2015 REPORT FINAL1
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100<br />
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER <strong>2015</strong><br />
NOTES TO THE FINANCIAL STATEMENTS<br />
CHRIST IS THE ANSWER MINISTRIES (CITAM)<br />
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER <strong>2015</strong> (CONT'D)<br />
<strong>2015</strong> 2014<br />
Kshs<br />
Kshs<br />
16 Cash and cash equivalents<br />
Cash at Bank 23,952,757 69,073,508<br />
Safaricom Paybill Account 18,472,005 26,933,655<br />
Cash In hand 2,517,734 1,065,939<br />
Balance as at 31st December 44,942,496 97,073,103<br />
17 Short-term borrowings<br />
Co-operative Bank 31,264,513 28,128,041<br />
NIC Bank 1,506,332 511,864<br />
Tsusho Capital - 2,393,285<br />
Co-operative Bank- Ark Properties and Investments Limited 33,742,451 37,096,111<br />
66,513,296 68,129,301<br />
18 Trade and other payables<br />
Accounts payables and accruals 61,213,433 106,745,386<br />
Trade creditors 73,588,254 90,057,072<br />
Accrued gratuity 1,286,601 5,559,160<br />
136,088,288 202,361,619<br />
19 Capital commitments<br />
Authorised and contracted 41,321,779 43,661,014<br />
Authorised but not contracted 57,865,950 -<br />
99,187,729 43,661,014<br />
The above are capital commitments authorised and contracted and authorised but not contracted as at the balance sheet<br />
date but not recognized in the financial statements.<br />
20 Contingent liabilities<br />
Pending litigations in court. However, the Ministry does not foresee a major liability arising from the suit.<br />
21 Interest on short-term investments<br />
Interest on short-term investments 9,380,338 270,156<br />
The interest income has been recognized in the assemblies income under other income.<br />
22 Comparatives<br />
Where necessary ,comparative figures have been adjusted to conform with the changes in presentation in the current year. In<br />
particular, the comparatives have been adjusted or extended to take into account the requirements of the International<br />
Financial Reporting Standards.<br />
23 Currency<br />
The financial statements are presented in Kenya Shillings (Kshs).<br />
CITAM Annual Report and Financial Statements | <strong>2015</strong>