Annual REPORT

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ANNUAL <strong>REPORT</strong> AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 NOTES TO THE FINANCIAL STATEMENTS (Continued) 20 INVESTMENT IN SUBSIDIARY – Bank (Continued) Set out below is the summarised financial information for the subsidiary: 2015 2014 Summarised statement of financial position Sh’000 Sh’000 Total assets 119,491 71,957 Total liabilities 3,641 12,014 _________ ________ Net assets 115,850 59,943 ======== ======= Summarised statement of profit and loss and other comprehensive income Brokerage Commission 146,644 73,848 __________ __________ Profit before income tax 83,111 36,218 Taxation (27,204) (14,988) __________ __________ Profit for the year 55,907 21,230 ========= ======== Summarised statement of cash flows Net cash generated from operating activities 44,847 19,737 Net cash used in investing activities (64,805) (2,696) __________ _________ Net (decrease)/increase in cash and cash equivalents (19,958) 17,041 Cash and cash equivalents at beginning of year 49,945 32,904 __________ _________ Cash and cash equivalents at end of year 29,987 49,945 ========= ======== 86
ANNUAL <strong>REPORT</strong> AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 NOTES TO THE FINANCIAL STATEMENTS (Continued) 2015 2014 Sh’000 Sh’000 21 a) INVESTMENT PROPERTIES – Group & Bank At start of year 127,400 106,000 Disposal (4,200) (3,000) Gain on revaluation - 24,400 To non-current assets held for sale (105,000) - ________ ________ At end of year 18,200 127,400 b) NON-CURRENT ASSETS HELD FOR SALE – Group & Bank ======= ======= At start of year - - From Investment properties 105,000 - Fair value loss (15,000) - ________ ________ At end of year 90,000 - ======= ======= Investment property relate to Leasehold land acquired at a cost of Shs 24,500,000 as part of the Group’s expansion plans and Lease hold land acquired at a cost of Shs 3,170,000 for national customer promotion raffle in 2015 part of the land at value of shs.7,200,000 was given out in Kunacha Mili na Acre promotion to the various winners. The properties were re-valued as at 31 December 2015 by M.S Kibui & Associates Valuers, registered valuers. Valuations for the properties were made on the basis of the open market value and the concept of highest and best use was used. The book values of the re-valued items were adjusted to the re-valued amounts and the resultant surplus was credited to profit and loss. In accordance with IFRS 13, the fair value ranking of the Investment Property is at Level 2 as the fair value measurement is derived from inputs other than quoted prices that are observable for the asset or liability, either directly as prices or indirectly as derived from prices. The industrial area property was transferred from investment property to assets held for sale as the bank had entered into a sale agreement and a deposit of Kshs 9 million had been received by the bank as at 31 December 2015. 87
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Annual REPORT

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