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TABLE OF CONTENTS NOTICE OF THE 14TH ICPSK BENEVOLENT FUND AGM…………………2 TABLE OF CONTENTS MINUTES OF THE ICPSK BENEVOLENT FUND AGM 2015………............3-7 NOTICE OF THE 14TH ICPSK BENEVOLENT FUND AGM…………………2 TRUSTEES REPORT……………………………………………………………..8-9 MINUTES OF THE ICPSK BENEVOLENT FUND AGM 2015………............3-7 FINANCIAL STATEMENTS……………………………………………………10 TRUSTEES REPORT……………………………………………………………..8-9 FINANCIAL STATEMENTS……………………………………………………10 1 1 MAY 5, 2016 NOTICE IS HEREBY GIVEN THAT THE 14TH ANNUAL GENERAL MEETING OF THE ICPSK BENEVOLENT FUND WILL BE HELD ON TUESDAY, MAY 31, 2016, AT THE CPS GOVERNANCE CENTRE, KILIMANJARO ROAD, UPPER HILL, MAYAT 5, 2016 STARTING 10.00 A.M. NOTICE IS HEREBY GIVEN THAT THE 14TH ANNUAL GENERAL MEETING OF THE ICPSK BENEVOLENT FUND WILL BE HELD ON TUESDAY, MAY 31, 2016, AT THE CPS GOVERNANCE CENTRE, KILIMANJARO ROAD, UPPER HILL, AGENDA STARTING AT 10.00 A.M. 1. To note the presence of a quorum and the meeting as properly convened and constituted. AGENDA 2. The Honorary Secretary to read the notice convening the meeting. th the meeting as properly convened and 1. To note presence of a quorum 3. To consider and the adopt the minutes of the 13and Annual General Meeting held on May 15,constituted. 2015. 2. The consider Honoraryand Secretary to read the of notice convening 4. To receive, adopt the Board Trustees Reportthe onmeeting. the activities of the Fund for the year ended December 31, 2015. 3. To consider and adopt the minutes of the 13th Annual General Meeting held on Mayconsider 15, 2015.and adopt the Audited Financial Statements of the Fund for 5. To receive, the period ended December 31, 2015. 4. To receive, consider and adopt the Board of Trustees Report on the activities of the Fund for the year ended December 31, 2015.Fund for the financial year 6. To consider and appoint the auditor of the Benevolent 2016. 5. To receive, consider and adopt the Audited Financial Statements of the Fund for the period ended business Decemberthat 31, can 2015.be transacted at an Annual General 7. To consider any other Meeting and for which a notice shall have been given to the Honorary Secretary 6. To consider andmeeting. appoint the auditor of the Benevolent Fund for the financial year within 48 hours to the 2016. 7. To consider any other business that can be transacted at an Annual General Meeting and for which a notice shall have been given to the Honorary Secretary within 48 hours to the meeting. FCS. John K. Mburugu Hon. Secretary FCS. John K. Mburugu Hon. Secretary 2 2 THE 13TH ANNUAL GENERAL MEETING OF THE ICPSK BENEVOLENT FUND HELD ON FRIDAY, MAY 15, 2015, AT THE CPS GOVERNANCE CENTRE, KILIMANJARO ROAD, UPPER HILL, STARTING AT 10.00 A.M. PRESENT THE 13TH ANNUAL GENERAL MEETING OF THE ICPSK BENEVOLENT FUND HELD ON FRIDAY, MAY 15, 2015, AT THE CPS GOVERNANCE CENTRE, KILIMANJARO TRUSTEESROAD, UPPER HILL, STARTING AT 10.00 A.M. PRESENT NAME CS. Florence Njeri Mungai CS. John Bernard Nthuku TRUSTEES CS. Jane Wanja Muthaura CS. Symon Mugo Mbanya NAME CS. Florence Njeri Mungai IN-ATTENDANCE CS. John Bernard Nthuku CS. Jane Muthaura CS. Wanja John Mburugu CS. Symon Mugo Mbanya Mr. Elvis Ogeto CS. Emily S. S. Mugonyi IN-ATTENDANCE REG. NO. 0969 Ag. Chairperson 0033 Trustee 0916 Truste 1328 Trustee REG. NO. 0969 Ag. Chairperson 0033 Trustee 0916 0755 TrusteHon. Secretary 1328 Trustee Senior Manager, RSM Ashvir 2919 Taking Minutes CS. John Mburugu 0755 NAME REG. NO. Mr. Elvis Ogeto CS. Emily S. S.Erastus Mugonyi 2919 0001 1. CS. K. Gitau 2. CS. Joe M. Mbuthia 0020 3. CS. Zachariah Kiragu Ndung'u 0043 4. CS. Gilbert Oduor Otieno 0045 NAME REG. NO. 5. CS. Catherine Fisher 0174 1. CS. K. GitauO. Oduor Osia0001 0181 6. Erastus CS. Jeckonia 2. CS. Mbuthia 7. Joe CS.M.Patrick Sau Mutemi 0020 0406 3. CS. Ndung'u 0043 0508 8. Zachariah CS. PeterKiragu Kamande Macharia 4. CS. Oduor OtienoKipkoriri0045 9. Gilbert CS. Dr. Nathaniel Tum 0627 5. CS. Fisher 10.Catherine CS. William Goko Gatehi 0174 0666 6. CS. O. Oduor OsiaWarui 0181 0668 11.Jeckonia CS. Raphael Edmund 7. CS. Sau Mutemi 12.Patrick CS. Joshua Willy Wambua0406 1069 8. CS. 13.Peter CS. Kamande BernadetteMacharia N. Njoroge 0508 1082 9. CS. Kipkoriri Tum 0627 1088 14.Dr. CS.Nathaniel Evans Thiga Gaturu 10. CS. GokoWangui Gatehi Kingori 0666 1203 15.William CS. Miriam 11. CS. Edmund 16.Raphael CS. Dennis PeterWarui Kihara 0668 1359 12. CS. Willy Wambua 1069 1481 17.Joshua CS. Nkirote Kananu Mworia 13. CS. N. Kamau Njoroge 1082 1506 18.Bernadette CS. Francis 14. CS. Thiga GaturuAndrew Mweseli1640 1088 19.Evans CS. Tim Okonda 15. CS. WanguiAdhiambo Kingori Ouma 1203 1643 20.Miriam CS. Mildred 16. CS. Peter Kihara 1359 1644 21.Dennis CS. Wester Wambunya Egessa 17. CS. Nkirote Kananu Mworia 22. CS. Pius Mungai Nduatih 1481 1754 18. CS. Kamau 23.Francis CS. Esther Wairimu Keige 1506 1837 19. CS. Andrew Mweseli16401864 24.Tim CS.Okonda Lipio Mugambi 20. CS. Mildred Adhiambo Ouma 1643 21. CS. Wester Wambunya Egessa 1644 APOLOGIES 22. CS. Pius Mungai Nduatih 1754 23. CS. Esther Wairimu Keige 1837 24. CS. Lipio Mugambi 1864 APOLOGIES Hon. Secretary NAME REG.NO. Senior Manager, RSM Ashvir Taking25. Minutes CS. Betty Atieno Okoth Asunah 1897 26. CS. Hesbon Owuor Hongo 1903 27. CS. Dr. Nicholas Kibiwot Letting1909 28. CS. George Opiyo Athiambo 1953 NAME REG.NO. 29. CS. Stanley Kariru Kibanya 1981 25. CS. Okoth Asunah 1897 2014 30.Betty CS. Atieno Mary Wambui Ndirangu 26. CS. Owuor HongoGitahi 1903 2194 31.Hesbon CS. Jesse Elikanah 27. CS. Kibiwot Letting1909 32.Dr. CS.Nicholas Jeremiah Ndungu Karanja 2205 28. CS. Opiyo Athiambo 1953 2240 33.George CS. Ruth Njeri Thandi 29. CS. Kariru KibanyaMogere 1981 2275 34.Stanley CS. Enock Onsongo 30. CS. Mary Wambui Ndirangu 35. CS. Hesbon Ayoo Were 2014 2354 31. CS. Gitahi Gikonyo 2194 2395 36.Jesse CS. Elikanah Charles Njuguna 32. CS. Ndungu Karanja 37.Jeremiah CS. Peter Mwangi Kamau 2205 2407 33. CS. ThandiNyaga 2240 2417 38.Ruth CS. Njeri Jane Njoki 34. CS. OnsongoKananu MogereGituma 2275 2474 39.Enock CS. Caroline 35. CS. Ayoo WereNjoka 2354 2516 40.Hesbon CS. John Githinji 36. CS. Njuguna 41.Charles CS. Clara AnneGikonyo Nandwa 2395 2533 37. CS. Kamau 42.Peter CS. Mwangi Gabriel Gitau Kimani 2407 2562 38. CS. 43.Jane CS. Njoki Tom Nyaga Mungai Ouma 2417 2618 39. CS. Kananu Gituma 44.Caroline CS. Pritesh Hasmukh Shah2474 2768 40. CS. Njoka Makokha 2516 2779 45.John CS. Githinji Paul Musungu 41. CS. Clara Anne Nandwa 46. CS. Felix Kikuyu Kimoli 2533 2832 42. CS. GitauOuma Kimani 47.Gabriel CS. Denis Ambira 2562 2833 43. CS. Ouma Mwangi 2618 2847 48.Tom CS. Mungai Peter Gathathai 44. CS. Hasmukh Shah 2768 2944 49.Pritesh CS. Joachim Njagi Wandaka 2779 45. CS. Paul Musungu Makokha 46. CS. Felix Kikuyu Kimoli 2832 3 47. CS. Denis Ouma Ambira 2833 48. CS. Peter Gathathai Mwangi 2847 49. CS. Joachim Njagi Wandaka 2944 3 NAME REG.NO. 1. CS. Joseph Mwangi Njoya APS019 2. CS. Raphael Githiga Mwai 0048 3. NAME CS. Charles K. Wachira 0110 REG.NO. 4. CS. Eustace Kamuyu Minju 0222 Joseph Njoya 0386 APS019 5. 1. CS.CS. Orlando daMwangi Costa-Luis 2. CS. Raphael Githiga Mwai 0048 6. CS. Abdulwahid M. H. Aboo 0387 Charles K. Wachira 0110 7. 3. CS.CS. Peterson Mwangi 0502 4. CS. Eustace Kamuyu Minju 0222 8. CS. Dorcas Kombo 0583 Orlando da Costa-Luis 0605 0386 9. 5. CS.CS. John Njeru Nyaga Abdulwahid M. H. Aboo 08610387 10. 6. CS.CS. Rosemary W. Njogu 7. CS. Peterson Mwangi 0502 11. CS. Paresh Bhimsi Bhatia 0896 DorcasMusakali Kombo 0583 12. 8. CS.CS. Catherine 1033 9. CS. John Njeru Nyaga 0605 13. CS. Bernadette Barasa-Masinde 1039 Rosemary W.Oluoch Njogu 0861 14. 10. CS.CS. Beatrice Amolo 1120 11. CS. Paresh Bhimsi Bhatia 0896 15. CS. Jane Florence Otieno 1184 Catherine 1033 16. 12. CS.CS. Silas K. KobiaMusakali 1511 13. CS. Bernadette Barasa-Masinde 1039 17. CS. Moses Buyuka Obonyo 1825 Beatrice Amolo Oluoch 1941 1120 18. 14. CS.CS. James Muruthi Kihara 15. CS. Jane Florence Otieno 1184 19. CS. Anthony Kisia 2101 Silas K. Kobia 1511 20. 16. CS.CS. Julius Mungai Gichamba 2180 MosesAwuor Buyuka Obonyo 2551 1825 21. 17. CS.CS. Everlyne 18. CS. James Muruthi Kihara 1941 22. CS. Kennedy Auka 2839 19. CS. Anthony Kisia 2101 20. CS. Julius Mungai Gichamba 2180 21. CS. Everlyne Awuor 2551 22. CS. Kennedy Auka 2839 4 4 The meeting was called to order by the Ag. Chairman, CS. Florence Mungai at 10.18 a.m who welcomed the members to the 13th Annual General Meeting of the Benevolent Fund. This was followed by a word of prayer from CS. Jane Muthaura. The meeting observed a minute of silence in honour of the late CS. Agnes O. Makdwallo, a member of the Fund, who passed away on January 18, 2015. The meeting was called to order CONVENING by the Ag. Chairman, CS. Florence Mungai at 10.18 a.m who MIN.1/AGM/2015: NOTICE THE MEETING th welcomed the members to the 13 Annual General Meeting of the Benevolent Fund. This was followed by a word of prayer from CS. Jane Muthaura. The Honorary Secretary read the Notice convening the meeting. TH Agnes O. Makdwallo, a member of The meeting observedADOPTION a minute of silence in honourOF of the late MIN.2/AGM/2015: OF MINUTES THE 12CS. ANNUAL GENERAL the Fund, who passed away on January 18, 2015. MEETING MIN.1/AGM/2015: NOTICE CONVENING THE General Meeting held onMEETING May 27 2014, having been earlier circulated, Minutes of the 12th Annual were taken as read and adopted on a proposal by CS. Peter K. Macharia, seconded by CS. Mary The Honorary Secretary signed read thebyNotice convening the meeting. Ndirangu and thereafter the Chairperson. MIN.2/AGM/2015: ADOPTION OF THE MINUTES OF THE 12TH ANNUAL GENERAL MIN.3/AGM/2015: TRUSTEES REPORT MEETING The Chairperson read the Trustees’ Report on the performance of the Fund for the year ended Minutes the2014 12th which Annual General Meeting held on May 27 2014, having been earlier circulated, Decemberof31, had the following highlights:were taken as read and adopted on a proposal by CS. Peter K. Macharia, seconded by CS. Mary Ndirangu signed by the marginally Chairperson. The Fund and life thereafter membership increased from 449 members in 2013 to 458 members in year 2014. However, the Annual Membership decreased from 929 members in 2013 to 724 in 2014, a MIN.3/AGM/2015: ADOPTION OF fund THEbalance TRUSTEES REPORT significant decrease of 22.70 %. The grew from Shs. 25,500,615/= in the year 2013 to Shs. 30,390,243/= in the year 2014, representing a growth of 19.20%. The Chairperson read the Trustees’ Report on the performance of the Fund for the year ended December 31, 2014 which the following highlights:Financial Assistance yearhad 2014 The following Fund life membership increased from 449 members in 2013 to 458 members in year members were assisted marginally during the year: 2014. However,Name the Annual Membership Reg decreased 929 members in 2013 to Amount 724 in 2014, No. from Nature of Assistance (Shs)a significant decrease of 22.70 %. The fund balance from Shs. 25,500,615/= in the year 2013 to CS. Mercy Mwendwa Muthuuri 1272 grewMedical 20,000.00 Shs. 30,390,243/= in the year 2014, representing a growth of 19.20%. CS. Gad Zadock Owiti (Deceased) 1390 School fees for his Children 10,000.00 CS. Grace Njeri Gichuhi 1995 Medical 30,000.00 Financial Assistance year 2014 Total 60,000.00 The following members were assisted during the year: Name Reg No. of Assistance (Shs) In response to the Trustees’ Report members sought to Nature know the reasons behind Amount the significant CS. Mercy Mwendwa Muthuuri 1272membersMedical decrease in the membership of the Fund. The were informed that this was as a20,000.00 result of inconsistencies by members in paying their annual contributions to the Fund. However, the Council CS. Gad Zadock Owiti (Deceased) 1390 School fees for his Children 10,000.00of the Institute had addressed this challenge by making it mandatory for all members to contribute to the CS. Grace Njeri Gichuhi 1995 Medical 30,000.00 fund as part of their annual subscription to the Institute. Total 60,000.00 In response to the Trustees’ Report members sought to know the reasons behind the significant decrease in the membership of the Fund. The members were informed that this was as a result of inconsistencies by members in paying their annual contributions to the Fund. However, the Council of the Institute had addressed this challenge by making 5 it mandatory for all members to contribute to the fund as part of their annual subscription to the Institute. 5 On proposal by CS. Joe M. Mbuthia and seconded by CS. Patrick S. Mutemi, the Report of Trustees was adopted. On proposal by CS. Joe M. Mbuthia and seconded by CS. Patrick S. Mutemi, the Report of Trustees MIN.4/AGM/2015: ADOPTION OF AUDITED FINANCIAL STATEMENTS OF THE FUND was adopted. FOR THE YEAR ENDED DECEMBER 31, 2014 The Accounts were presented by Mr. OgetoFINANCIAL from RSM Ashvir alongside the MIN.4/AGM/2015: ADOPTION OF Elvis AUDITED STATEMENTS OF Independent THE FUND Auditor’ Report to the members of ICPSK Benevolent Fund, which indicated that proper books of FOR THE YEAR ENDED DECEMBER 31, 2014 account had been kept by the Fund. The Accounts were presented by Mr. Elvis Ogeto from RSM Ashvir alongside the Independent InAuditor’ responseReport to the to presented Audited members Fund, noted that theindicated operatingthat expenditure of theof the members of Accounts, ICPSK Benevolent which proper books Fund was had Ksh.been 164,391/= account kept byand the wanted Fund. to confirm that there were no other expenses which had not been captured or omitted in the disclosures. The Trustees confirmed that there were no other related costs incurred by the In response toFund. the presented Audited Accounts, members noted that the operating expenditure of the Fund was Ksh. 164,391/= and wanted to confirm that there were no other expenses which had not been Consequently, the Audited Financial Statements wereconfirmed adopted that as proposed Gabriel captured or omitted in the disclosures. The Trustees there werebynoCS. other relatedGitau costs Kimani, and seconded by CS. Zachary K. Ndung’u. incurred by the Fund. Consequently, the Audited Financial Statements were adopted as proposed by CS. Gabriel Gitau MIN.5/AGM/2015: PAYMENT OF FUEL ALLOWANCE FOR THE BENEVOLENT FUND Kimani, and seconded by CS. Zachary K. Ndung’u. TRUSTEES FOR THE FINANCIAL YEAR 2015 The Trustees presentedPAYMENT to the Annual meeting a proposal thatTHE the Trustees be paid aFUND fuel MIN.5/AGM/2015: OFGeneral FUEL ALLOWANCE FOR BENEVOLENT allowance to cushion them on the high transport costs of attending Fund’s meetings. Notably since the TRUSTEES FOR THE FINANCIAL YEAR 2015 inception of the Fund, the officials of the Fund served on pro bono basis. Hence, a request was put to the members pass a resolution that a payment of Ksh. 5,000 be made a The Trusteestopresented to the Annual General meeting a proposal thatper themember Trusteesper besitting paid aasfuel fuel allowance to the Benevolent Fund effect from theFund’s date ofmeetings. AGM, May 15, 2015. allowance to cushion them on the highTrustees transportwith costs of attending Notably since the inception of the Fund, the officials of the Fund served on pro bono basis. Hence, a request was put to After due consideration, and resolved that a fuel Ksh.5,000/= be paid the members to pass a members resolutionapproved that a payment of Ksh. 5,000 beallowance made per of member per sitting as a per per to sitting in 2015, on a proposal CS.effect Joshua W.the Wambua seconded by15, CS. Joe M. fuelmember allowance the Benevolent Fund Trusteesby with from date of AGM, May 2015. Mbuthia. After due consideration, members approved and resolved that a fuel allowance of Ksh.5,000/= be paid MIN.6/AGM/2015: RESIGNATION CS. PAUL A.Joshua SPENCE per member per sitting in 2015, on aOF proposal by CS. W. Wambua seconded by CS. Joe M. Mbuthia. The Chairman reported that CS. Paul A. Spence had voluntarily resigned as a Benevolent Fund Trustee. It was also noted that in accordance Clause 10 (b) (i) a of the Benevolent Fund Trust MIN.6/AGM/2015: RESIGNATION OF CS.with PAUL A. SPENCE Deed, it was upon the Institute, as the Founder, to appoint a replacement. The Chairman reported that CS. Paul A. Spence had voluntarily resigned as a Benevolent Fund MIN.7/AGM/2015: APPOINTMENT OF AUDITORS FOR 2015 Fund Trust Trustee. It was also noted that in accordance with Clause 10FINANCIAL (b) (i) a of theYEAR Benevolent Deed, it was upon the Institute, as the Founder, to appoint a replacement. On proposal by CS. Dr. Nathaniel Kipkorir Tum and seconded by CS. Lipio Mugambi it was resolved that the Auditors appointed by the Institute be theFOR sameFINANCIAL ones to auditYEAR the Benevolent Fund. MIN.7/AGM/2015: APPOINTMENT OFCouncil AUDITORS 2015 On proposal by CS. Dr. Nathaniel Kipkorir Tum and seconded by CS. Lipio Mugambi it was resolved that the Auditors appointed by the Institute Council be the same ones to audit the Benevolent Fund. 6 6 MIN.8/AGM/2015: SPECIAL RESOLUTION It was agreed that the special resolution to consider and pass the resolution that the Benevolent Fund and the ICPSK Sacco jointly buys 1000sq ft office space in the CPS Governance Centre be discussed MIN.8/AGM/2015: SPECIAL RESOLUTION in a Special Annual General meeting after a write-up has been done on the same and circulated to all the members of the Institute. It was agreed that the special resolution to consider and pass the resolution that the Benevolent Fund and the ICPSK Sacco jointly buys 1000sq ft office space in the CPS Governance Centre be discussed in a Special Annual General meeting after a write-up has been done on the same and circulated to all MIN.9/AGM/2015: ANY OTHER BUSINESS the members of the Institute. There being no other business for which due notice was received by the Secretary the Chairperson thanked the members for attending the meeting and for their worthwhile contributions. MIN.9/AGM/2015: ANY OTHER BUSINESS The meeting ended at 10.48 a.m. with a word of prayer from CS. Gilbert O. Otieno There being no other business for which due notice was received by the Secretary the Chairperson thanked the members for attending the meeting and for their worthwhile contributions. The meeting ended at 10.48 a.m. with a word of prayer from CS. Gilbert O. Otieno CONFIRMED…………………………………………… DATE………………………………… (CHAIRPERSON) CONFIRMED…………………………………………… DATE………………………………… (CHAIRPERSON) 7 7 ICPSK BENEVOLENT FUND TRUSTEES REPORT 14TH ANNUAL GENERAL MEETING, MAY 31, 2016 I am pleased to welcome all of you to the Fund’s Fourteenth Annual General Meeting. Your attendance shows your commitment to the objectives of the Benevolent Fund. The 2015 financial results as outlined in the audited accounts earlier circulated clearly indicate good performance which is a result of good membership and management support. ICPSK BENEVOLENT FUND TRUSTEES REPORT The Fund has continuously its core objectiveMAY which31,is2016 to help distressed persons, who are ANNUAL observed GENERAL MEETING, 14TH members of the fund, their spouses, children and dependants of deceased members and, in special circumstances, persons who all for any reason haveFund’s ceased Fourteenth to be members of the fund, asMeeting. set out inYour the I am pleased to welcome of you to the Annual General Rules and Regulations stipulated in to thethe Trust Deed. of the Benevolent Fund. The 2015 financial attendance shows yourascommitment objectives results as outlined in the audited accounts earlier circulated clearly indicate good performance which is Financials a1.result of good membership and management support. The following are some of the highlights of the Fund for the year December 31, 2015: The Fund has continuously observed its core objective which is to ended help distressed persons, who are members of the fund, their spouses, children and dependants of deceased members and, in special The Fund Life persons Membership continued grow and for themembers year 2015, membership circumstances, who has for any reason to have ceased to be of the the Fund fund, life as set out in the increased from 458 members in the year 2014 to 468 members in year 2015. The Annual Membership Rules and Regulations as stipulated in the Trust Deed. increased from 1,182 members in the year 2014 to 1,448 in the year 2015, a significant increase of 23 %. fund balance grew from Shs 30,390,243 in the year 2014 to Shs. 32,686,055 in the year 2015, 1. The Financials representing a growth of 8%. The following are some of the highlights of the Fund for the year ended December 31, 2015: Financial Assistance year 2015 The Fund Life Membership has continued to grow and for the year 2015, the Fund life membership The following were in assisted during increased frommembers 458 members the year 2014the to year; 468 members in year 2015. The Annual Membership increased from 1,182 members in the year 2014 to 1,448 in the year 2015, a significant increase of 23 %. The fund Name balance grew from Shs in the Nature year 2014 to Shs. 32,686,055 in the year 2015, Reg30,390,243 No. of Assistance Amount (Shs) representing a growth of 8%. Peter Arisi M. Okiambe 50,000 0586 Deceased Husband (CS. Peter A. Okaimbe) Agnes Atieno Okungu 50,000 Financial Assistance year 2015 0766 Deceased Wife (CS. Agnes Makdwallo) Nicholas Valentine Anduuru 50,000 2411 Deceased Wife The following members were assisted during the year; Sammy Marasi Mwencha 50,000 2125 Deceased Wife Joseph Mwangi Njoya 40,000 APS 019 Medical bill for Wife Name Reg No. Nature of Assistance Amount (Shs) Charles Kiano Wachira 30,000 0110 Medical bill for CS. Charles Wachira Peter Arisi M. Okiambe 50,000 0586 Deceased Husband (CS. Peter A. Okaimbe) Total 270,000 Agnes Atieno Okungu 50,000 0766 Deceased Wife (CS. Agnes Makdwallo) Nicholas Valentine Anduuru 50,000 2411 Deceased Wife The Fund commends members who have provided their personal data to the Institute and urges those members have not yet submitted personal Wife particulars to the Secretariat are encouraged to Sammy who Marasi Mwencha 50,000 2125theirDeceased ensure that their next of kin are informed of the existence of the Benevolent Fund. This information Joseph Mwangi Njoya 40,000 APS 019 Medical bill for Wife will help the Fund in reaching the family of members in case of any eventuality and further, the family Charles Wachira 30,000 0110 Medical bill for ICS. Charles could alsoKiano on their own motion reach the Fund. In addition, would like Wachira to encourage all the members to Total keep their accounts up to date to enable the Fund render its services effectively. 270,000 Thebehalf Fund commends members whoonce haveagain provided personal to the Institute and this urgesAnnual those On of the Trustees, let me thanktheir all of you fordata finding time to attend membersMeeting. who have not yet submitted their personal particulars to the Secretariat are encouraged to General 8 ensure that their next of kin are informed of the existence of the Benevolent Fund. This information will help the Fund in reaching the family of members in case of any eventuality and further, the family could also on their own motion reach the Fund. In addition, I would like to encourage all the members to keep their accounts up toMUNGAI date to enable the Fund render its services effectively. CS. FLORENCE NJERI CHAIRMAN BOARD OF TRUSTEES, ICPSK BENEVOLENT FUND 8 THE INSTITUTE OF CERTIFIED PUBLIC SECRETARIES OF KENYA BENEVOLENT FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2015 The Institute of Certified Public Secretaries of Kenya Benevolent Fund Annual report and financial statements For the year ended 31st December 2015 PAGE Fund information 1 Report of the Trustees 2 Statement of Trustees' responsibilities 3 Report of the independent auditor 4 Financial statements Statement of income and expenditure 5 Statement of financial position 6 Statement of changes in fund balance 7 Statement of cash flows 8 Notes 9 - 15 Supplementary information: Schedule of operating expenditure Appendix I The Institute of Certified Public Secretaries of Kenya Benevolent Fund Fund information For the year ended 31st December 2015 Trustees CS. Florence Mungai CS. Jane W. Muthaura CS. Symon Mugo Mbanya CS. John B. Nthuku CS. Bernadette N. Masinde CS. Jane F. Otieno Honorary secretary CS. John K. Mburugu Registered office The Institute of Certified Public Secretaries of Kenya CPS Governance Centre Upper Hill Kilimanjaro Road P.O. Box 46935 - 00100 Nairobi, Kenya. Honorary independent auditor RSM Eastern Africa Certified Public Accountants 1st Floor, Pacis Centre Slip Road, off Waiyaki Way, Westlands P.O. Box 349 - 00606 Nairobi, Kenya. Principal banker Standard Chartered Bank of Kenya Limited Harambee Avenue P.O. Box 3001 - 00100 Nairobi, Kenya. 1 - Chairperson - Trustee - Trustee - Trustee - Trustee - Trustee The Institute of Certified Public Secretaries of Kenya Benevolent Fund Report of the trustees For the year ended 31st December 2015 The Board of Trustees submit their report and the audited financial statements for the year ended 31st December 2015 which disclose the state of affairs of the Fund. Incorporation The Institute of Certified Public Secretaries of Kenya Benevolent Fund (the ''Fund'') was founded in 1990 and its trust deed registered on 1st February 2004. The address of the registered office is set out on page 1. Objective of the Fund The Fund's objective is to help distressed persons, who are members of the Fund, their spouses, children and dependents of deceased members and, in special circumstances, persons who for any reason have ceased to be members of the Fund, as set out in the rules and regulations that are currently in force. Results The net surplus for the year of Shs 2,295,812 (2014: Shs 4,912,618) has been transferred to fund balance. Membership The membership in the fund as at 31st December was as follows: 2015 Members 2014 Members Life 468 458 Annual 980 724 1,448 1,182 Totals Trustees The trustees and management committee members who held office during the year and to the date of this report are set out on page 1. Honorary auditors The Fund's auditor, RSM Eastern Africa, has expressed its willingness to continue in office. By order of the trustees …………………………………. Honorary secretary Nairobi ………………….....………... 2016 2 The Institute of Certified Public Secretaries of Kenya Benevolent Fund Statement of trustees' responsibilities For the year ended 31st December 2015 The Trust Deed requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Fund as at the end of the financial year and of its operating results for that year. It also requires the Trustees to ensure that the Fund maintains proper accounting records that disclose, with reasonable accuracy, the financial position of the Fund. They are also responsible for safeguarding the assets of the fund. The trustees accept responsibility for the preparation and fair presentation of financial statements that are free from material misstatement whether due to fraud or error. They also accept responsibility for: i) designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the financial statements; ii) selecting and applying appropriate accounting policies; and iii) making accounting estimates and judgments that are reasonable in the circumstances. The Trustees are of the opinion that the financial statements give a true and fair view of the state of the financial affairs of the Fund as at 31st December 2015 and of its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards and the requirementsof the Trust Deed. Nothing has come to the attention of the Trustees to indicate that the Fund will not be able to fulfill its obligation for at least the next twelve months from the date of this statement. Approved by the Trustees on ………………………………….. 2016 and signed on its behalf by: …………………………………… Honorary secretary …………………………………… Trustee 3 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE INSTITUTE OF CERTIFIED PUBLIC SECRETARIES OF KENYA BENEVOLENT FUND Report on the financial statements We have audited the accompanying financial statements of the Institute of Certified Public Secretaries of Kenya Benevolent Fund, set out on pages 5 to 15, which comprise the statement of financial position as at 31st December 2015, statement of income and expenditure, statement of changes in fund balance and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Trustees' responsibility for the financial statements The Trustees are responsible for the preparation of financial statements that give a true and fair view in accordance with International Financial Reporting Standards and the requirements of the Trust Deed, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the Fund's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the trustees, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion the accompanying financial statements give a true and fair view of the state of financial affairs of the Fund as at 31st December 2015 and of its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards. The engagement partner responsible for the audit resulting in this independent auditor's report was FCPA Ashif Kassam, Practicing Certificate No. 1126. Certified Public Accountants Nairobi ………………………………….. 2016 /2016 4 The Institute of Certified Public Secretaries of Kenya Benevolent Fund Financial statements For the year ended 31st December 2015 STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED 31ST DECEMBER 2015 Note Subscription income Net investment (deficit)/income 4 Operating expenditure 2015 Shs 2014 Shs 2,749,000 2,080,000 (134,623) (318,565) Surplus for the year 2,295,812 5 2,997,009 (164,391) 4,912,618 The Institute of Certified Public Secretaries of Kenya Benevolent Fund Financial statements For the year ended 31st December 2015 STATEMENT OF FINANCIAL POSITION AT 31ST DECEMBER 2015 Note FUND BALANCE Fund balance 2015 Shs 2014 Shs 32,686,055 30,390,243 3,018,000 2,800,000 2,741,166 4,050,000 2,800,000 3,621,842 8,559,166 10,471,842 18,867,499 1,016,206 58,546 4,187,638 4,800,000 14,107,431 307,829 706,141 24,129,889 19,921,401 3,000 3,000 24,126,889 19,918,401 32,686,055 30,390,243 REPRESENTED BY Non-current assets Held-to-maturity investments Available-for-sale investments Financial assets at fair value - equity investments 5 6 7(a) Current assets Held-to-maturity investments Financial assets at fair value - unit trusts Other receivables Withholding tax receivable Cash at bank and in hand 5 7(b) 8 9 Current liabilities Other payables 10 Net current assets The financial statements on pages 5 to 15 were approved by the Trustees for issue on …………………..2016 and were signed on its behalf by: ………….…………. Honorary secretary ….…………………. Trustee 6 The Institute of Certified Public Secretaries of Kenya Benevolent Fund Financial statements For the year ended 31st December 2015 STATEMENT OF CHANGES IN FUND BALANCE FOR THE YEAR ENDED 31ST DECEMBER 2015 Fund Balance Shs At 1st January 2014 Total Shs 25,477,625 25,477,625 4,912,618 4,912,618 At 31st December 2014 30,390,243 30,390,243 At 1st January 2015 30,390,243 30,390,243 2,295,812 2,295,812 32,686,055 32,686,055 Surplus for the year Surplus for the year At 31st December 2015 7 The Institute of Certified Public Secretaries of Kenya Benevolent Fund Financial statements For the year ended 31st December 2015 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2015 Cash flows from operating activities Surplus for the year Adjustments for: Interest from treasury bonds Loss/(gain) on market value of unit trust Loss/(gain) on market value of quoted shares Loss on sale of shares Dividends received Operating profit before working capital changes Increase in: Other receivables Decrease in: Trade Other and payables other payables 2015 Shs 2014 Shs 2,295,812 4,912,618 (867,167) 181,386 880,676 (57,478) 2,433,229 (498,000) (1,060,266) (970,232) 20,650 (72,716) 2,332,054 (708,377) (140,581) - Net cash generated from operating activities (19,990) 1,724,852 2,171,483 867,167 57,478 1,032,000 4,800,000 (5,000,000) - 498,000 72,716 (7,600,000) 4,900,000 338,144 (40,168) Net cash generated from/(used in) investing activities 1,756,645 (1,831,308) Net increase in cash and cash equivalents 3,481,497 340,175 Cash and cash equivalents at 1st January 706,141 365,966 4,187,638 706,141 Cash flows from investing activities Interest from treasury bonds Dividend received Purchase of government securities Matured treasury bond Matured treasury bills Proceed from sale of equity investments Purchase of unit trust Purchase of equity investments Cash and cash equivalents at 31st December 9 8 The Institute of Certified Public Secretaries of Kenya Benevolent Fund Financial statements For the year ended 31st December 2015 NOTES 1. Summary of significant accounting policies The significant accounting policies adopted in the preparation of these general purpose financial statements are set out a) Basis of preparation The financial statements are prepared on a going concern basis in compliance with International Financial Reporting Standards (IFRS). They are presented in Kenya Shillings (Shs), which is also the functional currency. The measurement basis used is the historical cost basis except where otherwise stated in the accounting policies below. The preparation of financial statements in conformity with International Financial Reporting Standards requires the use of estimates and assumptions. It also requires management to exercise its judgment in the process of applying the accounting policies adopted by the Fund. Although such estimates and assumptions are based on the management committee members best knowledge of the information available, actual results may differ from those estimates. The judgments and estimates are reviewed at the end of each reporting period, and any revisions to such estimates are recognised in the year in which the revision is made. The areas involving the judgments of most significance to the financial statements, and the sources of estimation uncertainty that have a significant risk of resulting in a material adjustment within the next financial year, are disclosed in Note 3. Measurement basis The measurement basis used is the historical cost basis except where otherwise stated in the accounting policies For those assets and liabilities measured at fair value, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When measuring the fair value of an asset or a liability, the Fund uses market observable data as far as possible. If the fair value of an asset or a liability is not directly observable, it is estimated by the Fund using valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs (e.g. by use of the market comparable approach that reflects recent transaction prices for similar items or discounted cash flow analysis). Inputs used are consistent with the characteristics of the asset / liability that market participants would take into account. Fair values are categorised into three levels in a fair value hierarchy based on the degree to which the inputs to the measurement are observable and the significance of the inputs to the fair value measurement in its entirety: • Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices). • Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Transfers between levels of the fair value hierarchy are recognised by the Fund at the end of the reporting period during which the change occurred. b) New and revised standards i) Adoption of new and revised standards All new and revised standards and interpretations that have become effective for the first time in the financial year beginning 1st January 2015 have been adopted by the Fund. Of those, the following have had an effect on the Fund's financial statements: IFRS 9 - Financial Instruments will eventually replace IAS 39 - Financial Instruments: Recognition and Measurement. The effective date is 1st January 2018. The chapters of IFRS 9 dealing with recognition, classification, and measurement were published in November 2009, for financial assets, and in October 2010, for financial liabilities, and have been adopted by the fund with effect from 1st January 2010. The remaining chapters have been issued subsequently, and have not been adopted. For the impairment of financial assets, IFRS 9 introduces an “expected credit loss” model based on the concept of providing for expected losses at inception of a contract; it will no longer be necessary for there to be objective evidence of impairment before a credit loss is recognised. The impact on the fund's financial statements once adopted cannot yet be assessed. 9 The Institute of Certified Public Secretaries of Kenya Benevolent Fund Financial statements For the year ended 31st December 2015 NOTES (CONTINUED) 1. Summary of significant accounting policies (continued) b) New and revised standards (continued) ii) New and revised standards and interpretations which have been issued but are not effective The Fund has not applied the following revised standards and interpretations that have been published but are not yet effective for the year beginning 1st January 2015. • IFRS 15 Revenue from Contracts with Customers (issued in May 2014) - The new standard, effective for annual periods beginning on or after 1 January 2017, replaces IAS 11, IAS 18 and their interpretations (SIC-31 and IFRIC 13, 15 and 18). It establishes a single and comprehensive framework for revenue recognition to apply consistently across transactions, industries and capital markets, with a core principle (based on a five-step model to be applied to all contracts with customers), enhanced disclosures, and new or improved guidance. • Amendments to IAS 1 titled Disclosure Initiative (issued in December 2014) – The amendments, applicable to annual periods beginning on or after 1 January 2016, clarify guidance on materiality and aggregation, the presentation of subtotals, the structure of financial statements and the disclosure of accounting policies. • Amendments to IAS 16 and IAS 38 titled Clarification of Acceptable Methods of Depreciation and Amortisation (issued in May 2014) – The amendments add guidance and clarify that (i) the use of revenue-based methods to calculate the depreciation of an asset is not appropriate because revenue generated by an activity that includes the use of an asset generally reflects factors other than the consumption of the economic benefits embodied in the asset, and (ii) revenue is generally presumed to be an inappropriate basis for measuring the consumption of the economic benefits embodied in an intangible asset; however, this presumption can be rebutted in certain limited circumstances. They are prospectively effective for annual periods beginning on or after 1 January 2016. • Amendments to IAS 12 titled Recognition of Deferred Tax Assets (issued in January 2016) – The amendments, applicable to annual periods beginning on or after 1 January 2017, provide additional guidance on the estimation of future taxable profits when considering the recoverability of deferred tax assets. • Amendments to IAS 7 titled Disclosure Initiative (issued in January 2016) – The amendments, applicable to annual periods beginning on or after 1 January 2017, require enhanced disclosure concerning changes in liabilities arising from financing activities. • Amendment to IFRS 5 (Annual Improvements to IFRSs 2012–2014 Cycle, issued in September 2014) - The amendment, applicable prospectively to annual periods beginning on or after 1 January 2016, adds specific guidance when an entity reclassifies an asset (or a disposal group) from held for sale to held for distribution to owners, or vice versa, and for cases where held-for-distribution accounting is discontinued. • IFRS 16 Leases (issued in January 2016) - The new standard, effective for annual periods beginning on or after 1 January 2019, introduces a new lessee accounting model, and will require a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee will be required to recognise a right-of-use asset representing its right to use the underlying leased asset and a lease liability representing its obligation to make lease payments. The Trustees have assessed the potential impact of the above and expect that they will not have a significant impact on the Fund's financial statements for 2015. c) Revenue recognition i) Subscription income is accounted for in the period in which it is received. ii) Dividend income is recognised when the right to receive the payment is established. iii) Interest income is recognised on a time proportion basis using the effective interest method. d) Expenditure Expenditure is accounted for on an accrual basis. e) Financial instruments The Fund classifies its financial instruments into the following categories: Classification i) Financial assets at fair value through profit or loss which comprise financial assets acquired or incurred principally for the purpose of selling or repurchasing in the near term or to 10generate short-term profit-taking. The Institute of Certified Public Secretaries of Kenya Benevolent Fund Financial statements For the year ended 31st December 2015 NOTES (CONTINUED) 1. Summary of significant accounting policies (continued) e) Financial instruments (continued) Classification (continued) ii) Available-for-sale financial assets, which comprise non-derivative financial assets that are designated as available-for-sale financial assets, and not classified under any of the other categories of financial assets. iii) Loans and receivables are recognised initially using the trade date accounting which is the date the Fund commits itself to the purchase or sale. Subsequently, loans and receivables are carried at amortised cost using the effective interest method; and iv) Financial liabilities are measured at amortised cost which comprise all financial liabilities except those financial liabilities at fair value through profit or loss. Financial instruments held during the year were classified as follows: - Demand and term deposits with banking institutions and other receivables were classified as 'loans and receivables'. - Government securities were classified as 'held-to-maturity investments'. - Investments in corporate bond were classified as available-for-sale investments. - Investments in unit trust are classified as financial assets through profit and loss. - Investments in quoted shares were classified as financial assets through profit and loss. - Other liabilities were classified as financial liabilities. Recognition and measurement i) Financial assets All financial assets are recognised initially using the trade date accounting which is the date the Fund commits itself to the purchase or sale. Financial assets carried at fair value through profit or loss are initially recognised at fair value and the transaction costs are expensed in the statement of comprehensive income. All other categories of financial assets are recorded at the fair value of the consideration given plus the transaction cost. Subsequently, loans and receivables are carried at amortised cost using the effective interest method, while all other financial assets are carried at their fair values, without deduction for transaction costs that may be incurred on sale. Amortised cost is the amount at which the financial asset or liability is measured on initial recognition minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between the initial amount and the maturity amount, and minus any reduction for impairment or uncollectibility. The Fund assesses at each balance sheet whether there is objective evidence that a financial asset is impaired. If any such evidence exists, an impairment loss is recognised. Impairment loss is the amount by which the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the present value of the expected future cash flows, discounted using the asset's effective interest rate. Changes in the carrying values and impairment losses of loans and receivables are recognised in the statement of comprehensive income. Trade and other receivables not collectible are written off against the related provision. Subsequent recoveries of amounts previously written off are credited to the statement of income and expenditure in the year of recovery. ii) Financial liabilities All financial liabilities are recognised initially at fair value of the consideration given plus the transaction cost with the exception of financial liabilities carried at fair value through profit or loss, which are initially recognised at fair value and the transaction costs are expensed in the statement of comprehensive income. 11 The Institute of Certified Public Secretaries of Kenya Benevolent Fund Financial statements For the year ended 31st December 2015 NOTES (CONTINUED) 1. Summary of significant accounting policies (continued) e) Financial instruments (continued) Recognition and measurement (continued) ii) Financial liabilities (continued) Subsequently, all financial liabilities are carried at amortised cost using the effective interest method except for financial liabilities through profit or loss which are carried at fair value. Trade and other liabilities are classified as financial liabilities by the trustees and are carried at amortised cost. Presentation: All financial assets are classified as non-current except financial assets at fair value through profit or loss (statement of comprehensive income), those with maturities of less than 12 months from the statement of financial position date, those which the trustees have the express intention of holding for less than 12 months from the statement of financial position date or those that are required to be sold to raise operating capital, in which case they are classified as current assets. All financial liabilities are classified as non-current except financial liabilities at fair value through profit or loss (statement of comprehensive income), those expected to be settled in the Fund's normal operating cycle, those payable or expected to be paid within 12 months of the balance sheet date and those which the Institute does not have an unconditional right to defer settlement for at least 12 months after the statement of financial position date. Derecognition: Financial assets are derecognised when the rights to receive cash flows from the investments have expired or the Fund has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised only when the obligation specified in the contract is discharged or cancelled or expires. Offsetting Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. f) Cash and cash equivalents Cash and cash equivalents include cash in hand and demand and term deposits, with maturities of three months or less from the date of acquisition, that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. 2. Risk management objectives and policies a) Financial risk management The Fund's activities expose it to a variety of financial risks including credit, liquidity and market risks. The Fund's overall risk management policies are set out by the board and implemented by the management, and focus on the unpredictability of changes in the business environment and seek to minimise the potential adverse effects of such risks on the Fund's performance by setting acceptable levels of risk. The Fund does not hedge against any risks. 12 The Institute of Certified Public Secretaries of Kenya Benevolent Fund Financial statements For the year ended 31st December 2015 NOTES (CONTINUED) 2. Risk management objectives and policies (continued) i) Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. Credit risk mainly arises from financial assets, and is managed on a fund-wide basis. The Fund does not grade the credit quality of financial assets that are neither past due nor impaired. Credit risk on financial assets with banking institutions is managed by dealing with institutions with good credit ratings and placing limits on deposits that can be held with each institution. The credit risk of the Fund is minimal as the Fund does not trade. The credit exposure of the Fund as at the balance sheet date is as follows: Year ended 31st December 2015 Available-for-sale investment Financial assets at fair value - equity investments Held-to-maturity investment Financial assets at fair value - unit trusts Other receivables Cash at bank Year ended 31st December 2014 Available-for-sale investment Financial assets at fair value - equity investments Held-to-maturity investment Financial assets at fair value - unit trusts Other receivables Cash at bank Fully performing Shs Past due but Past due and not impaired impaired Shs Shs Total Shs 2,800,000 2,741,166 3,018,000 18,867,499 1,016,206 4,187,638 - - 2,800,000 2,741,166 3,018,000 18,867,499 1,016,206 4,187,638 32,630,509 - - 32,630,509 Fully performing Shs Past due but Past due and not impaired impaired Shs Shs Total Shs 2,800,000 3,621,842 8,850,000 14,107,431 307,829 706,141 - - 2,800,000 3,621,842 8,850,000 14,107,431 307,829 706,141 30,393,243 - - 30,393,243 ii) Liquidity risk Liquidity risk is the risk that the Fund will encounter difficulty in meeting obligations associated with financial liabilities. The Fund pays other payables as they are due. The Fund has not developed a formal liquidity risk management policy but rather relies on the judgment of the trustees. The table below summarises the maturity analysis for financial liabilities to their remaining contractual maturities. Between 1-3 months Shs Total Shs Year ended 31st December 2015 Other payables 3,000 3,000 Year ended 31st December 2014 Other payables 3,000 3,000 13 The Institute of Certified Public Secretaries of Kenya Benevolent Fund Financial statements For the year ended 31st December 2015 NOTES (CONTINUED) 3. Significant judgments and key sources of estimation uncertainty There are no critical accounting estimates and judgments made in the preparation of the financial statements for the current year. 2015 Shs 4. Net investment (deficit)/income Interest from treasury bonds Interest on bank deposits (Loss)/gain on market value of unit trust (Loss)/gain on market value of quoted shares Dividends Loss on sale of shares Gain on treasury bills/bonds 2014 Shs 867,167 2,794 (181,386) (880,676) 57,478 - 498,000 1,060,266 970,232 72,716 (20,650) 416,445 (134,623) 2,997,009 5. Held-to-maturity investment The fair values of the held-to-maturity assets at the balance sheet date were: Non-current Treasury bonds Maturity - more than five years 3,018,000 Current Treasury bills - 4,050,000 4,800,000 The fair value of the Treasury Bonds and Corporate Bonds carried at cost at the balance sheet date, based on prices published by brokers (Level 2) were: 2015 Shs Non- current Held-to-maturity investments - government securities 2014 Shs 2,982,584 4,045,181 2,800,000 2,800,000 At 1st January Purchase of shares Disposal of shares Fair value (loss)/gain 3,621,842 (880,676) 2,970,235 40,168 (358,793) 970,232 At 31st December 2,741,166 3,621,842 6. Available-for-sale investment Corporate bonds 7. Financial assets at fair value through profit or loss a) Financial assets at fair value - equity investments The fair values of the equity investments are based on quoted prices (unadjusted) in active markets for identical assets (Level 1). 14 The Institute of Certified Public Secretaries of Kenya Benevolent Fund Financial statements For the year ended 31st December 2015 NOTES (CONTINUED) 7. Financial assets at fair value through profit or loss (continued) b) Financial assets at fair value - unit trusts Balance fund Equity fund Money market fund At 1st January Additions 4,187,700 4,576,950 5,342,781 5,000,000 163,377 183,545 (586,854) 4,351,077 4,760,495 9,755,927 14,107,431 5,000,000 (239,932) 18,867,499 Fair value (loss)/gain At 31st December The fair values of the unit trusts are based on quoted prices (unadjusted) in active markets for identical assets (Level 1). 8. Other receivables Interest receivable Other receivables Due from related parties (Note 11) 235,666 5,220 775,320 166,000 1,249 140,580 1,016,206 307,829 9. Cash at bank and in hand For the purpose of the statement of cash flows, cash and cash equivalents comprise the following: Cash and bank balances 4,187,638 706,141 3,000 3,000 10. Other payables Other payables 11. Related party transactions The Institute of Certified Public Secretaries of Kenya is related to the Fund by virtue of common trustees. i) Due from related parties (Note 8) 775,320 12. Tax No provision has been made for taxation. The Fund has applied for a tax exemption certificate from the Kenya Revenue Authority, the receipt of which is still pending. 15 140,580 The Institute of Certified Public Secretaries of Kenya Benevolent Fund Supplementary information For the year ended 31st December 2015 SCHEDULE OF OPERATING EXPENDITURE 2015 Shs 1. OPERATING EXPENDITURE Bank charges Financial assistance Office expenses AGM expenses Appendix I 2014 Shs 11,275 270,000 3,540 33,750 14,881 60,000 16,810 72,700 318,565 164,391