ANALYSIS AND

INTERPRETATION OF
FINANCIAL STATEMENTS
 Financial Statement Analysis
 Non-accounting majors, especially,
should relate well to this module
It looks at accounting information from
users’ perspective

 What is financial statement

analysis?
”Tearing apart” the financial statements

and looking
at the relationships
Financial Statement Analysis
Who analyzes financial statements?
 Internal users (i.e., management)
 External users (emphasis of module)
Examples?
Investors, creditors, regulatory agencies & …
stock market analysts and
auditors
Financial Statement Analysis
 What do internal users use it for?
Planning, evaluating and controlling
company operations
 What do external users use it for?
Assessing past performance and current
financial position and making predictions
about the future profitability and solvency
of the company as well as evaluating the
effectiveness of management
Financial Statement Analysis
Information is available from
 Published annual reports
(1) Financial statements
(2) Notes to financial statements
(3) Letters to stockholders
(4) Auditor’s report (Independent
accountants)
(5) Management’s discussion and
analysis
 Reports filed with the government
Financial Statement Analysis
Information is available from
 Other sources
(1) Newspapers (e.g., Graphic, Times, etc )
(2) Periodicals
(3) Financial information organizations such

as: Moody’s,
Standard & Poor’s, Dun & Bradstreet, Inc.,
and Data Bank, Strategic African Securities
(4) Other business publications
 Methods of
Financial Statement Analysis
 Horizontal Analysis
 Vertical Analysis
 Common-Size Statements
 Trend Percentages
 Ratio Analysis
 Horizontal Analysis

Using
Using comparative
comparative financial
financial
statements
statements toto calculate
calculate cedi
cedi
or
or percentage
percentage changes
changes in in aa
financial
financial statement
statement itemitem from
from
one
one period
period toto the
the next
next
Vertical Analysis
For
For aa single
single financial
financial
statement,
statement, each each item
item
is
is expressed
expressed as as aa
percentage
percentage of of aa
significant
significant total,
total,
e.g.,
e.g., all
all income
income
statement
statement items items areare
expressed
expressed as as aa
percentage
percentage of of sales
sales
Common-Size Statements
Financial
Financial statements
statements that
that show
show
only
only percentages
percentages and
and nono
absolute
absolute cedi
cedi amounts
amounts
 Trend Percentages
Show
Show changes
changes over
over time
time in
in
given
given financial
financial statement
statement items
items
(can
(can help
help evaluate
evaluate financial
financial
information
information of of several
several years)
years)
 Ratio Analysis
Expression
Expression of of logical
logical relationships
relationships
between
between items
items in in aa financial
financial
statement
statement ofof aa single
single period
period
(e.g.,
(e.g., percentage
percentage relationship
relationship
between
between revenue
revenue andand netnet income)
income)
Horizontal Analysis Example
The management of Clover Company
provides you with comparative balance
sheets of the years ended December 31,
2017 and 2018. Management asks you to
prepare a horizontal analysis on the
information.
Horizontal Analysis Example
Calculating Change in Dollar/Cedi Amounts

Cedi Current Year Base Year

= –
Change Figure Figure
Horizontal Analysis Example
Calculating Change in Cedi Amounts

Cedi Current Year Base Year

= –
Change Figure Figure

Since we are measuring the amount of

the change between 2017 and 2018, the
cedi amounts for 2010 become the
“base” year figures.
Horizontal Analysis Example
Calculating Change as a Percentage

Percentage Cedi Change

Change
=
Base Year Figure × 100%
Horizontal Analysis Example

$12,000 – $23,500 = $(11,500)

Horizontal Analysis Example

($11,500 ÷ $23,500) × 100% = 48.9%

Horizontal Analysis Example
Horizontal Analysis Example
Let’s apply the same
procedures to the
liability and stockholders’
equity sections of the
balance sheet.
 CLOVER CORPORATION
Comparative Balance Sheets
December 31, 2018 and 2017
Increase (Decrease)
2018 2017 Amount %
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 67,000 $ 44,000 $ 23,000 52.3
Notes payable 3,000 6,000 (3,000) (50.0)
Total current liabilities 70,000 50,000 20,000 40.0
Long-term liabilities:
Bonds payable, 8% 75,000 80,000 (5,000) (6.3)
Total liabilities 145,000 130,000 15,000 11.5
Stockholders' equity:
Preferred stock 20,000 20,000 - 0.0
Common stock 60,000 60,000 - 0.0
Additional paid-in capital 10,000 10,000 - 0.0
Total paid-in capital 90,000 90,000 - 0.0
Retained earnings 80,000 69,700 10,300 14.8
Total stockholders' equity 170,000 159,700 10,300 6.4
Total liabilities and stockholders' equity $ 315,000 $ 289,700 $ 25,300 8.7
Horizontal Analysis Example
Now, let’s apply the
procedures to the
income statement.
 CLOVER CORPORATION
Comparative Income Statements
For the Years Ended December 31, 2018 and 2017
Increase (Decrease)
2018 2017 Amount %
Net sales $ 520,000 $ 480,000 $ 40,000 8.3
Cost of goods sold 360,000 315,000 45,000 14.3
Gross margin 160,000 165,000 (5,000) (3.0)
Operating expenses 128,600 126,000 2,600 2.1
Net operating income 31,400 39,000 (7,600) (19.5)
Interest expense 6,400 7,000 (600) (8.6)
Net income before taxes 25,000 32,000 (7,000) (21.9)
Less income taxes (30%) 7,500 9,600 (2,100) (21.9)
Net income $ 17,500 $ 22,400 $ (4,900) (21.9)
 CLOVER CORPORATION
Comparative Income Statements
For the Years Ended December 31, 2018 and 2017
Increase (Decrease)
2018 2017 Amount %
Net sales $ 520,000 $ 480,000 $ 40,000 8.3
Cost of goods sold 360,000 315,000 45,000 14.3
Gross margin 160,000 165,000 (5,000) (3.0)
Operating expenses 128,600 126,000 2,600 2.1
Net operating income 31,400 39,000 (7,600) (19.5)
Sales increased by
Interest expense 8.3% while
6,400 net
7,000 (600) (8.6)
income
Net income before taxes decreased
25,000 by 21.9%.
32,000 (7,000) (21.9)
Less income taxes (30%) 7,500 9,600 (2,100) (21.9)
Net income $ 17,500 $ 22,400 $ (4,900) (21.9)
 There were increases in both cost of goods
sold (14.3%) and operating expenses (2.1%).
These increased costs more than offset the
increase in CLOVER CORPORATION
sales, yielding an overall
Comparative Income Statements
For thedecrease in net
Years Ended income.
December 31, 2018 and 2017
Increase (Decrease)
2018 2017 Amount %
Net sales $ 520,000 $ 480,000 $ 40,000 8.3
Cost of goods sold 360,000 315,000 45,000 14.3
Gross margin 160,000 165,000 (5,000) (3.0)
Operating expenses 128,600 126,000 2,600 2.1
Net operating income 31,400 39,000 (7,600) (19.5)
Interest expense 6,400 7,000 (600) (8.6)
Net income before taxes 25,000 32,000 (7,000) (21.9)
Less income taxes (30%) 7,500 9,600 (2,100) (21.9)
Net income $ 17,500 $ 22,400 $ (4,900) (21.9)
 Vertical Analysis Example
The management of Sample Company asks
you to prepare a vertical analysis for the
comparative balance sheets of the
company.
Vertical Analysis Example
Vertical Analysis Example

$82,000 ÷ $483,000 = 17% rounded

$30,000 ÷ $387,000 = 8% rounded
Vertical Analysis Example

$76,000 ÷ $483,000 = 16% rounded

Trend Percentages Example
Wheeler, Inc. provides you with the
following operating data and asks that you
prepare a trend analysis.
Trend Percentages Example
Wheeler, Inc. provides you with the
following operating data and asks that you
prepare a trend analysis.

$1,991 - $1,820 = $171

Trend Percentages Example
Using 2007 as the base year, we develop the
following percentage relationships.

$1,991 - $1,820 = $171

$171 ÷ $1,820 = 9% rounded
 Ratios
Ratios can be expressed in three different
ways:
1. Ratio (e.g., current ratio of 2:1)
2. % (e.g., profit margin of 2%)
3. $ (e.g., EPS of $2.25)

CAUTION!
“Using ratios and percentages without
considering the underlying causes may be
hazardous to your health!”
lead to incorrect conclusions.”
 Categories of Ratios
 Liquidity Ratios
Indicate a company’s short-term
debt-paying ability
 Equity (Long-Term Solvency) Ratios
Show relationship between debt and equity
financing in a company
 Profitability Tests
Relate income to other variables
 Market Tests
Help assess relative merits of stocks in the
marketplace
10 Ratios You Must Know
Liquidity Ratios
Current (working capital) ratio
 Acid-test (quick) ratio
 Cash flow liquidity ratio
Accounts receivable turnover
Number of days’ sales in accounts
receivable
Inventory turnover
 Total assets turnover
 10 Ratios You Must Know
Equity (Long-Term Solvency) Ratios
Equity (stockholders’ equity) ratio
 Equity to debt
10 Ratios You Must Know
Profitability Tests
 Return on operating assets
Net income to net sales (return on
sales or “profit margin”)
margin”
Return on average common
stockholders’ equity (ROE)
ROE
 Cash flow margin

Earnings per share

 Times interest earned

 Times preferred dividends earned

10 Ratios You Must Know
Market Tests
 Earnings yield on common stock
Price-earnings ratio
 Payout ratio on common stock

 Dividend yield on common stock

 Dividend yield on preferred stock

 Cash flow per share of common

stock
 Now, let’s calculate
the 10 ratios based
on Norton’s financial
statements.
 NORTON CORPORATION
2018
Cash $ 30,000
Accounts receivable, net
Beginning of year 17,000
We will
use this End of year 20,000
information Inventory
to calculate Beginning of year 10,000
the liquidity End of year 12,000
ratios for Total current assets 65,000
Norton. Total current liabilities 42,000
Sales on account 494,000
Cost of goods sold 140,000
 Working Capital*
The excess of current assets over
current liabilities.
12/31/18
Current assets $ 65,000
Current liabilities (42,000)
Working capital $ 23,000
* While this is not a ratio, it does give an
indication of a company’s liquidity.
Current (Working Capital) Ratio
#1
Current Current Assets
=
Ratio Current Liabilities

Current = $65,000 = 1.55 : 1

Ratio $42,000

Measures the ability

of the company to pay current
debts as they become due.
Acid-Test (Quick) Ratio
#2
Acid-Test Quick Assets
=
Ratio Current Liabilities

Quick assets are Cash,

Marketable Securities,
Accounts Receivable (net) and
current Notes Receivable.
Acid-Test (Quick) Ratio
#2
Acid-Test Quick Assets
=
Ratio Current Liabilities

Norton Corporation’s quick

assets consist of cash of
$30,000 and accounts
receivable of $20,000.
Acid-Test (Quick) Ratio
#2
Acid-Test Quick Assets
=
Ratio Current Liabilities
Acid-Test $50,000
= = 1.19 : 1
Ratio $42,000
Accounts Receivable Turnover
Net, credit sales #3 Average, net accounts
receivable
Accounts
Sales on Account
Receivable =
Average Accounts Receivable
Turnover
Accounts
$494,000
Receivable = = 26.70 times
($17,000 + $20,000) ÷ 2
Turnover

This ratio measures how many

times a company converts its
receivables into cash each year.
 Number of Days’ Sales
in Accounts Receivable
#4
Days’ Sales
365 Days
in Accounts =
Accounts Receivable Turnover
Receivables
Days’ Sales
365 Days
in Accounts = = 13.67 days
26.70 Times
Receivables

Measures, on average, how many

days it takes to collect an
account receivable.
 Number of Days’ Sales
in Accounts Receivable
#4
Days’ Sales
365 Days
in Accounts =
Accounts Receivable Turnover
Receivables
Days’ Sales
365 Days
in Accounts = = 13.67 days
26.70 Times
Receivables

In practice, would 45 days be a

desirable number of days in
receivables?
 Inventory Turnover
#5
Inventory Cost of Goods Sold
=
Turnover Average Inventory

Inventory $140,000
= = 12.73 times
Turnover ($10,000 + $12,000) ÷ 2

Measures the number of times

inventory is sold and
replaced during the year.
 Inventory Turnover
#5
Inventory Cost of Goods Sold
=
Turnover Average Inventory

Inventory $140,000
= = 12.73 times
Turnover ($10,000 + $12,000) ÷ 2

Would 5 be a
desirable number of times
for inventory to turnover?
 Equity, or Long–Term
Solvency Ratios
This is part of the information to
calculate the equity, or long-term
solvency ratios of Norton Corporation.
NORTON CORPORATION
2018
Net operating income $ 84,000
Net sales 494,000
Interest expense 7,300
Total stockholders' equity 234,390
 NORTON CORPORATION
2018
Common shares outstanding
Beginning of year 17,000
End of year 27,400
Net income $ 53,690
Here is the Stockholders' equity
rest of the Beginning of year 180,000
information
we will End of year 234,390
use. Dividends per share 2
Dec. 31 market price/share 20
Interest expense 7,300
Total assets
Beginning of year 300,000
End of year 346,390
 Equity Ratio
#6
Equity Stockholders’ Equity
=
Ratio Total Assets

Equity $234,390
= = 67.7%
Ratio $346,390

Measures the proportion

of total assets provided by
stockholders.
 Net Income to Net Sales
A/K/A Return on Sales or Profit Margin
#7
Net Income
Net Income
to =
Net Sales
Net Sales
Net Income
$53,690
to = = 10.9%
$494,000
Net Sales

Measures the proportion of the sales dollar

which is retained as profit.
 Net Income to Net Sales
A/K/A Return on Sales or Profit Margin
#7
Net Income
Net Income
to =
Net Sales
Net Sales
Net Income
$53,690
to = = 10.9%
$494,000
Net Sales

Would a 1% return on sales be good?

 Return on Average Common
Stockholders’ Equity (ROE)
#8

Return on Net Income

Stockholders’ = Average Common
Equity Stockholders’ Equity

Return on
$53,690
Stockholders’ = = 25.9%
($180,000 + $234,390) ÷ 2
Equity
Important measure of the
income-producing ability
of a company.
 Earnings Per Share
#9
Earnings Available to Common Stockholders
Earnings
= Weighted-Average Number of Common
per Share
Shares Outstanding

Earnings $53,690
= = $2.42
per Share (17,000 + 27,400) ÷ 2

The financial press regularly publishes

actual and forecasted EPS amounts.
 Earnings Per Share
 What’s new from EPS
Weighted-average calculation
Earnings available to
common stockholders
EPS of common stock = _______________________
Weighted-average number of
common shares outstanding
 Three alternatives for calculating
weighted-average number of shares
 Earnings Per Share
 What’s new ; Weighted-average calculation

Earnings available to
common stockholders
EPS of common stock = _______________________
Weighted-average number of
Alternate #1 common shares outstanding
 Earnings Per Share

Alternate #2

Alternate #3
 Price-Earnings Ratio
A/K/A P/E Multiple
#10

Price-Earnings Market Price Per Share

=
Ratio EPS
Price-Earnings $20.00
= = 8.3 : 1
Ratio $ 2.42

Provides some measure of whether the

stock is under or overpriced.
 LA DADEKOTOPON MUNICIPAL ASSEMBLY
STATEMENT OF REVENUE AND EXPENDITURE
FOR THE MONTH ENDED 30TH SEPTEMBER 2019
DETAIL REVENUE
MONTHLY MONTHLY CUM ACTUAL TO
REVENUE NOTE ANNUAL BUDGET BUDGET ACTUAL VARIANCE DATE
RATES
1412023 Basic Rates - 0.00 -
1412022 Property rates 1,500,000.00 125,000.00 78,025.44 (46,974.56) 1,077,186.18
1412024 Unassessed Rate - 0.00 -
Property rates arrears 350,000.00 29,166.67 (29,166.67) -
1,850,000.00 154,166.67 78,025.44 (76,141.23) 1,077,186.18

LANDS AND ROYALTIES

1412003 Stool Land - -
1412007 Building Plans/Permit 2,200,000.00 183,333.33 348,661.79 165,328.46 1,684,155.95
1412012 Dev't Charges/Sale of bp forms 22,000.00 1,833.33 650.00 (1,183.33) 8,290.00
1412009 Telecom Mast 120,000.00 10,000.00 (10,000.00) 43,800.00
2,342,000.00 195,166.67 349,311.79 154,145.12 1,736,245.95
 LA DADEKOTOPON MUNICIPAL ASSEMBLY
STATEMENT OF REVENUE AND EXPENDITURE
FOR THE MONTH ENDED 30TH SEPTEMBER 2019
DETAIL REVENUE NOTE ANNUAL BUDGET
MONTHLY BUDGET
MONTHLY ACTUAL
VARIANCE CUM ACTUAL
RENTS OF LAND/BUILD./HSES
1415012 Rent of Assembly Buildings 500,000.00 41,666.67 41,666.67
1415015 Guest Houses

500,000.00 41,666.67 - 41,666.67 -

 LA DADEKOTOPON MUNICIPAL ASSEMBLY
STATEMENT OF REVENUE AND EXPENDITURE
FOR THE MONTH ENDED 30TH SEPTEMBER 2019
DETAIL REVENUE NOTE ANNUAL BUDGET
MONTHLY BUDGET
MONTHLY ACTUAL
VARIANCE
CUM ACTUAL TO DATE
LICENCES
1422001 Pito/Palm wine sellers/Tappers 100.00 8.33 8.33 -
1422002 Herbalist License 148.00 238.00
1422014 Charcoal Firewood 500.00 41.67 41.67 45.00
1422005 Chop Bar Restaurants 25,100.00 2,091.67 772.00 (2,091.67) 13,416.00
1422010 Bicycle License -
1422011 Artisan / Self Employed 15,000.00 1,250.00 215.00 (1,035.00) 3,289.00
1422013 Sand and Stone Conts. License - 0.00 -
1422015 Fuel Dealers 120,000.00 10,000.00 (10,000.00) 19,604.08
1422016 Lotto Operators 20.00 20.00
1422017 Hotel/Night club 100,000.00 8,333.33 (8,333.33) -
1422018 Pharmacist Chemical Sell 10,811.00 900.92 440.00 (460.92) 4,997.00
1422019 Sawmills 170.00
1422020 Taxicab / Commercial Vehicles 10,000.00 833.33 1,440.00 606.67 14,967.00
vehicle/garages 210.00 980.00
1422024 Private Education 140,600.00 11,716.67 750.00 (10,966.67) 32,634.00
1422025 Private Professional 260,000.00 21,666.67 255.00 (21,411.67) 102,799.98
1422026 Hopitals/Clinics - 430.00 430.00 5,857.00
1422030 Entertainment centre 10,000.00 833.33 100.00 (733.33) 15,875.00
 LA DADEKOTOPON MUNICIPAL ASSEMBLY
STATEMENT OF REVENUE AND EXPENDITURE
FOR THE MONTH ENDED 30TH SEPTEMBER 2019
DETAIL REVENUE NOTE ANNUAL BUDGET
MONTHLY BUDGET
MONTHLY ACTUAL
VARIANCE
CUM ACTUAL TO DATE
LICENCES
1422032 Akpeteshie/Spirit Sellers 130.00
1422033 Stores - 540.00 540.00 2,590.00
1422038 Hairdressers/babers 35,000.00 2,916.67 2,864.00 (52.67) 17,295.00
1422039 Bakeries - 80.00 80.00 570.00
1422040 Bill Boards - 0.00 -
1422042 Second Hand Clothing - 450.00 450.00 1,440.00
1422044 Financial Institutions 500,000.00 41,666.67 20,311.00 (21,355.67) 463,122.71
1422045 Commercial Houses 60,000.00 5,000.00 5,692.00 692.00 43,197.06
1422046 Boarding and Advertising 10,500.00 875.00 (875.00) -
1422047 Photo/Video Op 600.00
1422051 Millers - 70.00 250.00
Mechanics 20.00 70.00
laudaries/car wash 100.00 1,160.00
Block Manufacturers 0.00 240.00
1422053 Licence of Business 451,000.00 37,583.33 (37,583.33) -
1422055 Printing Press / Photocopy - 215.00 215.00 4,902.00
1422057 Private Schools - 0.00 18,313.00
1422060 Airline 80,000.00 6,666.67 510.00 (6,156.67) 77,995.40
Susu Operators 200.00 200.00
Automobile 264.75 13,004.75
1422062 Real Estate Agents - 0.00 28,645.00
1422063 Florist/Flower Pot Dealers 758.00
1422067 Beer Bars 21,000.00 1,750.00 1,310.00 (440.00) 5,345.00
 LA DADEKOTOPON MUNICIPAL ASSEMBLY
STATEMENT OF REVENUE AND EXPENDITURE
FOR THE MONTH ENDED 30TH SEPTEMBER 2019
DETAIL REVENUE

MONTHLY MONTHLY CUM ACTUAL TO

REVENUE NOTE ANNUAL BUDGET BUDGET ACTUAL VARIANCE DATE
LICENCES
1422067 Beer Bars 21,000.00 1,750.00 1,310.00 (440.00) 5,345.00
1422069 Open Spaces / Parks - 0.00 -
1422071 Business providers 32,900.00 2,741.67 19,411.00 16,669.33 295,028.45
1112306 Goods & Services - 370.00 370.00 3,325.00
1141107 Wholesale 2,400.00
1141102 Retails - 5,415.00 5,415.00 58,040.80
1141109 Hotels & Restaurants - 28,550.78 28,550.78 76,347.78
Mining 0.00 18,545.00
Reg of contracts 20,000.00 1,666.67 (1,666.67) 650.00
Permit 70,000.00 5,833.33 (5,833.33) -
Telecommunication companies 18,000.00 1,500.00 (1,500.00) -
1,990,511.00 165,875.92 91,153.53 (74,722.39) 1,349,057.01
 FEES
1423001 Market/Daily Tolls 70,000.00 5,833.33 3,281.00 (2,552.33) 29,851.00
1423005 Reg of Contractors 15,750.00 1,312.50 90.00 (1,222.50) 2,430.00
1423006 Burial Fees 120,000.00 10,000.00 1,800.00 (8,200.00) 34,700.00
1423009 Advertising/Bill Boards 1,030,000.00 85,833.33 101,210.00 15,376.67 649,901.68
1423011 Marriage Registration 70,000.00 5,833.33 4,910.00 (923.33) 41,770.00
Managed Toilet 100,000.00 8,333.33 2,600.00 (5,733.33) 29,870.00
Submission fee - 9,182.00 9,182.00 122,718.00
Approval of site plan 100,000.00
1423076 Lorry Park Fee - 9,569.00 9,569.00 109,225.00
Donation 10,000.00 833.33 (833.33) 13,500.00
Tender 12,600.00 1,050.00 (1,050.00)
Taxi Embossment 60,000.00 5,000.00 4,890.85 (109.15) 64,749.35
Food/Health certificate 8,000.00 666.67 469.00 (197.67) 3,959.00
Street Parking Fee 150,000.00 12,500.00 3,600.00 (8,900.00) 36,334.50
1,746,350.00 137,195.83 141,601.85 4,406.02 1,139,008.53
 FINES/PENALTIES/FORFEITS
1430001 Court Fines
1430005 Miscellaneous Fines, Penalties
1430007 Lorry Park Fines
1430009 Vehicle Overage Penalty
1430012 fines for damages
1430016 fines 300,000.00 25,000.00 (25,000.00)
300,000.00 25,000.00 - (25,000.00)
 FINES/PENALTIES/FORFEITS
1430001 Court Fines
1430005 Miscellaneous Fines, Penalties
1430007 Lorry Park Fines
1430009 Vehicle Overage Penalty
1430012 fines for damages
1430016 fines 300,000.00 25,000.00 (25,000.00)
300,000.00 25,000.00 - (25,000.00)

MISC. &UNIDENTIFIED REVENUE

1450007 Other Sundry Recoveries
1450014 Accra City Revenue/Refund etc
- - - 0.00
 LA DADEKOTOPON MUNICIPAL ASSEMBLY
STATEMENT OF REVENUE AND EXPENDITURE
FOR THE MONTH ENDED 30TH SEPTEMBER 2019
DETAIL REVENUE
MONTHLY MONTHLY CUM ACTUAL TO
REVENUE NOTE ANNUAL BUDGET BUDGET ACTUAL VARIANCE DATE
GRANTS
1331001 Central Gov't -Salaries 3,000,302.00 250,025.17 (250,025.17) -
1331002 DACF-Cap devt projects 7,680,000.00 640,000.00 (640,000.00) 3,752,585.31
1331003 MP C/Fund 490,000.00 40,833.33 70,772.08 29,938.75 254,743.06
1331005 PWD'S Fund 132,821.00 11,068.42 (11,068.42) 103,108.72
1331006 GAMA 5,493,381.00 457,781.75 (457,781.75) 1,050,000.00
1331010 DDF Capacity Building 132,821.00 11,068.42 (11,068.42) -
1331011 DDF- Capital Pjt 770,179.00 64,181.58 (64,181.58) 464,430.11
G&S Decentralised Dept 14,629.74 14,629.74
CIDA 70,219.83
Hiv/Aids 26,998.17
Total Grants 17,699,504.00 1,474,958.67 85,401.82 (1,404,186.59) 5,736,714.94

TOTAL 26,428,365.00 2,194,030.42 745,494.43 (1,379,832.39) 11,038,212.61