2015 REPORT FINAL1

100
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2015
NOTES TO THE FINANCIAL STATEMENTS
CHRIST IS THE ANSWER MINISTRIES (CITAM)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2015 (CONT'D)
2015 2014
Kshs
Kshs
16 Cash and cash equivalents
Cash at Bank 23,952,757 69,073,508
Safaricom Paybill Account 18,472,005 26,933,655
Cash In hand 2,517,734 1,065,939
Balance as at 31st December 44,942,496 97,073,103
17 Short-term borrowings
Co-operative Bank 31,264,513 28,128,041
NIC Bank 1,506,332 511,864
Tsusho Capital - 2,393,285
Co-operative Bank- Ark Properties and Investments Limited 33,742,451 37,096,111
66,513,296 68,129,301
18 Trade and other payables
Accounts payables and accruals 61,213,433 106,745,386
Trade creditors 73,588,254 90,057,072
Accrued gratuity 1,286,601 5,559,160
136,088,288 202,361,619
19 Capital commitments
Authorised and contracted 41,321,779 43,661,014
Authorised but not contracted 57,865,950 -
99,187,729 43,661,014
The above are capital commitments authorised and contracted and authorised but not contracted as at the balance sheet
date but not recognized in the financial statements.
20 Contingent liabilities
Pending litigations in court. However, the Ministry does not foresee a major liability arising from the suit.
21 Interest on short-term investments
Interest on short-term investments 9,380,338 270,156
The interest income has been recognized in the assemblies income under other income.
22 Comparatives
Where necessary ,comparative figures have been adjusted to conform with the changes in presentation in the current year. In
particular, the comparatives have been adjusted or extended to take into account the requirements of the International
Financial Reporting Standards.
23 Currency
The financial statements are presented in Kenya Shillings (Kshs).
CITAM Annual Report and Financial Statements | 2015