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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1


DIRECTORS' REPORT


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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4


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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5


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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6


STATEMENT OF CHANGES IN EQUITY


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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8


NOTES TO THE FINANCIAL STATEMENTS


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)


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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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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7


CASHFLOW STATEMENT


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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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

Documents

Sabatia Eye Hospital Audited Report-2007