Tanzania Cotton Board Annual Report And Accounts

FINANCIAL STATEMENTSAnnual Report and Accounts for the year ending on 30 th June 201018 REPAIRS AND MAINTENANCERepairs of Office Buildings 26,947,155 27,194,097Repairs of Godown 4,880,550 13,711,474Repairs of Staff Houses 25,606,760 11,045,144Repairs of Furniture and Equipment 29,454,043 32,206,763Repairs &Maintenance of HVI Machine 8,476,698 7,268,176Repair and Maintenance of Generator 30,000 105,000Repair and Maintenance of Computers 32,611,729 17,399,772Repairs of Motor Vehicles 11,687,812 5,332,500TOTAL 139,694,747 114,262,92619 SUBSIDY PAYMENT TO COTTON FARMERS2009/2010TZS.2008/2009TZS.TZS 80 per kg for 250m estimated kg 20,000,000,000 0Payment made to date 19,440,173,866 0Amount due to farmers 559,826,134 020 CAPITAL COMMITMENTSThere were no capital commitments as at 30 June, 2010.21 CONTINGENT LIABILITIESAs at the year end, the Board had no contingent liabilities.22 RELATED PARTY TRANSACTIONSTanzania Cotton Board is a parastatal organization whose operations are governed by theCotton Industry Act, 2001 (“the Act”). The Board is controlled by the Government of Tanzania,through the Ministry of Agriculture, Food and Cooperatives.Related party relationships exist between the Board, Directors and Management as well theCotton Development Trust Fund (CDTF). During the year, the following transactions werecarried out with related parties:2009/2010TZS.2008/2009TZS.(i) Payments Incurred on Behalf of CDTF 1,882,937,407 899,182,942(ii) Receipts from CDTF 1,922,674,767 608,804,729(iii) Outstanding Balances Arising from Receiptsand PaymentsReceivable from CDTF: (Note 8) (39,737,359) 290,378,21223 RELATED PARTY TRANSACTIONS(iv)Key Management Personnel and Directors RemunerationsKey management short term benefits which were paid included salaries, allowancesand social security contributions as follows: -42