KENYA AIRPORTS AUTHORITY NORTHERN CORRIDOR TRANSPORT IMPROVEMENT PROJECT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2016

Transcription

1 Public Disclosure Authorized NORTHERN CORRIDOR TRANSPORT IMPROVEMENT PROJECT ANNUAL REPORT AND FINANCIAL STATEMENTS STATEMENT OF RECEIPTS AND PAYMENTS Public Disclosure Authorized Public Disclosure Authorized Notes Cumulative to Date RECEIPTS Kshs'000 Kshs'000 Kshs'000 Transfer from counterpart funds 13 10,715 3,735 36,557 Loan from external Development Partners 2 20, , ,473 Reimburseable Transfer - 15,000 Interest Income 6 4,972 8,099 34,005 TOTAL RECEIPTS 35, ,907 2,943,035 PAYMENTS Purchase of goods and services 7 175, ,273,033 Acquisition of non-financial assets - 432,364 1,607,752 OtherTransfers 15,000 Bank Charges/Taxes/Commission TOTAL PAYMENTS 175, ,716 2,898,116 SURPLUS/DEFICIT FOR THE YEAR (139,596) 168,191 44,920 Note: The amount relates to KAA funds used to refund IDA fund balance of Kshs 33m and cash interest earned during the period. Public Disclosure Authorized The accounting policies and explanatory notes to these financial statements form an integral part of the financial statements. The financial statements were approved on and Signed by: Patrick Chonde Ag. General Manager-Finance Nicholas Bodo Ag. Managing Director 26

2 NORTHERN CORRIDOR TRANSPORT IMPROVEMENT PROJECT ANNUAL REPORT AND FINANCIAL STATEMENTS STATEMENT OF FINANCIAL POSITION FINANCIAL ASSETS Notes KSHS '000' KSHS '000' Non-current asssets Property, Plant and Equipment Current assets Cash and Cash Equivalent Bank Balances 11 74, ,516 TOTAL FINANCIAL ASSETS 74, ,516 REPRESENTED BY: 184,516 KAA Fund 44,920 - Airstrip Funds 29,487 - NET FINANCIAL POSITION 11 74, ,516 The accounting policies and explanatory notes to these finnacial statements form an intergral part of the financial statements. The financial statements were approved on and signed by: Patrick chonde Ag. General Manager- Finance Nicholas Bodo Ag. Managing Director 27

3 NOTHERN CORRIDOR TRANSPORT IMPROVEMENT PROJECT FOR THE YEAR ENDING 30TH JUNE 2016 STATEMENT OF CASH FLOW Ksis '000' Kshis'000' Receipts for operating income Notes Transfers from counterpart funds 13 10,715 3,735 Interest Income ,099 Airstrip funds 11 29,487 - Payment for operating expences Purchase of goods and services 7 (175,485) (91,331) Other itransfers Bank charges and other payments 9 (23) (21) Net cash flow from operating activities (130,333) (79,518) Cash flows from investing activities Acquisition ofrassets -(432,364) Net C'ash flow from investing activities - (432,364 Cash flows from borrowing activities Proceeds firom oreign borrowings 2 20, ,073 Net cash flow from financing activities 20, ,073 Net increse in cash and cash equivalents (110,109) 168,191 Cash and cash equivalents at the beggining of the year 184,516 16,325 Cash and cash equivalent at end of year 74, ,516 The accounting policies and explanatory notes to these financial statements fonn an intergral part of the financial statements.the financial statements were approved on and signed by: Patrick chonde Ag. General Manager- Finance Nicholas Bodo Ag. Managing Director 28

4 NORTHERN CORRIDOR TRANSPORT IMPROVEMENT PROJECT STATEMENT OF COMPARATIVE BUDGET AND ACTUAL AMOUNTS Budget Actual Budget % of Variance Variances KSHS 000 RECEIPTS Transfers from counterpart funds 420,000 10, ,285 97% Loan from external development partners 56,843 20,224 36,619 64% Interest Income 4,972 4,972 Total Receipts 476,843 35, ,875 95% PAYMENTS Purchase of goods and services 420, , ,693 38% Acquisition of non-financial assets 56,843 15,792 15,792 28% Total payments 476, , , % Surplus/deficit for the year - (139,574) 275,390 Q,Z \... C... Patrick chonde Ag. General Manager- Finance Nicholas Bodo Ag. Managing Director 29

5 WORLD BANK PROJECT ACCOUNTS -NORTHERN CORRIDOR TRANSPORT IMPROVEMENT PROJECT (NCTIP) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 2016 NOTES TO THE FINANCIAL STATEMENTS The principal accounting policies adopted in the preparation of these financial statements are set out below: 1 Statement of compliance and basis of preparation The financial statements have been prepared in accordance with the Cash Basis method of Accounting under the International Public Sector Accounting Standard (IPSAS). However Kenya Airports Authority financial statements are prepared using appropriate accounting policies in accordance with International Financial Reporting Standards (IFRS). The financial statements comply with and conform to the form of presentation prescribed by the Accounting Standards Board of Kenya. The financial statements are presented in Kenya Shillings, which is the functional and reporting currency of the Project and all values are rounded to the nearest one Shilling. The accounting policies adopted have been consistently applied to all of the years presented. i. Recognition of revenue and expenses The Project recognises all revenues from the various sources when the event occurs and the related cash has actually been received by the Project. In addition, the Project recognises all expenses when the event occurs and the related cash has actually been paid out by the Project. ii. In-kind donations In-kind donations are contributions made to the Project in the form of actual goods and/or services rather than in money or cash terms. These donations may include vehicles, equipment or personnel services. Where the financial value of in-kind donations can be reliably determined, the Project includes such value in the statement of receipts and payments both as revenue and as an expense in equal and opposite amounts; otherwise, the donation is not recorded. iii. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and cash at bank, short-term deposits on call and highly liquid investments with an original maturity of three months or less, which are readily convertible to known amounts of cash and are subject to insignificant risk of changes in value. Bank account balances include amounts held at the Central Bank of Kenya and at various commercial banks at the end of the financial year/period. 30

6 NOTHERN CORRIDOR TRANSPORT IMPROVEMENT PROJECT 2 LOAN FROM EXTERNAL DEVELOPMENT PARTNERS During the 12 months to 30th JLune 2016 we received funding from development partners in form of loans negotiated by the Naational Treasury as detailed in the table below: Loans received Total Amount in loan Loans received as direct amount in Name of Donor Date Received currency in cash a yment Kshs a b c d=b+c US$ '000 KSHS'000 KSHS'000 KSHS'000 Loans received from donor (NNorldqan_p -S( _224 Tl'otal loans _022 _ 20,224 20,224 32

7 NOTHERN CORRIDOR TRANSPORT IMPROVEMENT PROJECT NOTES TO THE FIMUAHE H AWN S30 T H JUNE COUNTER PART FUNDS Bal b/f 22,107 22,107 Counterpart funds during the year 10,715 3,735 Balance c/d 32,822 25,842 4 World bank loan Bal b/f 2,487,673 1,981,103 Received during the year 20, ,073 Exchange rate adjustment Less: loan repayment (200,231) (173,5 2,307,666 2,487,673 Bal c/d 5 Reimbursable transfer An amount of Kshs. 15 million that kenya airports authority advanced to the project account to make an urgent payment on consultancy services on JKlA supervision project has been reimbursed in full upon. receipt of drwawdowns from world bank 6 Miscellaneous receipts(interest income) Standard chattered World Bank project account Month July August Sept October November December Jan Feb March April May June total interest income 4,972 8,099 33

8 NOTHERN CORRIDOR TRASPORT IMPROVEMENT PROJECT NOTES TO THE FINANCIAL STATEMENTS 7 Purchase of goods and Services Fencing Material 15,792 11,744 Consultancy Services 159,693 79, ,485 91,331 a) The amount relates to supply of fencing materials fo Moi International Airport b) The amount was for consultancy services at Jomo Kenyatta Internationa Airport 8 Acquisition of non financial assets Package 2 Construction of Terninal IA 432,364 The above costs relate to ongoing construction works at Terminal IA - 432,364 9 Bank Charges and Commission Standard chattered World Bank project account Month July I I August 23 Sept 4 2 October I 3 November 3 3 December 5 1 Jan 2 Feb 1 1 March I April 2 1 May I I June Total Bank Charges and Taxes 11 Cash and Cash Equivalents Cash and Cash Equivalents 44, ,516 Airstrip Funds 29,487 - Total Cash and Cash Equivalents 74, ,516 The above bank balance are held at Standard Chartered Bank A/C No which has abalance of Kshs 74m of which 29m relates to airstrip fund which was recived through this account. 34