Details 2022 2021 Amount $000 Amount $000 14,200 7,500 Dividends received from equity investments Service Charge...

Transcribed Image Text:

Details 2022 2021 Amount $000 Amount $000 14,200 7,500 Dividends received from equity investments Service Charge on loans to beneficiaries 70,400 60,500 Gross margin on sale of sugar canes 255,400 367,308 Interest on Loans to Members 7,400 8,400 Interest on investments Miscellaneous Income Membership Fees Grants Received 14,700 15,000 60 70 100,020 80,000 60,000 50,000 Grants to farmers 350,000 0 Donations received 10,000 20,875 Penalties and Fines for breach of Association rules 330 700 Cost of Seminars for Farmers 7,000 6,000 Royalties for use of lands 4,000 3,500 Warehouse Storage General Cleaning & Sanitation Property Rates Depreciation of Fixed Assets 6,000 5,500 500 1,500 1,000 1,000 700 700 Accounting and Consultation Cost 5,000 4,500 Advances to Staff 680 18406 Salaries to Staff (Gross) 200,000 125,000 Staff Contribution to Social Security & Other Statutory Contributions 1,000 750 CGE's Contribution to Social Security & Other Statutory Contributions 3500 108,625 Gain on Sale of Equipment 2,000 0 Proceed on the Sale of Equipment 12,800 0 Plant, Property and Equipment (at cost, 450,000 480,000 after disposal) Accumulated Depreciation 47,700 47,000 Short-term investments 70,000 30,000 Trade and Other Payables Cash and Cash Equivalent 5,160 6700 2,500 1,500 Inventory at year end 181,018 102,414 Receivables 6,500 10,500 Development Bond Issued 150,000 200,000 Contribution from Other Government 75,000 75,000 Entities Contribution from Non-controlling entities 25,000 25,000 Notes 1. Dividend receivable as at 31 December 2021 was $5,000,000 and Dividend receivable as at 31 December 2022 was $2,000,000. 2. CGE receives an annual transfer of $30,000,000 from the National Agricultural Association for the operating of the industry. 3. Service Charge Outstanding as at 31 December 2022 was $500,000. 4. Interest outstanding from Loans to Members as of 31 December 2021 was $2,000,000. Interest receivable at 31 December 2022 was $6,000,000. 5. All membership fees were paid in full. In 2022, twenty (20) members prepaid their membership for eight (8) months at $15,000 per month. 6. Twenty percent (20%) of the grants were not received at the end of each year. 7. To secure adequate storage in 2022, payments of $3,000,000 were made in advance. 8. Bond issued in 2021 was issued for $200,000,000. There was a repayment of $50,000 in 2022. 9. All statutory contributions were paid at year end. Required: Prepare the Statement of Financial Performance, Statement of Financial Position and Cash flow for 2022 in line with ISAPS. Expenses should be classified by nature. No comparative data required for the Cashflow. (50 marks) Details 2022 2021 Amount $000 Amount $000 14,200 7,500 Dividends received from equity investments Service Charge on loans to beneficiaries 70,400 60,500 Gross margin on sale of sugar canes 255,400 367,308 Interest on Loans to Members 7,400 8,400 Interest on investments Miscellaneous Income Membership Fees Grants Received 14,700 15,000 60 70 100,020 80,000 60,000 50,000 Grants to farmers 350,000 0 Donations received 10,000 20,875 Penalties and Fines for breach of Association rules 330 700 Cost of Seminars for Farmers 7,000 6,000 Royalties for use of lands 4,000 3,500 Warehouse Storage General Cleaning & Sanitation Property Rates Depreciation of Fixed Assets 6,000 5,500 500 1,500 1,000 1,000 700 700 Accounting and Consultation Cost 5,000 4,500 Advances to Staff 680 18406 Salaries to Staff (Gross) 200,000 125,000 Staff Contribution to Social Security & Other Statutory Contributions 1,000 750 CGE's Contribution to Social Security & Other Statutory Contributions 3500 108,625 Gain on Sale of Equipment 2,000 0 Proceed on the Sale of Equipment 12,800 0 Plant, Property and Equipment (at cost, 450,000 480,000 after disposal) Accumulated Depreciation 47,700 47,000 Short-term investments 70,000 30,000 Trade and Other Payables Cash and Cash Equivalent 5,160 6700 2,500 1,500 Inventory at year end 181,018 102,414 Receivables 6,500 10,500 Development Bond Issued 150,000 200,000 Contribution from Other Government 75,000 75,000 Entities Contribution from Non-controlling entities 25,000 25,000 Notes 1. Dividend receivable as at 31 December 2021 was $5,000,000 and Dividend receivable as at 31 December 2022 was $2,000,000. 2. CGE receives an annual transfer of $30,000,000 from the National Agricultural Association for the operating of the industry. 3. Service Charge Outstanding as at 31 December 2022 was $500,000. 4. Interest outstanding from Loans to Members as of 31 December 2021 was $2,000,000. Interest receivable at 31 December 2022 was $6,000,000. 5. All membership fees were paid in full. In 2022, twenty (20) members prepaid their membership for eight (8) months at $15,000 per month. 6. Twenty percent (20%) of the grants were not received at the end of each year. 7. To secure adequate storage in 2022, payments of $3,000,000 were made in advance. 8. Bond issued in 2021 was issued for $200,000,000. There was a repayment of $50,000 in 2022. 9. All statutory contributions were paid at year end. Required: Prepare the Statement of Financial Performance, Statement of Financial Position and Cash flow for 2022 in line with ISAPS. Expenses should be classified by nature. No comparative data required for the Cashflow. (50 marks)