The Role Of Playing for Children Essay Example | Topics and Well Written Essays - 2000 words

The Role Of Playing for Children - Essay Example There were 15 guys and we all had to have one game plan rather than each of us wanting different things. Although we were young and didn’t want to follow orders from one person we knew that it was the right thing to do. We had a leader and knew that respecting him was important to our success as a group. If we each chose our own path and didn’t listen to our coach we would fail and therefore let down a group of 14 guys who all listened to the coach. We didn’t always agree with our coach or think he was making the best decisions but we had to trust that he knew what he was doing and making the best decisions for our team. There was no room for joking around when we were practicing and this taught us to be mature and serious when we had goals to accomplish. We also believed in each other and our potential if we practiced hard and went over plays until they seemed to run as smoothly as possible. We put in extra time after dark to make sure that when we played in the big game Friday night we wouldn’t mess up that play. Down the road, in a work environment, there will be a boss who wants you to be a team player and be willing to put in the extra time, just like that football team. Just from playing football in high school there was a value instilled in me to play a team and know who leads and to respect that person. You cannot always take charge and run everything but in time if you do a good job in your position you have the opportunity to move up into higher positions. I fully believe that having kids in sports will help them to succeed later in life. Prompt 2: There is obviously debate on whether children receive better care if their parents work during the day or not and how this attention or lack of attention changes the child. A child may react in different ways to getting more attention and may get to be more involved with their parents staying at home with them.  Ã‚  

Impact Of Insomnia On Daytime Ability To Function Essay Example for Free

Impact Of Insomnia On Daytime Ability To Function Essay Insomnia pertains to a symptom that is characterized by the difficulty in falling asleep. In other cases, insomnia is also involved in not being able to sleep for the required number of hours each night. It is thus pertinent to describe insomnia as a symptom associated with poor quality or insufficiency of sleep. Several factors may trigger the symptom of insomnia in an individual, hence this condition can be considered as situational, wherein a certain incident may result in an individual’s inability to sleep. Insomnia may also be described based on its occurrence in an individual, thus resulting in intermittent or persistent forms (Davidson 109). Insomnia generally occurs with another medical condition, such as a psychiatric disease or drug abuse. The importance of treatment regimens for insomnia has been the focus of biomedical research as it has long been established that insomnia does not resolve through time. More importantly, it has been reported that insomnia can significantly affect the quality of life of an individual. In addition, insomnia can result in the further progression of a psychiatric disorder, thus putting a patient at greater risk for mental health deterioration (Davidson 112). It has also been observed that the occurrence of insomnia is positively correlated to the frequency of consultations with a physician, as additional medical disorders are caused by this sleeping symptom. Impact of insomnia on sleep As insomnia is a symptom that affects sleep, it is important to determine the causative factors that result in such condition. The most common factors that influence the occurrence of insomnia include stressful incidents in the life of an individual. Death of a loved one, as well as conflict with another individual, often results in insomnia (Davidson 110). Illness and problems with work or study can also result in a difficulty in sleeping. Environmental factors may also result in insomnia, such as that of residing in a location where there is constant noise from traffic or construction. Social conditions may also influence the occurrence of insomnia, such as that of caring for a newborn baby right after childbirth. However, it should be understood that the sleeping patterns of pregnant women after generally disturbed and thus may even be more severe after childbirth. It has been suggested that post-partum insomnia may be possibly due to the mother’s instinct of providing constant care for her child, in terms of feeding and cleaning the baby. Other social factors that result in insomnia include having an adolescent child who spends evenings outside the home and the parents worriedly stay awake until their child comes home (Davidson 110). Age has also been reported to influence the occurrence on insomnia. It has been observed that insomnia is a common symptom that afflicts women who have reached the transition stage into menopause, as this phase of their life causes much distress to them. Caring for a sick elderly individual also results in insomnia, as the caretaker vigilantly checks on an older individual throughout the night. This condition tends to be more difficult when the elderly person is also suffering from Alzheimer’s disease, which is generally characterized by straying to other places even in the late hours of the night. The caretaker thus tends to keep watch over the actions of the elderly person in order to keep him from harm. Impact of insomnia of waking functioning Circadian rhythm pertains to the cyclic patterns that an individual undertakes based on a synchronizing stimulus. Most living species synchronize their activities based on the most ominous factor, which is the light emanating from the sun. In the case of human beings, sunlight determines whether it is time to awaken or to sleep. The presence of light also influences the majority of the physiologic activities of the human body, including the time of the meals in an entire day. The circadian clock of every individual is thus set according to the standard day, wherein sunlight in present for approximately 12 hours and absence for another 12 hours. Within the evening, the human body is programmed to rest and this is mainly through sleep. The occurrence of insomnia can affect an individual’s circadian rhythm as the length or the quality of sleep is affected. An individual with insomnia may be awake at least half of the night and thus find poor coordination in his motor and mental skills during the day. Individuals who work on a shift basis are often affected by insomnia as they are generally assigned to different hours every few months (Shechter 15). Healthcare personnel, such as nurses and technologists, are usually assigned to work on the night shift for 3 months and thus their circadian rhythm is misaligned during this period. Once they return to their daytime shift, they find difficulty in falling asleep as their bodies have already adjusted to a modified circadian rhythm (Shechter 14). The same conditions also occur in other jobs that are associated with changes in shift duties, including those in the police departments and other 24-hour surveillance jobs. The perturbation in the circadian rhythm and its association to the onset of insomnia often results in the deterioration of the quality of work of an individual or a poor performance in school. In addition, an individual with insomnia usually shows poor cognitive capacity, as well as a decrease in the productivity at work. These individuals often lack the capacity to focus on their activities, resulting in accidents (Shechter 15). It is a common occurrence that drivers get into accidents due to the lack of sleep and thus their motor skills and reflex actions are not that reactive during the day. Polysomnographic features of insomnia Polysomnographic studies have shown that an individual with insomnia is generally characterized to have a short latency period during their sleep (Shechter 14). In addition, the sleep efficiency of these individuals is significantly low, resulting in the frequent and easy awakening by even simple stimuli in their immediate environment. The rapid eye movement (REM) and sigma sleep stages of individuals with insomnia are largely influenced by the circadian rhythms that are been set by their bodies and thus any change in the sleeping quality and habits may affect these sleep stages. Any disturbance in these sleep stages may result in the lack of or difficulty in sleeping. Polysomnographic investigations have also shown that the core body temperature in influenced by an individual’s circadian rhythm. Sleep is thus normally observed in the evening, when the core body temperature is significantly lower than what is usually observed during the day. Any shift in the circadian rhythm of an individual may thus result in an unexpected core body temperature, resulting in an individual’s difficulty in falling asleep. This core body temperature should be achieved approximately six hours before going to sleep, in order for an individual to achieve the normal 8 hours of sleep. For an individual who attends to a night-shift job, the usual length of sleep varies from 4 to 7 hours, which is a prime feature of insomnia. Behavior and/or therapeutic recommendations for insomnia It is possible to adapt behavioral conditioning strategies for insomnia. Individuals suffering from insomnia often spend hours or several evenings in bed but are fully awake the entire time. Their insomnia thus further worsens as their brain is conditioned to consider the bed and the bedroom as sites where one stays awake and any attempt to further induce sleep may be futile. It is thus suggested that when one feels sleepy, regardless of the time of day, one should then attempt to go to his bed in order to teach his brain that the bed is a place to sleep. It is also not helpful for an individual with insomnia to find a substitute place to sleep, such as the couch, as this will condition his mind that the couch is his sleeping niche and eventually, going back to the bedroom can even be harder to achieve. There are specific drug formulations that may also aid an individual suffering from insomnia. One of the most common medications is benzodiazepine, which binds to the gamma-aminobutyric acid receptors of the brain, which is responsible to the excitation of neural cells (Davidson 111). This binding thus results in the inhibition of the neural functions of the individual, resulting in a sleepy mode. One negative effect of benzodiazepine is that the normal stages of sleep are affected and thus may trigger unnecessary changes in the duration of each stage and possibly dependence on the drug. It is also possible that this drug may induce hypnotic effects on an individual. Non-benzodiazepine formulations are also available for the treatment of insomnia. Melatonin is another therapeutic regimen that may be administered to an individual with insomnia (Davidson 112). There is currently great debate with regards to the effectiveness of this drug, as it has mostly been applied to individuals suffering from jet lag-induced insomnia and thus this drug may not be effective for other insomnias that are caused by other factors. Antidepressants and antihistamines can also be administered to insomnia patients to alleviate their difficulty in falling asleep. Herbal concoctions have also been reported to facilitate sleep. A few of the most used herb are chamomile, kava kava and lavender, which can be supplied in tea formats. Personal reflections Insomnia is generally regarded as a simple condition that is often misunderstood and mistreated. It is important that insomnia be addressed as soon as possible because this condition often affects several systems of the human body and may thus result in the decrease in the immune capacity of an individual. Insomnia can also affect the quality of work or study of an individual and thus this negative effect should be addressed at the earliest possible time. Social interactions can also be affected by insomnia, as these individuals are often irritable and sensitive. Several accidents have also been caused by the lack of sleep and it is possible that an individual may hurt himself while working and even hurt other people, especially when they are using a motor vehicle when they suddenly lose attention or fall asleep. It is thus imperative that individuals with insomnia be educated on what to do to take control of their condition and possibly go back to their normal circadian patterns.

There are No Children Here: Life in the Projects :: There are No Children Here Essays

Life in the Projects Exposed in There are No Children Here The book There are No Children Here by Alex Kotlowitz is a very tough yet emotional book. This book is important to me because it really made me see how fortunate I am to be living in a good and safe environment. In this powerful and moving book, reporter Alex Kotlowitz traces two years in the lives of ten-year-old Lafeyette and seven-year-old Pharoah Rivers as they struggle to beat the odds and grow up in one of Chicago's worst housing projects called Henry Horner. Lafeyette and Pharoah live with their mother LaJoe. LaJoe also had three older children, LaShawn at the age of twenty five was the oldest. She worked as a prostitute from time to time to support her drug habit. The next oldest, nineteen-year-old Paul, had served time in Indiana prison for burglary. Terence, now seventeen, had began selling drugs at the age of eleven and had been in and out of jail. LaJoes youngest kids were a set of four-year-old triplets, Timothy, Tiffany, and Tammie. All eight children had the same father, Paul, to whom LaJoe had been married to for seventeen years. The two had long ago fallen out of love. He lived at the home occasionally The families living conditions were horrible. They lived in a very small apartment which at times had more than ten people living in it. Since LaJoe was a very friendly and considerate person, she brought many kids and adults "under her wing" and took care of them when in need. Some kids in the neighborhood even called her "mom." LaJoe did not have the heart to turn her back on anyone that appeared at her door. All the apartments in Henry Horner were falling apart, many of which were vacant. During the spring of 1989 inspections were taking place in the basements of Henry Horner projects by the Manager, Assistant Manager, and maintenance Superintendant. The reported conditions of the basements shocked me. An estimated two thousand appliances, refrigerators, kitchen cabinets, doors, burners, grates, etc. were standing in pools of water rusting away. The basement was heavily infedsted with roaches and flees. Dead rodents were lying in storage areas. The stench and odor was unbearable. After much fighting LaJoe finally got the Chicago Housing Authority employees to clean the basement.

Gun Control Control Laws Decrease Crime Rates Essay -- Constituton Bil

The United States of America has encountered many problems due to the increase in amount of gun owners which has contributed to the rise of crimes and problems that we face today. Our nation has about 65 million people who own a frightening 240 million firearms. This ridiculous amount of firearms in our nation creates a need for gun control. Gun control laws such as the Brady Act can help solve gun problems and make America a safer place to live. The Brady Act and other gun control laws are effective solutions to our gun control needs. Since the law was started in February of 1994, crime rates related to firearms have fallen 25%. The Brady Act does several things for gun control. First, it makes a waiting period for every purchase of a firearm. This waiting period is of great significance for a few reasons. The waiting period which precedes the sale of the firearm gives the potential criminal time to cool off; therefore the chances of premeditated crimes are lessened. Also during the waiting period, a background check is required for the person trying to purchase the firearm. If the background check shows that the purchaser has been in prison or if they have even one misdemeanor, no sale will take place. The Assault Rifle Ban prohibits manufacturing, importing, and people from owning semiautomatic assault weapons. If a person would like to own an assault rifle they will have to attain a certain license and they also will be r equired to have a background check similar to th... Gun Control Control Laws Decrease Crime Rates Essay -- Constituton Bil The United States of America has encountered many problems due to the increase in amount of gun owners which has contributed to the rise of crimes and problems that we face today. Our nation has about 65 million people who own a frightening 240 million firearms. This ridiculous amount of firearms in our nation creates a need for gun control. Gun control laws such as the Brady Act can help solve gun problems and make America a safer place to live. The Brady Act and other gun control laws are effective solutions to our gun control needs. Since the law was started in February of 1994, crime rates related to firearms have fallen 25%. The Brady Act does several things for gun control. First, it makes a waiting period for every purchase of a firearm. This waiting period is of great significance for a few reasons. The waiting period which precedes the sale of the firearm gives the potential criminal time to cool off; therefore the chances of premeditated crimes are lessened. Also during the waiting period, a background check is required for the person trying to purchase the firearm. If the background check shows that the purchaser has been in prison or if they have even one misdemeanor, no sale will take place. The Assault Rifle Ban prohibits manufacturing, importing, and people from owning semiautomatic assault weapons. If a person would like to own an assault rifle they will have to attain a certain license and they also will be r equired to have a background check similar to th...

Fan Milk Limited Annual Report 2009

FAN MILK LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 FAN MILK LIMITED Year ended December 31, 2009 Contents Corporate information Pages 1 Report of the directors 2-3 Corporate governance 4-5 Report of the independent auditor 6-7 Financial statements: i. Statement of comprehensive income 8 ii. Statement of financial position 9 iii. Statement of changes in equity 10 iv. Statement of cash flows 11 v. Notes 12 – 30 0 FAN MILK LIMITED Year ended December 31, 2009 CORPORATE INFORMATION Directors Charles Mensa (Dr. ) Jesper Bjorn Jeppesen Kodjo Biamawu Aziagbe Einar Mark Christensen Jens Jorgen Kollerup George H.Okai Thompson Peace Ayisi-Okyere Lennap & Co. P. O. Box 37 Accra PricewaterhouseCoopers Chartered Accountants No. 12 Airport City Una Home, 3rd Floor PMB CT 42 Cantonments Accra No. 1 Dadeban Road North Industrial Area P. O. Box 6460 Accra-North Quist, Brown, Wontumi & Associates P. O. Box 7566 Accra National Trust Holding Company Limited Martco House P. O. Box 9563 Airport, Accra Barclays Bank of Ghana Limited Ecobank Ghana Limited SG-SSB Bank Limited Prudential Bank Limited Agricultural Development Bank Limited Ghana Commercial Bank Limited Standard Chartered Bank Ghana Limited (Chairman) (Managing Director)Secretary Auditor Registered Office Solicitor Registrar & Transfer Office Bankers 1 FAN MILK LIMITED Year ended December 31, 2009 REPORT OF THE DIRECTORS The directors submit their report together with the audited financial statements of Fan Milk Limited for the year ended December 31, 2009. Statement of directors’ responsibilities The directors are responsible for the preparation of financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss and cash flows for that period.In preparing these financial statements, the directors have selected suitable accounting policies and then applied them consistently, made judgements and estimates that are reasonable and prudent and followed International Financial Reporting Standards (IFRS). The directors are responsible for ensuring that the company keeps proper accounting records that disclose with reasonable accuracy at any time the financial position of the company. The directors are also responsible for safeguarding the assets of the company and taking reasonable steps for the prevention and detection of fraud and other irregularities.Principal activity The principal activity of the company is the manufacturing and distribution of dairy products and fruit drinks. Financial results The financial results of the company are set out below: 2009 GH? ‘000 Profit before tax for the year is from which is deducted tax of giving a profit after tax for the year of to which is added balance brought forward on retained earnings of from which is deducted approved dividend of giving a balance carried forward on retained earnings of 20,175 (5,019) 15,156 15,410 (1,484) 29,082 The comp any’s net worth increased from GH? 1. 4 million as at January 1, 2009 to GH? 35. 1 million at December 31, 2009. 2 FAN MILK LIMITED Year ended December 31, 2009 REPORT OF THE DIRECTORS (continued) Dividends The directors recommend a dividend of GH? 0. 10 per share (2008: GH? 0. 0750 per share) in respect of the year ended December 31, 2009. Auditor The auditor, PricewaterhouseCoopers, has expressed willingness to continue in office in accordance with Section 134 (5) of the Companies Code, 1963 (Act 179). BY ORDER OF THE BOARD: Name of Director:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Name of Director:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..Signature:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Date:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Signature:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Date:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 3 FAN MILK LIMITED Year ended December 31, 2009 CORPORATE GOVERNANCE Introduction Fan Milk Limited is committed to the principles and implementation of good corporate governance. The Company recognises the valuable contribution that it makes to long-term business prosperity and to ensuring accountability to its shareholders. The Company is managed in a way that maximises long term shareholder value and takes into account the interests of all of its stakeholders.Fan Milk Limited believes that full disclosure and transparency in its operations are in the interests of good governance. As indicated in the statement of responsibilities of directors and notes to the accounts, the business adopts standard accounting practices and ensures sound internal control to facilitate the reliability of the financial statements. The Board of Directors The Board is resp onsible for setting the Company's strategic direction, for leading and controlling the Company and for monitoring activities of executive management. The Board presents a balanced and understandable assessment of the Company's progress and prospects.The Board consists of the Chairman, five non-executive directors and an executive director (the managing director). The non-executive directors are independent of management and free from any constraints, which could materially interfere with the exercise of their independent judgement. They have experience and knowledge of the industry, markets, financial and/or other business information to make a valuable contribution to the Company's progress. The managing director is a separate individual from the Chairman and he implements the management strategies and policies adopted by the Board.They meet at least four times a year. The Audit Committee The Audit Committee is made up of four directors of whom three are non-executive directors and they meet twice a year. The main Board determines its terms of reference and they report back to the Board. Its duties include keeping under review the scope and results of the external audit, as well as the independence and objectivity of the auditor. The Audit Committee also keeps under review internal financial controls, compliance with laws and regulations and the safeguarding of assets.It also reviews the adequacy of the plan of the internal audit and reviews its audit reports. 4 FAN MILK LIMITED Year ended December 31, 2009 CORPORATE GOVERNANCE (continued) Systems of Internal Control Fan Milk Limited has well-established internal control systems for identifying, managing and monitoring risks. These are designed to provide reasonable assurance that the risks facing the business are being controlled. The corporate internal audit function of the Company plays a key role in providing an objective view and continuing assessment of the effectiveness of the internal control systems in the business.The systems of internal control are implemented and monitored by appropriately trained personnel and their duties and reporting lines are clearly defined. Code of Business Ethics Management has communicated the principles in the Company’s Code of Conduct to its employees in the discharge of their duties. This code sets the professionalism and integrity required for business operations which covers compliance with the law, conflicts of interest, environmental issues, reliability of financial reporting, bribery and strict adherence to the principles so as to eliminate the potential for illegal practices. REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF FAN MILK LIMITED REPORT ON THE FINANCIAL STATEMENTS We have audited the accompanying financial statements of Fan Milk Limited set out on pages 8 to 30. These financial statements comprise the statement of financial position at December 31, 2009, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes.Directors’ responsibility for the financial statements The directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards and with the requirements of the Companies Code, 1963 (Act 179). This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of 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.Auditor’s responsibility Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. T hose standards require that we comply with ethical requirements and plan and perform our audit to obtain reasonable assurance that the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates ma de by the directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Opinion In our opinion the accompanying financial statements give a true and fair view of the state of the company’s financial affairs at December 31, 2009 and of its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards and the requirements of the Companies Code, 1963 (Act 179). 6 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF FAN MILK LIMITED (continued) REPORT ON OTHER LEGAL REQUIREMENTS The Companies Code, 1963 (Act 179) requires that in carrying out our audit we consider and report to you on the following matters.We confirm that: i) ii) iii) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; in our opinion proper books of account have been kept by the company, so far as appears from our examination of those books; and the company’s statement of financial position and statement of comprehensive income are in agreement with the books of account. Chartered Accountants †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 2010 Accra, Ghana Mark Appleby (101193) FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 STATEMENT OF COMPREHENSIVE INCOME (All amounts are expressed in thousands of Ghana cedis) Year ended December 31 Note Revenue Cost of sales Gross profit Distribution costs Administrative expenses Operating profit Other income Finance costs Profit before tax Tax Net profit after tax Other comprehensive income Total comprehensive income Earnings per share Basic and diluted (GH? ) 11 0. 77 0. 6 9 7 8 5 6 3 4 2009 82,471 (38,460) 44,011 (18,628) (6,184) 19,199 1,177 (201) 20,175 (5,019) 15,156 15,156 2008 55,041 (28,599) 26,442 (12, 569) (4,873) 9,000 500 (113) 9,387 (2,333) 7,054 7,054 8 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 STATEMENT OF FINANCIAL POSITION (All amounts are expressed in thousands of Ghana cedis) Assets Non-current assets Property, plant and equipment Prepaid operating lease land Note 12 13 At December 31 2008 2009 21,622 1,647 23,269 Current assets Inventories Trade and other receivables Bank and cash balances 13,383 1,701 15,084 4 15 22 9,656 2,318 15,871 27,845 6,811 2,129 8,834 17,774 32,858 Total assets Equity Capital and reserves attributable to Company’s equity holders Stated capital Retained earnings 51,114 20 6,000 29,082 35,082 6,000 15,410 21,410 Liabilities Non-current liabilities Finance lease obligation Deferred tax Current liabilities Trade and other payables Current tax Dividend payable 19 14 18 1,330 1,330 808 808 9,719 699 222 10,640 11,448 32,858 16 17 10 14,272 137 293 14,702 Total liabilities Total shareholders’ equity and l iabilities 6,032 51,114 The financial statements on pages 8 to 30 were approved by the Board of Directors on †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦2010 and signed on its behalf by: Director: Director: 9 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 STATEMENT OF CHANGES IN EQUITY (All amounts are expressed in thousands of Ghana cedis) Stated capital Year ended December 31, 2009 At the beginning of the year Total comprehensive income Dividend At the end of the year 6,000 6,000 15,410 15,156 (1,484) 29,082 21,410 15,156 (1,484) 35,082 Retained earningsTotal Year ended December 31, 2008 At the beginning of the year Total comprehensive income Dividend At the end of the year 6,000 6,000 9,494 7,054 (1,138) 15,410 15,494 7,054 (1,138) 21,410 10 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 STATEMENT OF CASH FLOWS (All amounts are expressed in thousands of Ghana cedis) Year ended December 31 2008 2009 25,191 (17) 418 17 (5,059) 20,533 13,198 (113) 239 (1,310) 12,014Note Cash flows from operating activities Cash generated from operations Interest paid Interest received Tax paid Net cash generated from operating activities Cash flows from investing activities Purchase of property, plant and equipment Purchase of land Proceeds from sale of property, plant and equipment Net cash used in investing activities Cash flows from financing activities Dividend paid Finance lease repaid Net cash used in financing activities Increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 22 10 12 13 12 21 12,181) (1) 296 (11,886) (6,429) (216) 112 (6,533) (1,413) (197) (1,610) 7,037 8,834 15,871 (1,048) (710) (1,758) 3,723 5,111 8,834 11 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 1. General informat ion Fan Milk Limited manufactures, distributes and sells dairy products and fruit drinks through a network of independent distributors and agents. The company is a public limited company incorporated and domiciled in Ghana under the Companies Code, 1963 (Act 179) and listed on the Ghana Stock Exchange.The registered office is located at No. 1 Dadeban Road, North Industrial Area, Accra-North. 2. Summary of significant accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. (a) Basis of accounting The financial statements have been prepared on the historical cost basis. They have been prepared in accordance with International Financial Reporting Standards (IFRS).The management of Fan Milk Limited considers the following to be the most important accounting policies for the company. In applying these accounting polic ies, management makes certain judgements and estimates that affect the reported amounts of assets and liabilities at the year end date and the reported revenues and expenses during the financial year. The financial statements have been prepared in accordance with the company’s accounting policies described below. The Company has adopted the following new and amended IFRSs as of January 1, 2009: ?IFRS 7 â€Å"Financial instruments – Disclosures† (amendment) – effective January 1, 2009. The amendment requires enhanced disclosure about fair value measurement and liquidity risk. In particular, the amendment requires disclosure of fair value measurements by level of a fair value measurement hierarchy. As the change in accounting policy only results in additional disclosure, there is no impact on earnings per share. ? IAS 1 (revised) â€Å"Presentation of financial statements† – effective January 1, 2009. The revised standard prohibits the present ation of items of income and xpenses (that is, `non-owner changes in equity`) in the statement of changes in equity, requiring `non-owner changes in equity` to be presented separately from owner changes in equity in a statement of comprehensive income. Comparative information has been re-presented so that it also is in conformity with the revised standard. As the change in accounting policy only impacts presentation aspects, there is no impact on earnings per share. 12 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 2.Summary of significant accounting policies (continued) (b) Property, plant and equipment Property, plant and equipment held for use in the production or supply of goods, or for administrative purposes are stated in the statement of financial position at historical cost or deemed cost less depreciation. Historical cost includes the expend iture that is directly attributable to the acquisition of the items. Deemed cost includes surpluses arising on the revaluation of certain properties to their fair values prior to the date of transition to IFRS.Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the statement of comprehensive income during the financial period in which they are incurred. Assets in the course of construction are carried at cost less any recognised impairment loss. Cost includes professional fees which are capitalised in accordance with the Company’s accounting policy.Depreciation of these assets commences when the assets are ready for their intended use. Land is not depreciated. Depreciation is calculated using the stra ight line method to write off the cost of each asset or revalued amounts over their estimated useful lives as follows: Buildings Plant and machinery Deep freezers and bicycles Distribution trucks Other motor vehicles Computer systems Furniture and fittings 10 – 20 years 10 years 5 years 8 years 5 years 3 years 5 years The assets’ residual values and useful lives are reviewed and adjusted if appropriate at each statement of financial position date.Any asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within other gains/(losses) in the statement of comprehensive income. When revalued assets are sold, the amounts included in other reserves are transferred to retained earnings. 13 FAN MILK LIMITED Financial Statements for the year ended De cember 31, 2009NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 2. Summary of significant accounting policies (continued) (c) Impairments of assets At each statement of financial position date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash generating unit (CGU) to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects the cu rrent market assessment of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or CGU) is estimated to be less than the carrying amount, the carrying amount of the asset (CGU) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately. (d) Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads, based on normal operating capacity.It excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Spare parts are written off in the year of purchase. (e) Inve stments and other financial assets Financial assets are classified as either financial assets at fair value through profit or loss, loans and receivables, held to maturity investments, or available for sale financial assets, as appropriate.When financial assets are recognised initially, they are measured at fair value, (plus in the case of investments not at fair value through profit or loss, directly attributable costs). The Company determines the classification of its financial assets upon initial recognition and, where allowed and appropriate, re-evaluates this designation at each financial year end. All regular purchases and sales of financial assets are recognised on the trade date – the date on which the company commits to purchase or sell the asset. 14FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 2. Summary of significant accounting po licies (continued) (e) Investments and other financial assets (continued) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are carried at amortised cost using the effective interest method.Gains and losses are recognised in income when the loans and receivables are derecognised or impaired, as well as through the amortisation process. (f) Trade receivables Trade receivables are amounts due from customers for goods sold in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest ethod, less allowance for impairment. An allowance for impairment of receivables is estimat ed when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. (g) Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the statement of financial position. h) Trade payables Trade payables are initially recognised at fair value and subsequently measured at amortised cost. (i) Bank borrowings Interest bearing loans and overdrafts are recorded at the proceeds amount received net of direct issue costs. Finance charges payable on settlement or redemption and direct costs, are accounted for on an accrual basis in the statement of comprehensive income using the effective interest rate method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. 15FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 2. Summary of significant accounting policies (continued) (j) Current and deferred income tax Current tax Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rate and tax laws used to compute the amount are those enacted or substantively enacted by the statement of financial position date.Deferred tax Deferred income tax is provided using the liability method on temporary differences at the statement of financial position date between the tax base of assets and liabilities and their carrying amount for financial reporting purposes. Deferred tax liabilities are recognised for all taxable temporary differences, except where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.Deferred income tax assets are recognised for all deductible temporary differences, carry-forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry-forward of unused tax credits and unused tax losses can be utilised except where the deferred tax assets relating to the deductible temporary differences arise from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting nor taxable profit or loss. k) Leases Leases are classified as finance leases whenever the terms of the lease involve the substantial tra nsfer of all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets of the Company at their fair value or, if lower, at the present value of the minimum lease payments, each determined at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.Lease payments are apportioned between financing charges and a reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against income, unless they are directly attributable to qualifying assets, in which case they are capitalised with the Company’s policy on borrowing costs. 16 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 2. Summary of significant accounting policies (continued) (k) Leases (continued) Property, plant and equipment acquired under finance leases are depreciated over the shorter of the useful life of such assets or the lease period. Payments made under operating leases are charged to the statement of comprehensive income on a straight line basis over the period of the lease. l) Employee benefits Pension obligation The Company operates a defined contribution pension plan (provident fund). A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. The Company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service. The contributions are recognised as employee benefit expense when they are due. m) Provisions Provisions are recognised when a present legal or constructive obligation exists as a r esult of past events, where it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably measured. (n) Revenue recognition Sale of goods Sales are recognised when the risks and rewards of the products have been substantially transferred to the customer. Sales are shown net of returns and value added tax. o) Foreign currencies Transactions are recorded on initial recognition in Ghana cedis, being the currency of the primary economic environment in which the company operates (the functional currency). Transactions in foreign currencies during the year are converted into Ghana cedis at prevailing rates of exchange ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into Ghana cedis at the rates of exchange ruling at the statement of financial position date.The resulting gains and losses are dealt with in the statement of comprehensive income. 17 FAN MILK LIM ITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 2. Summary of significant accounting policies (continued) (p) Dividend Dividend distributed to the company’s shareholders is recognised as a liability in the financial statements in the period in which the dividends are approved by the Company’s shareholders. q) Post statement of financial position events Events subsequent to the statement of financial position date are reflected only to the extent that they relate directly to the financial statements and the effect is material. (r) Contingent liabilities Contingent liabilities are potential liabilities that arise from past events, the existence of which will be confirmed only on the occurrence or non-occurrence of one or more uncertain future events which are not wholly within the control of the company.Provisions for liabilities are recorded when a l oss is considered probable and can be reasonably estimated. The determination of whether or not a provision should be recorded for any potential liabilities is based on management’s judgement. (s) Estimates Estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Because of the inherent uncertainties in this evaluation process, actual losses may be different from the originally estimated provision.In addition, significant estimates are involved in the determination of provision related to taxes and litigation risks. These estimates are subject to change as new information becomes available and changes subsequent to these estimates may significantly affect future operating results. Accounting for property, plant and equipment, and intangible assets involves the use of estimates for determining the fair value at the acquisition date. Furthermo re, the expected useful lives of these assets must be estimated.The determination of the fair values of assets and liabilities, as well as of the useful lives of the assets is based on management’s judgement. (t) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker is responsible for the allocation of resources and assessing the performance of the operation segments. 18 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 3. Revenue Gross sales Value added tax Included in revenue are export sales of GH? 182,773 (2008: GH? Nil). 4. Cost of sales Cost of sales includes: Depreciation of factory buildings and plant and machinery Staff costs – Wages and salaries – Social security – Provident fund 5. Distri bution costs Selling and distribution costs include: Depreciation of buildings, vehicles and machinery Staff costs – Wages and salaries – Social security – Provident fund 6.Administrative expenses Administrative expenses include: Depreciation of buildings, vehicles and machinery Staff costs – Wages and salaries – Social security – Provident fund Auditor’s remuneration Directors’ remuneration Donations 346 1,457 105 41 33 529 55 244 813 75 29 26 357 4 1,902 2,249 186 69 1,646 1,695 141 54 1,534 3,187 240 85 1,094 2,292 180 65 2009 94,842 (12,371) 82,471 2008 63,297 (8,256) 55,041 Total number of staff employed by the company in year was 407 (2008: 401). 7.Other income Profit on disposal of property, plant and equipment (Note 12) Interest on current accounts Sale of empty bags and scraps Provident fund refund Rent income Bad debts recovered Exchange gain 136 418 37 12 64 8 502 1,177 19 109 239 61 13 56 22 500 FAN MILK LIMITED Fin ancial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 8. Finance costs Interest payable on bank overdraft Interest payable on finance lease Interest payable on agents savings Finance costs on staff loans (Note 15) 2009 17 134 50 201 9.Income tax expense 2009 Current tax (Note 17) Deferred tax (Note 18) 4,497 522 5,019 2008 2,009 324 2,333 2008 4 109 113 The charge for the year can be reconciled to the profit per the statement of comprehensive income as follows: 2009 2008 Profit before tax Tax charged at 25% (2008: 25%) Expenses not deductible in determining taxable profit Other differences Capital allowances brought forward used in 2008 Export income at different tax rate 20,175 5,044 14 (31) (8) 5,019 10.Dividend payable Balance at January 1 Dividend declared and approved (GH? 0. 0750 per share; 2008: GH? 0. 0575 per share) Dividend paid Balance at December 31 222 1,484 (1,41 3) 293 132 1,138 (1,048) 222 9,387 2,347 1 4 (19) 2,333 Payment of dividend is subject to the deduction of withholding taxes at the appropriate rate. Proposed dividend for approval at AGM (not recognised as a liability as at December 31, 2009) amounted to GH? 1. 978 million (GH? 0. 10 per share). 20FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 11. Earnings per share Profit after tax Number of ordinary shares Basic and diluted earnings per share (GH? ) 2009 15,156 19,784,548 0. 77 2008 7,054 19,784,548 0. 36 There are no share options, potential rights issues or bonus issues, hence diluted earnings per share are the same as basic earnings per share. 12.Property, plant and equipment 2009 Buildings and roads Cost/deemed cost At January 1, 2009 Additions Transfers Disposals At December 31, 2009 Accumulated depreciation At January 1, 2009 Charge for the year Released on disposals At December 31, 2009 Net book value At December 31, 2009 2008 Buildings and roads Cost/deemed cost At January 1, 2008 Additions Transfers Disposals At December 31, 2008 Accumulated depreciation At January 1, 2008 Charge for the year Released on disposals At December 31, 2008 Net book value At December 31, 2008 2,829 125 3 (12) 2,945 1,069 154 (9) 1,214 1,731 Motor Plant and vehicles machinery 4,301 1,921 (431) 5,791 3,036 783 (431) 3,388 2,403 14,501 3,312 427 (174) 18,066 7,850 2,047 (174) 9,723 8,343 Capital WIP 265 1,071 (430) 906 906 Total 21,896 6,429 (617) 27,708 11,955 2,984 (614) 14,325 13,383 2,945 353 296 3,594 1,214 236 1,450 2,144 Motor Plant and vehicles machinery 5,791 4,602 72 (327) 10,138 3,388 1,159 (327) 4,220 5,918 18,066 5,740 78 (956) 22,928 9,723 2,387 (796) 11,314 11,614 Capital WIP 906 1,486 (446) 1,946 1,946 Total 27,708 12,181 (1,283) 38,606 14,325 3,782 (1,123) 16,984 21,622 Included in motor vehicles, plant and machinery are ass ets with a cost of GH? 2. 3 million (2008: GH? 2. 3 million) leased under a finance lease. 21 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 12.Property, plant and equipment (continued) 2009 Cost-capitalised finance lease Accumulated depreciation Net book value Profit on disposal of property, plant and equipment Cost of assets Accumulated depreciation Net book value Sale proceeds Profit on disposal 13. Prepaid operating lease-land Cost At January 1 Additions At December 31 Accumulated amortisation At January 1 Charge for the year At December 31 Net book value at December 31 14. Inventories Raw materials Finished goods Work in progress Goods in transit Other stocks 1,888 984 61 6,557 166 9,656 1,692 772 46 4,214 87 6,811 1,283 (1,123) 160 (296) (136) 617 (614) 3 (112) (109) 2,295 (2,295) 2008 2,295 (2,101) 194 1,910 1 1,911 ,694 216 1,910 209 55 264 1 ,647 154 55 209 1,701 During the year the cost of inventories charged to the statement of comprehensive income amounted to GH? 27. 7 million (2008: GH? 21. 1 million). 22 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 15. Trade and other receivables Trade receivables Other receivables Amounts due from staff Prepayments 2009 717 1,362 151 88 2,318 2008 419 1,551 127 32 2,129 The maximum amount of staff indebtedness during the year did not exceed GH? 0. 21 million (2008: GH? 0. 14 million).Amounts due from staff are recoverable as follows: Not later than 1 year Later than 1 year and no later than 5 years 2009 130 71 201 Future finance costs Present value of amounts due from staff The present value of the amounts due from staff is split as follows: Not later than 1 year Later than 1 year and no later than 5 years 105 46 151 108 19 127 (50) 151 2008 108 19 127 127 The fair value of amounts due from staff is based on cash flows discounted using a rate based on borrowing rate of 22. 53% (2008: Nil). The discount rate equals base rate minus appropriate credit rating from the company’s bankers. The directors consider that the carrying amount of trade and other receivables approximates to their fair value. 16.Trade and other payables Trade payables Other payables Finance lease obligation (Note 19) Accruals 2009 8,199 5,861 212 14,272 17. Current tax As at January 1 Charged to income Payments As at December 31 23 2008 6,375 2,934 197 213 9,719 699 4,497 (5,059) 137 2,009 (1,310) 699 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 18. Deferred tax Deferred tax is calculated in full on temporary differences under the liability method using a tax rate of 25% (2008: 25%). The charge for the year relates to accelerated tax allowances on property, plant and equipment. 008 2009 As at January 1 Charged to income As at December 31 19. Finance lease obligation The Company entered into a finance lease agreement in 2006 for the lease of certain motor vehicles, push carts, bicycles and freezers. The capital cost of these assets amounted to â‚ ¬753,070 and US$525,864. 91. The Company has an option to purchase the items after the primary lease period for a consideration of 0. 25% of the capital on the assets. The lease obligation is as follows: Minimum lease payments: Not later than 1 year Later than 1 year and no later than 5 years 2009 Future finance charges on finance lease Present value of finance lease liabilities 2008 212 212 (15) 197 808 522 1,330 484 324 808The present value of the finance lease liabilities is as follows: Not later than 1 year (Note 16) Later than 1 year and no later than 5 years 197 197 24 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 20. Stated capital No. of shares Proceeds 2009 2009 Authorised Ordinary shares of no par value Issued For cash Capitalisation of surplus 40,000,000 No. of shares 2008 40,000,000 Proceeds 2008 19,784,548 19,784,548 19 5,981 6,000 19,784,548 19,784,548 19 5,981 6,000 There is no unpaid liability on shares. There are no treasury shares. There are no calls or instalments unpaid. 21.Cash generated from operations Reconciliation of net profit before tax to cash generated from operations: 2009 Profit before tax Depreciation Amortisation Interest expense Interest income Increase in inventories Increase in trade and other receivables Increase in trade and other payables Profit on disposal of plant and equipment Cash generated from operations 20,175 3,782 55 201 (418) (2,845) (189) 4,566 (136) 25,191 2008 9,387 2,984 55 113 (239) (1,289) (536) 2,832 (109) 13,198 25 FAN MILK LIMITED Fina ncial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 22. Cash and cash equivalents Cash and cash equivalents comprise cash held and short term bank deposits with an original maturity of three months or less. The carrying amount of these assets approximates to their fair values.For the purpose of the statement of cash flows, the year end cash and cash equivalents comprise the following: 2008 2009 Bank and cash balances Bank overdrafts 15,871 15,871 8,834 8,834 At the statement of financial position date the Company had an approved unsecured overdraft facility with local banks not exceeding GH? 0. 5 million (2008: GH? 0. 5 million). 23. Related party disclosures The Company has a related party relationship with a major shareholder and with its directors. The major shareholder Fan Milk International A/S owns 55. 449% shares in Fan Milk Limited. Emidan A/S and Fan Milk Togo are su bsidiaries of Fan Milk International A/S and are therefore entities related through common control.In the normal course of business, the Company entered into the following transactions shown below: (i) Purchase of goods Emidan A/S Fan Milk Togo (ii) Sale of goods Fan Milk Togo Fan Milk Liberia (iii) Year end balances arising from purchase of goods Emidan A/S Fan Milk Togo 7,362 12 5,697 16 183 6 2009 23,602 28 2008 19,174 108 26 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 23. Related party disclosures (continued) (iv) Year end balances arising from sale of goods Fan Milk Liberia (v) Technical assistance fees Fan Milk International (vi) Year end balances arising from technical assistance fees Fan Milk International Transactions with key management personnel Key management personnel are considered to be the directors.Remuneration Executive director (short-term benefits) Non-executive directors (short-term benefits) Key management personnel have no post-employment benefits. 24. Contingent liabilities There were no contingent liabilities at the statement of financial position date (2008: GH? Nil). 25. Financial risk management Financial risk factors The Company’s activities expose it to a variety of financial risks, including the effects of changes in foreign currency exchange rates and interest rates. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise the potential adverse effects on its financial performance.Risk management is carried out by the management of the company under policies approved by the board of directors. Management identifies, evaluates and hedges financial risks. 407 180 302 129 351 267 1,237 825 2009 56 2008 – 27 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 25. Financial risk management (continued) Sensitivity analysis – currency risk The Company seeks to reduce its foreign currency exposure through a policy of matching, as far as possible, assets and liabilities denominated in foreign currencies.The Company imports raw materials, spare parts and equipment from overseas and therefore is exposed to foreign exchange risk arising from Euro and USD exposures. Management is responsible for minimising the effect of the currency exposure by buying foreign currencies when rates are relatively low and using them to settle bills when due. The Company hedges the currency risk using the practice stated above in order to mitigate currency risk as a result of changes in foreign exchange rates. The company’s hedging strategy is effective and movement in foreign exchange rates would have no material impact on the Company’s result. Sensitivity analysis â⠂¬â€œ interest rate risk The Company’s exposure to the risk of changes in market interest rates relates primarily o the Company’s long-term obligations with a floating interest rate. To manage this risk, the Company’s policy is to contract for best interest rate borrowings when terms offered are attractive. The sensitivity analysis for interest rate risk shows how changes in the fair value or future cash flows of a financial instrument will fluctuate because of changes in market rates at the reporting date. The Company had no significant exposure to interest rate risk as at December 31, 2009. Total exposure to credit risk Financial instruments that potentially subject the Company to credit risk are primarily cash and cash equivalents and accounts receivable. Account receivables are mainly derived from sales to customers.The Company maintains a provision for impairment of trade receivables based upon the expected collectibility of all trade receivables. Trade rec eivables consist of invoiced amounts from normal trading activities. The Company has customers throughout Ghana and Liberia. Strict credit control is exercised through monitoring of cash received from customers and, when necessary, provision is made for specific doubtful accounts. As at December 31, 2009, management was unaware of any significant unprovided credit risk. 28 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 25.Financial risk management (continued) The table below shows the maximum exposure to credit risk by class of financial instrument: 2009 Bank balances (excluding cash) Trade and other receivables (excluding prepayments) Total credit risk exposure Liquidity risk The Company has incurred indebtedness but also has significant cash balances. The Company evaluates its ability to meet its obligations on an ongoing basis. Based on these eval uations, the Company devises strategies to manage its liquidity risk. Prudent liquidity risk management implies that sufficient cash is maintained and that sufficient funding is available through an adequate amount of committed credit facilities.The Company has no limitation placed on its borrowing capability. The facilities expiring within one year are subject to renewal at various dates during the next year. The Company had the following unutilised banking facilities as at December 31, 2009: 2009 Expiring within one year 500 2008 500 15,073 2,230 17,303 2008 8,274 2,097 10,371 Cash of the Company is placed in interest bearing current accounts to provide sufficient funding to meet its debt financing plan. At the statement of financial position date cash held on the call account was GH? 5,946 (2008: GH? 3,788). This is expected to readily generate cash inflows for managing liquidity risk.Maturity analysis of financial liabilities The table below analyses the company’s financi al liabilities. All financial liabilities fall due for payment within six months. 2008 2009 Trade and other payables Finance lease liability 14, 272 14,272 9,522 197 9,719 29 FAN MILK LIMITED Financial Statements for the year ended December 31, 2009 + NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 26. Capital commitments Capital expenditure contracted for at the statement of financial position date but not recognised in the financial statements is as follows: 2008 2009 Property, plant and equipment approved and contracted 27.Capital risk management The primary objectives of the company’s equity capital management are to ensure that the company is able to meet its debts as they fall due, to maximise shareholder value and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. No changes were made in the objectives, policies and processes from the previous years. 28. Segment information Management has determined the operating segments based on the reports reviewed by the head of department group that are used to make strategic decisions. The group considers the business from product perspective. The reportable operating segments derive their revenue from the manufacture and distribution of dairy products and fruit drink. Management considers the products to have similar economic characteristics and they have therefore been aggregated into a single operating segment. 593 2,031 30

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Do ACT Scores Predict Success SAT / ACT Prep Online Guides and Tips Many students make judgments about their potential for future success based on how well they do on the ACT or SAT. Thoughearning high scores on these tests will help you to get into a selective college, the scores can’t necessarily determine your future beyond that. In this article, I’ll go through whether or not ACT scores can be used as a means of predicting academic success, career success, and overall happiness later in life. Do ACT Scores Predict Future Academic Success? The answer to this question is complicated because high ACT scores are intertwined with many other factors that may lead to academic success.Overall, studies have shownthat test scores are less reliable predictors of a student’s academic success in college than high school GPA. In examining students who submitted test scores versus students who did not, this study found negligible differences (an average of .05 points) in cumulative GPA in college between the two groups despite large differences in test scores. However, the GPAs of these students in college did correlate strongly with their high school GPAs. This isn’t entirely surprising, considering the fact the ACT scores are a limited measurement of academic ability. Your grades over the course of four years are overall a more accurate representation of your potential for academic success than your scores on one test. But this also depends on how you earned your ACT scores. Some students study for long periods of time to raise their scores, and some don’t study at all and still end up doing well. For students who did study hard to improve their scores, the numbers might provide more meaningful predictions of future academic performance. Interestingly enough, there is a more significant correlation between a student’s English and Math ACT scores and success in college than there is between a student’s composite score and success in college. According to one study, the Reading and Science sections of the ACT are the least relevant predictors of student graduation rate. A student with a 24 composite score who earned 22s on the Math and English subtests and 26s on the Reading and Science subtests is 43 percent more likely to drop out of college after three years than a student with the same composite score but opposite subtest scores. Students with very high or very low scores are also likely to see this performance reflected in their college achievements.It is probable that students with such extreme scores already had very high or very low GPAs as well. A very low ACT score (below the 25th percentile score of 16) may indicate an educational background that is lacking in the skills that are necessary for success in college academics. The weirdest graduation party ever? Do ACT Scores Predict Future Career Success? There isn’t definitive evidence to suggest that students with higher ACT scores will have significantly more success in their careers long-term. Of course, this also depends on your definition of "success." For some people, this means earning a high salary, and for others it just means doing a job that they enjoy. In the latter case, ACT scores are less relevant, although they can give you access to a wider variety of opportunities in career fields that interest you. Students who earn high ACT scores and attend selective colleges will have better educational resources available to them and be more attractive to employers. High ACT scores can get you into a good college, which may ultimately bolster your hiring and earning potential, but this depends on how well you do in your college classes, what level of education you reach, and what major you choose. People who earn master’s degrees earn more on average than people who earn bachelor’s degrees, and STEM majors earn more on average than humanities majors. In competitive fields like finance, software engineering, and consulting, employers sometimes use SAT and ACT scores to narrow down the field. If you’re planning on going into one of these fields, your ACT score may predict some fraction of your hiring potential, but this is relatively rare. Students who go on to higher levels of education usually do earn high standardized test scores, but most of them will also have performed well in their classes throughout high school and college.A high ACT score can’t predict that someone will earn a master’s degree or that they will be hired in a certain field.For people who are successful long-term in their careers, perseverance, hard work, and responsibility matter the most, and these traits can’t necessarily be determined by scores on the ACT. For some students who do extensive prep work, high scores may be indicative of these qualities, but that's not always the case. If only it were that simple... Do ACT Scores Predict Future Happiness? This is extremely subjective since each person defines happiness in a different way.Happiness for you might end up meaning something for you later in life that you could never have foreseenas a high school student.High ACT scores may predict admission to a selective college (depending on your GPA). This in turn means that you may have more opportunities to pursue your passions and follow a career path that interests you. These opportunities will contribute significantly to your happiness if you place a lot of value on academic achievement and career advancement. They might not contribute much to your happiness if you aren’t as interested in those things, or you feel unsatisfied even when you do well in school.In most cases, your quality of life will be better overall if you have a college education.Good scores will give you the chance to create a fulfilling life for yourself in certain ways, but you will need to develop skills for coping with setbacks and find out what you most enjoy doing in order to make the most of your opportunities. Happiness is subjective. Some people hate the outdoors/being rained on, so this would be a terrible experience for them. Conclusion ACT scores can usually predict whether you will get into a competitive college program. They're also relatively good at predicting performance in college for the first year or so. After that, it’s tough to make any concrete judgments about whether scores predict long-term success. Your GPA in high school is a slightly better predictor of academic success in college, and your major choice and ultimate education level are better predictors of your career and earning potential.A high ACT score indicates a greater likelihood that you will achieve success in college and in life, but only if it occurs in conjunction with these other determining factors. As far as long term happiness goes, most of the time that has more to do with intrinsic than extrinsic factors. For some people, no level of achievement on its own will bring happiness, and for others, happiness can be found in almost any situation.What it comes down to is that once you get into college, your scores have limited predictive value for your potential to do well going forward.Focus on your goals and think about what makes you happiest, and work towards those things! What's Next? Not sure whether your ACT score makes the cut? Find out what a good ACT score means for you based on your goals. If you're worried about your ACT scores, you should check out this article on when your test scores don't matter for college admissions. You might also take a look at these quick tips for improving your scores. Still can't decide whether to take the SAT or the ACT? Read this article to decide whether you're better suited to one or the otherbasedon your academic strengths. Disappointed with your ACT scores? Want to improve your ACT score by 4+ points? Download our free guide to the top 5 strategies you need in your prep to improve your ACT score dramatically. Have friends who also need help with test prep? Share this article! Tweet Samantha Lindsay About the Author Samantha is a blog content writer for PrepScholar. Her goal is to help students adopt a less stressful view of standardized testing and other academic challenges through her articles. Samantha is also passionate about art and graduated with honors from Dartmouth College as a Studio Art major in 2014. 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Power, Authority and Decision Making Research Paper

Power, Authority and Decision Making - Research Paper Example This paper tells that power may consist of anything that builds and maintains control of man over a fellow man. It tends to be defined as a force despite the fact that one with the power is the initiator or a responder. Thus, power is understood as a relational phenomenon in that persons exert power over others, and that power of an individual to do something constitutes a social relationship that is comparable to another person (Etzioni-Halevy, 1979). In light of this, power has been a crucial aspect of human civilization since time immemorial. In essence, power is physical, political or social. Additionally, in terms of business, power dynamics have the tendency to influence decisions and transactions of people heavily. Consequently, the definition of power could be challenging as it is understood and interpreted in various ways. Hence, power emanates from position or authority, which is capable of influencing people both positively and negatively. For this reason, the concept of p ower is placed in various categories for emphasis for simplicity and understanding (Wrong, 2002). Coercive Power Coercive power is the ability to use the threat to make people do what one desires. In essence, it forces people to submit to one’s demand for fear of losing something. According to Wrong 2002, power in terms of coercion can take many forms. For instance, in the political arena modern state imprison those people who do not act in accordance with the legal mandates (Fairholm, 2009). In regard to history, a majority of nations of the world joined in the boycott of Iraqi Oil in the hope of forcing the Iraqi government to honor the peace agreement that had been put forward in order to end the Gulf War of 1991. In the social arena, coercive power entails pushing someone into a behavior one would not engage in. It is worth noting that most of the coercive power is associated with physical violence. Coercive power is most efficient, when the threat of violence or punishme nt associated with it, is sufficient enough to make the responder consent to the demand. Coercive power is advantageous in situations of impending danger, assuring internal cohesion, over and above, disputes that are of great value to the initiator. For instance, the European countries used extreme and often brutal, coercive power to launch their rule over Africa, and other regions such as Asia. Conversely, even though the power may be impressive in specific situations, it might be useless in some situations especially when the responders to the power choose not to agree to the given threat (Wey 2009). Legitimate Power Legitimate power is derived from the authority of a person’s rate and position in a commanding chain. It is used in day to day life and it increases according to the responsibilities that are entitled to somebody. Never the less, legitimate power can be decreased in case the person who has the responsibility fails to fully meet them. The duration of this type o f power is short-lived as the person can only use it as he, or she holds a particular position.  

The questions below related to Managerial Economics Essay

The questions below related to Managerial Economics - Essay Example Through anchoring people are often overly influenced by outside suggestion. People can be influenced even when they know that the suggestion is not being made by someone who is better informed. (Kahneman & Tversky, 1999). Besides Expected Utility theory also do not seem to be in conformity with the rationality. The famous experiments conducted by Tversky and Kahneman suggested a revolutionary shift from the expected utility theory and clearly suggested than we humans are not essentially rational. These experiments were: We don’t always seem to be behaving according to rationality. The deviation from the rationality seems to be due to Satisficing and heuristics effects. The use of heuristics as a cognitive framework can lead us to errors and similarly satificing seems to be denying the rationality also. The phenomenon of self deception under which a person seems to be acting against what is expected. (Kakures, 1996) Thus the notion that whether a consumer is rational or not is little bit arbitrary in nature as consumers show both tendencies of rationality as well irrationality. Rationally in the sense that consumers considering their limited income, choices, risk appetite, take decisions so that utility is maximized however on the same hand consumers tend to involve themselves into impulse buying and all related activities which potentially point towards the irrational behavior of consumers. Rational thinking can define behavior like impulse buying etc due to the fact that consumers perceive value. There is also a phenomenon called framing effect which basically outlines that we decide differently depending on how we frame the decision based on the losses and gains. (Wang & Fischbeck, 2004). Thus if consumers perceive any gain or loss from making the purchase whether that purchase is rationally made or not is based on how she frames her decision

Finding meaning in Dorianne Laux's Dust Essay Example | Topics and Well Written Essays - 500 words

Finding meaning in Dorianne Laux's Dust - Essay Example Hence, in association with the feeling afore mentioned, we will discuss the use of image of God to represent the poet’s inner muse, how the poet state the functioning of human’s mind and lastly the human nature of closing eyes to the truth and opportunities of life. There are numerous poets who use the imagery, specifically of God to imply certain angles of life and so is the case with Laux’s ‘Dust. She in her third last line â€Å"God comes to your window† uses the word God to portray the inner inspiration of hers. It is not God that she is talking about, but the muse that people have within themselves, but choose to ignore it as a result of being maybe unsuccessful in you previous days, conformity or just laziness. Furthermore, people might don’t agree with a specific content of religion such as sin, rewards, punishment, fate or destiny, but the word God does attract a large number of reader and audience as it can be also used in context of culture. Moving to the next idea that is the functioning of human’s mind, in the whole poem Laux has clearly indicated that the functioning of a human mind is very complex and obtrusive. She illustrates through the first few lines of her poem â€Å"Someone spoke to me last night, told me the truth. But I recognized it† tells us that there are moment in an human’s life that they are provided with the truth and it’s that truth which they know relates to them, and for which they try to search for their whole life, but the next phrases implies that when they are in hold of that reality, they do nothing of it. Furthermore, the poem also indicates that during the hardships of life, people usually forget what the truth and reality had been about even if they recognize it. They just remember that there is truth for them or a reality concerning them, but they don’t remember the essence of it. The last idea connects to the previous one and outlines an intriguing nature of human

Politics KSN Research Paper Example | Topics and Well Written Essays - 3750 words

Politics KSN - Research Paper Example Later, Ras al khaymah joined the six States in 1972. The country has high GDP. It is comparable to some of the leading western Europeans nations. Due to its high oil revenue, high diversified economy and its moderate foreign policy is crucial in the affairs of the region. For more than three decades, UAE economy was driven by oil and global finance, however, in the recent past, its leaders have implemented broad economic focus. The economy has diversified to other sectors like mass communication, tourism, shipping and finance. Unlike many other of its regional peers, like Saudi Arabia, who have developed unstable and stagnant regimes, oil dependant economies, UAE has diversified its economy to become politically stable center for commerce. Consequently, UAE has resisted the regional economist analysis and were a clear outlier from the gulf(Lidstone and Digby 39) The development outcome created by UAE is quite unusual for the Persian Gulf. It is unique because of because of its liberal social altitude its economic dynamism and its political stability. In the country, people can openly wear out western style dress and alcohol consumption is widely accepted in contrast with Saudi Arabia, a different regional regime. There is a regional police, which enforces rigid social law among the expatriates. Unlike other neighbors, the power transitions within UAE government are smooth. In UAE, there are no violent domestic opposition movements. Moreover, finally the UAE economic development has outperformed Saudi Arabia’s and other neighboring countries in term of sustained growth and diversification. This observation has led to the puzzle of this thesis: why has UAE defied the economist expectation and become so politically stable and economic developed. Why have its peers like Saudi Arabia failed to do so? Have oil curse and Arabs and Islamic culture that is expected to fail the development of the gulf countries

AN INDIVIDUAL PROJECT PROPOSAL Dissertation Example | Topics and Well Written Essays - 1000 words

AN INDIVIDUAL PROJECT PROPOSAL - Dissertation Example The Standards for acquiring accessibility through technical specifications and interface design have been laid down for the conventional Web, but, how far e-learning systems are conforming to these standards is still unclear. More so, there remains conflicts between educational features and usability. There is a need for Institutions to meet recent accessibility andb fulfil government targets to deliver growing access to Higher Education. It can only be achieved by evaluating e-learning system usability and identifying the arising accessibility needs. Aims of the research The project intends to fulfil certain objectives. The research project will look at the current levels of accessibility in e-learning systems, that is the Virtual Learning Environments. It will go ahead to assess theproblems faced by disabled users in accessing system features these will include textual resources, interactive content, navigation features and tools for communication. The other things that will be car ried out may include semi-structured interviews with educational support staff, among them lecturers and Information Services staff that support the disabled users example, disability support staff,e-learning support. When it comes to the empirical research with learners, six to seven university sites will be taken to assess practices and policies in accessibility support that is within different e-learning systems. This practical investigation and research activities will help gain user views and perspectives on system usability example through questionnaires or interviews. There is a need for Institutions to know which features should be avoided or used with care so that to enable disabled students to access e-learning systems. They should also be able to know the features that are educationally valuable and if they can be supported with more training for disabled learners. General context descr?pt?on This project is personal research in the field of Information Science,especially within the area of end-user systems accessibility. It a coomon issue that in Higher Education there is constant innovation and changing methods to provision of online services, but , there remains grey areas when it comes to issue of user accessibility. This issue has turned into a neede requires secondary consideration. This research looks towards underpinning improved provision of accessible systems for disabled adult learners. It has been discovered that one of the major barriers for people with intellectual disabilities in accessing electronic programmes is due to the lack of accessible adult training material and information in simple language. Through focusing directly on people with disabilities, and also on the staff of adult education or e-learning providers, this Project tackles this problem and focuses on improving the accessibility of lifelong learning programmes. Research questions The research is aimed at answering the following questions: 1. What are the major obstac le faced by students when undertaking learning in an online setting? 2. What are the usability and accessibility issues in e-learning systems? 3. What are the training needs of disabled users in facilitating online learning? 4. How can usability and access issues be practically addressed? Research methodology The research will go for a practical research element to investigate questions outlined in the study mainly targeted at

Politics KSN Research Paper Example | Topics and Well Written Essays - 3750 words

Politics KSN - Research Paper Example Later, Ras al khaymah joined the six States in 1972. The country has high GDP. It is comparable to some of the leading western Europeans nations. Due to its high oil revenue, high diversified economy and its moderate foreign policy is crucial in the affairs of the region. For more than three decades, UAE economy was driven by oil and global finance, however, in the recent past, its leaders have implemented broad economic focus. The economy has diversified to other sectors like mass communication, tourism, shipping and finance. Unlike many other of its regional peers, like Saudi Arabia, who have developed unstable and stagnant regimes, oil dependant economies, UAE has diversified its economy to become politically stable center for commerce. Consequently, UAE has resisted the regional economist analysis and were a clear outlier from the gulf(Lidstone and Digby 39) The development outcome created by UAE is quite unusual for the Persian Gulf. It is unique because of because of its liberal social altitude its economic dynamism and its political stability. In the country, people can openly wear out western style dress and alcohol consumption is widely accepted in contrast with Saudi Arabia, a different regional regime. There is a regional police, which enforces rigid social law among the expatriates. Unlike other neighbors, the power transitions within UAE government are smooth. In UAE, there are no violent domestic opposition movements. Moreover, finally the UAE economic development has outperformed Saudi Arabia’s and other neighboring countries in term of sustained growth and diversification. This observation has led to the puzzle of this thesis: why has UAE defied the economist expectation and become so politically stable and economic developed. Why have its peers like Saudi Arabia failed to do so? Have oil curse and Arabs and Islamic culture that is expected to fail the development of the gulf countries