2015 REPORT FINAL1

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98 FINANCIAL CHRIST IS THE STATEMENTS ANSWER MINISTRIES FOR THE (CITAM) YEAR ENDED 31ST DECEMBER 2015 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2015 (CONT'D) 8 Prepaid operating lease rentals 2015 2014 Cost Kshs Kshs As at 1st January As at 1st January 439,783,178 425,774,335 Additions 11,602,513 14,008,843 As at 31st December 451,385,691 439,783,178 Amortization As at 1st January 34,004,803 29,465,950 Charge for the year 4,656,066 4,538,854 As at 31st December 38,660,869 34,004,803 Net book value As at 31st December 412,724,822 405,778,375 Lease hold land is disclosed as prepaid operating lease rentals and carried at cost less amortisation over the lease period. 9 Related party balances 9.1 Ark Properties and Investments Limited The ministry incorporated the above named company to deal with its investments matters. As at 1st January 371,441,364 387,525,830 Increase/(Decrease) During the year 4,463,959 (16,084,466) As at 31st December 375,905,323 371,441,364 The above report relates to balance of loans CITAM borrowed on behalf of Ark Properties and Investments Limited. CITAM owns 99.7% directly and 0.3% indirectly (through CITAM trustees) of Ark Properties and Investments Limited shareholding. According to a valuation carried out by Adomag Valuers & Associates on the 8th July 2013, the Juja land was valued at Kshs 920, 200,000 (gross income of Kshs 4,400,000 and a net income of Kshs 4,300,000 per acre for a total of 214 acres). 9.2 Long-term investments (Pan Africa Christian University) As at 1st January 82,143,176 39,054,987 Additions During the year 34,254,079 43,088,189 As at 31st December 116,397,255 82,143,176 CITAM owns 60% shareholding in Pan Africa Christian University(PACU) and the above amounts are the funds invested by CITAM as at 31st December. 14 CITAM Annual Report and Financial Statements | 2015
99 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2015 CHRIST NOTES IS THE ANSWER TO THE MINISTRIES FINANCIAL (CITAM) STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2015 (CONT'D) 2015 2014 Kshs Kshs 10 Addition to Work in progress CITAM Ngong - Moving The Ark/Together we can do More 58,565,293 32,560,261 CITAM Parklands - Moving The Ark/Together we can do More 22,619,369 60,250,483 81,184,662 92,810,743 CITAM Nakuru 834,941 826,500 CITAM Thika road - 1,592,057 NPCCC Kiserian 9,163,151 12,069,191 CITAM Valley Road 2,233,046 - CITAM Kisumu Academy - 154,280 NPCA Woodley 1,873,301 13,387,165 CITAM Eldoret 5,184,008 9,978,112 CITAM Buruburu 12,026,563 5,843,502 CITAM Karen 5,619,569 444,040 CITAM Athi River 17,835,321 9,310,694 Total as at 31st December 135,954,562 146,416,284 The above relates to the various projects under construction. 11 Intangible assets (computer software) Cost At 1st January 53,030,265 39,606,438 Additions 5,771,489 13,423,827 At 31st December 58,801,753 53,030,265 Amortisation At 1st January 36,245,252 20,792,062 Charge for the year 9,414,064 15,453,190 At 31st December 45,659,316 36,245,252 Net book value At 31st December 13,142,437 16,785,013 12 Inventories 481,109 986,276 This comprise of stock of dry foods at the catering units 13 Trade and other receivables Trade receivables and prepayments 37,016,961 11,692,283 Debtors - Hope Fm 23,646,388 20,812,452 School fees debtors 55,868,993 30,719,404 Other receivables 9,432,178 11,657,896 125,964,520 74,882,036 14 Short-term investments Alex Tee treasury bonds 2,000,000 2,000,000 Rev. Alexander Tee invested in twelve (12) years Government of Kenya treasury bonds and the interest earned from the bonds is used to financially support children leaving CITAM Kiserian Children Center when going either to employment or further studies. 15 Fixed Deposits Co-operative Bank of Kenya 112,389,839 - CFC Stanbic Bank 1,044,344 - 113,434,183 - CITAM Annual Report and Financial Statements | 2015 15
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ANNUAL REPORT & FINANCIAL STATEMENT
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2015 REPORT FINAL1

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