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Financial Reports
| INCOME STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2008 | | | 31/Dec/2008 | | 31/Dec/2007 | | | | INCOME | | Grants | | 40,445,542 | | 17,791,495 | | Programme Income | | 1,867,265,934 | | 1,096,844,935 | | Total Income | 1,907,711,476 | | 1,114,636,430 | | | | EXPENDITURE | | Establishment | | 47,123,783 | | 23,280,880 | | Administration | | 1,117,259,879 | | 776,081,574 | | Total expenditure | | 1,164,383,662 | | 799,362,454 | | | | Operational Surplus | | 743,327,814 | | 315,273,976 | | FINANCIAL | | Bank interest income | | (85,681,182) | | (49,526,422) | | Financial costs | | 284,221,370 | | 137,376,459 | | | | 198,540,188 | | 87,850,037 | | | | Surplus before tax | | 544,787,626 | | 227,423,939 | | Taxation | | 12,850,717 | | 7,428,924 | | Surplus after tax | | 531,936,909 | | 219,995,015 | | ALLOCATIONS | | Restricted reserve funds | | 114,819,696 | | 88,994,555 | | Revolving loan fund | | 250,000,000 | | 100,000,000 | | | 364,819,696 | | 188,994,555 | | | | Retained surplus for the year | 167,117,212 | | 31,000,460 | | | | BALANCE SHEET AS AT 31ST DECEMBER 2008 | | | 31/Dec/2008 | | 31/Dec/2007 | | | | ASSETS: | | Non current assets | | Property.Vehicles,Equipments | | 250,094,226 | | 138,617,285 | | Investments | | 3,618,775 | | 5,566,680 | | Hedging reserve fund deposit | | 103,358,053 | | 87,778,278 | | | | 357,071,054 | | 231,962,242 | | Current assets | | Inventories | | 10,771,348 | | 5,389,253 | | Receivables | | 135,320,853 | | 120,762,084 | | Taxation recoverable | | 1,197,528 | | 504,416 | | Programme loans | | 6,697,186,115 | | 3,690,205,029 | | Cash and cash equivalents | | 2,295,487,903 | | 1,798,010,503 | | | | 9,139,963,747 | | 5,614,871,286 | | | | Total Assets | 9,497,034,801 | | 5,846,833,529 | | | | EQUITY AND LIABILITIES: | | Fund balances and reserves | | | Fund balances | | 1,582,283,043 | | 1,115,697,164 | | Accumulated surplus | | 211,681,355 | | 44,564,139 | | | 1,793,964,398 | | 1,160,261,304 | | Non current liabilities | | | Earmarked funds | | 113,578,209 | | 117,066,738 | | Borrowings | | 3,341,544,851 | | 2,201,187,821 | | | 3,455,123,060 | | 2,318,254,559 | | | | Current liabilities | | Payables | | 321,834,374 | | 121,454,627 | | Staff fund provisions | | 120,853,419 | | 109,842,873 | | Due to subsidiary | | - | | 538,856 | | Borrowings repayables within 12 months | | 1,146,089,260 | | 253,070,000 | | Loan guarantee funds | | 2,659,170,289 | | 1,883,411,311 | | | 4,247,947,342 | | 2,368,317,666 | | | | Total equity and liabilities | 9,497,034,801 | | 5,846,833,528 | | | 0 | | 0 |
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