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