Annual Report and Audited Financial Statements 2011 - The Kenya ...

Minutes of the 45th Annual General Meeting
MIN. 5/AGM/2011: ADOPTION OF THE AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST
DECEMBER 2010.
The Financial Statements were presented to Members by the Honorary Treasurer, a Council member, who is the
chairman of Finance Committee. It had the following highlights:-
(i) The total revenue increased by 20% owing to increase in student registration, fees earned by the business
units, consultancies, and members subscriptions.
(ii) Direct costs increased by 26 %. This was attributed to increase in Lecturers fees, printing and stationery,
examination costs, advertising and publishing, accommodation, graduation expenses, telephone and
postage among many others.
(iii) The Gross profit increased by 18% owing to the Institute's ability to generate income.
(iv) Administrative expenses increased by 30% due to increased salaries and wages, staff welfare
development, medical scheme, staff Insurance, and directors' remuneration.
(v) Surplus for the year had increased with 13% and the same was expected to continue going up since
turnover has also increased with new businesses and innovations.
(vi) Other expenses amounted to Kshs. 229,085,500 in 2010 as compared to 219,800,957 in 2009.
(vii) The Non current assets have increased to 246 Million, up from 208 Million in 2009, whereas current Assets
have increased from 250 million to 335 million in 2010, making the total assets to be 381 million in 2010.
(viii) The total current liabilities increased from 143 million to 191 million in 2010.
(ix) The total accumulated Fund had increased from 315 million to 390 million.
MIN. 6/AGM/2011: BALANCE SHEET AND ACCOUNTS UPTO 31 ST DECEMBER 2010
A representative from KOKA KOIMBURI & CO. Certified Public Accountants read the Independent Auditors Report
and duly confirmed that:-
(i) The Financial statements of the Institute had been audited in accordance with the International Finance
Reporting Standards and the Provisions of the Companies Act.
(ii) The Financial statements gave a true and fair view of the Financial state of affairs of the Institute.
(iii) The Auditors took the chance to express their gratitude to Management for the opportunity to serve them since
they were retiring.
On a proposal by Ms Alice Owour and seconded by Mr Jonas Okwaro, the Audited Accounts for the Institute for
the year ended 31 st December 2010 as presented by the Auditors were adopted.
Comments
(i) The decrease of revenue from the Jitihada project from Kshs.17 million to 1 million was questioned by
members. It was complained that the Government had delayed in signing the second phase of the contract.
(ii) The Barclays Bank cash deposit was explained from the perspective of the pending Court case with Kenya
Re- Insurance, which necessitated a short term deposit with the Bank.
(iii) The Management was commended for the good financial records and an audit job well done.
10 Annual Report and Audited Financial Statements 2011