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

More documents

Recommendations

Info

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
Minutes of the 45th Annual General Meeting MIN. 7/AGM/2011: NATIONAL AND BRANCH NOMINATION AND ELECTION PROCESS The returning officer, Dr. JJ Mageria, the Chairman, Board of Fellows read the report of the concluded National and Branch elections. The main highlights were:- (i) (ii) (iii) The process was done with great professionalism. Online voting was time saving and would be more encouraged in future. The process was fair, free and above board with no suspicion at all. Pursuant to the provisions of the Article of Association, the names of the successful candidates were presented to the Annual General Meeting for ratification. On a proposal by Mr Julius Barno and seconded by Mr Sammy Maina the report was adopted. MIN. 8/AGM/2011 – APPOINTMENT OF AUDITORS The Council sought authority from the members to appoint and fix the remuneration of the new Auditors, the term of the current Auditors having expired. On a proposal by Mr Mwai wa Kihiu, seconded by Mr Francis Oloo it was adopted and authority granted. MIN. 9/AGM/2011 – REPORT ON COUNCIL EXPENSES. The management reported that:- (i) The Council members were not paid, but only given an allowance for expenses that are incurred in fuel, transport and re-imbursement, and on retreats for strategic planning. (ii) The council was commended for the professionalism exhibited and the transparency and accountability in minding the affairs of the Institute. (iii) The extraordinary drive by Council members to attend meetings was commented and the exemplary service offered to the Institute recognized. There being no other business the meeting ended at 6.00P.M CONFIRMED ______________________________________ CHAIRMAN DATE ____________________________________________ Annual Report and Audited Financial Statements 2011 11
Page 1 and 2: Annual Report and Audited Financial
Page 3 and 4: Table of Contents KIM Officials 2 N
Page 5 and 6: Notice of the Annual General Meetin
Page 7 and 8: Minutes of the 45th Annual General
Page 9: Minutes of the 45th Annual General
Page 13 and 14: I am glad to present to you the Ins
Page 15 and 16: Corporate Information (Continued) P
Page 17 and 18: Corporate Governance Report The Gen
Page 19 and 20: CSR REPORT 2011 Corporate Social Re
Page 21 and 22: ORGANISATIONAL PERFORMANCE INDEX (O
Page 23 and 24: Independent Auditor’s Report To t
Page 25 and 26: OUR BELIEF, A BETTER KENYA OUR DREA
Page 27 and 28: Statement of Financial Position for
Page 29 and 30: Statement of Cash Flows for the yea
Page 31 and 32: Notes to the Financial Statements f
Page 47 and 48: Total Turnover 2007 - 2011 in Kshs
Page 49 and 50: cut here Proxy Form THE 46th ANNUAL
Page 51 and 52: Annual Report and Audited Financial

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

Create successful ePaper yourself

Delete template?

Save as template?