2. East African Communications Organisation (EACO) Audited Financial Statements For the eleven months period ended 30 June 2013 Pres Presentation by: Peter Rutaremara

3. Financial Statements PRESENTATION

4. Introduction We audited the financial statements of EACO for the period ended 30 June 2013. Our audit was conducted in accordance with the terms of reference. The terms of reference sets out the basis on which we act as auditor of the organization and the respective areas of responsibility of the Congress and of ourselves, which we highlight below: Congress’ responsibility Article 8 of EACO’s constitution establishes the Congress as the highest decision making organ. The constitution gives the Congress the ultimate responsibility to maintain proper books of account and accounting records and to prepare financial statements in accordance with the Financial Rules and Regulations which are consistent with the International Financial Reporting Standards.

5. Auditor’s responsibility under International Standards on Auditing As the independent auditor of the organization, we have a statutory responsibility to report to the members whether:  in our opinion the financial statements give a true and fair view of the financial affairs of the organization; and  the financial statements have been prepared in accordance with International Financial Reporting Standards. We are also required to obtain sufficient and appropriate audit evidence, by performing procedures about the amounts and disclosures in the financial statements. The procedures we select depend on our judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

6. EACO Financial Statements Audit Opinion for the period ended 30 June 2013 In our opinion, the financial statements give a true and fair view of the financial position of East African Communications Organisation as at 30 June, 2013, and its financial performance and its cash flows for the period then ended in accordance with International Financial Reporting Standards.

7. Statement of Comprehensive Income - Income Income 30 June 2013 As a % of Total Usd Membership contributions850,50060% Other Members Support Income10,6261% Subsidies for Secondment scheme523,77337% Other Income38,1773% 1,423,076100%

8. EACO Financial Statements Income graph by source

9. EACO Financial Statements Notes on Income  60% of the total income for the period came from membership contributions.  37% of the total income for the period came from subsidies for the secondment scheme

10. EACO Financial Statements Statement of Comprehensive Income - Expenditure 30 June 2013As a % of Total Expenditure Usd Office Supplies 16,5112% Operating Expenses 222,79127% Other operating Expenses 5450.07% Staff Costs 538,28664% Depreciation 21,6703% Translation loss 36,2474% 836,050100%

11. EACO Financial Statements Notes on Expenditure  Staff costs account for 64% of the total costs while other operating costs account for 27%

12. EACO Financial Statements Statement of Financial Position - Assets ASSETS 30 June 2013As a % of Total Non Current Assets Usd Property and equipment 123,69813.20% Current Assets Trade receivables 284,36430.36% Cash and cash equivalents 528,70356.44% TOTAL ASSETS 936,765100.00%

13. EACO Financial Statements Notes on Assets  Cash and cash equivalents comprise of 56.44% of the total assets  Trade and other receivables comprise of unpaid invoices raised for the subscriptions relating to the period ended 30 th June 2013.

14. EACO Financial Statements Statement of Financial Position – Members funds and Liabilities ASSETS 30 June 2013As a % of Total Members funds and Reserves Usd Starting Funds (RURA) 221,46327.18% Grant of Equipment (RURA) 6,3140.77% Accumulated Funds 587,02672.05% 814,803100.00% Current Liabilities Trade and other payables 61,39650.34% Prepaid Income 60,56649.66% 121,962100.00%

15. EACO Financial Statements Notes on Liabilities  Total members funds include the surplus for the period and contribution from RURA when the organization was being set up.

16. Conclusion PRESENTATION

17. CONCLUSION Questions and Answers

18. Thank you