FINANCIAL REPORT

Introduction

STATEMENT OF MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL STATEMENTS

The management of Light Dream Organization is responsible for the preparation and fair presentation of the strengthened financial statements for the years ended December 31, 2013 and 2012, including the additional components attached therein, in accordance with LiDO Financial Reporting Standards. This responsibility includes designing and implementing internal controls relevant to the preparation and fair presentation of the strengthened 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 Audit Committee, as authorized by the Board, reviews and approves the strengthened financial statements and submits the same to the stockholders.

Mr. Yusuph Mtobela auditor and his Team appointed by the stockholders for the period

December 31, 2013 and 2012, respectively, have examined the financial statements of the company in accordance with Tanzanian Standards on Auditing, and in their reports to the stockholders, have expressed their opinion on the fairness of presentation upon completion of such examination.

 Board of Directors

The Board of Director of the Light Dream Organization (LiDO) submits herewith the financial report of the organization, accompanied by 10 statements and supported by 3 schedules. Of these, statements I, II, III and IV are presented in line with the formats agreed upon by the Chief Executive Officer (CEO) as a step towards harmonizing the accounts of Organization system. The financial report provides the financial results of LiDO activities in 2012 and 2013. Highlights are summarized in the following paragraphs.

NEATSON NIXON SUNZI                                                                              GRACE NTWALE

Chairman Person and CEO                                                                Treasurer

  

AUDITORS’ TEAM REPORT

We have audited the accompanying statement of financial position of light dream organization (LiDO); (a not-for-profit and nongovernmental organization) as of December 31, 2012-2013, and the related statements of activities, cash flows, and functional expenses for the year then ended. These financial statements are the responsibility of Light Dream Organization’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with Tanzanian generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of LiDO as of December 31, 2012, and the changes in its net assets and its cash flows for the year then ended in conformity with Tanzanian  generally accepted accounting principles.

NEATSON NIXON SUNZI

Chairman Person and CEO

                                        

Income

1.     LiDO income in the Tanzania 2012-2013 totaled Tshs. 13,957,050 million. Virtually all Members of both built-up, Donors and developing partners contributed to LiDO in the period 2012-2013. Income comprised Tshs. 2,562,595/= for regular resources, Tshs.9, 998,750 for Board of Directors Donors and other resources (regular) and Tshs. 1,395,705/= for other resources (emergency).

The breakdown of LiDO income by source is as follows:

72 per cent from fund-raising campaigns, the sale of Servies cards and individual donations (Board of directors, Donors)  

18 per cent from developing partners; and

10 per cent from miscellaneous sources, including interest and exchange rate revaluation of assets and liabilities.

 Expenditures

2.  LiDO expenditures in 2012-2013 are Tzs. 15,235,030. This amount consisted of Tzs.6, 621,235/= for programmes operation from Donors and regular resources, Tshs.3, 562,595/= for programmes operation from other resources (regular), and Tshs.437, 405/= for other resources (emergency). The remaining expenditures of Tshs.4, 613,795/= were for management and administration.

 Donations in kind

3.        Donations in kind valued by donors at Tshs.335, 000 were delivered by LiDO to projects during the period 2012-2013. These deliveries are not reflected in the financial accounts of LiDO, although they are handled through the administrative structures of the organization.

 Grants  

4.       Grants are related to programmes/projects approved by the LiDO   Board of Directors and Donors are entered in the financial accounts of LiDO as income and expenditures. These funds are used mainly to cover the cost of workshop days on behalf of well-wishers and Donors. In the period 2012-2013, LiDO received cash of Tshs.6 million for these means. Disbursements and obligations Totaled Tzs. 6,000,000/=.

 Cash holdings

5.        LiDO has total cash of Tshs.414, 000 (which includes the unspent balances from grants and contributions in the amount of Tzs. 11,235,030/=. An amount of Tzs.14, 000 is held in Organization Central Account at Equity bank, comprising Tzs 14,280 in interest -bearing term deposit accounts and Tzs.250,000 in M-Pesa to increase income. Cash on hand amounts to Tzs 150,000/=

 Approved Programs

Children Wings Research Initiative
CWRI

During the Year of 2012-2013, the Board of Directors approved the amount about of Tzs. 2, 278,400 for children,

 women and Youth projects preparation with which

LiDO cooperates, as well as for district and

regional projects.

Environment Research Result

 This total includes Tzs 1,100, 000/= in conservation programs to be funded from national and international donors and regular resources and Tzs 900,000/= for special projects that the Board approved as worthy of support and that will be financed by pledges of supplementary funds made in 2012-2013. The total also includes Tzs. 278,400   /= for projects to be financed by pledges for emergency relief and rehabilitation.

Women Entrepreneurship Research Initiative
WERI

WERI-Product

Women are being trained as entrepreneurs to produce home use products like liquid soaps, bar soaps, hair shampoo etc.