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8/14/2019 Sabatia Eye Hospital Audited Report-2007
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FRIENDS CHURCH - SABATIA EYE HOSPITAL
COMPANY LIMITED BY GUARANTEE
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2007
CONTENTS PAGE
DIRECTORS' REPORT 1
STATEMENT OF DIRECTORS' RESPONSIBILITIES 2
INDEPENDENT AUDITORS' REPORT 3
INCOME STATEMENT 4
BALANCE SHEET 5
STATEMENT OF CHANGES IN EQUITY 6
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FRIENDS CHURCH - SABATIA EYE HOSPITAL
DIRECTORS' REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2007
The Directors submit their report together with the audited financial statements for the year ended
31st December 2007
PRINCIPAL ACTIVITIES
The principal activities of the Hospital are, offering medical facilities for treatmet of opthalmic
diseases and ailments and provision of medical assistance to needy members of societyby offering treatment,low vision services and visual rehabilitation
RESULTS
The result of the year are set out in page 4.
PATRON
Hon.Musalia Mudavadi
DIRECTORS
The Directors who held office during the year were: -
1. Mr.Alfred Lulu Chairman
2. Dr Demissie Tadesse Hospital Director
3. Mr Hannington Mbato Director
4 Mr Mweresa Eboso "
5 Mr Ramesh Mehta "6 Mr Javan Chondo "
7 Mr William Indumwa "
8 Ms Pricilla Muhonja "
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FRIENDS CHURCH - SABATIA EYE HOSPITAL
INCOME STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER, 2007
2007 2006
K.SHS K.SHS
INCOME
DONATIONS 4 324,510 139,500
NET INCOME FROM PATIENTS 5 12,122,660 8,856,670
GRANTS FROM CHRISTOFFEL BLINDEN
MISSION 6 11,605,887 14,110,823
TOTAL INCOME 24,053,057 23,106,993
EXPENDITURE
PERSONNEL COSTS 12 9,619,052 8,402,834
ADMINISTRATIVE COSTS 13 2,614,079 2,539,280
TRANSPORT & TRAVEL COSTS 14 1,528,078 1,246,952
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FRIENDS CHURCH - SABATIA EYE HOSPITAL
BALANCE SHEET
AS AT 31ST DECEMBER, 2007
2007 2006
NOTES KSHS KSHS
ASSETS
NON CURRENT ASSETS
Property & Equipment 2 65,258,900 65,037,255
CURRENT ASSETS
Inventories 5 5,621,409 3,135,513
Trade and other receivables 8 3,371,294 2,061,146
Cash and Cash equivalents 17 17,478,535 16,798,858
26,471,238 21,995,517
TOTAL ASSETS 91,730,138 87,032,772
EQUITY AND LIABILITIES
CAPITAL AND RESERVES
Designated Funds 9 764,612 1,652,250
General Reserve 10 28,837,923 20,035,733
Capital Reserve 11 60,581,582 62,864,45390,184,117 84,552,436
CURRENT LIABILITIES
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FRIENDS CHURCH - SABATIA EYE HOSPITAL
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER, 2007
DESIGNATED CAPITAL GENERAL
FUNDS FUND FUND TOTAL
K.shs K.shs K.shs K.shs
As at 1 January 2006 - 51,161,926 25,311,892 76,473,818
Surplus for the year - - 3,172,884 3,172,884
Assets acquired during
the year - 3,253,484 - 3,253,484
Transfer of assets 11,010,739 (11,010,739) -
Funds from Donors 1,652,250 - - -
Depreciation transfer - (2,561,696) 2,561,696 -
At 31st December 2006 1,652,250 62,864,453 20,035,733 84,552,436
At 1st January 2007 1,652,250 62,864,453 20,035,733 84,552,436
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FRIENDS CHURCH - SABATIA EYE HOSPITAL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2007
1. ACCOUNTING POLICIES
a) Basis of preparation
The financial statements have been prepared under the historical cost convention.
b) Property and equipment
All property and equipment is initially recorded at cost and is stated at historical cost less
accumulated depreciation
c) Depreciation
Property and equipment are depreciated on a reducing balance basis at rates calculated
to write them off to a residual value over their expected useful life.
The following rates have been used :-
RATES %
Land & Buildings Nil
Motor Vehicles 25
Office Furniture & Fittings 12.5Computers 30
c) Inventories
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FRIENDS CHURCH - SABATIA EYE HOSPITAL 10
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31ST DECEMBER, 2007
2007 2006
KSHS KSHS
3 INCOME FROM PATIENTS
Admission fees 6,481,594 5,918,875
Consultation fee 1,484,130 1,260,440
Sale of drugs 3,468,145 2,349,279
Sale of eye glasses 1,199,045 951,389
Mobile Clinics Income 1,066,434 1,440,415Miscellaneuous income 94,084 7,046
Lions camp income 3,080,810 3,220,245
Sponsored Patients- Oud Africa 1,622,250 444,000
Kitchen meals Income 240,922 202,102
18,737,414 15,793,791
4 DONATIONSLocal Donations - 139,500
Foreign Donations 324,510 -
324,510 139,500
5 NET INCOME FROM PATIENTS
INCOME FROM PATIENTS 18,737,414 15,793,791
LESS; COST OF SALESOpening Inventories 3,135,513 2,707,903
Add ; Hospital Supplies 9,100,650 7,364,731
12,236,163 10,072,634
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FRIENDS CHURCH - SABATIA EYE HOSPITAL
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31ST DECEMBER, 20072007 2006
KSHS KSHS
8 TRADE RECEIVABLES
Trade receivables 2,888,927 1,504,275
Staff Advances 97,399 111,133
Prepayments 384,968 445,738
3,371,294 2,061,146
9 DESIGNATED FUNDS
Balance at 1st january 2006 1,652,250 -
Donations received during the year 764,612 2,096,250
Utilised during the year (1,652,250) (444,000)
Balance at 31st December 2006 764,612 1,652,250
The funds are donations received for sponsorshp of poor patients to pay for their hospital bills
The funds are from Oud Africa and Kenya Society for the Blind
10 GENERAL FUND
Balance brought forward 20,035,733 25,311,892
Add; Net surplus for the year 6,519,319 3,172,884
Depreciation transfer 2,282,871 2,561,696
Transfer of assets - (11,010,739)
28,837,923 20,035,733
11 CAPITAL FUND
Balance brought forward 62,864,453 51,161,926
Add; Assets acquired during the year - 14,264,223
Depreciation on assets (2,282,871) (2,561,696)
60 581 582 62 864 453
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FRIENDS CHURCH - SABATIA EYE HOSPITAL
CASHFLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2007
2007 2006
Note K.shs K.shs
CASHFLOW FROM OPERATING ACTIVITIES
Cash generated from operating activities 16 3,184,193 9,190,741
CASHFLOW FROM INVESTING ACTIVITIES
Acquisition of property and equipment (2,504,516) (16,437,025)
Changes in capital reserve - 3,253,484
NET CASHFLOW FROM INVESTING ACTIVITIES (2,504,516) (13,183,541)
NET INCREASE/(DECREASE) IN CASH AND
CASH EQUIVALENT 679,677 (3,992,800)
CASH AND CASH EQUIVALENT AT
BEGINNING OF YEAR 16 798 858 20 791 658
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FRIENDS CHURCH - SABATIA EYE HOSPITAL
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31ST DECEMBER, 2007
2 PROPERTY AND EQUIPMENT
LAND AND MOTOR HOSPITAL FURNITURE
BUILDINGS VEHICLES EQUIPMENT & FITTINGS COMPUTERS TOTAL
COST/VALUATION KSHS KSHS KSHS KSHS KSHS KSHS
At 1st January, 2007 52,725,009 7,791,561 11,628,532 2,519,625 1,353,780 76,018,507
Additions 705,116 1,330,015 469,385 - 2,504,516
At 31st December, 2007 53,430,125 7,791,561 12,958,547 2,989,010 1,353,780 78,523,023
DEPRECIATION
At 1st January, 2007 - 4,527,742 3,936,904 1,796,756 719,850 10,981,252
Charge for the year - 815,955 1,127,705 149,032 190,179 2,282,871
At 31st December, 2007 - 5,343,697 5,064,609 1,945,788 910,029 13,264,123
NET BOOK VALUE
At 31st December, 2007 53,430,125 # 2,447,864 # 7,893,938 # 1,043,222 # 443,751 # 65,258,900
At 31st December, 2006 52,725,009 3,263,819 7,691,628 722,869 633,930 65,037,255
Recommended