KENET FINANCIAL REPORT FY 2013/2014

KENET FINANCIAL REPORT
FY 2013/2014
Presented By: Mr. John Ngunyi
Head of Finance
Date: 11th December, 2014
Transforming education through ICT
KENET founder members had a problem
Old congested networks
Utafika kweli? networks
Insecure networks
Came together and formed KENET to help
themselves. Invited others to join as members
Transforming education through ICT
Old Congested Networks
Transforming education through ICT
Utafika kweli? Networks
Transforming education through ICT
KENET Product Offering Targeted
INSTITUTION
TECHIES IN THE INSTITUTION
RESEARCHER
FACULTY
Transforming education through ICT
Product offering costs
 KENET Structured to serve big customers
 International circuits, leased lines, data centre services
 Cost of equipment replacement (depreciation)
 Provides multiple connections, access equipment and
joint resources eg training labs
 Conduct targeted training by local and international
faculty
 Facilitating joint campus network designs
 Retaining a concentration of high end engineering skills
 Organising special interest groups
Transforming education through ICT
Transforming education through ICT
KENET Sustainability
Aggregate demand thereby better pricing
Critical mass attracting funding from GOK and
donors for the benefit of members
VAT exemptions extended to members
Members allowed direct procurement
Focal point for GOK and PPP
Pricing on a cost recovery basis
Accounts are audited every year
Transforming education through ICT
Transforming education through ICT
KENYA EDUCATION NETWORK REGISTERED TRUSTEES
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE
YEAR ENDED 30 JUNE 2014
Titre de la présentation
10
Report of the Independent Auditor
Trustees' responsibilities for the financial statements
The trustees are responsible for the preparation and fair presentation of these financial statements in accordance with international
financial reporting standards and the requirements of the Kenyan trustee (perpetual succession) act.
Auditor's responsibility
Our responsibility is to express an independent opinion on these financial statements based on our audit. We conducted our audit in
accordance with international standards on auditing. Those standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
Opinion
In our opinion, the financial statements give a true and fair view of the state of financial affairs of the trust as at 30 June 2014 and of
its deficit and cash flows for the year then ended in accordance with international financial reporting standards.
The engagement partner responsible for the audit resulting in this independent auditors report is CPA Charles G. Gathuto- P/no.
1231
Titre de la présentation
11
Kenya Education Network Registered Trustees (KENET)
Statement of comprehensive income
For the year ended 30 June 2014
Note
2014
2013
Kshs
Kshs
Income
4
514,400,759
360,762,783
Direct costs
5
(490,456,130)
(396,894,718)
23,944,629
(36,131,934)
47,340,534
90,561,018
71,285,163
54,429,084
Gross profit
Other income
6
Net income
Expenses
Operating expenses
7
(84,043,301)
(66,323,107)
Research expenses
8
(9,404,970)
(6,618,423)
Deficit for the year
10
(22,163,108)
(18,512,446)
Total comprehensive income
10
(22,163,108)
(18,512,446)
Titre de la présentation
12
Kenya Education Network Registered Trustees (KENET)
Statement of financial position
For the year ended 30 June 2014
Kenya Education Network Registered Trustees (KENET)
Statement of changes in equity
For the year ended 30 June 2014
Capital
fund
Kshs
Accumulated
revenue
Kshs
Capital
reserve
Kshs
Members
contributions
Kshs
Total fund
Kshs
At 1 July 2012
645,992,975
49,255,513
234,770,693
7,150,000
937,169,181
Additions
171,658,790
-
-
-
171,658,790
Depreciation on grant assets
-
-
(81,734,646)
81,734,646
-
Transfer to capital reserve
-
(61,300,984)
61,300,984
Members’ contributions
-
-
-
-
-
Deficit for the year
-
(18,512,446)
-
-
(18,512,446)
At 30 June 2013
735,917,119
51,176,728
296,071,678
7,150,000
1,090,315,526
At 1 July 2013
735,917,119
51,176,728
296,071,678
7,150,000
1,090,315,525
Additions
134,797,215
-
-
-
134,797,215
-
-
Depreciation on grant assets
-
(130,369,961)
130,369,961
-
Transfer to capital reserve
-
(97,777,472)
97,777,470
Deficit for the year
-
(22,163,108)
-
-
(22,163,108)
740,344,373
61,606,110
393,849,148
7,150,000
1,202,949,632
At 30 June 2014
Titre de la présentation
-
14
THANK YOU.
MAZARS
Certified Public Accountants (K)
3 Floor, The Green House
Ngong Road
P. O. Box 61120
00200 Nairobi City Square.
KENYA.
Telephone
: + 254 (020) 3861175/76/79
Wireless
: + 254 (020) 2517101/3
Mobile
: + 254 722 440270
Fax
: + 254 (02) 3861169
Email
: [email protected]
Website
: www.mazars.co.ke
Titre de la présentation
15
Date
Transforming education through ICT
Thank You
www.kenet.or.ke
Jomo Kenyatta Memorial
Library, University of Nairobi
P. O Box 30244-00100, Nairobi.
0732 150 500 / 0703 044 500

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