GAZETTE NOTICE NO. 2408

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Act / Legislation

THE YEAR ENDED 30TH JUNE, 2007 STATEMENT OF NET ASSETS AS AT 30 JUNE 30 JUNE 30 JUNE 30 JUNE 30 JUNE Non-Current Assets 2007 2006 2005 2004 2003 Kshs.'000 Kshs.'000 Kshs.'000 Kshs.'000 Kshs.'000 Property Plant and Equipment 394,861 3/8,088 324,990 232,330 207,943 Investments Undeveloped Land 5,413,698 5,830,873 6,334,451 6,355,351 6,400.016 Land and Buildings 22,856,104 21,848,314 21,884,065 22,092,669 22,548,056 Tenant Purchase Scheme 2,672,573 2,978,237 3,408,942 3,783,674 3,556,897 Quoted Equities 38,811,620 32,108,964 26,498,703 16,001,315 11,278,458 Government of Kenya Stocks 408,800 408,800 408,800 408,800 408,800 Unquoted Stocks and Equities 1,380,500 1,380,50°0 1,762,271 1,762,271 1,687,271 Treasury Bills 155,987 592,326 96,215. 863,657 1,515,684 Treasury Bonds 6,919,637 4,998,261 3,060,032 2,925,172 812,010 Deposits With Financial Institutions 426.750 398.001 207.676 339.281 279.052 Total Investment 79.045.669 Mi4i1M 63.661 155 11.532.1911 48.486.244 Current Assets Debtors And Prepayments 1,240,271 994,534 661,741 574,901 507,835 Taxation 299,548 299,548 299;548 298,408 297,976 Accrued Income 833,138 894,300 188,851 254,700 242,583 Cash and Bank Balances 852.611 .368.478 54.185 53.882 311.175 Total Current Assets 3.225.568 2,$56.860 1.244;i95 J,181,891, 1.359.569 Current Liabilities Creditors and Accruals 1.'344 998 1.616.556 1.722,841 1,699,247 1.631.642 Total Current Liabilities L.155.2211 1.636.556 1.722.851 1,699,247 1.6.11.642 NET CURRENT ASSETS 1.870.34Q 994 304 (518.526) (517.356) 1272,0731 NET ASSETS $1,310,870 WiaM 13.467.619 54.247.164 A424 $1111070 6.3.462.612 54.247.164 41I,422,114 Financed by:- Members' Funds 71.842.668 28th March, 2008 THE KENYA GAZETTE 627 STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED , 30 JUNE 30 JUNE ' 30 JUNE 30 JUNE 30 JUNE DESCRIPTION 2007 2006 2005 2004 2003 KSHS.'000 KSHS.'000 KSHS.'000 KSHS.'000 KSHS.'000 CONTRIBUTIONS RECEIVABLE Contributions Receivable 5,445,691 4,552,895 4,267,576 3,847,119 3,602,256 Benefits Payable 2,420,165 2,326,064 2,301,393 2,232,982 2,094,761 Net additions from dealings with members 3,025,526 2,226,831 1,966,183 1,614,137 1,507,495 RETURN ON INVESTMENTS Investments Income 3,980,015 4,333,393 2,720,993 2,149,599 1,967,781 Change in market value of investments 5,263,439 3,739,707 7,640,861. 4,722,857 7,965,452 TOTAL 9,243,454 8,073,100 10,361,854 6,872,456 9,933,233 TOTAL REVENUE 12,268,980 10,299,931 12,328,037 8,486,593 11,440,728 Administrative Expenses 2,705,778 1,924,882 2,817,971 2,444,399 2,033,333 TOT A L EXPENSES 2,705,778 1,924,882 2,817,971 2,444,399 2,033,333 Net increase in sCheme funds during the period 9,563,202 8,375,049 9,510,066 6,042,194 9,407,395 CASH FLOW STATEMENT FOR THE YEAR ENDED 3OTH JUNE, 2007 Reconciliation of net increase in assets to 2007 2006' Cash Flows from Operating Activities Kshs.'000 Kshs.'000 Net increase in assets 9,563,202 8,375,049 Adjustments in Property, Plant and Equipment 52,913 Depreciation 185,196 141,570 Profit on sale of property, plant and equipment (5,752) Market Gain in Securities and properties (5,263,439) (3,739,707) Operating Surplus (deficit) before working capital changes 4,532,120 , 4,776,912 Increase in Debtors & Prepayments (340,737) •(332,793) Decrease/(increase) in Accrued Income 61,162 (705,449) •Decrease in Creditors & Accruals (281,328) 61,543 (560,903) (976,699) . Cash flows from operating activities , 3,971,217 3,800,213 Investing activities (Acquisition) /Redemption of Stocks (2,128,366) (1,901,260) Acquisition of Treasury Bonds (1,921,376) (1,938,229) Placement of DepOsits with Financial Institutions (28,749) 191,446 Development of Land'& Buildings (379,697) (136,644) Proceeds from sale of Land & Buildings 306,493 676,473 Receipts from Tenant Purchase Scheme 380,150 430,632 Purchase of Property, Plant and Equipment (254,882) (164,389) Proceeds from sale of Property, Plant and Equipment . 5,752 628 THE KENYA GAZETTE 28th March, 2008 Cash flow from Investing activities (4,020,675) (2,841,971) Net Increase in Cash and Cdsh Equivalents (49,458) 958,242 Cash and Cash Equivalent as at 1st July 960.804 2.562 911.34( MUM Undeveloped Land 2007 2006 KSHS.'000 KSHS.'000 Hospital Hill Project 35,000 28,972 Ngong Road Project 150,000 150,227 Elgon Road Project 50,000 50,743 Tassia Estate 1,340,592 1,340,592 Mombasa Town Project 98,322 123,322 Likoni Road - Nairobi 74,961 126,361 Loita Street Project 90,000 70,095 Kajiado Project 39,427 56,927 Mtwapa Project 316,000 466,050 Belle Vue Project 12,522 32,522 Nairobi South B 17,489 21,639 Eldoret Project - 20,525 Athi River Project 595,446 595,446 Mavoko Projects 431,560 785,310 Outering Road Project 122,350 122,350 4.. Upper HilLProject 40,000 42,385 Langata Project 400,000 383,778 Bamburi Project 195,300 188,373 Bishops Road Project - 200,000 228,411 Muthaiga Project 450,000 296,550 Embakasi Housing Project 753,731 753,731 Forest Edge Langata 95,000 40,566 5,507,700 5,924,875 Provision for Losses on Susp Projects (94.002) (94.002) 5,413,698 5,830,873 5.413.698 5.830.873 Land and Buildings 2007 2006 KSHS.'000 KSHS.'000 Social Security House - Nairobi 4,880,000 4,543,463 Social Security House -Mombasa 485,000 184,373 Bruce House - Nairobi 1,215,000 641,468 Hazian Trade Centre -Nairobi 2,150,000 3,207,916 Hazina Estate 1,106,070 1,106,070 28th March, 2008 THE KENYA GAZETTE -629. Social Security House Annex - Nairobi 559,499 554,704 Hazina Towers 690,000 591,491 View park Towers 1,150,000 918,785 Hazina Plaza ,Mombasa 375,000 458,791 Hospital Road Development 150,000 132,174 ' Kenyatta Avenue Development 1,320,100 1;020,298 Nyayo Estate Embakasi 12,017,257 11,790,358 Machakos Development 61,600 83,574 Ojijo Road - Nairobi 335,000 181,165 Mountain View Development 487,698 487,698 Kileleshwa Development . 42,346 50,596 Kitisuru Development 682,020 -- 680,938 State House Road 415,000 441,876 Milimani Flats 150,000 103,562 Kapsoya Estate 6,185 6,185 Karen Development 307 971 392.471 28.585.746 27.577.956 Provision for Foreseeable Losses (5,070,339) (5,070,339) Provision for Losses on Suspended Projects (659,303) (659,303) (5 779.6421 (5.729.6421 22.856.104 21.848314 Quoted Securities ' 2007 KSHS.1000 KSHS.'000 Kenya Power Lighting Co. Ltd. 6,413,801 Ordinary Kshs. 20 Shares 1,340,520 1,083,974 3,550 cum. Preference East African Breweries Limited 35,979,949 KsIrs.10 Ordinary Shares 5,540,912 5,124,123 B.A.T (K) Limited 14,430,000.Kshs.10 Ordinary Shares 2,655,120 3,323,385 Unilever Tea Kenya Ltd 1,437,500 Kshs. 10 Ordinary Shares 106,375 115,000 KenGen Company Ltd. 17,141,231 ordinary Shares 450,872 252 Bamburi Portland Cement Co. Ltd 61,475,979 Kshs.5 Ordinary Shares( 61,706,279 Kshs 5 Ordinary Shares-2006) 11,680,436 9,009,117 E.A. Portland-Cement Co. Ltd. 24,300,000 Kshs.5 Ordinary Shares 2,673,000 3,207,600 Kenya Cominercial Bank Limited 187,653,830 Kshs. 10 Ordinary Shares 4,409,865 2,476,933 630 THE KENYA GAZETTE 28th March, 2008 Housing Finance Co. of Kenya Ltd. 9,902,754 Kshs. 5 Ordinary Shares 381,256 359,692 Sameer Africa Ltd. 5,677,550 Kshs. 5 Ordinary Shares 73,808 140,830 National Bank Of Kenya Ltd. 96,105, 519 Kshs.5 Ordinary Shares 4,565,012 4,540,986 Bafelays Bank Of Kenya Ltd. 39,856,967 Ordinary Shares 2,889,558 1,307,327 Standard Bank Of Kenya Ltd. 5,385,952 Ordinary Shares , 1,028,717 599,393 Nation Media Group, Kenya Ltd. 3,837,858 Ordinary Shares 951,789 761,627 Athi River Mining Company 870,000 Ordinary Shares @ Kshs.5 64.380 58.725 '38.811.620 32.108.964 Valuation Report 2007 Market Book Undeveloped Land Valuation Value Kshs '000 Kshs '000 Hospital Hill Project 35,000 28,972 Ngong Road Project 150,000 131,227 Elgon Road Project 50,000 50,743 Loita Street Project 90,000 70,095 ..Mtwapa project 316,000 466,050 Mavoko Project 431,560 729,142 Upper Hill Project 40,000 42,385 Langata Project 400,000 383,778 Bamburi Project 195,300 188,373 Bishops Road Project 200,000 228,411 Muthaiga Project 450,000 296,550 Forest Edge Langata 95,000 40,566 Total 2.452.860 2.656.292 Land and Buildings 2007 2007 Valuation Kshs 000 Kshs 000 Machakos Development 61,600 83,574 Hospital Road Development 150,000 132,174 Milimani Flats 150,000 103,562 Hazina Plaza, Mombasa . 375,000 458,854 Ojijo Road-Nairobi 335,000 181,165 State House Road 415,000 441,876 Social Security House-Mombasa 485,000 184,883 Hazina Towers 690,000 591,491 View Park Towers 1,150,000 918,785 Bruce House-Nairobi 1,215,000 689,440 28th March, 2008 THE KENYA GAZETTE 631 Kenyatta Avenue Development 1,320,100 • 1,020,298" Hazina Trade Centre-Nairobi 2,150,000 3,302,158 Social Security House-Nairobi 4,880,000 4,547,597 Total 13.376.700 j2,655.857. Grand Total 15.829.560 15312.149 The valuation was carried out by Gimco Valuers Ltd. KEY HIGHLIGHTS Growth in Net Assets Net Assets have risen from kshs.48.42 billion in 2003 to Kshs.81.31- billion in 2007, an increase of 68%. Increase in Contributions Contributions receivable rose from Kshs.3:60 billion in 2003 to Kshs.5.44 billion in 2007 an increase of 51%. Growth in Investments Income _ Investment income increased from Kshs. L96 billion in 2003 to Kshs.3.98 billion in 2007, an improvement of 103% Interest on Members' Funds The Minister for Labour &. Human Resource Development has approved an interest on members' funds of 5% per annum in the year. Annual General Meeting (A.G.M) The A.G.M will be held in due, course. This will be the first ever A.G.M of the Fund since its inception. Message from the Board The Statement of Net Assets and Statement of Changes in Net Assets are extracts from the Fund's Financial Statements approved by the Board on 28th January, 2008. The Financial Statements have been audited by the Controller and Auditor-General. A full set of these financial statements is available at N.S.S.F. Head Office, Bishops Road. Outlook for 2008 The skirmishes which occurred after the December, 2007 elections adversely affected the operations of the Fund. However, with the signing of the National Accord and Reconciliation agreement by the political leaders, operations are expected to normalize soon. By Order

Signed By

R. K. LUMBASYO

Title

Managing Trustee

Date Signed

28th January 2008

Page

46

Extraction Method

regex

Source Gazette