development Project for the Year ended 30 June 2018. 2 BASIS OF PREPARATION (a) Statement of compliance The financial statements have been prepared in accordance with the International Financial Report Standards adopted for use in Malawi, provisions of the Projects objectives, the World Bank guidelines and terms and conditions ofIDA Project no.P 131660. (b) Basis of measurement The financial statements have been prepared under the historical cost convention. ( c) Functional and presentation currency The financial statements have been presented in Malawi Kwacha, which is the Project's functional currency and United States Dollar. All amount have been rounded to the nearest thousand unless otherwise stated. • - 16 - NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ON BEHALF OF MALA WI GOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2018 (d) Use of estimates and judgements In preparation these financial statements, management has made judgements, estimated and assumptions that affect the application of accounting policies and the reported amounts of t assets,liabilities,icome and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is included in the following notes: Note 5 Property, plant and equipment - useful lives and residual value estimates. (e) New standard and interpretations not yet adopted The Council has adopted those new and revised Standards and Interpretations issued by the International Accounting Standards Board and the International Financial Reporting Interpretations Committee of the International Accounting Standards Boards that are relevant to its operation and are effective for reporting periods beginning I January 2017. The adoption of these new and revised Standards and interpretations did not have a significant impact on the financial statements of the project. New Standards and interpretations in issue A number of new standards and amendments to standards are effective for annual periods beginning on 1 January 2018 and earlier application is permitted; however, the Council has not early applied the following new or amended standards in preparing these financial statement (i ) IFRS 9 Financial Instruments This standard will replace the existing standard on the recognition and measurement of financial instruments and requires all financial assets to be classified and measured on the basis of the entity's business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. The accounting for financial assets differs in various other areas to existing requirements such as embedded derivatives and the recognition of fair value adjustments in other comprehensive income (OCI) • - 17 - NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ONBEHALFOFMALAWIGOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2018 New Standards and interpretations in issue ( Continued ) IFRS 9 Financial Instruments ( Continued ) All change in the fair value of financial liabilities that are designate at fair value through profit or loss due to change in own credit risk will be required o be recognised within OCI. The standard has introduce a new expected - loss impairment model that will require more timely recognition of expected credit loss allowance at an amount equal to either 12 month expected credit losses or full lifetime expected credit losses. A loss allowance for full lifetime expected credit losses is required for financial instrument if the credit risk of that financial instrument has increased significantly since initial recognition as well as for certain contract assets or trade receivables. For all other financial instruments, expected credit losses are measured at an amount equal to 12 month expected credit losses. The revised general hedge accounting requirements are better aligned with an entity's risk management activites; provide additional opportunities to apply hedge accounting and various simplifications in achieving hedge accounting. The standards will be applied retrospectively. The impact on the financial statements has not yet been fully determined. IFRS 9 is effective for annual reporting periods beginning on or after 1 January 2018, with early adoption permitted (ii) IFRS 15 Revenue from Contracts with Customers This standard will replace the existing revenue standards and their related interpretations. The standard sets out the requirements for recognising revenue that applies to all contracts with customers (except for contracts that are within the scope of the standards on leases, insurance contracts or financial instruments) . • The core principle of the standard is that revenue recognised reflects the consideration to which the Project expects to be entitled in exchange for the transfer of promised goods or services to the customer. The standard incorporates a five-step analysis to determine the amount and timing of revenue The standard will be applied retrospectively. The Council is assessing the potential impact on the IFRS 15 is effective for annual reporting periods beginning on or after 1 January 2018 with early adoption permitted. • - 18 - • NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ON BEHALF OF MALAWI GOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT Pl31660 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2018 New Standards and interpretations in issue ( Continued ) (iii) IFRS 16 Leases This standard will replace IAS 17 leases and its related interpretations. IFRS 16 eliminates the classification of leases as either operating leases or finance leases for a lessee. Instead, all leases are treated in a similar way to finance leases applying IAS 17. Leases are 'capitalised' by recognising the present value of the lease payments and showing them either as lease assets (right-of-use assets) or together with property, plant and equipment. If lease payments are made over time, an entity also recognises a financial liability representing its obligation to make future lease payments. The most significant effect of the new requirements in IFRS 16 will be an increase in lease assets and financial liabilities. Accordingly, for entities with material off balance sheet leases, there will be a change to key financial metrics derived from the entity' s assets and liabilities (for example, leverage ratios). The standard will be applied retrospectively. The Council is assessing the potential impact on the project' s financial statements resulting from the application ofIFRS 16. IFRS 16 is effective for annual reporting periods beginning on or after 1 January 2019 with early adoption permitted but only if IFRS 15 Revenue from Contracts with Customers is also adopted. (iv) IAS 7 (amendments) statement of cash flows The amendments as part of the disclosure initiative requiring entities to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities. The amendment requires that the following changes in liabilities arising from financing activities be disclosed and should be separate from other assets and liabilities: • • • Changes from financing cash flows Changes arising from obtaining or losing control of subsidiaries or other businesses • The effect of changes in foreign exchange rates • Changes in fair values • Other changes. The standard will be applied prospectively. The impact on the financial statements has not yet been fully determined. • - 19 - • NATIONAL COUNCIL FOR IDGHER EDUCATION (NCHE) ONBEHALFOFMALAWIGOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT Pl31660 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2018 3 Significant accounting policies 3.1 Property, plant and equipment (i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses, if any. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for its intended use, and the costs of dismantling and removing the items and restoring the site on which they are located. Purchased software that is integral to the functionality of the related equipment is capitalized as part of the equipment. Borrowing costs related to the acquisition or construction of qualifying assets are recognized in the statement of income and expenditure as incurred. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognized net within "other income" in the statement of income and expenditure. (ii) Subsequent expenditure The cost of replacing component of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the project and its cost can be measured reliably. The carrying amount of the replaced component is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognized in the statement of income and expenditure as incurred. (iii) Depreciation • Depreciation is recognized in the statement of income and expenditure on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the project will obtain ownership by the end of lease term. Land is not depreciated. Depreciation is not provided on capital works in progress. • - 20 - NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ONBEHALFOFMALAWIGOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2018 Property, plant and equipment (Continued) Depreciation ( Continued ) The estimated useful lives for the current and comparative periods are as follows: - • • Buildings 40 Years • Motor vehicles 5 Years • Furniture and equipment 10 Years • ITC equipment 3 years Depreciation methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate. 3.2 Other receivables Other receivables are measured at cost less impairment, if any known bad debts are written off and specific provisions are made for those considered doubtful. 3.3 Impairment of assets (i ) Financial assets A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. Objective evidence that financial assets are impaired includes; default or delinquency by a debtor, restructuring of an amount due to the Project on terms that the Project would not consider otherwise, indications that a debtor or issuer will enter bankruptcy, adverse changes in the payment status of borrowers or issuers, the disappearance of an active market for a security, observable data indicating that there is measurable decrease in the expected cash flows from a group of financial assets. In addition, for an investment in an equity security, a significant or prolonged decline in its fair value below its cost is objective evidence of impairment. • Management considers evidence of impairment for receivables at both an individual asset and collective level. All individually significant assets are individually assessed for impairment. Those found not to be impaired are then collectively assessed for any impairment that has been incurred but not yet individually identified. Assets that are not individually significant are collectively assessed for impairment. Collective assessment is done by grouping together assets with similar risk characteristics. In assessing collective impairment the Management uses historical information on the timing of recoveries and the amount of loss incurred, and makes an adjustment if current economic and credit conditions are such that the actual losses are likely to be greater or less than suggested by historical trends. - 21 - I NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ONBEHALF OFMALAWIGOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT Pl31660 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2018 Impairment of assets ( Continued ) (i ) Financial assets ( Continued ) An impairment loss in respect of a financial asset measured at amortized cost is calculated as the • difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. Losses are recognized in the statement of income and expenditure reflected in an allowance account. When the Management considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through the statement of income and expenditure. (ii) Non-financial assets The carrying amounts of the project's non-financial assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the cash generating unit). An impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognized in the statement of income and expenditure. In respect of other assets, impairment losses recognized in prior periods are assessed at each • reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset' s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. 3.4 Capital Fund The capital fund was created to account for funds which have been used specifically to purchase fixed assets, the adjustments are made as the assets are depreciated and/or revalued. 3.5 Other payables Other payables are measured at cost. - 22 - I • NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ONBEHALFOFMALAWIGOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT Pl31660 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2018 3.6 Income SDP's income, contributions, interest, and any other form of income is accounted for in the financial period to which the income is earned. When a fixed asset is disposed of, the profit from the disposal • shall be recognized as income during the period in which the asset was disposed . (i) Unrestricted income/grants This is income that SDP is free to use for any of the Project purposes. Income generated from assets held in unrestricted funds will be unrestricted income. Unrestricted grants are recognized as income in the year in which funds are received or to the extent that related expenses have been incurred in the corresponding year and a valid collectible pledge exists. If the pledge is cancelled in subsequent period, it is written off and charged against revenues in the year it is cancelled. (ii) Restricted grants/ Deferred income This is income that SDP can only use for a specified purpose. Income generated from restricted funds will not necessarily be restricted income. Restricted grants are recognized when funds are received and the conditions to which the grant is subjected have been satisfied except for grants that are on a re-imbursement basis. In this case, revenue is recognized only to the extent that (iii) Other revenues Other revenues: Such as revenues from sale of intellectual property, sale of tender documents as well as interest earned on deposits are recognized in the period in which they are earned. 3. 7 Expenses Expenses are recognized when incurred and not when paid . • 4 Financial risk management The Council and the project have exposure to the following risks from its use of financial instruments: (i) Market risk (ii) Credit risk (iii) Liquidity risk This note presents information about the project's exposure to each of the above risks, the project's objectives, policies and processes for measuring and managing risk, and the project's management of capital. Further quantitative disclosures are included throughout these financial statements. • - 23 - NATIONAL COUNCIL FOR IDGHER EDUCATION (NCHE) ON BEHALF OF MALA WI GOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT Pl31660 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2018 Financial risk management ( Continued ) Risk management framework The Council has overall responsibility for the establishment and oversight of the project's risk management framework. The Council is responsible for developing and monitoring project's risk management policies in their specified areas . • The project's risk management policies are established to identify and analyse the risk faced by the project, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and services offered. The project, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment, in which all employees understand their roles and obligations. The Council is responsible for monitoring compliance with the project's management policies and procedures, and for reviewing the adequacy of the risk management framework in relation to the risks faced by the Project. The project's overall risk management programs focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the project's financial performance. (i) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Project's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. (ii) Foreign currency risk The project is exposed to currency risk on receipts and purchases that are denominated in a currency other than the functional currency of the project. The currency in which these transactions are denominated is United States Dollars. In respect of other monetary assets and liabilities denominated in foreign currencies, the project ensures that its net exposure is kept to an acceptable level by buying or I selling foreign currencies at spot rates when necessary to address short-term imbalances. (iii) Price risk As the project had no publicly traded equity and commodity securities, the project's income and operating cash flows are substantially independent of changes in market security prices. (iv) Interest rate risk The project's interest rate risk arises from its investment in cash deposits. (v) Credit risk Credit risk is the risk of financial loss to the project if any counterparty to a financial instrument fails to meet its contractual obligations, and it arises principally from the project's cash and cash equivalents and other receivables. - 24 - • NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ONBEHALFOFMALAWIGOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2018 2018 2018 2017 2017 Amount Amount Amount Amount MK'OOO USO MK'OOO USO 5 OPERATION INCOME Funds for specific activities 669,374 931 921,138 1,279 6 FINANCE INCOME Exchange gain 7,630 10 Interest received 539 1 482 3 539 1 8,112 13 • - 25 - I • • • • NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ONBEHALFOFMALAWIGOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2018 7 PROPERTY, PLANT AND EQUIPMENT Leasehold Land Plant & Motor furniture & ICT Total & Buildings Equipment vehicles equipment equipment MK MK MK MK MK MK Cost or valuation As at 01 /07/16 562,875 455 89,720 12,242 49,800 715,092 Additions for year 8,400 41 ,830 15,949 7,378 73,557 Disposals during the year (1 ,199) (1 , 199) As at 30/06/ 17 562,875 8,855 131 ,550 28,191.00 55,979 787,450 Additions for year 2,642 11,391 14,033 As at 30/06/18 562,875 8,855 131 ,550 30,833 67,370 801 ,483 Accumulated depreciation As at O1/07 /1 6 13,369 43 23 ,474 1,163 27,833 65 ,882 Charge for year 13,368 842 24,994 2,678 17,727 59,609 Disposals during the year (447) (447) As at 30/06/ 17 26,737 885 48,468 3,841 45, 113 125,044 Charge for year 13,368 841 24,994 2,929 6,526 48,658 As at 30/06/ 18 40,105 1,726 73,462 6,770 51 ,639 173,702 Carrying amount As at 30/06/ 17 536,138 7,971 83,082 24,350 10,866 662,407 As at 30/06/ 18 602,980 10,581 205 ,012 37,603 119,009 627,782 - 26 - • NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ON BEHALF OF MALA WI GOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT Pl31660 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2018 8 OTHER RECEIVABLES 2018 2018 2017 2017 Amount Amount Amount Amount • Staff receivables-PA YE * MK'OOO 57,316 USD 79 MK'OOO USD Prepayments 1,419 2 NCHE ORT main 7,122 10 10,000 13 Other receivables 367 1 23 1 64,805 90 11 ,442 16 *Following the directive from the Malawi Revenue Authority to have PA YE deducted instead of Withholding Tax from Project staff, MRA come up with tax arrears and a penalty of K32,269,588.80 and K25,046,52 l.22 respectively totaling K57,316, 110.02. Management complied and steps are being taken to recover the amounts payable. 9 CASH AND CASH EQUIVALENT NBS Bank FCD account 275,603 384 195,207 271 NBS Bank SDP current account 50,490 70 49,996 69 Net cash and cash equivalent 326,093 454 245,203 340 10 Deferred income Opening balance 244,395 339 407,180 571 Opening balance adjustment 1,440 (2) Transfer from general fund (752) 1 • Funds received during the year - world bank Funds utilized during the period 718,571 (635 ,624) 1,000 (885) 757,666 (921 ,138) 1,048 (1 ,279) 327,343 454 244,396 339 11 OTHER PAYABLE Accrued Expenses 15,876 23 3,418 5 Other payables 4,429 7 4,159 6 PA YE payables 43 ,007 60 Witholding Tax Payables 243 4,673 6 63 ,555 90 12,250 17 - 27 - I • NATIONAL COUNCIL FOR IDGHER EDUCATION (NCHE) ONBEHALFOFMALAWIGOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2018 12 DEFICIT /RECLASSIFICATION OF ASSETS Asset at cost 1,199 2 Less: Accumulated Depreciation (447) (1) 752 1 The deficit has come about due to ICT Equipment reclassified as an expense and not as an asset in the PPE at net of 752. The reclassification was done to recognise as an expense and not as an assets which were wrongly captured in previous year accounts. 13 CAPITAL COMMITMENTS The Council had no capital commitments at 30 June 2018 requiring disclosures in the financial statements. 14 CONTINGENT LIABILITIES The Project does not expect any event outcome of which could materialize into a liability not recorded that can have a material effect on the financial statements as at 30 June 2018. 15 TAXATION The project is exempted from taxation on any of its surplus. 16 The project has the following related parties; National Council for Higher Education (NCHE) - The project is implemented by National Council for Higher Education (NCHE) on behalf of the Malawi Government. The National Council for Higher Education (NCHE) owes the project as followings : • 2018 Amount 2018 Amount 2017 Amount 2017 Amount MK'OOO USD MK'OOO USD National Council for higher Education 7,122 10 10,000 13 17 COMPARATIVE INFORMATION The comparative information and figures in these financial statements represent amounts relating to Skill Development Project (SDP) only as derived from the Skill Development Project (SDP) 2016 - 2017 audited financial statements. • - 28 - NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ON BEHALF OF MALA WI GOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT Pl31660 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2018 18 EXCHANGE RATES AND INFLATION The average of the year-end buying and selling rates of the major foreign currencies affecting the performance of the Secretariat are stated below, together with the increase in the National Consumer I Price Index, which represent an official measure of inflation. 2018 2017 Kwacha/US Dollar 724 726 Inflation rate 9.7% 8.4% At the time of signing the financial statements the exchange rates were as K wacha/US Dollar 729 726 Inflation rate 10.1% 8.3% 19 SUBSEQUENT EVENTS Subsequent to the reporting date there were no significant event necessitating adjustments to/or disclosure in the fmancial statement. • - 29 - ' •• GRAHAM CARRI I Chartered Accountants A member of Nexia International NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ON BEHALF OF MALAWI GOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL FOR THE YEAR ENDED 30 JUNE 2018 We have audited the financial s t ~ ~ Skills Development Project as of 30 June 2018, and have issued a report thereon dated ;r,.J........ .. ~~ We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements. In planning and performing our audit of the Skills Development Project, for year ended 30 June 2018, we considered its internal controls as a basis of designing our audit procedures for the purpose of expressing our opinion on the financial statements. Our consideration of internal controls was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies in internal controls that might be significant deficiencies or material weaknesses and therefore, there can be assurance that all deficiencies, significant deficiencies or material weaknesses have been identified. A deficiency in internal controls exists when the design or operation of a control does allow management or employees, in the normal course of performing their assigned functions to prevent or detect and correct misstatement on a timely basis. A material weakness is a deficiency or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented or detected and corrected on a timely basis. In our opinion, internal controls were adequate for the year. Information contained in this report may be privileged. This report is intended solely for the use of Skills Development Project and the International Development Association but this is not intended to limit the distribution of the report ifit is a matter of public record. The engagement partner on the audit resulting in this independent auditor' s report is Cornwell Banda. k(Jtw.. ~ Graham Carr Chartered Accountants (Malawi) Date: :.L/ l::f:u:121r/i1v ~ - 30 - AOL House. 2111 Floor. Cit: Centre I P.O.Box S9S Lilong\,c '.'vtala\,i Tel: (-+ 265) 0 I 775 763 0 I 775 764 0 I 775 S36 . f-a.x: 0 I 775 763. E-mail: lilongwc a grahamra1111m .com ,exia International is a worldwide network of independent auditors. business advisors and consultants Parh1ers: C.;V1.C Banda-Lilongwe. D. ,g\\ira(vlrs)-Blantyre. Offices in Lilongwe and Blantyre. • GRAHAM CARRII •• Chartered Accountants NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ON BEHALF OF MALA WI GOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH AGREEMENT TERMS FOR THE YEAR ENDED 30 JUNE 2018 We have audited the financial statements of Skills Development Project for the year ended 30 June 2018 and have issued a report thereon dated ~J.~/.,v ~~ We conducted our audit in accordance with International Standards on Auditing Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements. As part of obtaining reasonable assurance about whether financial statements are free of material misstatements, we performed tests of compliance with certain provisions of the agreement terms. However, our objective was not to provide an opinion on overall compliance with such provisions. Accordingly, we do not express such an opinion. Material instances of non-compliance are failures to follow requirements or violations of agreement terms that cause us to conclude that the aggregation of misstatements resulting from those failures or violations is material to the financial statements. We considered these material instances of non-compliance in forming our opinion on the financial statements whether they are presented fairly , in all mater)al respects and this report does not affect our opinion on the financial statements dated .~·--:I.. ~'isv ;;)S"'H? In our opinion, the project has complied with the agreement terms. Financial information contained in this report may be privileged. This report is intended solely for the use of Skills Development Project and IDA but this is not intended to limit the distribution of the report if it is a matter of record. The engagement partner on the audit resulting in this independent auditor' s report is Cornwell Banda. c~~ Graham Carr Chartered Accountants (Malawi) Date: o-/ ~4< ~g - 31 - AOL How,e, 211 d Floor. Cit1 Centre I P.O.Box S9S Lilongwe Malawi Tel: (+265) 01 775 763 01 775 764 01 775 S36. Fax: 01 775 763. E-mail: lilongwe a grahamcamnv..com .\"exia International is a worldwide network or independent auditors, business advisors and consultants • Partners: C.M.C Banda-Lilongwe, D. '\gwira(\1rs)-Blantyre. omces in Lilongwe and Blantyre . • NATIONAL COUNCIL FOR HIGHER EDUCATION (NCHE) ONBEHALFOFMALAWIGOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 APPENDIX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 AEEendix I 2018 2018 2017 2017 MK'OOO USD'OOO MK'OOO USD'OOO Income Support towards specific activities 669,374 931 921 ,138 1,276 Amortised of capital fund 48,658 68 59,609 82 Exchange gains 7,631 10 Interest received 539 482 3 718,571 1,000 988,859 1,371 Expenditure Accommodation and hire charges 63 ,838 88 39,910 55 Advertising and promotions 7,415 10 41,518 58 Audit fees 9,640 13 1,513 2 Bank service charge 1,049 807 Equipment repairs and maintenance 2,667 4 Fixed assets depreciation 48,658 68 59,609 83 Gains and losses on asset disposals 753 Internet, email & other communication 105 20,384 28 Legal fees and other regulatory expense~ 527 Licenses and insurances 7,676 11 9,988 14 Meals and refreshments expenses 8,719 12 Miscellaneous expenses 2,088 3 Motor vehicle fuels and lubricants 30,606 43 Motor vehicle expenses 7,788 11 2,742 4 Office expenses 2,451 3 8,021 11 Postage and courier charges 191 Printing and stationery 5,087 7 6,163 9 Professional fees and charges 306,901 427 537,557 745 Reimbursements of various expenses 8,223 11 Security expenses 1,937 3 Sitting allowances 735 Staff expenses 160 4,013 6 176 • Staff recruitment Staff training expenses Subsistence allowances 41 ,612 66,660 58 93 135,699 188 Subscription to various bodies 843 I Telephone, faxes and other charges 3,309 5 2,033 3 Travel allowances 9,116 13 Travel and transportation expenses 8,056 11 19,120 27 Utilities 600 l 983 Operating expenses 621,591 865 916,054 1,270 Capital expenses 14,033 20 73,557 102 Total expenses 635,624 885 989,611 1,372 Surplus/(deficit) for the year 82,948 115 (752) (1) • - 32 - • NATIONAL COUNCIL FOR HIGH ER EDUCATJON (NCHE) ON BEHALF OF MALA WI GOVERNMENT • - - SKILLS DEVELOPMENT PROJECT IDA PROJECT P131660 FIXED ASSET REGISTER FOR THE YEAR ENDED 30 JUNE 2018 Asset name and Quan Purchase date Depr'n Usefu l Residual va lu e Year's depr'n Opening Deprn Acc'm Depr'n Net book val ue description tity Total Cost rate life No Reference Unit Cost Additions Buildinl!s I Buildings on Plot I SDP000683 11 May2016 525,000,000.00 525,000,000.00 2.50% 40 26,250,000.00 12,468,750.00 24,937,500.00 37,406,250.00 487,593,750.00 47/2/377 2 Stamp duty on I SDP000753 08 Jun 2016 7,875,000.00 7,875 ,000.00 2.50% 40 393,750.00 187,031.25 374,062.50 56 1,093 .75 7,3 13,906.25 building transfer 3 Lawyer's transfer I GNNl5/ 149 30 Jun 2016 30,000,000.00 30,000,000.00 2.50% 40 1,500,000.00 7 12,500.00 1,425,000.00 2, 137,500.00 27,862,500.00 charges Total for buildin2s -00 562,875,000.00 28,143,750.00 13,368,281.25 26,736,562.50 40,104,843.75 522,770,156.25 Plant & Equipment 16 Hisense bar I SDP000286 29 Oct 2015 151 ,800.00 151 ,800.00 10.00% 10 7,590.00 14,421.00 28,842 .00 43,263 .00 I 08,537.00 fridges 17 Hisense bar I SDP000286 29 Oct 2015 151 ,800.00 15 1,800.00 10.00% 10 7,590.00 14,421.00 28,842.00 43,263.00 I 08,537.00 fridges 18 Hisense bar I SDP000286 29 Oct 2015 151 ,800.00 151 ,800.00 10.00% 10 7,590.00 14,421.00 28,842 .00 43 ,263.00 I 08,537.00 fridges 21 Caterpillar 50KV A I SDPOO I090 21 Nov 2016 8,400,000.00 8,400,000.00 V I0.00% 10 420,000.00 798,000.00 798,000.00 1,596,000.00 6,804,000.00 Generator Total for office equipment 8,855,400.00 442,770.00 841,263.00 884,526.00 1,725,789.00 7,129,611.00 Motor vehicles 5 Toyota Hilux I 00163+00029 27 Jan 2015 33 ,823 ,984. 17 33,823,984. 17 20.00% 5 1,691 , 199.21 6,426,556.99 19,279,670.98 25,706,227.97 8, 117,756.20 Pickup - 80 SC 7 8 Toyota Corolla - I P000331 /38 l/ 21 Dec 2015 16,916,580.00 16,9 16,580.00 20.00% 5 845 ,829.00 3,214, 150.20 6,428,300.40 9,642,450.60 7,274, 129.40 80 SC 8 9 Toyota Corolla - I P000331 /38 l/ 21 Dec 2015 16,9 16,580.00 16,916,580.00 20.00% 5 845,829.00 3,214, 150.20 6,428,300.40 9,642,450.60 7,274, 129.40 80 SC 9 10 Toyota Hiace 15 I SDP000681 01 May 2016 19,401 ,504.00 19,40 1,504.00 20.00% 5 970,075 .20 3,686,285 .76 7,372,571.52 11 ,058,857.28 8,342,646.72 seater minibus - 80 SC 10 II Honda XL 125 I SDP000803 28 Jun 2016 2,660,500.0 I 2,660,500.0 I 20.00% 5 133,025 .00 505,495 .00 1,010,990.00 1,5 16,485 .01 1, 144,015.00 LKC motorcycle - IRO SC 11 12 Ford Ranger XLT I SDPOOl / 177 29 Nov 2017 41 ,830,647.44 41 ,828,559.44 V 20.00% 5 2,09 1,427.97 7,947,823.0 I 7,947,823 .01 15,895,646.03 25 ,932,913.41 LL 7527 Total for motor vehicles -00 131,547,707.62 6 577,385.38 24 994,461.17 48,467,656.31 73,462,117.48 58,085,590.14 - 33 - • NA TlONAL CO NCIL FOR HIGHER EDUCA TlON (NCUE) • • • 0 BEHALF OF MALA WI GOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT PJ31660 FIXED ASSET REGISTER FOR THE YEAR ENDED 30 JUNE 2018 Asset name and Quan Purchase date Depr'n Usefu l Residual value Year's depr'n Opening Deprn Acc'm Depr'n Net book value tity rate life No description Reference Unit Cost Additions Total Cost Office furniture and fittines 85 1.8m L-shaped I SDP000309 20 Nov 20 15 419,500.00 419,500.00 10.00% IO 20,975.00 39,852.50 79,705 .00 11 9,557.50 299,942.50 executive desk 86 1.8m L-shaped I SDP000309 20 Nov 2015 419,500.00 419,500.00 10.00% IO 20,975 .00 39,852.50 79,705 .00 119,557.50 299,942.50 executive desk 87 1. 8m L-shaped I SDP000309 20 Nov 2015 419,500.00 419,500.00 10.00% IO 20,975 .00 39,852.50 79,705 .00 119,557.50 299,942.50 executive desk 88 1.8m L-shaped I SDP000309 20 Nov 20 15 419,500.00 419,500.00 10.00% 10 20,975.00 39,852.50 79,705 .00 119,557.50 299,942.50 executive desk 89 1. 8m L-shaped I SDP000309 20 Nov 20 15 419,500.00 419,500.00 10.00% 10 20,975 .00 39,852.50 79,705 .00 11 9,557.50 299,942.50 executive desk 90 1.8m L-shaped I SDP000309 20 Nov 2015 4 19,500.00 419,500.00 10.00% 10 20,975 .00 39,852.50 79,705 .00 119,557.50 299,942.50 executive desk 91 1.8m L-shaped l SDP000309 20 Nov 2015 419,500.00 419,500.00 10.00% 10 20,975 .00 39,852.50 79,705 .00 119,557.50 299,942.50 executive desk 92 1.8m L-shaped I SDP000309 20 Nov 2015 419,500.00 419,500.00 10.00% 10 20,975.00 39,852.50 79,705.00 119,557.50 299,942.50 executive desk 93 Executive high- I SDP000309 20 Nov 20 15 165,000.00 165,000.00 10.00% 10 8,250.00 15,675.00 31 ,350.00 47,025 .00 11 7,975 .00 back leather chair 94 Executive high- I SDP000309 20 Nov 2015 165,000.00 165 ,000.00 10.00% 10 8,250.00 15,675.00 31 ,350.00 47,025 .00 11 7,975 .00 back leather chair 95 Executive high- I SDP000309 20 Nov 20 15 165,000.00 165,000.00 10.00% 10 8,250.00 15,675.00 31,350.00 47,025.00 11 7,975.00 back leather chair 96 Executive high- I SDP000309 20 Nov 2015 165,000.00 165,000.00 10.00% 10 8,250.00 15,675 .00 31 ,350.00 47,025 .00 117,975.00 back leather chair 97 Executive high- I SDP000309 20 Nov 2015 165,000.00 165,000.00 10.00% 10 8,250.00 15,675 .00 3 1,350.00 47,025 .00 117,975 .00 back leather chair 98 Executive high- I SDP000309 20 Nov 2015 165,000.00 165,000.00 10.00% 10 8,250.00 15,675 .00 31 ,350.00 47,025.00 117,975.00 back leather chair 99 Executive high- I SDP000309 20 Nov 20 15 165,000.00 165,000.00 10.00% 10 8,250.00 15,675.00 31,350.00 47,025.00 117,975 .00 back leather chair 100 Executi ve high- I SDP000309 20 Nov 2015 165,000.00 165,000.00 10.00% 10 8,250.00 15,675.00 31 ,350.00 47,025 .00 117,975 .00 back leather chair IOI Standard visitors' I SDP000309 20 Nov 2015 55,000.00 50,824 .00 10.00% 10 2,541 .20 -00 I0,450.00 -00 50,824 .00 chair 102 Standard visitors' I SDP000309 20 Nov 20 15 55,000.00 55,000.00 10.00% 10 2,750.00 5,225 .00 10,450.00 15,675.00 39,325 .00 chair - 34 - - NATIONAL CO UNCIL FOR HIGHER EDUCA TIO N (NC HE) - • .. O N BEHALF O F MALAWIGOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT PJ31660 FIXE D ASSET REG IST ER FOR TH E YEA R EN DED 30 J UNE 2018 Asset name and Quan Purchase date Depr'n Useful Residual value Year's depr'n Opening Deprn Acc'm Depr'n Net book value No description tity Reference Unit Cost Additions Total Cost rate life 103 Standard visitors' I SDP000309 20 Nov 20 15 55 ,000.00 55 ,000.00 10.00% 10 2,750.00 5,225.00 10,450.00 15 ,675.00 39,325 .00 chair 104 Standard visitors' I SDP000309 20 Nov 20 15 55,000.00 55,000.00 10.00% 10 2,750.00 5,225.00 10,450.00 15,675 .00 39,325 .00 chair 105 Standard visitors' I SDP000309 20 Nov 20 15 55,000.00 55,000.00 10.00% 10 2,750.00 5,225.00 10,450.00 15,675.00 39,325 .00 chair 106 Standard visitors' 1 SDP000309 20 Nov 20 15 55,000.00 55,000.00 10.00% 10 2,750.00 5,225.00 10,450.00 15,675 .00 39,325.00 chair 107 Standard visitors' I SDP000309 20 Nov 20 15 55,000.00 50,824.00 10.00% 10 2,54 1.20 -00 10,450.00 -00 50,824.00 chair 108 Standard visitors' I SDP000309 20 Nov 20 15 55,000.00 55,000.00 10.00% 10 2,750.00 5,225.00 10,450.00 15,675.00 39,325 .00 chair 109 Standard visitors' I SDP000309 20 Nov 20 15 55 ,000.00 55,000.00 10.00% 10 2,750.00 5,225.00 10,450.00 15,675 .00 39,325.00 chair 11 0 Standard visitors' I SDP000309 20 Nov 20 15 55,000.00 59, 176.00 10.00% IO 2,958.80 5,62 1. 72 10,450.00 16,071 72 43, 104.28 chair 1 11 Standard visitors' I SDP000309 20 Nov 20 15 55 ,000.00 55,000.00 I0.00% 10 2,750.00 5,225 .00 10,450.00 15,675.00 39,325 .00 chair 112 Standard visitors' I SDP000309 20 Nov 20 15 55 ,000.00 55,000.00 10.00% 10 2,750.00 5,225.00 10,450.00 15,675 .00 39,325.00 chair 11 3 Standard visitors' I SDP000309 20 Nov 20 15 55,000.00 55,000.00 10.00% 10 2,750.00 5,225 00 10,450.00 15,675 .00 39,325.00 chair 11 4 Standard visitors' I SDP000309 20 Nov 20 15 55 ,000.00 55,000.00 10.00% 10 2,750.00 5,225.00 10,450.00 15,675.00 39,325.00 chair 115 Standard visitors' I SDP000309 20 Nov 20 15 55,000.00 55,000. 00 10.00% 10 2,750.00 5,225.00 10,450.00 15,675 .00 39,325.00 chair 116 Standard visitors' 1 SDP000309 20 Nov 20 15 55,000.00 55,000.00 10.00% 10 2,750.00 5,225.00 10,450.00 15,675.00 39,325.00 chair 117 Standard visitors' I SDP000309 20 Nov 20 15 55,000.00 55,000.00 10.00% 10 2,750.00 5,225.00 10,450.00 15,675.00 39,325.00 chair 11 8 Standard visitors' I SDP000309 20 Nov 20 15 55,000.00 55,000.00 10.00% 10 2,750.00 5,225. 00 10,450.00 15,675.00 39,325.00 chair 119 Standard visitors' I SDP000309 20 Nov 20 15 55,000.00 55,000.00 10.00% 10 2,750.00 5,225.00 10,450.00 15,675.00 39,325.00 chair 120 Standard visitors' I SDP000309 20 Nov 201 5 55,000.00 55,000.00 10.00% 10 2,750.00 5,225.00 10,450.00 15,675. 00 39,325.00 chair 121 Standard visitors' I SDP000309 20 Nov 20 15 55 ,000.00 55 ,000.00 10.00% 10 2,750.00 5,225 .00 10,450.00 15,675. 00 39,325 .00 chair - 35 - • NATIONAL COUNCIL FOR HJ G HER EDUCAT ION (NCHE) ON BEHALF OF MALA WI GOVERNMENT - - - SKJLLS DEVELOPMENT PROJECT IDA PROJECT Pl31660 FIXE D ASSET REG ISTE R FO R T HE YEA R EN DED 30 JUNE 20 18 Asset nam e and Quan Purchase date Depr'n Useful Residual value Yea r' s depr'n Opening Deprn Acc'm Depr'n Net book value No description tity Reference Unit Cost Additions Total Cost rate life 122 Standard visitors' I SDP000309 20 Nov 20 15 55,000.00 55,000.00 10.00% 10 2,750.00 5,225 .00 10,450.00 15,675 .00 39,325 .00 chair 123 Standard visitors' I SDP000309 20 Nov 20 15 55,000.00 55,000.00 10.00% 10 2,750.00 5,225 .00 10,450.00 15,675 .00 39,325 .00 chair 124 Standard visitors' I SDP000309 20 Nov 2015 55,000.00 55,000.00 10.00% 10 2,750.00 5,225.00 10,450.00 15,675 .00 39,325.00 chair 125 4-drawer fi ll ing I SDP000309 20 Nov 2015 135,000.00 135,000.00 10.00% 10 6,750.00 12,825 .00 25 ,650.00 38,475.00 96,525 .00 cabinet 126 4-drawer fi ll ing I SDP000309 20 Nov 20 15 135,000.00 135,000.00 10.00% 10 6,750.00 12,825 .00 25 ,650.00 38,475 .00 96,525.00 cabinet 127 4-drawer filling I SDP000309 20 Nov 20 15 135,000.00 135,000.00 10.00% 10 6,750.00 12,825.00 25,650.00 38,475 .00 96,525 .00 cabinet 128 4-drawer fi lling I SDP000309 20 Nov 20 15 135,000.00 135,000.00 10.00% 10 6,750.00 12,825 .00 25,650.00 38,475.00 96,525 .00 cabinet 129 4-drawer fi ll ing I SDP000309 20 Nov 20 15 135,000.00 135,000.00 10.00% 10 6,750.00 12,825.00 25,650.00 38,475 .00 96,525.00 cabinet 130 4-drawer fi ll ing I SDP000309 20 Nov 2015 135,000.00 135,000.00 10.00% 10 6,750.00 12,825.00 25,650.00 38,475 .00 96,525.00 cabinet 131 4-drawer filling I SDP000309 20 Nov 2015 135,000.00 135,000.00 10.00% 10 6,750.00 12,825 .00 25,650.00 38,475 .00 96,525 .00 cabinet 132 White washboard I SDP000309 20 Nov 20 15 65,000.00 65,000.00 10.00% 10 3,250.00 6, 175.00 12,350.00 18,525.00 46,475 .00 133 White washboard I SDP000309 20 Nov 20 15 65,000.00 65,000.00 10.00% 10 3,250.00 6, 175 .00 12,350.00 18,525 .00 46,475.00 134 MRJ200 meeting I SDP000310 20 Nov 2015 139,800.00 139,800.00 10.00% 10 6,990.00 13,281.00 26,562.00 39,843.00 99,957.00 table 135 MR 1200 meeting 1 SDP0003 10 20 Nov 20 15 139,800.00 139,800.00 10.00% 10 6,990.00 13,28 1. 00 26,562.00 39,843 .00 99,957.00 table 136 MR l 200 meeting I SDP0003 10 20 Nov 20 15 139,800.00 139,800.00 10.00% 10 6,990.00 13,281. 00 26,562.00 39,843.00 99,957.00 table 137 MR l 200 meeting I SDP0003 10 20 Nov 20 15 139,800.00 139,800.00 10.00% 10 6,990.00 13,28 1. 00 26,562.00 39,843 .00 99,95 7.00 table 138 MR1200 meeting I SDP0003 IO 20 Nov 2015 139,800.00 139,800.00 10.00% JO 6,990.00 13,28 1. 00 26,562.00 39,843.00 99,957.00 table 139 MR l200 meeting I SDP0003 IO 20 Nov 2015 139,800.00 139,800.00 10.00% JO 6,990.00 13,28 1. 00 26,562.00 39,843 .00 99,957.00 table 140 MR l200 meeting I SDP000310 20 Nov 20 15 139,800.00 139,800.00 10.00% 10 6,990.00 13,281.00 26,562 .00 39,843 .00 99,957.00 table 14 1 MR 1200 meeting I SDP0003 10 20 Nov 20 15 139,800.00 139,800.00 10.00% JO 6,990.00 13,281.00 26,562.00 39,843 .00 99,957.00 table - 36- • NA TIONA L COUNCIL FOR HI GHE R E DUCATI ON (NC HE) ON BEHALF OF MALA WI GOVERNMENT • • - SKJLLS DEVELOPMENT PROJECT IDA PROJECT PI31660 FIXE D ASSET REG ISTER FO R T HE YEA R EN DED 30 JUNE 201 8 Asset name and Quan Purchase date Depr'n Useful Residual valu e Year's depr'n Opening Deprn Acc'm Depr'n Net book value No description tity Reference rate life Unit Cost Additions Total Cost 142 MR l200 meeting I SDP000376 18 Dec 2015 139,800.00 139,800.00 10.00% IO 6,990.00 13 ,281.00 26,562.00 39,843.00 99,957.00 table 143 MRl200 meeting I SDP000376 18 Dec 20 15 139,800.00 139,800.00 10.00% IO 6,990.00 13,281.00 26,562.00 39,843.00 99,957.00 table 144 Executive Desk I SDP000378 18Dec20 15 489,882.50 489,882.50 10.00% 10 24,494. 13 46,538.84 93,077.68 139,616.5 1 350,265.99 145 Executive Desk I SDP000378 18 Dec 20 15 489,882.50 489,882.50 10.00% IO 24,494.13 46,538. 84 93,077.68 139,6 16.51 350,265.99 146 Executive leather I SDP000378 18 Dec 20 15 244,650.00 244,650.00 10.00% 10 12,232.50 23,241.75 46,483.50 69,725 .25 174,924.75 swivel chair 147 Executive office I SDP000378 18 Dec 2015 844,625 .00 844,625 .00 10.00% IO 42,231.25 80,239.38 160,478.75 240,718 . 13 603,906.88 leather sofa set 148 Executive visitors' I SDP000378 18 Dec 20 15 75,725 .00 75,725.00 10.00% IO 3,786.25 7, 193.88 14,387.75 2 1,581.63 54, 143.38 chairs 149 Executive visitors' I SDP000378 18Dec20 15 75 ,725.00 75,725.00 10.00% IO 3,786.25 7, 193.88 14,387.75 2 1,581.63 54,143.38 chairs 150 Executive visitors' I SDP000378 18 Dec 20 15 75 ,725.00 75 ,725.00 10.00% IO 3,786.25 7,193.88 14,387.75 2 1,58 1. 63 54, 143 .38 chairs 15 1 Standard visitors' I SDP000378 18 Dec 2015 54,755 .00 54,755.00 10.00% IO 2,737.75 5,20 I. 73 10,403.45 15,605 .18 39, 149.83 chairs 152 Standard visitors' I SDP000378 18 Dec 2015 54,755 .00 54,755.00 10.00% IO 2,737.75 5,201.73 I 0,403.45 15,605.18 39,149.83 chairs 153 Standard visitors' I SDP000378 18Dec2015 54,755 .00 54,755.00 10.00% 10 2,737.75 5,201.73 I0,403.45 15,605.18 39, 149.83 chairs 154 Standard visitors' I SDP0003 78 18 Dec 20 15 54,755 .00 54,755 .00 10.00% IO 2,737.75 5,201.73 I 0,403.45 15,605 .18 39, 149.83 chairs 155 Standard visitors' I SDP0003 78 18 Dec 20 15 54,755.00 54,755.00 10.00% 10 2,737.75 5,20 I. 73 10,403.45 15,605 .1 8 39, 149.83 chairs 156 Standard visitors' I SDP000378 18 Dec 2015 54,755.00 54,755.00 10.00% IO 2,737.75 5,20 I. 73 10,403.45 15,605. 18 39,149.83 chairs 157 Standard visitors' I SDP0003 78 18 Dec 2015 54,755.00 54,755.00 10.00% 10 2,737.75 5,20 I. 73 10,403 .45 15,605. 18 39,149.83 chairs 158 Executive Desk I SDP000379 18 Dec 20 15 424,900.00 424,900.00 10.00% 10 2 1,245.00 40,365.50 80,73 1.00 121,096.50 303,803.50 159 Executive coffee I SDP000379 18Dec2015 103,900.00 103 ,900.00 10.00% IO 5, 195.00 9,870.50 19,74 1.00 29,6 11 .50 74,288.50 table 160 Printer I SDP000379 18 Dec 20 15 131 ,800.00 13 1,800.00 10.00% IO 6,590.00 12,521.00 25 ,042.00 37,563.00 94,237.00 16 1 Coffee stool 1 SDP000379 18 Dec 20 15 229,500.00 229,500.00 10.00% 10 11,475.00 2 1,802.50 43,605.00 65,407.50 164,092.50 162 Executive leather I SDP000419 14Jan2016 203,875.00 203 ,875.00 10.00% IO 10, 193 .75 19,368. 13 38,736.25 58, I04.38 145,770.63 swivel chair - 37 - - NATIONA L CO UNC IL FOR HI G HER ED UCATIO N (NCHE) ON BEHALF O FMALAWI GOVE RNMENT - - - SKJ LLS DEVELOPMENT PROJECT IDA PROJECT P131660 FI XE D ASSET REG ISTER FOR TH E YEA R EN DED 30 J UNE 20 18 Asset name and Quan Purchase date Depr'n Useful Res idual value Year's depr'n Opening Deprn Acc'm Depr'n Net book value description tity rate life No Reference Unit Cost Additions Total Cost 163 Executive Leather I SDP00 1036 29 Sep 2016 227,900.00 227,900.00 V 10.00% 10 11 ,395 .00 21 ,650.50 2 1,650.50 43 ,301.00 184,599.00 high back swivel chair 164 Executive Leather I SDPOO I036 29 Sep 20 16 227,900.00 227,900.00 V 10.00% 10 11,395 .00 21 ,650.50 2 1,650.50 43,301.00 184,599.00 high back swivel chair 165 Executive Leather I SDPOO I036 29 Sep 2016 227,900.00 227,900.00 V 10.00% 10 11,395 .00 2 1,650.50 2 1,650.50 43,301.00 184,599.00 high back swivel chair 166 Executi ve Leather I SDPOOI036 29 Sep 2016 227,900.00 227,900.00 V 10.00% 10 11 ,395 .00 2 1,650.50 2 1,650.50 43 ,30 1.00 184,599.00 high back swivel chair 167 Executive Leather I SDPOO I036 29 Sep 20 16 227,900.00 227,900.00 V 10.00% 10 11 ,395 .00 21 ,650.50 21 ,650.50 43 ,301.00 184,599.00 high back swivel chair 168 Executive L- I SDPOO I036 29 Sep 20 16 495 ,900.00 495 ,900.00 V 10.00% 10 24,795 .00 47,110.50 47, 11 0.50 94,221 .00 401 ,679.00 shaped desk with drawers 169 Executive L- I SDPOO I036 29 Sep 201 6 495,900.00 495,900.00 V 10.00% 10 24,795 .00 47, 110.50 47,110.50 94,221.00 40 1,679.00 shaped desk with drawers 170 Executive L- I SDPOO I036 29 Sep 20 16 495,900.00 495,900.00 V 10.00% 10 24,795 .00 47, 110.50 47,11 0.50 94,22 1. 00 40 1,679.00 shaped desk with drawers 17 1 Executive L- I SDPOO I036 29 Sep 2016 495,900.00 495,900.00 V 10.00% 10 24,795 .00 47, 110.50 47, 11 0.50 94,22 1. 00 40 1,679.00 shaped desk with drawers 172 Executive L- I SDPOO I036 29 Sep 20 16 495,900.00 495,900.00 V 10.00% 10 24,795 .00 47,11 0.50 47, 110.50 94,22 1.00 401 ,679.00 shaped desk with drawers 173 4 Drawer steel I SDPOO l 167 10 Jan20 17 139,900.00 139,900.00 V 10.00% 10 6,995 .00 13,290.50 13,290.50 26,58 1. 00 11 3,319.00 fi ling cabinet 174 4 Drawer steel I SDPOO l 167 10 Jan20 17 139,900.00 139,900.00 V 10.00% 10 6,995 .00 13,290.50 13,290.50 26,58 1. 00 11 3,3 19.00 fi ling cabinet 175 4 Drawer steel 1 SDPOO l 167 10Jan20 17 139,900.00 139,900.00 V 10.00% 10 6,995 .00 13,290.50 13,290.50 26,58 1.00 113,319.00 fi ling cabinet 176 4 Drawer steel I SDPOO l 167 10 Jan 20 17 139,900.00 139,900.00 V 10.00% 10 6,995 .00 13,290.50 13,290.50 26,58 1.00 11 3,3 19.00 filin g cabinet - 38 - • NA TIONA L CO UNC IL FOR HIGHER E DUCATION (NCHE) • • - ON BE HALF OF MALAWI GOVERN MENT SKILLS DEVELOPM ENT PROJECT IDA PROJECT PJ31660 FIXE D ASSET REG IST ER FOR TH E YEA R EN DED 30 JUNE 2018 Asset name and Quan Purchase date Depr'n Useful Residual value Year' s depr'n Opening Deprn Acc'm Depr'n Net book value No description tity Reference Unit Cost Additions Total Cost rate life 180 4 Drawer steel I SDPOOJ 167 10Jan2017 139,900.00 139,900.00 V 10.00% 10 6,995 .00 13,290.50 13,290.50 26,581 .00 11 3,3 19.00 filing cabinet 18 1 4 Drawer steel I SDPOOl 167 10Jan20 17 139,900.00 139,900.00 V 10.00% 10 6,995.00 13,290.50 13,290.50 26,58 1.00 113,3 19.00 fili ng cabinet 182 4 Drawer steel 1 SDPOOl 167 10Jan20 17 139,900.00 139,900.00 V 10.00% 10 6,995.00 13,290.50 13,290.50 26,58 1. 00 11 3,3 19.00 fil ing cabinet 183 4 Drawer steel I SDPOO l 167 10Jan20 17 139,900.00 139,900.00 V 10.00% 10 6,995 .00 13,290.50 13,290.50 26,581 .00 11 3,3 19.00 fili ng cabinet 184 4 Drawer steel I SDPOO l 167 10Jan20 17 139,900.00 139,900.00 V 10.00% 10 6,995 .00 13,290.50 13,290.50 26,58 1. 00 11 3,3 19.00 filing cabinet 185 4 Drawer steel I SDPOO l 167 10Jan20 17 139,900.00 139,900.00 V 10.00% 10 6,995 .00 13 ,290.50 13,290.50 26,58 1. 00 113,3 19.00 filing cabinet 186 4 Drawer steel I SDPOOl 167 10Jan2017 139,900.00 139,900.00 V 10.00% 10 6,995 .00 13 ,290.50 13,290.50 26,581.00 11 3,3 19.00 filing cabinet 187 4 Drawer steel I SDPOO l 167 10Jan20 17 139,900.00 139,900.00 V 10.00% 10 6,995 .00 13,290.50 13,290.50 26,581.00 11 3,319.00 fil ing cabinet 188 Wooden glass door I SDPOO l 167 10 Jan 20 17 334,900.00 334,900.00 V 10.00% 10 16,745 .00 3 1,8 15.50 3 1,8 15.50 63,63 1.00 271 ,269.00 cabinets 189 Wooden glass door I SDPOOl 167 10Jan2017 334,900.00 334,900.00 V 10.00% 10 16,745.00 31 ,815 .50 31 ,815.50 63,63 1.00 27 1,269.00 cabinets 190 Leatherette I SDPOO l 205 11 Jan 20 17 16 1,935.00 16 1,935 .00 V 10.00% 10 8,096.75 15,383 .83 15,383.83 30,767.65 13 1, 167.35 conference room chair 19 1 Leatherette I SDPOO l 205 II Jan20 17 16 1,935 .00 16 1,935 .00 V 1000% 10 8,096.75 15,383 .83 15,383.83 30,767.65 13 1, 167.35 conference room chair 192 Leatherette 1 SDPOO l 205 11Jan20 17 16 1,935.00 16 1,935 .00 V 10.00% 10 8,096.75 15,383 .83 15,383.83 30,767.65 13 1, 167.35 conference room chair 193 Leatherette I SDPOO l 205 11Jan20 17 16 1,935.00 16 1,935 .00 V 10.00% 10 8,096.75 15,383 .83 15,383.83 30,767.65 13 1, 167.35 conference room chair 194 Leatherette I SDPOO l 205 11 Jan 2017 16 1,935 .00 16 1,935.00 V 10.00% 10 8,096.75 15,383.83 15,383.83 30,767.65 13 1, 167.35 conference room chair 195 Leatherette I SDP001205 11 Jan 20 17 16 1,935.00 16 1,935.00 V 10.00% 10 8,096.75 15,383.83 15,383 .83 30,767.65 13 1, 167.35 confe rence room chair - 39 - - NATIONAL CO UNC IL FOR HIGHER EDUCA TION (NC HE) ON BE HAL F OF MALA WI GOVERNMENT - • SKILLS D EVE LOPMENT PROJ ECT IDA PROJECT P131660 FIXE D ASSET REG ISTE R FOR TH E Y EA R EN DED 30 J UNE 2018 Asset name and Quan Purchase date Depr'n Useful Residual value Year' s depr'n Opening Deprn Acc'm Depr'n Net book value No description tity Reference Unit Cost Additions Total Cost rate life 196 Leatherette I SDPOO l 205 11 Jan20 17 16 1,935 .00 16 1,935 .00 V 10.00% 10 8,096.75 15,383. 83 15,3 83.83 30,767.65 13 1, 167.3 5 conference room chair 197 Leatherette I SDP00 1205 II Jan20 17 16 1,935 .00 16 1,935 .00 V 10.00% 10 8,096.75 15,383 .83 15,383 .83 30,767.65 13 1, 167.35 confe rence room chair 198 Leatherette I SDPOO l 205 11 Jan 2017 16 1,935.00 16 1,935 .00 V 10.00% 10 8,096.75 15,383.83 15,383.83 30,767.65 13 1, 167.35 conference room chair 199 Leatherette I SDPOO l205 11 Jan 20 17 16 1,935.00 161 ,935 .00 V 10.00% 10 8,096.75 15,383 .83 15,383 .83 30,767.65 13 1, 167.35 conference room chair 200 Leatherette I SDPOOl 205 11 Jan 20 17 16 1,93 5.00 16 1,935 .00 V 10.00% 10 8,096.75 15,383.83 15,383 .83 30,767.65 13 1, 167.35 conference room chair 20 1 Leatherette I SDPOO l 205 11 Jan20 17 16 1,935 .00 16 1,935.00 V 10.00% 10 8,096.75 15,383 .83 15,383 .83 30,767.65 13 1, 167.35 conference room chair 202 Leatherette I SDPOOl205 11 Jan 2017 161 ,935 .00 16 1,935 .00 V 10.00% 10 8,096.75 15 ,383 .83 15,3 83 .83 30,767.65 13 1, 167.35 conference room chair 203 Leatherette I SDPOO l 205 11 Jan 20 17 16 1,935 .00 16 1,935 .00 V 10.00% 10 8,096.75 15,383 .83 15,3 83 .83 30,767.65 13 1, 167.35 conference room chair 204 Leatherette I SD POO l 205 11 Jan 20 17 16 1,935 .00 16 1,935 .00 V 10.00% 10 8,096.75 15,383 .83 15,383 .83 30,767.65 13 1,167.35 conference room chair 205 Leatherette I SDPOOJ 205 11 Jan 2017 16 1,935 .00 16 1,935 .00 V 10.00% 10 8,096. 75 15,383.83 15,383.83 30,767.65 13 1, 167. 35 conference room chair 206 Leatherette I SDPOO l 205 11Jan 20 17 16 1,935 .00 16 1,93 5.00 V 10.00% 10 8,096.75 15,383 .83 15,383 .83 30,767.65 13 1, 167.35 conference room chair 207 Leatherette I SDPOO I205 11 Jan 20 17 16 1,935 .00 16 1,935 .00 V 10.00% 10 8,096.75 15,383 .83 15,3 83 .83 30,767.65 13 1, 167.35 conference room chair - 40 - • NATIONAL COUNCIL FOR HJGHER ED UCAT IO N (NCHE) • - ON BEHALF OF MALA WI GOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT Pl31660 FIXED ASSET REGISTER FOR THE YEAR EN DED 30 JUNE 2018 Asset name and Quan Purchase date Depr'n Useful Residual value Year's depr'n Opening Deprn Acc 1m Depr'n Net book value description tity rate life No Reference Unit Cost Additions Total Cost 208 Leatherette 1 SDPOOl205 11 Jan 2017 161 ,935 .00 161 ,935 .00 V 10.00% 10 8,096.75 15,383 .83 15,383 .83 30,767.65 131 , 167.35 conference room chair 209 Leatherette I SDPOOl205 11Jan2017 161 ,935 .00 161 ,935 .00 V 10.00% 10 8,096.75 15,383.83 15 ,383.83 30,767.65 13 1, 167.35 conference room chair 210 Leatherette I SDPOOl205 11Jan2017 161 ,935 .00 161 ,935 .00 V 10.00% 10 8,096.75 15,383.83 15 ,383 .83 30,767.65 131 , 167.35 conference room chair 211 Leatherette I SDPOOl205 11Jan2017 161 ,935.00 161 ,935 .00 V 10.00% 10 8,096.75 15,383 .83 15,383 .83 30,767.65 131 , 167.35 conference room chair 212 Leatherette I SDPOOl205 11 Jan 2017 161 ,935 .00 161 ,935 .00 V 10.00% 10 8,096.75 15,383 .83 15,383 .83 30,767.65 131 , 167.35 conference room chair 2 13 Leatherette I SDPOOl205 11Jan2017 161 ,935.00 161 ,935 .00 V 10.00% IO 8,096.75 15,383 .83 15,383. 83 30,767.65 131 , 167.35 conference room chair 214 Leatherette I SDP001205 11 Jan 2017 161 ,935 .00 161 ,935 .00 V 10.00% 10 8,096.75 15,383 .83 15 ,383 .83 30,767.65 131 , 167.35 conference room chair 2 15 Leatherette I SDPOOl205 11Jan2017 161 ,935 .00 161 ,935 .00 V 10.00% 10 8,096.75 15,383 .83 15,383 .83 30,767.65 131 ,167.35 conference room chai r 216 Leatherette I SDPOO l 205 11Jan2017 161 ,935 .00 161 ,935 .00 V 10.00% 10 8,096.75 15 ,383 .83 15,383 .83 30,767.65 131 , 167.35 conference room chair 2 17 Leatherette I SDP001205 11 Jan 20 17 161 ,935 .00 16 1,935.00 V 10.00% 10 8,096.75 15,383.83 15,383.83 30,767.65 131 ,167.35 conference room chair 2 18 Leatherette I SDPOO l 205 11Jan2017 161 ,935.00 16 1,935 .00 V 10.00% 10 8,096.75 15,383 .83 15,383 .83 30,767.65 13 1, 167.35 conference room chair 2 19 Leatherette I SDPOO l 205 11Jan2017 161 ,935 .00 16 1,935 .00 V 10.00% 10 8,096.75 15,383.83 15 ,383 .83 30,767.65 131 , 167.35 conference room chair - 41 - - NATIONAL CO UNCIL FOR HIG HER EDUCAT IO N (NC HE) ON BEHALF O F MALAWI GOVE RNM ENT SKJLLS DEVELOPMENT PROJECT IDA PROJECT P131660 FIXE D ASSET REG ISTE R FOR TH E YEA R EN DED 30 J UNE 2018 Asset name and Quan Purchase date Depr'n Useful Residual value Yea r' s depr'n Opening Deprn Acc'm Depr'n Net book value A Ace'~ No description tity Reference Unit Cost Additions Total Cost rate life 220 \Vooden bookshelf I SDPOOl 143 19 Jan 2017 227, 175 .00 227, 175 .00 V 10.00% 10 11 ,358.75 21 ,58 1.63 2 1,581.63 43, 163 .25 184,011.75 47, w ith glass 47, 22 1 \Vooden bookshelf I SDPOO l 143 19Jan20 17 227, 175.00 227, 175 .00 V 10.00% 10 11 ,358.75 2 1,581.63 2 1,581.63 43, 163. 25 184,01 1. 75 with glass 14, 222 \Vooden bookshelf I SDPOO l 143 19Jan2017 227, 175.00 227, 175 .00 V 10.00% 10 11,358 .75 21,581.63 21 ,58 1. 63 43, 163.25 184,0 11.75 142 with glass 15 6,~ 223 \Vooden coffee I SDPOO l 143 19Jan2017 117,665 .00 117,665 .00 V 10.00% 10 5,883 .25 11 , 178. 18 11 , 178 . 18 22,356.35 95,308.65 table 224 Conference table I SDPOO l 215 02Feb 20 17 1, 105,000.00 1, 105,000.00 V 10.00% 10 55,250.00 104,975 .00 104,975 .00 209,950.00 895,050.00 12 : set 225 Visitors' chair I SDP00 12 15 02Feb2017 65,000.00 65,000.00 V 10.00% 10 3,250.00 6, 175.00 6, 175 .00 12,350.00 52,650.00 r2 j 226 Visitors' chair I SDP00 12 15 02Feb20 17 65,000.00 65,000.00 V 10.00% 10 3,250.00 6, 175.00 6, 175 .00 12,350.00 52,650.00 227 Visitors' chair I SDPOO l 215 02Feb20 17 65,000.00 65,000.00 V 10.00% 10 3,250.00 6, 175 .00 6, 175 .00 12,350.00 52,650.00 228 Visitors' chair I SDPOOl215 02 Feb 20 17 65,000.00 65,000.00 V 10.00% 10 3,250.00 6, 175.00 6, 175 .00 12,350.00 52,650.00 i8 26,: 229 Visitors' chair I SDPOO l 2 15 02Feb 20 17 65 000.00 65,000.00 V 10.00% 10 3,250.00 6,175 .00 6, 175 .00 12,350.00 52,650.00 230 Vi sitors' chair I SDPOO l215 02 Feb 20 17 65,000.00 65,000.00 V 10.00% 10 3,250.00 6, 175.00 6, 175 .00 12,350.00 52,650.00 23 1 Visitors' chair I SDPOO l 215 02Feb20 17 65,000.00 65,000.00 V 10.00% 10 3,250.00 6, 175.00 6, 175 .00 12,350.00 52,650.00 18 l 232 Visitors' chair I SDP00 12 15 02 Feb 20 17 65,000.00 65,000.00 V 10.00% 10 3,250.00 6, 175.00 6, 175 .00 12,350.00 52,650.00 )5 7, 233 Visitors' chair I SDP00 12 15 02 Feb 20 17 65,000.00 65,000.00 V 10.00% 10 3,250.00 6, 175.00 6, 175 .00 12,350.00 52,650.00 234 Visitors' chair 1 SDP00 12 15 02 Feb 20 17 65,000.00 65,000.00 V 10.00% 10 3,250.00 6, 175 .00 6, 175 .00 12,350.00 52,650.00 235 Visitors' chair 1 SDP00 12 15 02Feb 20 17 65,000.00 65,000.00 V 10.00% 10 3,250.00 6, 175.00 6, 175 .00 12,350.00 52,650.00 )0 ( 236 Vis itors' chair I SDP00 12 15 02 Feb 20 17 65,000.00 65,000.00 V 10.00% 10 3,250.00 6, 175 .00 6, 175 .00 12,350.00 52,650.00 237 Visitors' chair 1 SDPOO l 2 15 02Feb20 17 65,000.00 65,000.00 V 10.00% 10 3,250.00 6, 175.00 6, 175 .00 12,350.00 52,650.00 238 Visitors' chair 1 SDPOO l215 02 Feb 20 17 65,000.00 65,000.00 V 10.00% 10 3,250.00 6, 175.00 6,175.00 12,350.00 52,650.00 15 ( 239 Visitors' chair 1 SDP001 2 15 02 Feb 20 17 65,000.00 65,000.00 V 10.00% 10 3,250.00 6, 175.00 6, 175.00 12,350.00 52,650.00 240 Vi sitors' chair 1 SDP001 2 15 02 Feb 20 17 65,000.00 65,000.00 V 10.00% 10 3,250.00 6, 175 00 6, 175 .00 12,350.00 52,650.00 241 Visitors' chair 1 SDP001 215 02Feb 20 17 65,000.00 65,000.00 V 10.00% 10 3,250.00 6, 175.00 6, 175 .00 12,350.00 52,650.00 )0 ( 242 Visitors' chair I SDP00 12 15 02 Feb 20 17 65,000.00 65,000.00 V 10.00% 10 3,250.00 6, 175.00 6, 175.00 12,350.00 52,650.00 243 Visitors' chair I SDPOOl 2 15 02 Feb 20 17 65,000.00 65,000.00 V 10.00% 10 3,250.00 6 175.00 6, 175 .00 12,350.00 52,650.00 16 244 Visitors' chair I SDP001 2 15 02 Feb 20 17 65,000.00 65,000.00 V 10.00% 10 3,250.00 6, 175 .00 6, 175 .00 12,350.00 52,650.00 13 245 Executive 3-door 1 SDP00 135 1 26 May 20 17 334,900.00 334,900.00 V 10.00% 10 16,745 .00 3 1,815.50 3 1,8 15.50 63 ,63 1. 00 27 1,269.00 bookshelf )0 246 Executive 3-door I SDP00 135 1 26 May 20 17 334,900.00 334,900.00 V 10.00% 10 16,745 .00 3 1,8 15.50 31,8 15.50 63,631.00 27 1,269.00 bookshelf )0 - 42 - NATIONA L COUNC lL FOR HIGH ER EDUCAT ION (NCHE) ON BEHAL F OF MALA WI GOVERN MENT • • - SKILLS DEVELOPMENT PROJECT IDA PROJECT PJ31660 FIXE D ASSET REG ISTER FOR THE YEA R EN DED 30 JlJNE 2018 Asset name and Quan Purchase date Depr'n Useful Residual value Year' s depr'n Opening Deprn Acc'm Depr'n Net book value description tity rate life No Reference Unit Cost Additions Total Cost Executive desk L- I SDPOO l 629 8/26/20 17 495,900.00 495,900.00 495900 I0.00% 10 24,795 .00 47, 110.50 47, 110.50 448,789.50 shaped Executive desk L- I SDPOOl629 8/26/20 17 495,900.00 495,900.00 495900 I0.00% 10 24,795 .00 47, 11 0.50 47, 110.50 448,789.50 shaped Wooden Coffee I SDPOOl629 8/26/2017 149,900.00 149,900.00 149900 10.00% 10 7,495 .00 14,240.50 14,240.50 135,659.50 Table Sofa Set I SDPOO l 704 8/8/2017 1,500,000.00 1,500,000.00 1500000 I0.00% 10 75,000.00 142,500.00 142,500.00 1,357,500.00 0.00 Total for office furniture 2,641 700.00 29,579,639.00 1,478 981.95 2 810,409.15 3,722,536.05 6.532 998.20 23 046,641.81 Office fittings 4 Signpost I SDPOOl 148 06 Dec 20 17 1,248,565.45 1,248,565 .45 10.00% 10 62,428.27 11 8,6 13.72 118,6 13.72 237,227.44 1,01 1,338.0 1 Total for office fittines -00 1,248 565.45 62,428.27 118,613.72 118,613.72 237 227.44 1,011,338.01 Information and Communication Technoloev (J CT) eauipment and accessories 3 1 Sage ERP300 I 0 24+S DP l 64~ 12 Nov 20 14 27,769,3 14.40 27,769,314.40 33. 33% 3 1,388,465 .72 -00 26,380,848 .68 26,380,848.68 1,388,465.72 Finance mgt package 36 42 U Server Rack I SDP000295 23 Jan 2015 926,524.50 926 524 .50 33 .33% 3 46,326.23 -00 880, 198.28 880, 198.28 46,326.22 37 Server HP I SDP000295 23Jan20 15 7,5 15,299.00 7,5 15,299.00 33 .33% 3 375,764.95 -00 7, 139,534.05 7, 139,534.05 375 ,764.95 ProLiant DL 380P 2620 38 APC 3000 VA I SDP000297 26 Jan 20 15 980,000.00 980,000.00 33 .33% 3 49,000.00 -00 931 ,000.00 93 1,000.00 49,000.00 Rack mounted UPS 55 Laptop Dell I SDP000776 11 Mar 20 15 693, 175.00 693 , 175.00 33 .33% 3 34,658.75 -00 658,516.25 658,516.25 34,658.75 Inspiron 15R, 8GB, 1TB 70 HP Pro Book I SD P0003 1 I 20 Nov 20 15 733,950.00 733 ,950.00 33 .33% 3 36,697.50 232,4 17.50 464,835 .00 697,252.50 36,697. 50 450G2 i7 laptop 7 1 HP Laser printer I SD P0003 12 20 Nov 20 15 375,41 4.26 375,4 14.26 33 .33% 3 18,770.7 1 11 8,88 1.1 8 237,762 .36 356,643 .55 18,770.71 72 HP 225DN I SD P000407 04 Jan 20 16 295,000.00 295 ,000.00 33 .33% 3 14,750.00 93,4 16.67 186,833 .33 280,250.00 14,750.00 LaserJet printer 73 HP 350G l Ci7 I SDP000407 04 Jan 20 16 795 ,000.00 795 ,000.00 33 .33% 3 39,750.00 25 1,750.00 503,500.00 755,250.00 39,750.00 laptop 74 HP 350G l Ci7 I SDP000407 04 Jan 20 16 795 ,000.00 795,000.00 33 .33% 3 39,750.00 25 1,750.00 503,500.00 755,250.00 39,750.00 laptop • 43 · - NATIONA L COUNCIL FOR HIGHER EDUCATION (NCHE) ON BE HAL F OFMALAWI GOVE RNMENT • • - SKILLS DEVELOPMENT PROJECT fD A PROJECT P131660 FIXE D ASSET REGIST ER FOR TH E YEA R EN DED 30 J UNE 2018 Asset name and Quan Purchase date Depr'n Useful Residual value Year' s depr'n Opening Deprn Acc'm Depr'n Net book value No description tity rate life Reference Unit Cost Additions Total Cost 75 HP PR0450 G3 i7 I SDP000407 04 Jan 2016 795,000.00 795,000.00 33 .33% 3 39,750.00 25 1,750.00 503 ,500.00 755,250.00 39,750.00 laptop 76 HP PR0450 G3 i7 I SDP000407 04 Jan 20 16 795,000.00 795,000.00 33 .33% 3 39,750.00 25 1,750.00 503 ,500.00 755,250.00 39,750.00 laptop 77 HP PR0450 G3 i7 I SDP000407 04 Jan 2016 795 ,000.00 795,000.00 33 .33% 3 39,750.00 25 1,750.00 503,500.00 755,250.00 39,750.00 laptop 78 HP PR0450 G3 i7 I SDP000407 04Jan20 16 795,000.00 795,000.00 33.33% 3 39,750.00 25 1,750.00 503,500.00 755 ,250.00 39,750.00 laptop 79 Dell OptiPlex I SDP000407 04 Jan 20 16 685 ,000.00 685,000.00 33 .33% 3 34,250.00 2 16,9 16.67 433,833 .33 650,750.00 34,250.00 9020 i5 desktop computer 80 Dell OptiPlex I SDP000407 04 Jan 20 16 685,000.00 685,000.00 33 .33% 3 34,250.00 216,9 16.67 433 ,833 .33 650,750.00 34,250.00 9020 i5 desktop computer 81 Dell OptiPlex I SDP000407 04 Jan 20 16 685,000.00 685 ,000.00 33 .33% 3 34,250.00 2 16,9 16.67 433,833 .33 650,750.00 34,250.00 9020 i5 desktop computer l!', lc~n .. nY J47 I s n;:; .., .. ,,, I' ~ 04 1,rn 70 1/; /;,\/)/)/)/)/)/) /;4/) /\/)/\ /\/\ n 11•1. 1 17 /)/\/) /\/) 707 hhh /;7 4 0 ', ' ' ' 11 t;OR /\/\/\ 00 1? /)/)/) /)/) S!f; !c~n .. nY J47 I sn,, ..,.. .,, I'~ 04 bn ?Il l /; /;,\/)/\/)/) /\/) /;LIi\ 1\/\/\ 1\/\ nno;. 1 1? /)/\/\ /\/) ?O? hhh (;7 4/)', 11111 t;OR 000 00 1? /)/)/) /)/) 99 Proj ector screen I SDP000408 05 Jan 20 16 193,256.90 193,256.90 33 .33% 3 9,662.85 6 1,198.02 122,396.04 183,594.06 9,662 .84 tripod 200x200 100 Proj ector screen I SDP000408 05 Jan 20 16 193,256.90 193 ,256.90 33 .33% 3 9,662.85 6 1,198.02 122,396.04 183 ,594.06 9,662 .84 tripod 200x200 105 Nikon D3300 I SDP000807 28Feb 20 16 4 10,429.50 4 10,429.50 33 .33% 3 20,52 1.48 129,969.34 259,938 .68 389,908 .03 20,52 1.47 digital camera 106 Nikon D3300 I SDP000807 28 Feb 20 16 4 10,429.50 4 10,429.50 33 .33% 3 20,52 1.48 129,969.34 259,938.68 389,908.03 20,52 1. 47 digital camera 108 HP LaserJet I SDPOOI040 18 Aug 20 16 295,000.00 295,000.00 V 33 .33% 3 14,750.00 93,416.67 93,4 16.67 186,833.33 108, 166.67 225DN printer 109 H P PRO 450 I SDP000957 13Sep 20 16 835,596.25 835,596.25 V 33 .33% 3 4 1,779.8 1 264,605.48 264,605.48 529,2 10.96 306,385 .29 laptop computer 11 0 HP PRO 450 I SDP000957 13Sep 201 6 83 5,596.25 83 5,596.25 V 33 .33% 3 41 ,779.8 1 264,605.48 264,605.48 529,2 10.96 306,385 .29 laptop computer 111 HP PRO 450 I SDP00095 7 13Sep 20 16 835,596.25 835,596.25 V 33 .33% 3 41 ,779.8 1 264,605 .48 264,605.48 529,2 10.96 306,385 .29 laptop computer 11 2 HP PRO 450 I SDP000957 13Sep 20 16 835,596.25 835,596.25 V 33 .33% 3 4 1,779.8 1 264,605.48 264,605.48 529,210.96 306,385 .29 laptop computer 11 3 HP PRO 450 I SDP000957 13Sep 20 16 835,596.25 835,596.25 V 33 .33% 3 4 1,779.8 1 264,605.48 264,605 .48 529,210.96 306,385 .29 laptop computer - 44 - ... NA TIONA L COUNCIL FOR HIGH ER EDUCA TION (NCHE) ON BERA LFOFMALAWJGOVERNMENT SKILLS DEVELOPMENT PROJECT IDA PROJECT PJ31660 - - FIXE D ASSET REG IST ER FOR THE YEA R END ED 30 JUNE 2018 Asset name and Quan Purchase date Depr'n Useful Residual value Year' s depr'n Opening Deprn Acc'm Depr'n Net book value description tity rate life No Reference Unit Cost Additions Total Cost 114 HP PRO 450 I SDP000957 13Sep2016 835,596.25 835 ,596.25 V 33.33% 3 41 ,779.8 1 264,605.48 264,605.48 529,210.96 306,385.29 laptop computer 115 HP PRO Desk 280 I SDP000957 13 Sep 2016 658,807.50 658,807.50 V 33 .33% 3 32,940.38 208,622.38 208,622.38 4 17,244.75 24 1,562.75 desktop computer 117 Printer 1 SDPOO l 142 23 Nov 20 16 44 1,0 12.2 1 44 1,0 12.2 1 V 33.33% 3 22,050.6 1 139,653 .87 139 653.87 279,307.73 16 1,704.48 122 LG 32" LE D TV I SDPOO l2 17 22 Mar 20 17 244,950.00 244,950.00 V 33 .33% 3 12,247.50 77,567.50 77,567.50 155, 135.00 89,8 15.00 123 LG 49" LED TV I SDPOO l 2 17 22 Mar 20 17 724,950.00 724,950.00 V 33 .33% 3 36,247.50 229,567 .50 229,567.50 459, 135.00 265,8 15.00 Pro M402dn - I SDP0024 15 30 Nov 20 18 419, 133 . 16 419, 133 . 16 4 19, 133.16 V 33 .33% 3 20,956.66 132,725.50 132,725 .50 286,407.66 Laseri ect Printer Pro M402dn - I SDP002415 30 Nov 2018 4 19, 133 . 16 4 19, 133. 16 419, 133 . 16 V 33 .33% 3 20,956.66 132,725 .50 132,725 .50 286,407.66 Laserject Printer Pro M402dn- I SDP002415 30 Nov 20 18 4 19, 133.16 4 19, 133. 16 4 19, 133 . 16 V 33 .33% 3 20,956.66 132,725 .50 132,725 .50 286,407.66 Laseri ect Printer Pro M402dn - 1 SDP002415 30 Nov 2018 4 19, 133 . 16 4 19, 133. 16 419, 133 . 16 V 33.33% 3 20,956.66 132,725 .50 132,725 .50 286,407.66 Laserject Printer Pro M402dn- I SDP002415 30 Nov 20 18 4 19, 133. 16 4 19, 133 . 16 419, 133. 16 V 33.33% 3 20,956.66 132,725 .50 132,725 .50 286,407.66 Laseriect Printer Pro M402dn - I SDP0024 15 30 Nov 20 18 4 19, 133 . 16 4 19, 133.16 4 19, 133 . 16 V 33 .33% 3 20,956.66 132,725 .50 132,725 .50 286,407.66 Laseriect Printer DELL lnspiron I SDP002593 27 Jun 20 18 1,30 1,470.00 1,30 1,470.00 1,30 1,470.00 33 .33% 3 65,073.50 1,301 ,470.00 5000 seri es - - Laptop DELL lnspiron I SDP002593 27 Jun 20 18 1,893,707.50 1,893,707.50 1,893 ,707.50 33 .33% 3 94,685 .38 1,893 ,707.50 5000 series - - Laptop DELL lnspiron I SDP002593 27J un 20 18 1,893,707.50 1,893,707.50 1,893,707.50 33 .33% 3 94,685 .38 1,893,707.50 5000 series - - Laptop DELL lnspiron 1 SDP002593 27 Jun 20 18 1,893,707.50 1,893 ,707. 50 1,893,707. 50 33.33% 3 94,685.38 1,893,707.50 5000 series - - Laptop DELL lnspiron I SDP002593 27 Jun 20 18 1,893,707.50 1,893 ,707.50 1,893,707.50 33 .33% 3 94,685 .38 1,893 ,707.50 Laptop - Total for ICT equipment & accessories 11,391,098.96 67,370,446.13 3,368,522.31 6,526,447.19 45,113,824.84 51,640,272.03 15,730,174.10 Grand total 14 032,798.96 801,476,758.20 40,073,837.91 48,659,475.47 125,043,719.42 173,703,247.90 627,781,511.31 - 45 -