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FINANCIAL STATEMENT FOR THE YEAR ENDED 30TH JUNE 2009


OYEDELE, AKINBODE & CO

CHARTER E D ACCOUNTANTS

UNIVERSITY OF IBADAN, IBADAN


FINANCIAL STATEMENTS FOR THE YEAR ENDED
30TH JUNE, 2009

REPORT OF THE AUDITORS

We haye audited the Financial Statements of University of Ibadan, Ibadan for year ended 30th June, 2009 as contained on pages 3 to 21 of this document.

Respective responsibilities of the Governing Council and Auditors

The Governing Council is responsible for the preparation of the Financial Statements and the true and fair view of the state of affairs of
the University as at the end of the financial year and of its results for that period. These responsibilities include ensuring that:

1. Adequate internal control proc.edures are instituted to safeguard the assets of the University and prevent and detect fraud and other irregularities.

11. Proper accounting records are maintained

111. Applicable accounting policies are used and consistently applied

IV. Suitable accounting policies are used and consistently applied

v. The Financial Statements are prepared on a going concern basis unless it is inappropriate to presume that the University will not continue in operation.

It is our responsibility as Auditors to form an independent opinion based on our audit on the Financial Statements prepared by the Council and to report our opinion there upon to you..

47, Akede Road, 2nd Floor Titlas Building, Opposite B.C.O.S. Orita-Basorun.

G.P.O.Box .37481, lbadab 0803-3466728, 0803-3466760 e-mail:oyedelesegun@yahoo.com

Partners:
J. 0. Oyedele HND, MBA, FCIT, FCA. J. A. Akinbode ssc, ACTI, FCA.


We conducted our audit in accordance with auditing standards. An audit includes examinations on a test basis, of evidence relevant to the
amounts and disclosures in the Financial Statements. It also includes an assessment of the significant estimates and judgn1ent made by the Council in
the preparation of the Financial Statements and of whether the accounting policies are appropriate to the · University's circumstances,
consistently applied and adequately disclosed.

Opinion

The Financial Statements are in agreement with the books which in our opinion, have been properly kept. We obtained all the necessary information and explanations we required. In our opinion, the Financial State1nents give a true and fair view of the state of affairs of the University as at 30th June, 2009 and of the excess of Income over Expenditure and the Cashflow Statement for the year ended on that date.






      

Ibadan, Nigeria

UNIVERSITY OF IBADAN


FINANCIAL STATEMENTS FOR THE YEAR ENDED
30TH JUNE,2009

ACCOUNTING POLICIES

The following is a smmnary of the significant Accounting Policies adopted by the University in the preparation of these Financial Statements.

ACCOUNTING CONVENTION

The financial statements are prepared under the Historical Cost Convention.

FIXED ASSETS AND DEPRECIATION

. Fixed assets are stated at CostNaluation. No depreciation is charged in these

Financial Statements.

INVENTOIUES

Inventories are stated at the lower of cost and net realizable value.

INVESTMENT INCOME

Income from fixed interest securities are included on an accrual basis while incomes from other securities are credited when received and are
stated net of deductions at source.

REPAIR AND RENEWALS

All repairs and renewals are written off as incurred.

'FOREIGN CURRENCY CONVERSION

Transactions in foreign currencies are translated into Naira at the rate of exchange ruling on the dates of the transactions.
Assets and liabilities in foreign currencies are translated to Naira at the rate ·of exchange n1ling at the balance sheet date. All losses and
profits arising from the conversion whether realised or not are accounted for in the operating results.

ACCOUNTS RECEIVABLE

Specific provisions are made for debts considered doubtful of recovery

3



UNIVERSITY OF IBADAN




BALANCE SHEET AS AT 30TH JUNE, 2009

Notes

2009

2008

N

N

N

N

Fixed Assets

1

3,972,789,178

4,083,174,747

Investment

2

59,702,939

66,894,860

4,032,492,117

4,150,069,607

CURRENT ASSETS:

Stock

25,593,112

26,703,887

Debtors and Advances

3

2,225,388,655

1,434,281,274

Cash and Bank Balances

4

3,741,556,061

2,068,817,843

5,992,537,828

3,529,803,004

CUIUillNT LIABILITIES

Bank Overdraft

5

.

60,490,037

Outstanding Remittance

6

13,890,814

-

Creditors and Accruals

7

705,170,579

431,601,380

719,061,393

492,091,417

5,273,476,435

3,037,711,587

N9,305,968,552

lN7.l87.781.l94

Accumulated fund

8

2,079,004,335

1,339,412,335

Capital grant

9

3,764,167,264

2,677,211,244

Gratuity and Pension Fund

10

3,194,378,833

3,007,229,676

FGN Housing Fund

26,000,000

26,000,000

Endowment fund

14,680,632

22,507,483

Research and other fund

11

222,168,711

109,851,679

Reserve Account

5,568,777

5,568,777

N9,305.968,552

N7.187.781,194

The accounting policies on page 3 and notes on pages 7 to 23 form part of these


financial statements.

Auditors Report Page 1

4

UNIVERSITY OF IBADAN


INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED


30TH


JUNE, 2009

Notes

2009

2008

"'" ....

. ,

... .

N

N

N

N

Subvention from Government

5,775,839,245

5,996,651,487

Academic/student related

mcome

12

896,907,358

431,410,220

Investment related income

13

85,573,598

58,146,423

Grant related income

14

488,930,168

413,699,890

General, income

15

643,817,093

972,489,682

Income from PG school

687,265,696

-

Other income (APP. X) (page 42)

60,579,472

-

Income from Boarded vehicle

95,500

-

8,639,008,130

7,872,397,702

LESS EXPENDITURE

Staff emolument

16

6,225,274,478

5,523,648,213

Academic/student related cost

17

291,688,590

233,521,776

Administrative expenses

18

1,152,921,845

799,235,203

Overheads

19

664,323,593

340,610,423

Finance related charges

20

45,869,770

15,425,643

Audit fee

2,250,000

1,500,000

Imprestwritten off

36,659,420

-

Other expenses

46,903,774

126,318,114

(8,465,891,470)

(7,040,259,3 72)

Excess of Income over

Expenditure

N173.116,660

N832,138.330

The accounting policies on page 3 and notes on pages 7 to 23 form part of these


financial statements,

Auditors Report Page 1

5


UNIVERSITY OF IBADAN





CASHFLOW STATEMENTS FOR THE YEAR ENDED


30TH JUNE, 2009

2009

.-











N

N

Excess income over expenditure in -the year

173,116,660

Add Adjustments in the year:

Prior year adjustment

785,467,419

Other adjustments

566.475,340

1,351,942,759

1,525,059,419

Charges in working capital:

Stock

1,110,775

Debtors and advances

. (791,107,381)

Outstanding Remittance

13,890,814

Creditors and accruals

273,569,199

(502,536,593)

(1,022,522,826)

Other Rece
i
pts:

Capital grant

1,086,956,020

Gratuity and pension fund

187,149,157

Research and other funds

112,317,032

Investments realised

7,191,921

1,393,614,130

2,416,136,956

Other Outflow Fun
d
s

Endowment fund

(7,826,851)

-

Fixed assets purchases

(675,081,850)

-

Repayment of Overdraft

(60.490,037)

(743,398,738)

1,672,738,218

Cash and bank balance opening

2,068,817,843

Cash and bank balance closing

N3,741
.
556
,
061

The accounting policies on page 3 and notes on pages 7 to 23 form part of these financial


statements.

Auditors Report Page 1

6

UNIVERSITY OF IBADAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR


ENDED 30TH JUNE, 2009

1. FIXED ASSETS

Land and

Motor

Furniture,

Total

SCHEDULE

Building

Vehicles

Fittings and

Equipment

N

Cost/valuation 1- 7 - 08

2,512,267,362

288,562,353

1,282,345,032

4,083,174,747

Prior Year Adjustments

(698,999,357)

(86,468,062)

-

(785,467,419)

1,813,268,005

202,094,291

1,282,345,032

3,297,707,328

Addition during the year

508,970,722

20,387,650

145)23,478

675,081,850

N2,322,238,727

N222,4§1,941

Nl,428,068,510

N3,972,789,178

Note

1(a)

l(b)

1(e)

7

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