96 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 31 DECEMBER <strong>2015</strong> 2 Assemblies income and expenditure <strong>2015</strong> 2014 Income Expenditure Surplus/ (Deficit) Income Expenditure Surplus/(Deficit) Kshs Kshs Kshs Kshs Kshs Kshs Head Office 24,080,723 169,001,238 (144,920,515) 6,810,253 194,875,855 (188,065,602) CITAM Valley Rd 334,335,042 89,414,614 244,920,428 303,634,456 82,786,284 220,848,172 CITAM Woodley 137,486,740 45,942,043 91,544,697 110,829,928 41,527,902 69,302,026 CITAM Karen 114,817,746 47,980,456 66,837,290 108,573,213 53,708,490 54,864,723 CITAM Parklands 48,120,747 30,885,136 17,235,611 37,467,526 28,012,384 9,455,142 CITAM Kisumu 29,653,660 22,686,965 6,966,695 22,624,566 22,513,971 110,595 CITAM Ngong 60,676,851 32,210,008 28,466,843 43,388,589 30,237,646 13,150,943 CITAM Kiserian 1,215,322 7,103,860 (5,888,538) 897,451 5,524,554 (4,627,103) CITAM Buruburu 98,946,578 43,416,376 55,530,202 88,159,674 42,755,503 45,404,171 CITAM Thika Rd 90,564,500 36,472,029 54,092,471 72,660,883 30,319,925 42,340,958 CITAM Nakuru 22,432,408 17,683,090 4,749,318 16,938,319 19,049,374 (2,111,055) CITAM Eldoret 15,535,255 22,368,506 (6,833,251) 7,665,036 19,911,636 (12,246,600) CITAM Athi River 32,544,509 19,899,420 12,645,089 16,065,017 14,906,533 1,158,484 CITAM Kapsabet 148,304 880,222 (731,918) - - - CITAM Romania 721,510 2,479,230 (1,757,720) - - - CITAM USA 5,644,213 18,332,926 (12,688,713) - - - 1,016,924,108 606,756,119 410,167,989 835,714,912 586,130,057 249,584,855 Income Expenditure Surplus/(Deficit) Income Expenditure Surplus/(Deficit) 3 Projects Income and expenditure Kshs Kshs Kshs Kshs Kshs Kshs NPCA Woodley 69,620,332 45,556,225 24,064,107 61,353,287 54,797,150 6,556,137 NPCA Buruburu Primary 29,005,237 28,073,833 931,404 28,258,966 35,733,603 (7,474,637) NPCA Buruburu High 31,045,907 34,458,327 (3,412,420) 38,988,850 41,037,447 (2,048,597) KPC Academy 22,358,384 19,289,109 3,069,275 21,480,255 21,461,109 19,146 NPCA Ngong Kindergaten 7,141,725 3,755,098 3,386,627 4,166,600 3,433,630 732,970 NPCA Nakuru Kindergaten 2,118,905 1,715,101 403,804 230,200 1,719,035 (1,488,835) NPCA Athi River School 46,400 1,065,507 (1,019,107) - - - NPCA Eldoret School 1,185,000 1,293,337 (108,337) - - - NPCA Woodley Transport 6,096,133 5,111,819 984,314 4,303,160 6,261,257 (1,958,097) NPCA Buruburu Transport 4,452,961 2,982,440 1,470,521 4,220,570 5,013,955 (793,385) Woodley Catering 13,281,305 6,391,037 6,890,268 15,414,236 13,603,795 1,810,441 Buruburu Catering 8,893,502 6,370,673 2,522,829 12,672,315 7,899,193 4,773,122 Communication 13,616,905 10,654,907 2,961,998 3,816,584 4,989,269 (1,172,685) Kiserian Farm - - - (520,571) 3,108,486 (3,629,057) Camp Kadolta 4,527,087 6,731,683 (2,204,596) 3,798,381 6,618,424 (2,820,043) Carpentry and Tailoring - 801,708 (801,708) 1,376,979 1,322,365 54,615 Catering Valley Road 5,904,244 2,734,780 3,169,464 - - - Catering Kisumu 3,129,479 985,416 2,144,063 320,471 508,135 (187,663) 222,423,506 177,971,000 44,452,506 199,880,284 207,506,851 (7,626,567) 3.1 Breakdown of the projects expenses Staff costs 114,238,212 126,810,542 Administrative costs 63,732,788 80,696,309 177,971,000 207,506,851 4 Special Outreach activities Hope FM 48,866,895 52,663,124 (3,796,229) 48,245,668 63,845,729 (15,600,061) Hope TV 300,079 6,659,718 (6,359,639) - 5,269,521 (5,269,521) NPCCC 7,409,700 24,629,627 (17,219,927) 1,622,450 23,029,635 (21,407,185) 56,576,674 83,952,469 (27,375,795) 49,868,118 92,144,885 (42,276,767) 4.1 Breakdown of the outreach expenses Staff costs 43,540,394 44,427,528 Administrative costs 40,412,075 47,717,357 83,952,469 92,144,885 TOTAL 1,295,924,288 868,679,588 427,244,700 1,085,463,313 885,781,793 199,681,520 <strong>2015</strong> 2014 5 Moving the Ark and Together we can do More Kshs Kshs Income 50,453,825 96,051,901 Expenditure (4,385,826) (1,707,269) Construction WIP - CITAM Parklands and Ngong Sanctuaries (81,184,662) (60,250,483) (35,116,663) 34,094,149 6 Long-term borrowings Co-operative Bank 164,960,462 198,736,020 NIC Bank - Bus Financing 2,855,578 - Co-operative Bank- Ark Properties and Investments Limited 178,034,800 214,487,278 345,850,840 413,223,298 (i) Secured liabilities at NIC Bank Limited payable over the next one (1) year. The bank borrowings are secured over the school bus financed by the borrowings. (ii) Secured liabilities at Co-operative Bank Limited and the principal is repayable in equal monthly instalments over the next eight (8) years beginning January 2014. The loan is secured over Kisumu municipality block 10/170 and Karen land block 12409/05 and Parklands land block 209/10810. CITAM Annual Report and Financial Statements | <strong>2015</strong> 12
97 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) 7 Property, plant and equipment Freehold land Buildings Work in progress Boreholes Motor vehicles Furniture & equipments Computers Tents Total Kshs Kshs Kshs Kshs Kshs Kshs Kshs Kshs Kshs Cost At 1st January 2014 167,794,799 929,934,370 304,281,488 10,339,467 64,716,232 372,441,509 10,590,710 22,197,039 1,882,295,614 Additions - 5,130,107 146,416,284 - 11,210,200 46,433,242 4,749,991 12,881,524 226,821,348 Adjustment - - - - - - - (7,900,000) (7,900,000) Transfer - 74,162,413 (74,162,413) - - - - - - At 31st December 2014 167,794,799 1,009,226,890 376,535,359 10,339,467 75,926,432 418,874,751 15,340,701 27,178,563 2,101,216,962 At 1st January <strong>2015</strong> 167,794,799 1,009,226,890 376,535,359 10,339,467 75,926,432 418,874,751 15,340,701 27,178,563 2,101,216,962 Additions - 2,000,000 135,954,562 - 11,150,000 35,735,118 3,887,817 1,861,964 190,589,462 Fire loss adjustment - (5,842,940) - - - - - - (5,842,940) Disposals - - - - (1,165,000) - - - (1,165,000) Transfer - 374,578,829 (374,578,829) - - - - - - At 31st December <strong>2015</strong> 167,794,799 1,379,962,779 137,911,093 10,339,467 85,911,432 454,609,869 19,228,518 29,040,527 2,284,798,484 Depreciation At 1st January 2014 - - - - 52,464,913 284,847,465 4,935,406 4,514,556 346,762,340 Charge for the year - - - - 9,814,304 25,633,865 4,602,210 4,076,784 44,127,163 Eliminated on disposal - - - - - - - (2,370,000) (2,370,000) At 31st December 2014 - - - - 62,279,217 310,481,330 9,537,616 6,221,340 388,519,503 At 1st January <strong>2015</strong> - - - - 62,279,217 310,481,330 9,537,616 6,221,340 388,519,503 Charge for the year - - - - 9,480,014 28,099,293 4,010,363 4,356,079 45,945,749 Eliminated on Adjustment - - - - (1,165,000) - - - (1,165,000) At 31st December <strong>2015</strong> - - - - 70,594,231 338,580,623 13,547,979 10,577,419 433,300,252 Net book value At 31st December <strong>2015</strong> 167,794,799 1,379,962,779 137,911,093 10,339,467 15,317,201 116,029,246 5,680,539 18,463,108 1,851,498,232 At 31st December 2014 167,794,799 1,009,226,890 376,535,359 10,339,467 13,647,215 108,393,421 5,803,085 20,957,223 1,712,697,459 13 CITAM Annual Report and Financial Statements | <strong>2015</strong>
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