2015 REPORT FINAL1

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92 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2015 CHRIST IS THE ANSWER MINISTRIES FUNDS AND RESERVES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2015 FUNDS AND RESERVES Capital Fund General Fund Alexander Tee Text Book Fund Mission Support Fund Designated Fund Reserve Fund Total Funds Kshs Kshs Kshs Kshs Kshs Kshs Kshs Kshs As at 1st January 2014 1,950,656,067 (122,076,080) 4,259,428 18,666,230 (4,669,353) 18,259,125 - 1,865,095,417 Fixed asset additions 254,254,016 - - - - - - 254,254,016 Net interest income - - 303,838 - - - - 303,838 Disposal (7,900,000) 7,900,000 - - - - - - Depreciation (44,127,164) - - - - - - (44,127,164) Amortization (19,992,074) - - - - - - (19,992,074) Fees receivable - - - 7,820,084 - - - 7,820,084 10% tithe allocation - - - - 79,860,038 - - 79,860,038 Additions - (96,051,901) - - - 96,051,901 - - Payments - 1,707,269 - (5,628,091) (99,655,616) (1,707,269) - (105,283,708) Depreciation-Disposal 2,370,000 - - - - - - 2,370,000 Transfers to general fund - 60,250,483 - - - (60,250,483) - - Surplus for the year - 39,772,135 - - - - - 39,772,135 As at 31st December 2014 2,135,260,846 (108,498,095) 4,563,266 20,858,223 (24,464,931) 52,353,274 - 2,080,072,583 As at 1st January 2015 2,135,260,846 (108,498,095) 4,563,266 20,858,223 (24,464,931) 52,353,274 - 2,080,072,583 Fixed asset additions 207,963,463 - - - - - - 207,963,463 Net interest income - - 322,981 - - - - 322,981 Adjustment/Disposal (7,007,973) - - - - - - (7,007,973) Depreciation (45,945,749) - - - - - - (45,945,749) Amortization (14,070,097) - - - - - - (14,070,097) 10% tithe allocation - - - - 94,627,327 - - 94,627,327 Additions - (50,453,825) - 7,819,011 - 50,453,825 - 7,819,011 Payments - 4,385,826 - (4,120,920) (78,136,909) (4,385,826) - (82,257,829) Depreciation on disposal 1,165,000 - - - - - - 1,165,000 Transfers to reserve fund - (19,606,402) - - - - 19,606,402 - Transfers to general fund - 81,184,662 - - - (81,184,662) - - Surplus for the year - 265,349,236 - - - - - 265,349,236 As at 31st December 2015 2,277,365,490 172,361,402 4,886,247 24,556,314 (7,974,514) 17,236,611 19,606,402 2,508,037,952 8 CITAM Annual Report and Financial Statements | 2015
93 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2015 CHRIST IS THE ANSWER MINISTRIES (CITAM) STATEMENT OF CASH FLOW FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2015 STATEMENT OF CASH FLOW Note 2015 2014 Kshs Kshs Cash from Operating Activities Operating surplus before working capital changes 265,349,236 39,772,135 265,349,236 39,772,135 Changes in working capital (Decrease)/Increase in inventory 12 505,167 (211,375) Increase in trade and other receivables 13 (51,082,483) (12,012,654) (Decrease)/Increase in related party balance 9.1 (4,463,959) 16,084,466 (Decrease)/Increase in accounts payable 17&18 (66,273,331) 59,751,007 Net cashflows from Operating Activities 144,034,630 103,383,578 Cash from Investing Activities Increase in investments 9.2 (34,254,079) (43,088,189) Net Cashflow from Investing Activities (34,254,079) (43,088,189) Cash from Financing Activities Investments in fixed deposits 15 (113,434,183) - Proceeds from borrowings - 109,180,786 Repayment of borrowings 6&17 (68,988,464) (64,406,944) Increase/(Decrease) in general fund 15,510,261 (26,194,149) Increase in Alexander Tee memorial fund 322,981 303,838 Increase in text book fund 3,698,091 2,191,992 Increase/(Decrease) in mission support fund 16,490,417 (19,795,579) Increase in Reserve fund 19,606,402 - (Decrease)/Increase in designated fund (35,116,663) 34,094,149 Net Cashflow from Financing Activities (161,911,157) 35,374,093 Net Changes in cash and equivalents (52,130,607) 95,669,481 Cash and cash equivalents as at 1st January 97,073,103 1,403,621 Cash and cash equivalents at the end of the year 15 44,942,496 97,073,103 CITAM Annual Report and Financial Statements | 2015 9
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ANNUAL REPORT & FINANCIAL STATEMENT
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2015 REPORT FINAL1

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