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) 22 PROPERTY AND EQUIPMENT – BANK (Continued) The properties were re-valued as at 31 December 2011 by Ebony Estate Valuers Limited, Registered valuers. Valuations for the properties were made on the basis of the open market value. In accordance with IFRS 13, the fair value ranking of the buildings is at Level 2 as the fair value measurement is derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly as prices or indirectly as derived from prices. Group Bank 23 INTANGIBLE ASSETS – COMPUTER SOFTWARE 2015 2014 2015 2014 Sh’000 Sh’000 Sh’000 Sh’000 COST At 1 January 735,203 655,518 733,857 655,518 Additions 97,466 86,030 97,041 84,715 Write offs - (6,346) - (6,376) __________ _________ _________ _________ At 31 December 832,669 735,202 830,898 733,857 __________ _________ _________ _________ AMORTISATION At 1 January 417,582 327,305 417,327 327,305 Charge for the year 96,286 90,277 95,946 90,022 __________ _________ _________ _________ At 31 December 513,868 417,582 513,273 417,327 __________ _________ ________ _________ NET BOOK VALUE At 31 December 318,801 317,620 317,625 316,530 ======== ======== ======== ======== 24 PREPAID OPERATING LEASE RENTALS – Group & Bank Sh’000 Sh’000 Leasehold land: COST At 1 January and 31 December 180,335 180,335 ________ ________ AMORTISATION At 1 January 17,755 13,145 Charge for the year 4,611 4,610 ________ ________ At 31 December 22,366 17,755 ________ ________ NET BOOK VALUE At 31 December 157,969 162,580 ======= ======= 90
ANNUAL <strong>REPORT</strong> AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 NOTES TO THE FINANCIAL STATEMENTS (Continued) Group Bank 2015 2014 2015 2014 Sh’000 Sh’000 Sh’000 Sh’000 25 CUSTOMER DEPOSITS Current and demand accounts 31,218,004 27,017,203 31,219,555 27,017,558 Savings accounts 2,782,404 2,113,262 2,782,404 2,113,262 Fixed deposit accounts 28,710,451 18,006,015 28,728,908 18,055,605 _________ __________ __________ __________ 62,710,859 47,136,480 62,730,867 47,186,425 ======== ========= ========= ========= MATURITY ANALYSIS OF CUSTOMER DEPOSITS Repayable: On demand 31,218,004 27,017,203 31,219,555 27,017,558 Within one year 31,492,855 20,119,277 31,511,312 20,168,867 _________ __________ __________ _________ 62,710,859 47,136,480 62,730,867 47,186,425 ======== ========= ========= ======== The weighted average effective interest rate on interest bearing customer deposits at 31 December 2015 was 9 % (2014 – 7.63%). The related party transactions and balances are covered under note 34 and concentration of customers’ deposits is covered under note 4. 2015 2014 26 BORROWINGS – Group & Bank Sh’000 Sh’000 a) Analysis EIB 2,425,990 2,386,009 OIKO Credit 1,016,526 - PTA Loan 2(USD) - 381,976 Kenya ICT Board – Pasha loan 124,420 121,050 Waste_Finish Ink 10,864 11,300 _________ ________ 3,577,800 2,900,335 Subordinated Corporate Bond 2,073,945 - Upfront Fees (64,025) - _________ _________ 5,587,720 2,900,335 ======== ======== b) Movement: b) At beginning of the year 2,900,335 1,343,811 Received in the year 3,018,800 2,331,920 Accrued interest 180,412 77,718 Repaid in the year (511,827) (853,114) _________ _________ 5,587,720 2,900,335 ======== ======== 91
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FAMILY BANK INSURANCE AGENCY LIMITE
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Annual REPORT

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