Professional Documents
Culture Documents
CONTENTS PAGE
DIRECTORS' REPORT 1
INCOME STATEMENT 4
BALANCE SHEET 5
DIRECTORS' REPORT
The Directors submit their report together with the audited financial statements for the year ended
31st December 2007
PRINCIPAL ACTIVITIES
The principal activities of the Hospital are, offering medical facilities for treatmet of opthalmic
diseases and ailments and provision of medical assistance to needy members of society
by offering treatment,low vision services and visual rehabilitation
RESULTS
The result of the year are set out in page 4.
PATRON
Hon.Musalia Mudavadi
DIRECTORS
EX- OFFICIO
1 Medical officer of Health ( Vihiga District)
2 District Commissoner (Vihiga District )
MANAGEMENT COMMITTEE
Mr Macdonald Sabwa Hospital Aministrative Officer
Mrs Mercylene Mbai Nurse in Charge
Mr Samwel Tsimbwela Accountant
Dr Isaac Wanjala Senior Ophthalmologist
Dr Demissie Tadesse Hospital Director
AUDITORS
The Company's Auditors, Messrs Mbaya & Associates have expressed their willingness to
continue in office and do so under the terms of section (159) 2 of the Companies Act ( Cap 486)
SECRETARY
2008
4
FRIENDS CHURCH - SABATIA EYE HOSPITAL
INCOME STATEMENT
2007 2006
K.SHS K.SHS
INCOME
EXPENDITURE
BALANCE SHEET
CURRENT ASSETS
CURRENT LIABILITIES
The financial statements were approved by the board of directors on ……………………...and were
signed on its behalf by;
…………………………………………. CHAIRMAN
1. ACCOUNTING POLICIES
a) Basis of preparation
The financial statements have been prepared under the historical cost convention.
All property and equipment is initially recorded at cost and is stated at historical cost less
accumulated depreciation
c) Depreciation
Property and equipment are depreciated on a reducing balance basis at rates calculated
to write them off to a residual value over their expected useful life.
c) Inventories
Inventories are stated at the lower of cost and net realizable value.
d) Revenue
Income comprises of the amount received from donations , grants ,treatment of
patients and dispensing of medicines. Grants and donations from Christoffel
Blinden Mission are realised in the income and expenditure account on receipt basis.
Foreign currency transactions are translated at the ruling rates at the transaction dates
Monetary items denominated in foreign currencies at the balance sheet date are translated
into kenya shillings at the rate ruling at that date.
f) Trade receivables
Trade receivables are carried at anticipated realisable values. An estimate is made for doubtful
receivables based on review of outstanding amounts at the year end. Bad debts are written off
off during the year in which they are identified.
FRIENDS CHURCH - SABATIA EYE HOSPITAL 10
2007 2006
KSHS KSHS
3 INCOME FROM PATIENTS
Admission fees 6,481,594 5,918,875
Consultation fee 1,484,130 1,260,440
Sale of drugs 3,468,145 2,349,279
Sale of eye glasses 1,199,045 951,389
Mobile Clinics Income 1,066,434 1,440,415
Miscellaneuous income 94,084 7,046
Lions camp income 3,080,810 3,220,245
Sponsored Patients- Oud Africa 1,622,250 444,000
Kitchen meals Income 240,922 202,102
18,737,414 15,793,791
4 DONATIONS
Local Donations - 139,500
Foreign Donations 324,510 -
324,510 139,500
7 TRADE PAYABLES
Trade Payables 1,101,146 2,012,947
Accruals 444,875 467,389
1,546,021 2,480,336
11
FRIENDS CHURCH - SABATIA EYE HOSPITAL
9 DESIGNATED FUNDS
Balance at 1st january 2006 1,652,250 -
Donations received during the year 764,612 2,096,250
Utilised during the year (1,652,250) (444,000)
Balance at 31st December 2006 764,612 1,652,250
The funds are donations received for sponsorshp of poor patients to pay for their hospital bills
The funds are from Oud Africa and Kenya Society for the Blind
10 GENERAL FUND
Balance brought forward 20,035,733 25,311,892
Add; Net surplus for the year 6,519,319 3,172,884
Depreciation transfer 2,282,871 2,561,696
Transfer of assets - (11,010,739)
28,837,923 20,035,733
11 CAPITAL FUND
Balance brought forward 62,864,453 51,161,926
Add; Assets acquired during the year - 14,264,223
Depreciation on assets (2,282,871) (2,561,696)
60,581,582 62,864,453
12 PERSONNEL COSTS
Salaries and wages 9,410,013 8,156,562
Staff medical insurance 209,039 246,272
9,619,052 8,402,834
13 ADMINISTRATIVE COSTS
Telephone and postage & E-mail 323,348 443,529
Printing and Stationery 427,443 445,767
Security 351,547 336,000
Light and water 453,198 286,412
Insurances 420,678 357,896
Repairs and Maintenance 281,217 465,777
Bank charges 70,633 53,549
Legal fee 91,200 -
Audit and Accountancy fee 121,800 110,200
Advertising 14,090 -
Newspapers & periodicals 14,875 10,100
Licenses and workpermits 44,050 30,050
2,614,079 2,539,280
12
FRIENDS CHURCH - SABATIA EYE HOSPITAL
18 CURRENCY
These financial statements are presented in Kenya shillings ( K.shs)
19 REGISTERED OFFICE
Sabatia Eye Hospital
Kisumu - Kapsabet Road
P.O. Box 214
Wodanga
-
7
FRIENDS CHURCH - SABATIA EYE HOSPITAL
CASHFLOW STATEMENT
2007 2006
Note K.shs K.shs
DEPRECIATION