2015 REPORT FINAL1
90 CHRIST FINANCIAL IS THE CHRIST ANSWER STATEMENTS IS CHRIST THE MINISTRIES ANSWER IS THE (CITAM) MINISTRIES ANSWER FOR MINISTRIES (CITAM) THE (CITAM) YEAR ENDED 31ST DECEMBER 2015 STATEMENT OF SURPLUS OR DEFICIT FINANCIAL STATEMENTS FINANCIAL FINANCIAL STATEMENTS FOR THE STATEMENTS YEAR FOR ENDED THE YEAR FOR 31ST THE ENDED DECEMBER YEAR 31ST ENDED 2015 DECEMBER 31ST DECEMBER 2015 2015 STATEMENT STATEMENT OF SURPLUS STATEMENT OF OR SURPLUS DEFICIT OF SURPLUS OR DEFICIT OR DEFICIT Note Note 2015 Note 20152014 2015 2014 2014 Kshs Kshs Kshs Kshs Kshs Kshs Assemblies Assemblies Income Assemblies Income Income 2 2 2 Tithes and offerings Tithes and Tithes offerings and offerings 946,273,267 946,273,267 798,600,377 946,273,267 798,600,377 798,600,377 Ministries and Ministries departments and Ministries departments and departments 42,156,087 42,156,087 26,007,201 42,156,087 26,007,201 26,007,201 Fundraising and Fundraising donations Fundraising and donations and donations 12,287,201 12,287,201 1,373,995 12,287,201 1,373,995 1,373,995 Other incomeOther income Other income 9,859,476 9,859,476 654,243 9,859,47654,243 654,243 Rental income Rental income Rental income 6,191,106 6,191,106 8,808,938 6,191,106 8,808,938 8,808,938 Investment income Investment Investment income income 156,971 156,971 270,156 156,971270,156 270,156 Total incomeTotal income Total income 1,016,924,108 1,016,924,108 835,714,910 1,016,924,108 835,714,910 835,714,910 Assemblies ExpensesAssemblies Expenses 2 2 2 Staff costs Staff costsStaff costs 221,514,039 221,514,039 215,745,451 221,514,039 215,745,451 215,745,451 Administrative Administrative costs Administrative costs costs 201,123,052 201,123,052 145,566,421 201,123,052 145,566,421 145,566,421 Ministries costs Ministries costs Ministries costs 182,659,776 182,659,776 168,751,418 182,659,776 168,751,418 168,751,418 Severance costs Severance Severance costs costs 1,459,252 1,459,252 56,066,766 1,459,252 56,066,766 56,066,766 Total expenses Total expenses Total expenses 606,756,119 606,756,119 586,130,056 606,756,119 586,130,056 586,130,056 Surplus before Surplus projects before Surplus and projects capital before and projects capital and capital expenditure expenditure expenditure 410,167,989 410,167,989 249,584,854 410,167,989 249,584,854 249,584,854 Projects income Projects and income expenses Projects and income expenses and expenses 3 3 3 Total projects Total income projects Total income projects income 222,423,506 222,423,506 199,880,284 222,423,506 199,880,284 199,880,284 Total projects Total expenses projects Total expenses projects expenses 3.1 (177,971,000) 3.1 (177,971,000) 3.1 (207,506,851) (177,971,000) (207,506,851) (207,506,851) Projects Net Projects income Net Projects income Net income 44,452,506 44,452,506 (7,626,567) 44,452,506 (7,626,567) (7,626,567) Special Outreach Special activities Outreach Special Outreach activities activities4 4 4 Total special Total outreach special activities Total outreach special income activities outreach income activities income 56,576,674 56,576,674 49,868,118 56,576,674 49,868,118 49,868,118 Total special Total outreach special activities Total outreach special expenses activities outreach expenses activities 4.1 expenses (83,952,469) 4.1 (83,952,469) 4.1 (92,144,885) (83,952,469) (92,144,885) (92,144,885) Special outreach Special activities outreach Special net activities outreach income activities net income net income (27,375,795) (27,375,795) (42,276,767) (27,375,795) (42,276,767) (42,276,767) Moving The Ark Moving & Together The Moving Ark we & can The Together do Ark More & we Together can do we More 5 can do More 5 5 MTA and TWM MTA Income and TWM MTA and Income TWM Income 50,453,825 50,453,825 96,051,901 50,453,825 96,051,901 96,051,901 Expenses Expenses Expenses (4,385,826) (4,385,826) (1,707,269) (4,385,826) (1,707,269) (1,707,269) Construction Construction WIP-Parklands Construction WIP-Parklands & Ngong WIP-Parklands Sanctuaries & Ngong Sanctuaries & Ngong (81,184,662) Sanctuaries (81,184,662) (60,250,483) (81,184,662) (60,250,483) (60,250,483) MTA and TWM MTA net and (deficit)/surplus TWM MTA and net (deficit)/surplus TWM net (deficit)/surplus(35,116,663)(35,116,663) 34,094,149 (35,116,663) 34,094,149 34,094,149 Surplus before Surplus capital before Surplus expenditure capital before expenditure capital expenditure 392,128,037 392,128,037 233,775,669 392,128,037 233,775,669 233,775,669 Capital expenditure Capital expenditure Capital expenditure Land and buildings Land and buildings Land and buildings 2,000,000 2,000,000 5,130,107 2,000,000 5,130,107 5,130,107 Prepaid operating Prepaid lease operating Prepaid rentalslease operating rentals lease rentals 11,602,513 11,602,513 14,008,843 11,602,513 14,008,843 14,008,843 Motor vehicles Motor vehicles Motor vehicles 11,150,000 11,150,000 11,210,200 11,150,000 11,210,200 11,210,200 Construction Construction WIP Construction WIP WIP 54,769,900 54,769,900 86,165,801 54,769,900 86,165,801 86,165,801 Furniture and Furniture equipment and Furniture equipment and equipment 35,735,118 35,735,118 46,433,242 35,735,118 46,433,242 46,433,242 Tents Tents Tents 1,861,964 1,861,964 12,881,524 1,861,964 12,881,524 12,881,524 Computers Computers Computers 3,887,817 3,887,817 4,749,991 3,887,817 4,749,991 4,749,991 Computer software/LAN Computer Computer software/LAN software/LAN 5,771,489 5,771,489 13,423,826 5,771,489 13,423,826 13,423,826 126,778,801 126,778,801 194,003,534 126,778,801 194,003,534 194,003,534 Surplus for the Surplus year after for Surplus the CAPEX year for after the year CAPEX after CAPEX265,349,236 265,349,236 39,772,135 265,349,236 39,772,135 39,772,135 6 6 6 CITAM Annual Report and Financial Statements | 2015
91 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2015 CHRIST IS THE ANSWER MINISTRIES (CITAM) BALANCE SHEET FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2015 BALANCE SHEET Note 2015 2014 FUNDS, RESERVES AND LONG-TERM LIABILITIES Kshs Kshs FUNDS AND RESERVES Capital fund 2,277,365,490 2,135,260,846 General fund 172,361,402 (108,498,095) Alexander Tee Memorial fund 4,886,247 4,563,266 Schools textbook fund 24,556,314 20,858,223 Mission support Fund (7,974,514) (24,464,931) Designated fund 17,236,611 52,353,274 Reserve fund 19,606,402 - 2,508,037,952 2,080,072,583 LONG-TERM LIABILITIES Long-term borrowing 6 345,850,840 413,223,298 TOTAL FUNDS, RESERVES AND LONG TERM LIABILITIES 2,853,888,792 2,493,295,881 REPRESENTED BY: NON-CURRENT ASSETS Property,plant and equipment 7 1,851,498,232 1,712,697,459 Prepaid operating lease rentals 8 412,724,822 405,778,375 Related party balances 9.1 375,905,323 371,441,364 Long term investments 9.2 116,397,255 82,143,176 Intangible assets 11 13,142,438 16,785,012 2,769,668,068 2,588,845,386 CURRENT ASSETS Inventory 12 481,109 986,276 Trade and other receivables 13 125,964,520 74,882,036 Short term investments 14 2,000,000 2,000,000 Fixed deposits 15 113,434,183 - Cash and cash equivalents 16 44,942,496 97,073,103 286,822,308 174,941,415 CURRENT LIABILITIES Short-term borrowings 17 66,513,296 68,129,301 Trade and other payables 18 136,088,288 202,361,619 202,601,584 270,490,920 NET CURRENT ASSETS/(LIABILITIES) 84,220,724 (95,549,505) TOTAL NET ASSETS 2,853,888,792 2,493,295,881 The financial Statements on pages 90 to100 were approved by the Deacon Board members on…………… …………………...2016 and signed on its behalf by: CHAIRMAN:……............................. TREASURER:...................................... 7 CITAM Annual Report and Financial Statements | 2015
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91<br />
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER <strong>2015</strong><br />
CHRIST IS THE ANSWER MINISTRIES (CITAM)<br />
BALANCE SHEET<br />
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER <strong>2015</strong><br />
BALANCE SHEET<br />
Note <strong>2015</strong> 2014<br />
FUNDS, RESERVES AND LONG-TERM LIABILITIES Kshs Kshs<br />
FUNDS AND RESERVES<br />
Capital fund 2,277,365,490 2,135,260,846<br />
General fund 172,361,402 (108,498,095)<br />
Alexander Tee Memorial fund 4,886,247 4,563,266<br />
Schools textbook fund 24,556,314 20,858,223<br />
Mission support Fund (7,974,514) (24,464,931)<br />
Designated fund 17,236,611 52,353,274<br />
Reserve fund 19,606,402 -<br />
2,508,037,952 2,080,072,583<br />
LONG-TERM LIABILITIES<br />
Long-term borrowing 6 345,850,840 413,223,298<br />
TOTAL FUNDS, RESERVES AND LONG TERM LIABILITIES 2,853,888,792 2,493,295,881<br />
REPRESENTED BY:<br />
NON-CURRENT ASSETS<br />
Property,plant and equipment 7 1,851,498,232 1,712,697,459<br />
Prepaid operating lease rentals 8 412,724,822 405,778,375<br />
Related party balances 9.1 375,905,323 371,441,364<br />
Long term investments 9.2 116,397,255 82,143,176<br />
Intangible assets 11 13,142,438 16,785,012<br />
2,769,668,068 2,588,845,386<br />
CURRENT ASSETS<br />
Inventory 12 481,109 986,276<br />
Trade and other receivables 13 125,964,520 74,882,036<br />
Short term investments 14 2,000,000 2,000,000<br />
Fixed deposits 15 113,434,183 -<br />
Cash and cash equivalents 16 44,942,496 97,073,103<br />
286,822,308 174,941,415<br />
CURRENT LIABILITIES<br />
Short-term borrowings 17 66,513,296 68,129,301<br />
Trade and other payables 18 136,088,288 202,361,619<br />
202,601,584 270,490,920<br />
NET CURRENT ASSETS/(LIABILITIES) 84,220,724 (95,549,505)<br />
TOTAL NET ASSETS 2,853,888,792 2,493,295,881<br />
The financial Statements on pages 90 to100 were approved by the Deacon Board members<br />
on…………… …………………...2016 and signed on its behalf by:<br />
CHAIRMAN:…….............................<br />
TREASURER:......................................<br />
7<br />
CITAM Annual Report and Financial Statements | <strong>2015</strong>
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