REPORTS OF THE AUDITORS

We have audited the financial statements of Tanzania Ports Authority for fourteen and half months ended 30th June, 2006 and the related income and expenditure account, statement of change in equity and cash flows for the period then ended. We received all the information and explanations which we considered necessary for audit purpose.

RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS

Under the provisions of the Tanzania Ports Authority Act 2004, the Directors are responsible for the preparation of financial statements which give a true and fair view of the Authority’s state of affairs and of the operating results. Our responsibility is to express an independent opinion based on our audit of the financial statements and report our opinion.

BASIS OF OPINION

We conducted our audit in accordance with International Standards on Auditing (ISA) issued by International Auditing and Assurance Standards Board (IAASB). An audit includes examination, on test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of significant estimates and judgments made by the Directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Authority’s circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatements. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial statements.

OPINION

In our opinion, proper books of account have been kept and the financial statements give a true and fair view of the state of affairs of the Tanzania Ports Authority as at 30th June, 2006, and of its surplus, changes in equity and cash flows for fourteen and half months period ended on that date in accordance with the International Financial Reporting Standards and they comply with the Public Finance Act 2001, Public Procurement and Regulatory Authority Act 2004 and its establishing act.

TAC ASSOCIATES (Certified Public Accountants)

S.F. SAYORE - FCCA                                                                                                                                                  MANAGING PARTNER

DAR ES SALAAM  

27TH NOVEMBER, 2006

 

BALANCE SHEET AS AT 30TH JUNE, 2006

 

 

 

30.06.2006

  

14.04.2005

(THA)
ASSETS NOTE

TZS.

  

TZS.
Non Current Assets        
Property, Plant and Equipment

3(A)

76,379,828,261

  

75,457,429,460
Property, Plant and Equipment on Lease to TICTS

3(B)

11,566,013,182

  

11,154,970,927
Investment Property – Upanga Club

3(C)

293,834,350

  

306,221,156
   

88,239,675,793

  

86,918,621,543
Investments in Deposits and Securities

4

30,794,938,765

  

20,205,962,859
   

119,034,614,558

  

107,124,584,402
Current Assets        
Inventories

5

4,036,730,750

  

7,807,611,093
Trade and Other Receivables

6

8,036,981,688

  

10,503,517,202
Prepayments

7

1,013,849,017

  

2,767,148,319
NIC Depository Administrative Scheme

8

2,600,706,445

  

2,669,619,268
Provision for Taxation  

0

  

1,573,079,899
Cash and Cash Equivalents

10

81,627,110,082

  

64,039,343,067
   

97,315,377,982

  

89,360,318,848
Total Assets  

216,349,992,540

  

196,484,903,250
EQUITY AND LIABILITIES        
Capital and Reserves        
Capital Fund

11

14,134,851,833

  

14,134,851,833
Revaluation Reserve

12

58,541,627,456

  

65,516,493,819
Non-Current Assets Replacement Fund

4

30,450,390,568

  

19,432,009,692
Self Insurance Fund

4

319,296,797

  

302,847,967
Surplus/Deficit  

60,689,951,232

  

39,655,568,098
   

164,136,117,886

  

139,041,771,409
Non Current Liabilities        
Long Term Loans

13

23,960,183,115

  

32,261,081,178
Deferred Tax Liability

14

7,373,965,476

  

6,669,220,651
   

31,334,148,591

  

38,930,301,829
Current Liabilities        
Trade and Other Payables

15

8,375,769,991

  

5,639,904,829
Depository Administrative Scheme Payable

8

2,600,706,445

  

2,669,619,268
Provision for Taxation

9

209,165,041

  

0
Current Maturity of Long Term Loans

16

9,694,084,586

  

10,203,305,915
   

20,879,726,063

  

18,512,830,012
Total Equity and Liabilities  

216,349,992,540

  

196,484,903,250

                                         CHAIRMAN                    DATE:..................................             DIRECTOR

 

 

 

INCOME AND EXPENDITURE STATEMENT FOR FOURTEEN AND HALF MONTHS                  ENDED ON 30TH JUNE, 2006

   

FOURTEEN AND HALF MONTHS TO

30.6.2006

  

NINE AND HALF MONTHS TO 14.4.2005

(THA)
INCOME

NOTE

TZS.

  

TZS.
         
Operating Revenue

17

132,344,588,463

  

70,898,286,638
Fixed Rental Income  

4,164,067,200

  

3,083,122,400
Royalty  

4,903,403,317

  

2,772,249,612
   

 

Less: Operating Expenditure        
         
Salaries and Staff Benefits  

 

.....................................................                                                                                        ........................................................