Opinion Summary financial statements The audited financial

SUMMARY FINANCIAL STATEMENTSINDEPENDENT AUDITOR’S REPORT ON THE SUMMARY FINANCIAL STATEMENTS TO THE MEMBERS OF TRADEMARK EAST AFRICA

TRADEMARK EAST AFRICA STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2020TRADEMARK EAST AFRICA STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2020TRADEMARK EAST AFRICA STATEMENT OF FUND BALANCE FOR THE YEAR ENDED 30 JUNE 2020TRADEMARK EAST AFRICA STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2020NOTE 1: BASIS OF PREPARATION

• Opinion• Summary financial statements• The audited financial statements and

our report thereon• Directors’ Responsibility for the

Summary Financial Statements• Auditor’s Responsibility

FINANCIAL HIGHLIGHTSTRADEMARK EAST AFRICA ANNUAL REPORT 2019-2020

PricewaterhouseCoopers CPA. PwC Tower, Waiyaki Way / Chiromo Road, WestlandsP O Box 43963 – 00100 Nairobi, KenyaT: +254 (20)285 5000F: +254 (20)285 5001 www.pwc.com/k

Certified Public AccountantsNairobi 17 December 2020

CPA Bernice Kimacia, Practising certificate No. 1457Signing partner responsible for the independent audit

OpinionThe summary financial statements, which comprise the summary statement of financial position as at 30 June 2020, the summary statements of comprehensive income, fund balance and cash flows for the year then ended which are derived from the audited financial statements of TradeMark East Africa for the year ended 30 June 2020.In our opinion, the accompanying summary financial statements are consistent, in all material respects, with the audited financial statements in accordance with the basis described in Note 1.

Summary financial statementsThe summary financial statements do not contain all the disclosures required by the International Financial Reporting Standards and in the manner required by the Kenyan Companies Act, 2015.Reading the summary financial statements and the auditor’s report thereon, therefore, is not a substitute for reading the audited financial

INDEPENDENT AUDITOR’S REPORT ON THE SUMMARY FINANCIAL STATEMENTS TO THE MEMBERS OF TRADEMARK EAST AFRICA

SUMMARY FINANCIAL STATEMENTS

statements and the auditor’s report thereon. The summary financial statements and the audited financial statements do not reflect the effects of events that occurred subsequent to the date of our report on the audited financial statements.

The audited financial statements and our report thereonWe expressed an unmodified audit opinion on the audited financial statements in our report dated 1 December 2020.

Directors’ Responsibility for the Summary Financial StatementsThe directors are responsible for the preparation of the summary financial statements in accordance with the basis described in Note 1.

Auditor’s ResponsibilityOur responsibility is to express an opinion on whether the summary financial statements are consistent, in all material respects, with the audited financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810 (Revised), Engagements to report on summary financial statements.

TRADEMARK EAST AFRICA ANNUAL REPORT 2019-2020

FINANCIAL HIGHLIGHTS

TRADEMARK EAST AFRICA STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2020

Year ended 30 June 2020 US$’000 Year ended 30 June 2019 US$’000 Restated

IncomeGrant income 78,517 64,786

Other incomeGain on disposal of assets 11 75Total income and other income 78,528 64,861ExpenditurePersonnel costsConsultancy costsProfessional servicesConferences and workshopsGrants to partnersOffice suppliesProject assetsProject materials and suppliesGeneral expensesTravel expensesDepreciation and amortisationExchange (gains)/losses

16,29616,919

1,9146,911

4,698196

24,6234,419 1,6221,746892

(2,139)

14,22812,0711,9265,7252,349

16225,310

-2,2892,806

195299

Total expenditure 78,097 67,360

Finance income 76 102

Surplus / (deficit) for the yearOther comprehensive income, net of tax

507-

(2,397)-

Total comprehensive surplus / (deficit) for the year 507 (2,397)



As at 30 June 2020US$’000

As at 30 June 2019US$’000 Restated

As at 30 June 2018US$’000 Restated

ASSETSNon-current assetsProperty and equipmentIntangible assetsRight of use assets

729482

2,358

317232

-

49715-

3,569 549 512

Current assetsCash and bank balancesReceivables and prepaymentsDonor receivables

14,6021,3147,413

5,7481,548

14,258

3,1091,067

15,806

23,329 21,554 19,982

TOTAL ASSETS 26,898 22,103 20,494FUND BALANCES AND LIABILITIESFund balancesUnexpended funds (16,746) (17,253) (14,856)LiabilitiesBank overdraftDefferred grant incomePayables and accrualsLease liabilities

-33,042

8,1512,451

-31,0558,301

-

3,36422,270

9,716-

43,644 39,356 35,350

TOTAL FUND BALANCES AND LIABILITIES 26,898 22,103 20,494

TRADEMARK EAST AFRICA STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2020



TRADEMARK EAST AFRICA STATEMENT OF FUND BALANCE FOR THE YEAR ENDED 30 JUNE 2020

US$’000

Year ended 30 June 2019Unexpended funds as at 1 July 2018 as originally presentedPrior year adjustment

(8,392)(6,464)

Unexpended funds as at 1 July 2018 - restatedTotal comprehensive deficit for the year - restated

(14,856)(2,397)

Unexpended funds as at 30 June 2019 - restated (17,253)

Year ended 30 June 2020Unexpended funds as at 1 July 2019 as originally presentedPrior year adjustment

(457)(16,796)

Unexpended funds as at 1 July 2019 - restatedTotal comprehensive surplus for the year

(17,253)507

Unexpended funds as at 30 June 2020 (16,746)



Year ended 30 June 2020 US$’000 Year ended 30 June 2019 US$’000 Restated

Operating activitiesGrants received from donors 89,159 75,119Reported total expenditureAdjusted for:Depreciation and amortisationInterest expense on lease liabilitiesAdvances madeMovement in payable and accruals

78,097

(892)(153)(234)

150

67,360

(195)-

4811,415

Cash paid to suppliers, employees and partnersTranslation differencesProceeds from disposal

76,9681,810

(11)

69,061-

(75)

78,767 68,986Cash generated from operations 10,392 6,133Investing activitiesInterest received on bank balancesAcquisition of property and equipmentProperty and equipment adjustmentAcquisition of intangible assets

76(755)

-(257)

102(19)

12(225)

Cash used in investing activities (936) (130)Financing activitiesLease payments 602 -Cash used in financing activities 602 -Increase in cash and cash equivalents 8,854 6,003Movement in cash and cash equivalentsAt start of yearIncrease in cash and cash equivalents

5,7488,854

(255)6,003

Cash and cash equivalents at the end of the year 14,602 5,748

TRADEMARK EAST AFRICA STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2020



These summarized financial statements are derived from the complete annual audited financial statements of TradeMark East Africa for the year ended 30 June 2020, which were prepared in accordance with International Financial Reporting Standards and Kenyan Companies Act, 2015.A copy of the complete audited financial statements is kept on file at TradeMark East Africa and can be provided upon request.The set of criteria applied by directors in preparing these financial statements is outlined in the paragraph below.The figures presented in these summarized financial statements agree with the figures presented in the complete audited financial statements. Directors believe that the summarized financial statements contain the necessary information and are at an appropriate level of aggregation so as not to be misleading to the users.The prior year financial statements have been restated following a change in the grant income recognition policy from cash to accrual basis in accordance with IAS 20 - Accounting for government grants and disclosure of government assistance. The change has been applied retrospectively from first year of operation.The financial statements were approved by the Board of Directors on Tuesday, 1 December 2020 and were signed on its behalf by Erastus Mwencha (Chairman) and Anthony Masozera (Director).

NOTE 1: BASIS OF PREPARATION



Documents

Opinion Summary financial statements The audited financial