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GAZETTE NOTICE NO. 9331

GAZETTE NOTICE NO. 9331

THE YEAR ENDED 30TH JUNE, 2016 (i) Statement of Changes in Net Assets for the Year Ended 30th June, 2016 30/06/2016 30/06/2015 Kes '000 Kes '000 Dealings with Members Contributions Receivable 12,874,685 11,748,588 Benefits Payable (3,121,006) (3,091,470) Net Dealings with Members 9,753,679 8,657,118 Return On Investments Investment Income 12,813,795 11,100,082 Change in market value of investments (11,785,920) (385,986) Net Return on Investments 1,027,875 10,714,096 Gross Revenue 10,781,554 19,371,214 Less Total Expenses (5,509,264) 6,169,284 Net Increase/(Decrease) In Scheme Funds During the Period 5,272,290 13,201,930 (ii) Statement of Net Assets Available for Benefits for the Year Ended 30th June, 2016 ASSETS As at 30th June 2016 Kes' 000 As at 30th June 2015 Kes' 000 Cash and bank balances 334,566 177,979 Call Deposits 5,147,890 4,983,550 Fixed Deposits 3,015,800 7,469,830 Commercial Papers - 10,000 Government Securities—(Treasury bills) 3,459,382 1,187,170 Government Securities—(Treasury bonds) 52,735,961 38,368,526 Corporate bonds 8,995,873 8,525,382 Accrued Income 3,240,555 2,382,682 Stores and Supplies 36,412 31,691 Receivables and Prepayments 3,264,757 2,386,449 TPS Loans 7,368,245 8,375,899 Long-term deposits 531,587 430,232 Quoted Stocks 49,901,026 57,037,979 Unquoted Stocks 1,672,681 1,672,681 Undeveloped investment property 9,816,628 9,432,128 Developed investment property 19,908,756 19,394,856 Assets under construction 4,860,634 4,473,072 Intangible Assets—(ICT Software) 173,705 363,202 Property, plant and equipment 338,398 519,655 174,802,857 167,222,962 Liabilities Payables and accruals (2,716,559) (1,642,198) Net Assets 172,086,297 165,580,764 Represented by Fund Balance 172,086,297 165,580,764 (iii) Statement of Cashflows for the Year Ended 30th June, 2016 30/06/2016 30/06/2015 Kes.'000 Kes.'000 Cash flows from operating activities Net Increase in Assets 5,157,290 13,201,930 Adjustments for: Depreciation on Property, Plant and Equipment 211,091 218,088 Amortization of Intangible Assets 189,497 189,497 Increase/(Decrease) in Provision 556,052 1,109,943 Reversal of Accrued Contributions - (209,041) Market Loss/Gain on Investments 11,785,920 449,340 Operating Surplus/(Deficit) before Working Capital Changes 17,899,849 14,959,757 Changes in Working Capital: Decrease/(Increase) in Stores Debtors and Prepayments (4,721) (14,582) Decrease/(Increase) in Debtors and Prepayments (889,535) 101,189 Decrease/(Increase) in Accrued Income (857,874) (615,243) Increase/(Decrease) in Creditors and Accruals (300,680) 414,859 (2,052,810) (113,777) Net cash generated from operating activities 15,847,039 14,845,980 Cash flows from investing activities (Acquisition)/Redemption of Stocks (3,604,231) (2,319,786) (Acquisition)/Redemption of Treasury Bonds (16,524,390) (1,699,880) (Acquisition)/Redemption of Treasury Bills (2,272,213) 598,682 (Acquisition)/Redemption of Corporate Bonds (834,651) (5,195,356) Placement of Deposits with Financial Institutions 4,040,190 (6,230,838) 22nd September, 2017 THE KENYA GAZETTE 5313 30/06/2016 30/06/2015 Kes.'000 Kes.'000 Development of Land and Buildings (211,559) (2,287,022) Proceeds from Sale of Land/Plots/Houses 682,458 - Receipts from Tenant Purchase Scheme 3,063,776 1,364,125 (Acquisition)/Sale of Property, Plant and Equipment (29,831) (187,279) Net Cash flow from Investing Activities (15,690,451) (15,957,354) Net increase in Cash and Cash Equivalents in the Year 156,588 (1,111,374) Cash and Cash Equivalents as at 30th June, 2014 177,979 1,289,353 Cash and Cash Equivalents as at 30th June, 2015 334,566 177,979 (iv) Undeveloped Land as at 30th June, 2016 Fair Value L.R. Numbers 30.06.2016 Fair Value 30.06.2015 Kes’000 Kes’000 L.R. 209/12287-Kenyatta Avenue-Nairobi 2,200,000 2,100,000 L.R. 209/12220-Kenyatta Avenue-Nairobi 205,000 200,000 L.R. 209/12219-Kenyatta Avenue-Nairobi 185,000 180,000 L.R. 209/11331-Kenyatta Avenue-Nairobi 270,000 260,000 L.R. 209/11412-Kenyatta Avenue-Nairobi 840,000 800,000 L.R. 20694-Mavoko-Sabaki 55,600 50,000 L.R. 24575-Mavoko Municipality 111,200 100,000 L.R. 26472-Mavoko Municipality 187,800 150,000 L.R. 24574-Mavoko Municipality 178,300 155,000 L.R. 24577-Mavoko Municipality 142,000 115,000 L.R. 24578-Mavoko Municipality 1,732,000 1,500,000 L.R. 24579-Mavoko Municipality 479,200 440,000 L.R. 20355-Mavoko Municipality 464,400 420,000 L.R. 20305-Mavoko Municipality 503,000 450,000 L.R. 20181-Mavoko Sabaki - 18,000 L.R. 20183-Mavoko Sabaki - 18,000 L.R. 20184-Mavoko Sabaki - 18,000 L.R. 20201-Mavoko Sabaki - 18,000 L.R. 20205-Mavoko Sabaki - 18,000 L.R. 20206-Mavoko Sabaki - 18,000 L.R. 20207-Mavoko Sabaki - 18,000 L.R. 20589-Makutano Junction 370,000 320,000 L.R. Kisumu/Mun/Block 8/258-Kisumu Estate-Kisumu 178,000 175,000 Forest Edge 160,000 160,000 L.R.209/11642-Upperhill-Nairobi 115,000 115,000 L.R. MSA/MN/2535-Bamburi-Mombasa 730,000 700,000 L.R. MSA/MN/2537-Bamburi-Mombasa 85,000 85,000 L.R. MSA/MN/2538-Bamburi-Mombasa 85,000 85,000 L.R. MSA/MN/2539-Bamburi-Mombasa 85,000 85,000 L.R. MSA/MN/2540-Bamburi-Mombasa 85,000 85,000 L.R. MSA/MN/982-Jamboree Beach Hotel, Bamburi Mombasa 620,000 620,000 Tassia Estate 20,265 20,265 Tassia Infrastructure 67,863 67,863 9,976,628 9,389,128 Less: Provision for Impairment(Forest edge plot) (160,000) (160,000) Total Provision (160,000) (160,000) Total 9,816,628 9,229,128 (v) Developed Property Balance 30.06.2016 Fair value 30.06.2015 Developed Investment Property Kes'000 Kes'000 L.R. 209/13920 -NSSF Complex-Nairobi 8,100,000 7,900,000 L.R. MSA/Block XXV/123 -SSH Mombasa 1,400,000 1,300,000 L.R. 209/6776 -Bruce House- Nairobi 2,675,000 2,600,000 L.R. 209/6708 -Hazina Trade Centre-Nairobi 3,000,000 2,950,000 L.R. 209/8595 -ViewPark Towers-Nairobi 2,300,000 2,200,000 L.R. 209/1567 -Hazina Towers-Nairobi 1,300,000 1,290,000 L.R. Nairobi/Block 93/1598 -Hazina Shopping Complex South B 180,000 155,000 L.R. Nairobi/Block 93/1599 -Hazina school South B 90,000 73,500 L.R. Nairobi/Block 96/1667 -Hazina Multi-Purpose Hall South B 37,000 36,500 L.R. MSA/Block XX/328&329-Hazina Plaza- Mombasa 450,000 400,000 Nyayo Estate Embakasi 198,756 489,656 L.R. Kisumu/Mun/Block 8/258-Kisumu Estate-Kisumu 178,000 175,000 Total 19,908,756 19,569,656 (vi) Quoted Stocks Quoted Stocks Number of Shares 30.6.2016 Market value at 30.06.2016 Kes'000 Kenya Power: Ordinary Shares 102,826,246 1,012,839 Cum Preference Shares 3,550 19 217 THE KENYA GAZETTE 22nd September, 2017 5314 Quoted Stocks Number of Shares 30.6.2016 Market value at 30.06.2016 Kes'000 Cum Preference Shares 750 4 East African Breweries Limited 24,813,524 6,898,160 British American Tobacco (K) Limited 3,219,336 2,688,146 Kengen Company Limited 53,177,661 348,314 Bamburi Cement Company Limited 56,906,640 9,674,129 E.A. Portland Cement Limited 24,300,000 868,725 Kenya Commercial Bank Limited 185,870,067 6,273,115 Housing Finance Group 29,244,817 592,208 Sameer Africa Limited 4,731,292 13,011 National Bank of Kenya Limited 148,002,497 1,420,824 Barclays Bank of Kenya Limited 165,628,349 1,590,032 Standard Chartered Bank Kenya Limited 6,220,729 1,213,043 Nation Media Group Limited 9,176,524 1,376,479 Athi River Mining Limited 9,612,000 307,584 Kenya Re Insurance Corporation Limited 21,848,899 426,054 Britam (K) Limited 116,243,005 1,650,651 Safaricom Limited 320,223,153 5,683,961 Jubilee Holdings 41,341 18,810 CFC Stanbic of Kenya Holdings Limited 4,202,651 336,212 Centum Investment Company Limited 6,426,118 282,749 TPS Eastern Africa Limited 1,939,500 40,730 Scangroup Limited 5,767,600 115,352 The Cooperative Bank of Kenya Limited 54,308,716 877,086 NIC Bank Limited 14,096,423 514,519 Equity Bank Limited 88,424,427 3,404,340 Diamond Trust Bank Kenya Limited 5,310,770 876,277 Umeme Limited-Uganda 9,840,200 146,089 Umeme Limited-Kenya 11,051,261 187,871 Stanlib I-REIT 34,889,000 758,836 KenolKobil Limited 12,649,900 131,559 I & M Holdings Limited 961,600 105,776 Nairobi Securities Exchange 2,180,000 43,491 CRDB Bank PLC 950,000 16,315 Stanlib Uganda 10,000,000 7,720 Total 49,901,026 (vi) KEY HIGHLIGHTS (1) Growth in Net Assets Net Assets grew by 4% from Kes.165.6 billion in 2015 to Kes. 172.1 billion in 2016. (2) Contributions Contributions receivable increased by 9.3% from Kes 11.7 billion in 2015 to Kes 12.9 billion in 2016. (3) Return on investment Return on investment decreased from Kes. 10.7 billion in 2015 to Kes. 1.00 billion in 2016. The decrease was mainly caused by a decline in fair value loss in net investment income from valuation of quoted stocks at the Nairobi Securities Exchange (NSE). (4) Interest on Members’ Funds Section 2 of the NSSF Act

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in accordance with the provisions of the Public Audit Act, 2003. A full set of these Financial Statements is available at NSSF Head Office, Bishops Road, and on the Fund’s official website: www.nssfkenya.co.ke OUTLOOK 2017 Kenya’s GDP growth is projected to decelerate to 5.5%, a 0.5 percentage point mark down from the 2016 forecast, according to the World Bank’s Kenya Economic Update (KEU). NSSF will endeavour to leverage on our strength, the conducive business environment to continue championing the socio- economic welfare of our people to deliver sustainable performance and contribute to the nation’s economic development. The NSSF Act 2013 can be downloaded from the National Social Security Fund official website: www.nssfkenya.co.ke ANTHONY OMERIKWA, GIDEON NDAMBUKI, Ag. CEO/Managing Trustee. Chairman, Board of Trustees. MR/3487215 22nd September, 2017 THE KENYA GAZETTE

Dated the 22nd September, 2017.

ANTHONY OMERIKWA,

GIDEON NDAMBUKI,.

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9331

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THE YEAR ENDED 30TH JUNE, 2016 (i) Statement of Changes in Net Assets for the Year Ended 30th June, 2016 30/06/2016 30/06/2015 Kes '000 Kes '000 Dealings with Members Contributions Receivable 12,874,685 11,748,588 Benefits Payable (3,121,006) (3,091,470) Net Dealings with Members 9,753,679 8,657,118 Return On Investments Investment Income 12,813,795 11,100,082 Change in market value of investments (11,785,920) (385,986) Net Return on Investments 1,027,875 10,714,096 Gross Revenue 10,781,554 19,371,214 Less Total Expenses (5,509,264) 6,169,284 Net Increase/(Decrease) In Scheme Funds During the Period 5,272,290 13,201,930 (ii) Statement of Net Assets Available for Benefits for the Year Ended 30th June, 2016 ASSETS As at 30th June 2016 Kes' 000 As at 30th June 2015 Kes' 000 Cash and bank balances 334,566 177,979 Call Deposits 5,147,890 4,983,550 Fixed Deposits 3,015,800 7,469,830 Commercial Papers - 10,000 Government Securities—(Treasury bills) 3,459,382 1,187,170 Government Securities—(Treasury bonds) 52,735,961 38,368,526 Corporate bonds 8,995,873 8,525,382 Accrued Income 3,240,555 2,382,682 Stores and Supplies 36,412 31,691 Receivables and Prepayments 3,264,757 2,386,449 TPS Loans 7,368,245 8,375,899 Long-term deposits 531,587 430,232 Quoted Stocks 49,901,026 57,037,979 Unquoted Stocks 1,672,681 1,672,681 Undeveloped investment property 9,816,628 9,432,128 Developed investment property 19,908,756 19,394,856 Assets under construction 4,860,634 4,473,072 Intangible Assets—(ICT Software) 173,705 363,202 Property, plant and equipment 338,398 519,655 174,802,857 167,222,962 Liabilities Payables and accruals (2,716,559) (1,642,198) Net Assets 172,086,297 165,580,764 Represented by Fund Balance 172,086,297 165,580,764 (iii) Statement of Cashflows for the Year Ended 30th June, 2016 30/06/2016 30/06/2015 Kes.'000 Kes.'000 Cash flows from operating activities Net Increase in Assets 5,157,290 13,201,930 Adjustments for: Depreciation on Property, Plant and Equipment 211,091 218,088 Amortization of Intangible Assets 189,497 189,497 Increase/(Decrease) in Provision 556,052 1,109,943 Reversal of Accrued Contributions - (209,041) Market Loss/Gain on Investments 11,785,920 449,340 Operating Surplus/(Deficit) before Working Capital Changes 17,899,849 14,959,757 Changes in Working Capital: Decrease/(Increase) in Stores Debtors and Prepayments (4,721) (14,582) Decrease/(Increase) in Debtors and Prepayments (889,535) 101,189 Decrease/(Increase) in Accrued Income (857,874) (615,243) Increase/(Decrease) in Creditors and Accruals (300,680) 414,859 (2,052,810) (113,777) Net cash generated from operating activities 15,847,039 14,845,980 Cash flows from investing activities (Acquisition)/Redemption of Stocks (3,604,231) (2,319,786) (Acquisition)/Redemption of Treasury Bonds (16,524,390) (1,699,880) (Acquisition)/Redemption of Treasury Bills (2,272,213) 598,682 (Acquisition)/Redemption of Corporate Bonds (834,651) (5,195,356) Placement of Deposits with Financial Institutions 4,040,190 (6,230,838) 22nd September, 2017 THE KENYA GAZETTE 5313 30/06/2016 30/06/2015 Kes.'000 Kes.'000 Development of Land and Buildings (211,559) (2,287,022) Proceeds from Sale of Land/Plots/Houses 682,458 - Receipts from Tenant Purchase Scheme 3,063,776 1,364,125 (Acquisition)/Sale of Property, Plant and Equipment (29,831) (187,279) Net Cash flow from Investing Activities (15,690,451) (15,957,354) Net increase in Cash and Cash Equivalents in the Year 156,588 (1,111,374) Cash and Cash Equivalents as at 30th June, 2014 177,979 1,289,353 Cash and Cash Equivalents as at 30th June, 2015 334,566 177,979 (iv) Undeveloped Land as at 30th June, 2016 Fair Value L.R. Numbers 30.06.2016 Fair Value 30.06.2015 Kes’000 Kes’000 L.R. 209/12287-Kenyatta Avenue-Nairobi 2,200,000 2,100,000 L.R. 209/12220-Kenyatta Avenue-Nairobi 205,000 200,000 L.R. 209/12219-Kenyatta Avenue-Nairobi 185,000 180,000 L.R. 209/11331-Kenyatta Avenue-Nairobi 270,000 260,000 L.R. 209/11412-Kenyatta Avenue-Nairobi 840,000 800,000 L.R. 20694-Mavoko-Sabaki 55,600 50,000 L.R. 24575-Mavoko Municipality 111,200 100,000 L.R. 26472-Mavoko Municipality 187,800 150,000 L.R. 24574-Mavoko Municipality 178,300 155,000 L.R. 24577-Mavoko Municipality 142,000 115,000 L.R. 24578-Mavoko Municipality 1,732,000 1,500,000 L.R. 24579-Mavoko Municipality 479,200 440,000 L.R. 20355-Mavoko Municipality 464,400 420,000 L.R. 20305-Mavoko Municipality 503,000 450,000 L.R. 20181-Mavoko Sabaki - 18,000 L.R. 20183-Mavoko Sabaki - 18,000 L.R. 20184-Mavoko Sabaki - 18,000 L.R. 20201-Mavoko Sabaki - 18,000 L.R. 20205-Mavoko Sabaki - 18,000 L.R. 20206-Mavoko Sabaki - 18,000 L.R. 20207-Mavoko Sabaki - 18,000 L.R. 20589-Makutano Junction 370,000 320,000 L.R. Kisumu/Mun/Block 8/258-Kisumu Estate-Kisumu 178,000 175,000 Forest Edge 160,000 160,000 L.R.209/11642-Upperhill-Nairobi 115,000 115,000 L.R. MSA/MN/2535-Bamburi-Mombasa 730,000 700,000 L.R. MSA/MN/2537-Bamburi-Mombasa 85,000 85,000 L.R. MSA/MN/2538-Bamburi-Mombasa 85,000 85,000 L.R. MSA/MN/2539-Bamburi-Mombasa 85,000 85,000 L.R. MSA/MN/2540-Bamburi-Mombasa 85,000 85,000 L.R. MSA/MN/982-Jamboree Beach Hotel, Bamburi Mombasa 620,000 620,000 Tassia Estate 20,265 20,265 Tassia Infrastructure 67,863 67,863 9,976,628 9,389,128 Less: Provision for Impairment(Forest edge plot) (160,000) (160,000) Total Provision (160,000) (160,000) Total 9,816,628 9,229,128 (v) Developed Property Balance 30.06.2016 Fair value 30.06.2015 Developed Investment Property Kes'000 Kes'000 L.R. 209/13920 -NSSF Complex-Nairobi 8,100,000 7,900,000 L.R. MSA/Block XXV/123 -SSH Mombasa 1,400,000 1,300,000 L.R. 209/6776 -Bruce House- Nairobi 2,675,000 2,600,000 L.R. 209/6708 -Hazina Trade Centre-Nairobi 3,000,000 2,950,000 L.R. 209/8595 -ViewPark Towers-Nairobi 2,300,000 2,200,000 L.R. 209/1567 -Hazina Towers-Nairobi 1,300,000 1,290,000 L.R. Nairobi/Block 93/1598 -Hazina Shopping Complex South B 180,000 155,000 L.R. Nairobi/Block 93/1599 -Hazina school South B 90,000 73,500 L.R. Nairobi/Block 96/1667 -Hazina Multi-Purpose Hall South B 37,000 36,500 L.R. MSA/Block XX/328&329-Hazina Plaza- Mombasa 450,000 400,000 Nyayo Estate Embakasi 198,756 489,656 L.R. Kisumu/Mun/Block 8/258-Kisumu Estate-Kisumu 178,000 175,000 Total 19,908,756 19,569,656 (vi) Quoted Stocks Quoted Stocks Number of Shares 30.6.2016 Market value at 30.06.2016 Kes'000 Kenya Power: Ordinary Shares 102,826,246 1,012,839 Cum Preference Shares 3,550 19 217 THE KENYA GAZETTE 22nd September, 2017 5314 Quoted Stocks Number of Shares 30.6.2016 Market value at 30.06.2016 Kes'000 Cum Preference Shares 750 4 East African Breweries Limited 24,813,524 6,898,160 British American Tobacco (K) Limited 3,219,336 2,688,146 Kengen Company Limited 53,177,661 348,314 Bamburi Cement Company Limited 56,906,640 9,674,129 E.A. Portland Cement Limited 24,300,000 868,725 Kenya Commercial Bank Limited 185,870,067 6,273,115 Housing Finance Group 29,244,817 592,208 Sameer Africa Limited 4,731,292 13,011 National Bank of Kenya Limited 148,002,497 1,420,824 Barclays Bank of Kenya Limited 165,628,349 1,590,032 Standard Chartered Bank Kenya Limited 6,220,729 1,213,043 Nation Media Group Limited 9,176,524 1,376,479 Athi River Mining Limited 9,612,000 307,584 Kenya Re Insurance Corporation Limited 21,848,899 426,054 Britam (K) Limited 116,243,005 1,650,651 Safaricom Limited 320,223,153 5,683,961 Jubilee Holdings 41,341 18,810 CFC Stanbic of Kenya Holdings Limited 4,202,651 336,212 Centum Investment Company Limited 6,426,118 282,749 TPS Eastern Africa Limited 1,939,500 40,730 Scangroup Limited 5,767,600 115,352 The Cooperative Bank of Kenya Limited 54,308,716 877,086 NIC Bank Limited 14,096,423 514,519 Equity Bank Limited 88,424,427 3,404,340 Diamond Trust Bank Kenya Limited 5,310,770 876,277 Umeme Limited-Uganda 9,840,200 146,089 Umeme Limited-Kenya 11,051,261 187,871 Stanlib I-REIT 34,889,000 758,836 KenolKobil Limited 12,649,900 131,559 I & M Holdings Limited 961,600 105,776 Nairobi Securities Exchange 2,180,000 43,491 CRDB Bank PLC 950,000 16,315 Stanlib Uganda 10,000,000 7,720 Total 49,901,026 (vi) KEY HIGHLIGHTS (1) Growth in Net Assets Net Assets grew by 4% from Kes.165.6 billion in 2015 to Kes. 172.1 billion in 2016. (2) Contributions Contributions receivable increased by 9.3% from Kes 11.7 billion in 2015 to Kes 12.9 billion in 2016. (3) Return on investment Return on investment decreased from Kes. 10.7 billion in 2015 to Kes. 1.00 billion in 2016. The decrease was mainly caused by a decline in fair value loss in net investment income from valuation of quoted stocks at the Nairobi Securities Exchange (NSE). (4) Interest on Members’ Funds Section 2 of the NSSF Act
Signed By
ANTHONY OMERIKWA
Title
GIDEON NDAMBUKI,
Date Signed
22nd September 2017
Page
46
Extraction Method
regex

Source Gazette

Vol. CXIX No. 140

Published 17th February 2017