GAZETTE NOTICE NO. 8028

THE SACCO SOCIETIES REGULATORY AUTHORITY (SASRA) AUDITED FINANCIAL STATEMENTS AS AT 30TH JUNE, 2023 STATEMENT OF FINANCIAL PERFORMANCE FOR PERIOD ENDED 30TH JUNE, 2023 Notes 2022-2023 Restated 2021-2022 2021-2022 Revenue KSh. KSh. KSh. Levies 6 588,092,320 495,221,058 495,221,058 Licenses Fees and License application fees 7 26,796,800 36,974,901 36,974,901 Public Contributions and Donations 8 - 6,101,600 6,101,600 Other income 9 - 141,150 141,150 Total Revenue 614,889,120 538,438,709 538,438,709 Expenditure Use of goods and services 10 222,127,204 197,516,408 198,792,050 Employee costs 11 257,067,907 229,722,632 235,730,785 Board Expenses 12 27,861,651 21,328,675 21,328,675 Depreciation and amortization expense 13 110,150,596 111,701,190 111,701,190 Repairs and maintenance 14 3,037,685 3,725,005 3,725,005 Total Expenditure 620,245,043 563,993,911 571,277,706 Surplus/ (Deficit) for the period (5,355,923) (25,555,202) (32,838,997) STATEMENT OF FINANCIAL POSITION AS AT 30TH JUNE, 2023 Restated 2022-2023 2021-2022 2021-2022 ASSETS Notes Current Assets KSh. KSh. Cash & Cash Equivalents 15 354,839,594 294,886,305 294,886,305 Receivable from Non-Exchange transactions 16 63,938,939 9,828,440 9,828,440 Total Current Assets 418,778,533 304,714,745 304,714,745 Non-current Assets Property, plant and equipment 17(a) 170,685,416 247,825,559 247,825,559 Intangible assets 17(b) 3,993,033 12,143,220 12,143,220 174,678,449 259,968,779 259,968,779 Total Assets 593,456,983 564,683,524 564,683,524 FUNDS & LIABILITIES Current Liabilities Trade and other payables 18 38,594,887 20,337,392 19,702,546 Provisions 19 17,049,667 3,401,290 11,319,932 55,644,553 23,738,682 31,022,478 Funds & Reserves Capital Reserves 20 798,467,121 796,243,608 796,243,608 Accumulated surplus/deficit 21 (273,654,692) (268,298,767) (275,582,562) Revaluation 13,000,000 13,000,000 13,000,000 Total Funds and Reserves 537,812,429 540,944,841 533,661,046 Total Funds and Liabilities 593,456,983 564,683,524 564,683,524 28th June, 2024 THE KENYA GAZETTE STATEMENT OF CASH FLOWS AS AT 30TH JUNE, 2023 Notes 2022-2023 2021-2022 Cash flows from operating activities KSh.. KSh. Receipts Government grants and subsidies -Recurrent Levies - Sacco Deposits 6 588,092,320 495,221,058 License application fees 7 26,796,800 36,974,901 Other income 141,150 Total Receipts 614,889,120 532,337,109 Payments Use of goods and services 10 222,127,204 198,792,050 Employee Expenses 11 257,067,907 229,629,185 Board Expenses 12 27,861,651 21,328,675 Repairs and maintenance 14 3,037,685 3,725,005 Capacity development - - Total Payments 510,094,447 453,474,916 Surplus/Deficit before working capital changes 104,794,673 78,862,193 Working capital changes Decrease/(Increase) in current receivables 16 (54,110,499) (5,682,365) Increase/(Decrease) in current payables 18,19 31,905,871 (15,399,754) Net changes in working capital (22,204,628) (21,082,119) Net cash flows from operating activities 82,590,045 57,780,074 Cash flows from investing activities Purchase of property, plant, equipment and intangibles 17(a) (24,860,266) (5,608,270) Net cash flows used in investing activities (24,860,266) (5,608,270) Cash flows from financing activities Surplus paid to KRA Prior year adjustments - 7,465,158 Interest earned on Car loan and Mortgage 2,223,513 Net cash flows used in financing activities 9,507,309 7,465,158 Net increase/(decrease) in cash and cash equivalents 59,953,292 59,636,962 Cash and cash equivalents at1st July (B/f) 294,886,304 235,249,342 Cash and cash equivalents at 30 JUNE 2023 354,839,596 294,886,304 STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED 30TH JUNE, 2023 Capital fund Retained earnings Revaluation reserve Total KSh. KSh. KSh. KSh. Balance as at 30th June 2019 607,349,669 (206,027,995) 13,000,000 414,321,674 Surplus/Deficit for the period - 46,318,216 - 46,318,216 Remission to National Treasury (23,238,158) - (23,238,158) Donations 23,559,540 - 23,559,540 Balance as at 30th June 2020 630,909,209 (182,947,937) 13,000,000 460,961,272 Surplus/Deficit for the period - (21,967,619) (21,967,619) Remission to National Treasury (42,127,240.00) (42,127,240) Add:Prior year adjustments (3,165,926.40) (3,165,926) Balance as at 30th June 2021 630,909,209 (250,208,723) 13,000,000 393,700,483 Prior year adjustments - 7,465,157.89 7,465,157.89 Surplus/Deficit for the period (25,555,202) (25,555,202) Donations 165,334,398.64 165,334,399 Balance as at 30th June 2022 796,243,608 (268,298,767) 13,000,000 540,944,838 Surplus/Deficit for the period - (5,355,923) (5,355,923) Interest on car loan and Mortgage 2,223,513 2,223,513 Balance as at 30th June 2023 798,467,121 (273,654,689) 13,000,000 537,812,429 STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNTS AS AT 30TH JUNE, 2023 Original Approved Budget Adjustments Revised budget 2022/23 Performance Performance difference % Performance Details 2022/23 2022/23 Reccurent Revenue: KSh. KSh. KSh. Deposit Levy 590,544,186 - 590,544,186 588,092,320 2,451,866 100% License fees and application fees 25,375,000 - 25,375,000 26,796,800 (1,421,800) 106% Revenue from disposal of assets 615,919,186 - 615,919,186 614,889,120 1,030,066 100% Expenses Use of goods and services 288,523,265 (17,937,205) 270,586,060 222,127,204 48458,856 82% Employee costs 249,286,922 520,000 249,806,922 257,067,907 (7,260,985) 103% Board Expenses 29,509,000 - 29,509,000 27,861,651 1,647,349 94% Depreciation and Amortization Expense - - - 110,150,596 (110,150,596) 0% Repairs and maintenance 5,100,000 (1,582,795) 3,517,205 3,037,685 479,520 86% THE KENYA GAZETTE 28th June, 2024 Dated the 25th June, 2024. PETER NJUGUNA, MR/5983323 Chief Executive Officer.