CONTENTS - Investing In Africa

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COMMUNITY SOCIAL DEVELOPMENT REPORT continued exhibited when KCB staff teams from Sarit Centre, KICC, Milimani, Kipande House and River Road branches joined together to support the construction of two classrooms for the Maria Immaculate Educational Centre in Kahawa West, Nairobi. Additionally, scholarship support for bright needy students entering secondary school was provided by the Bank through the Palmhouse Foundation. The Bank’s support extends to all the countries in the region where we operate and Peiti Primary School in Southern Sudan received a valuable contribution for reconstruction. Several other institutions across Kenya also received donations towards improvement of learning facilities. Sports KCB continues to nurture and support the development of sporting talent in Kenya as a national resource. To this end, KCB sponsored the KCB Pro-Am Golf series, the KCB Kenya Open Tennis Championship, the KCB/Athletics Kenya National Cross-country series and the KCB Kenya National Rally Championship. In addition, KCB sponsored soccer, rugby, basketball and volleyball teams in various national leagues. Sports investment: KShs17,781,793 Education investment: KShs11, 868,560 Welfare KCB continues to be a caring partner for all our communities, and at branch level this is exhibited through our support for a number of local needy institutions, school events, charity walks and sponsorships towards deserving causes. Some of the beneficiaries in 2007 included: AIC Care Centre-Kajiado, Embu Special School, Gertrude’s Children Hospital, Freedom From Hunger Walk, Heart to Heart Foundation, Kipsigis Girls Secondary School, Starehe Girls Centre, Kenya Scouts Association, Kenya Red Cross Society, Kenya Paraplegic Association, Kenya Secondary School Heads Association, Kenya Breast Health Programme, Mukuruweini Development Trust, Riziki Children’s Home, Rotary Club of Nairobi and Rhino Ark, among many others. KCB participates in numerous charitable events both as a donor and through involvement of community champions and staff. Welfare investment: KShs3, 986,440 32 KCB ANNUAL REPORT & FINANCIAL STATEMENTS 2007
REPORT OF THE INDEPENDENT AUDITORS The accompanying financial statements of Kenya Commercial Bank Limited and subsidiaries as set out on pages 35 to 76, which comprise the balance sheet of the Group and the Bank as at 31 December 2007 and the income statement of the Group and the Bank, statement of changes in equity of the Group and the Bank, cash flow statement of the Group 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 the requirements of the Kenyan Companies Act. 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. AUDITORS’ RESPONSIBILITY that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made 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 audit opinion. OPINION In our opinion, the accompanying financial statements give a true and fair view of the state of the financial affairs of the Group and of the Bank as at 31 December 2007 and of the profit of the Group and the Bank and cash flows of the Group for the year in accordance with the requirements of International Financial Reporting Standards and the Kenyan Companies Act. Report on Other Legal Requirements As required by the Kenyan Companies Act, we report to you, based on our audit that: Our responsibility is to express an independent opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether 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 auditors’ 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 i) 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; ii) In our opinion, proper books of account have been kept by the Group and the Bank, so far as appears from our examination of those books; iii) The Group and the Bank balance sheets and income statements are in agreement with the books of account. Nairobi 28th February 2008 KCB ANNUAL REPORT & FINANCIAL STATEMENTS 2007 33
Page 1 and 2: CONTENTS Group Information ........
Page 3 and 4: FIVE YEAR PERFORMANCE ANALYSIS EARN
Page 5 and 6: NOTICE OF THE 37 TH ANNUAL GENERAL
Page 7 and 8: BOARD OF DIRECTORS Standing: left t
Page 9 and 10: DIRECTORS OF SUBSIDIARIES Standing:
Page 11 and 12: CHAIRMAN’S COMMENTARY The KCB Gro
Page 13 and 14: CHAIRMAN’S COMMENTARY continued D
Page 15 and 16: TAARIFA YA MWENYEKITI KCB ilikuwa n
Page 17 and 18: TAARIFA YA MWENYEKITI kuendelea KCB
Page 19 and 20: CEO’s COMMENTARY Profit before ta
Page 21 and 22: CEO’s COMMENTARY continued TEAM B
Page 23 and 24: TAARIFA YA MKURUGENZI MKUU kuendele
Page 25 and 26: REPORT OF THE DIRECTORS The directo
Page 27 and 28: STATEMENT OF DIRECTORS’ RESPONSIB
Page 29 and 30: CORPORATE GOVERNANCE STATEMENT cont
Page 31: COMMUNITY SOCIAL DEVELOPMENT REPORT
Page 35 and 36: CONSOLIDATED BALANCE SHEET as at 31
Page 37 and 38: BALANCE SHEET OF THE BANK as at 31s
Page 39 and 40: CONSOLIDATED STATEMENT OF CHANGES I
Page 41 and 42: CONSOLIDATED CASH FLOW STATEMENT fo
Page 43 and 44: NOTES TO THE FINANCIAL STATEMENTS c
Page 77 and 78: PROXY FORM THE SECRETARY KENYA COMM

CONTENTS - Investing In Africa

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