REPUBLIC OF KENYA OFFICE OF THE AUD[[OR-GENERAL REPORT OF THE AUDITOR-GENERAL ON THE FINANCIAL STATEMENTS OF KENYA ELECTRICITY MODERNIZATION PROJECT (IDA CR.NO.5587-KE) FOR THE YEAR ENDED 30 JUNE 2016 MINISTRY OF ENERGY AND PETROLEUM KENYA ELECTRICITY MODERNIZATION PROJECT (KEMP) MINISTRY OF ENERGY AND PETROLEUM CREDIT NUMBER: IDA CR. 5587 KE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED JUNE 30, 2016 Prepared in accordance with the Cash Basis of Accounting Method under the International Public Sector Accounting Standards (IPSAS) Kenya Electricity Modernization Project Reports and Financial Statements For the financial year ended June 30, 2016 CONTENTS PAGE 1. PROJECT INFORMATION AND OVERALL PERFORMANCEROR 2. STATEMENT OF PROJECT MANAGEMENT RESPONSIBILITIES........................................PS................................5 3. STATEMENT OF RECEIPTS AND PAYMENTS FOR THE PERIOD ENDED 30TH JUNE 2016........................7 4. STATEMENT OF FINANCIAL ASSETS AND LIABILITIES AS AT 30TH JUNE 2016016 5. STATEMENT OF CASHFLOWS FOR THE PERIOD 30TH JUNE 2016 6. STATEMENT OF COMPARATIVE BUDGET AND ACTUAL AMOUNTS.........................................................10 7. NOTES TO THE FINANCIAL STATEM ENTS.......................................................... ..........................................11 1 Kenya Electricity Modernization Project Reports and Financial Statements For the financial year ended June 30, 2016 1. PROJECT INFORMATION AND OVERALL PERFORMANCE 1.1 Name and registered office Location: The project's official Residence is the Ministry of Energy and Petroleum, Nyayo House, Nairobi. Objective: The key objective of the project is to increase access to electricity, improve reliability of electricity services and to strengthen KPLC's financial situation. Address: The project headquarters offices are in Nairobi County, Kenya. The address of its registered office is: P.O.Box 30582 - 00100 Nairobi Contacts: The following are the project contacts: Telephone: (254) 33101112 E-mail: ps@energy.go.ke Website: www.energy.go.ke 1.2 Project Information Project Start Date: The project start date is: 17 September 2015 Project End Date: The project end date is: 30 June 2020 Project Manager: The project manager is the project coordinator for KEMP Ministry of Energy and Petroleum Project Sponsor: The project sponsor is the Principal Secretary, Ministry of Energy and Petroleum 1.3 Project Overview Line Ministry/State The project is under the supervision of the Ministry of Energy and Petroleum Department of the Project Project Number IDA CR. 5587KE 2 Kenya Electricity Modernization Project Reports and Financial Statements For the financial year ended June 30, 2016 Strategic goals of the The Strategic Goals of the Project are as follows: project (i) To increase access to electricity. (ii) To improve reliability of electricity service (iii) To strengthen KPLC's financial situation. Other important The project is being implemented in conjunction with other Energy Sector background Agencies and Parastatals. information of the project Current situation that The project was formed to intervene in the following areas: the project was formed (i) Access to Electricity. to intervene (ii) Reliability of Electricity Service (iii) KPLC financial situation. Project duration The project started on 17th September and is expected to run until 30th June , _ _ 2020. 1.4 Bankers The following are the bankers for the current year: (i) Special Account Central Bank of Kenya Ltd Account No. 1000250698 (ii) Project Account Central Bank of Kenya Account No. 1000287055 1.5 Auditors The project is audited by the Office of the Auditor General (OAG), P.O.Box 30084-00100, Nairobi, Kenya 1.6 Roles and Responsibilities List the different people who will be working on the project. This list would include the project manager and all the key stakeholders who will be involved with the project. Also, record their role, their positions, and their contact information. 3 Kenya Electricity Modernization Project Reports and Financial Statements For the financial year ended June 30, 2016 Names Title Desi nation Res onsibilities Dr Eng. Joseph Principal Secretary Accounting Officer Njoroge Rodney Sultani Project Coordinator Manager Eng. Isaac Bondet Power Engineering Power Generation, Consultant Transmission and Distribution Albert Mugera Financial Management Financial Management Specialist Eng. Richard Muiru Power Engineering Power Generation, Consultant Transmission and Montata Gichana Chief Distribution Finance Officer Phoebe Ndonye Principal Accountant Accounting/Financial Management Patrick Meyo Head of Procurement Procurement 1.7 Funding summary The Project is for duration of Five (5) years from September 17, 2015 to June 30, 2020 with an originally approved budget of US$ 4,520,000 equivalent to Kshs 456m Below is the funding summary: (Loan International Development Association (IDA) 4,520,000 456,000,000 500,000 50,500,000 4,020,000 406,020,000 Total4,520,000 456,000,000 500,000 50,500,000 4,020,000 406,020,000 4 Kenya Electricity Modernization Project Reports and Financial Statements For the financial year ended June 30, 2016 1.8 Summary of Overall Project Performance: The project reflects a drawdown of 11% based on the project budget of US$4.5million under components D (i), D (ii), D (iii) and training for MOEP and ERC staff under D (v). The National Electrification Strategy study is already commissioned and ongoing. Other studies to be carried out under the project includes: National Specifications and Standardization with a budget of US$1m, Regulations for Enforcement Quality Electricity Service Delivery with a budget allocation of US$0.5m, Cost of Service Study for a budget of US$0.52m, while training and capacity building is allocated a budget of US$1.7m. The main challenges that have partially impeded faster implementation of the project includes the following amongst others: 1.Delay in opening of the Special Accounts, both Designated and Project Bank Accounts with Central Bank of Kenya, long after the project was declared effective, 2. Delayed operationalisation of the bank accounts and release of exchequer by National Treasury due to lack of budget allocation for the project, 3. Recruitment of the Project Coordinator who is meant to coordinate the -overall implementation and provide oversight for timely results, took a long time to be concluded. The Main Project's Achievements so far includes: (a) National Electrification Strategy Study that will guide other activities within the sector was initiated in FY 2015/16 and is nearing Completion. (b) The Project Coordinator for the project has now been procured and is fast-tracking both coordination and the implementation processes (c) Training and capacity building for MOEP and ERC staff commenced in FY 2015/16 and is still ongoing as per the Ministry's HRD Training program. 1.9 Summary of Project Compliance: There are no issues of non-compliance under this project to date. 2. STATEMENT OF PROJECT MANAGEMENT RESPONSIBILITIES The Principal Secretary for the Ministry of Energy and Petroleum and the Project Coordinator for Kenya Electricity Modernization Project are responsible for the preparation and presentation of the Project's financial statements, which give a true and fair view of the state of affairs of the Project for and as at the end of the financial year (period) ended on June 30, 2016. This responsibility includes: (i) maintaining adequate financial management arrangement and ensuring that these continue to be effective throughout the reporting period; (ii) maintaining proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Project; (iii) designing, 5 Kenya Electricity Modernization Project Reports and Financial Statements For the financial year ended June 30, 2016 implementing and maintaining internal controls relevant to the preparation and fair presentation of the financial statement, and ensuring that they are free from material misstatements, whether due to error or fraud; (iv) safeguarding the assets of the Project; (v) selecting and applying appropriate accounting policies; and (vi) making accounting estimates that are reasonable in the circumstances. The Principal Secretary for the Ministry of Energy and petroleum and the Project Coordinator for Kenya Electricity Modernization Project accept responsibility for the Project's financial statements, which have been prepared on the Cash Basis Method of Financial Reporting, using appropriate accounting policies in accordance with International Public Sector Accounting Standards. The Principal Secretary for the Ministry of Energy and petroleum and the Project Coordinator for Kenya Electricity Modernization Project are of the opinion that the Project's financial statements, give a true and fair view of the state of Project's transactions during the financial year/period ended June 30, 2016, and of the Project's financial position as at that date. The Principal Secretary for the Ministry of Energy and petroleum and the Project Coordinator for .Kenya Electricity Expansion Project further confirm the completeness of the accounting records maintained for the Project, which have been relied upon in the preparation of the Project financial statements as well as the adequacy of the systems of internal financial control. The Principal Secretary for the Ministry of Energy and petroleum and the Project Coordinator for Kenya Electricity Modernization Project confirm that the Project has complied fully with applicable Government Regulations and the terms of external financing covenants, and that Project funds received during the financial year/period under audit were used for the eligible purposes for which they were intended and were properly accounted for. Approval of the Project financial statements The Project financial statements were approved by the Principal Secretary for the Ministry of Energy and Petroleul and t e Project Coordinator for Kenya Electricity Modernization Project on 2016-[)&I 21 and signed by them. Principal Secretary Project Coordinator 6 REPUBLIC OF KENYA 40Telephone: +254-20-342330 P.O. Box 30084-0010 Fax: +254-20-311482 E-mail: oag@oagkenya.go.ke NAIROBI Website: www.kenao.go.ke OFFICE OF THE AUDITOR-GENERAL REPORT OF THE AUDITOR-GENERAL ON KENYA ELECTRICITY MODERNIZATION PROJECT (IDA CR.NO.5587-KE) - FOR THE YEAR ENDED 30 JUNE 2016 - MINISTRY OF ENERGY AND PETROLEUM REPORT ON THE FINANCIAL STATEMENTS I have audited the accompanying financial statements of Kenya Electricity Modernization Project (KEMP)-IDA Credit 5587-KE set out on pages 7 to 14, which comprise the statement of financial assets and liabilities as at 30 June 2016, and the statement of receipts and payments, statement of cash flows and statement of comparison of budget and actual amounts for the year then ended, and a summary of significant accounting policies and other explanatory information in accordance with the provisions of Article 229 of the Constitution of Kenya, Section 35 of the Public Audit Act, 2015 and Financing Agreement No. 5587 KE dated 29 June 2015 between the International Development Association and the Republic of Kenya. I have obtained all the information and explanations which, to the best of-my knowledge and belief, were necessary for the purpose of the audit Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Public Sector Accounting Standards (Cash Basis) and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The management is also responsible for the submission of the financial statements to the Auditor-General in accordance with the provisions of Section 47 of the Public Audit Act, 2015. Auditor-General's Responsibility My responsibility is to express an opinion on these financial statements based on the audit and report in accordance with the provisions of Section 48 of the Public Audit Act, 2015 and submit the audit report in compliance with Article 229(7) of the Constitution. The audit was conducted in accordance with International Standards of Supreme Audit Institutions. Those standards require compliance with ethical requirements and that the audit be planned and performed to obtain reasonable assurance about whether the financial statements are free from material misstatement. Report of the Auditor-General on the Financial Statements of Kenya Electricity Modernization Project (IDA CR.NO.5587-KE) for the Year ended 30 June 2016 Promoting Accountability in the Public Sector An audit involves performing Procedures to obtain audit evidence about the amounts and disclosures in the financial statements The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Project's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the management, as well as evaluating the overall presentation of the financial statementsa I believe that the audit evidence obtained is sufficient and appropriate to provide a basis for my audit opinion. Opinion In my opinion the financial statements present fairly, in all material respects, the financial position of Kenya Electricity Modemisation Project as at 30 June 2016, and of it's financial performance and its cash flows for the year then ended, in accordance with International Public Sector Accounting Standards (Cash Basis) and comply with the Financing Agreement No. 5587 KE of 29 June 2015. FCPA Edward R. 0. Ouko, CBS AUDITOR-GENERAL Nairobi 28 December 2016 Report of the 411ditorGeeral on the Financial Statements of Kenya Eiectrici.fod (ID, CR.NO. 558 7-KE) for the Year ended 30 June 2016 Md,n-to. rlc 2 Kenya Electricity Modernization Project Reports and Financial Statements For the financial year ended June 30, 2016 3. STATEMENT OF RECEIPTS AND PAYMENTS FOR THE PERIOD ENDED 30TH JUNE 2016 Cumulative Note 2015/16 2014/15 to date Kshs Kshs Kshs RECEIPTS Loan from external development partners 8.2 45,000,000 - 45,000,000 TOTAL RECEIPTS 45,000,000 - 45,000,000 PAYMENTS Purchase ofgoods and services 8.3 27,713,578 - 27,713,578 TOTAL PAYMENTS 27,713,578 27,713,578 SURPLUS FOR THE YEAR 17,286,422 - 17,286,422 The accounting policies and explanatory notes to these financial statements are an integral part of the financial statements. Principal Secretary Project Coordinator 7 Kenya Electricity Modernization Project Reports and Financial Statements For the financial year ended June 30, 2016 4. STATEMENT OF FINANCIAL ASSETS AND LIABILITIES AS AT 30TH JUNE 2016 Note 2015-2016 2014-2015 Kshs Kshs FINANCIAL ASSETS Cash and Cash Equivalents Bank Balances 8.4A 16,025,512 Amount owed to KEMP by GOK 1,260,910 TOTAL FINANCIAL ASSETS 17,286,422 REPRESENTED BY: Cash and cash equivalents b/fwd - Surplus/Deficit for the year 17,286,422 NET FINANCIAL POSITION 17,286,422 - The accounting policies and explanatory notes to these financial statements form an integral part of the financial statements. Principal Secretary Project Coordinator Date Date 8 Kenya Electricity Modernization Project Reports and Financial Statements For the financial year ended June 30, 2016 5. STATEMENT OF CASHFLOW FOR THE PERIOD 30TH JUNE 2016 Notes 2015-2016 2014-2015 Kshs Kshs CASHFLOW FROM OPERATING ACTIVITIES Payments for operating expenses Purchase ofgoods and services 8.3 (27,713,578) - Net cash flow from operating activities (27,713,578) - CASHFLOW FROM BORROWING ACTIVITIES Loan from external development partners 8.2 45,000,000 - Net cash flow from financing activities 45,000,000 - NET INCREASE IN CASH AND CASH EQUIVALENT 17,286,422 Cash and cash equivalent at BEGINNING of the year - Cash and cash equivalent at END of the year 17,286,422 The accounting policies and explanatory notes to these financial statements form an integral part of the financial statements. Principal Secretary Project Coordinator Date Date 9 � ; ,-. � � � � Ч� � .-. ,-, ,-, ,.� а� � еbб U �`'' �`�-' .� I 4" � � � � � � � � � � О � .� ~ О О � � � О О N N � � й U О О �- � � ; I •� �� о О о�о о�о � о N N , � Qi Q� �fj �Lj . � � � � � � � � ш � ,� О О ор рр ' � ( ��•� � О О И И кч � � и ���j � О О .-�м-� ,м-� Ш � � � ►zv [� l� Nг..� � � С�� д' � t� [� сб � , � N N г, �+ . � � � � "б ^ О О О О U о � ''� +� о° о° °о °о й � � � �� ° ° ° ° ,� ` � �r et � � � � � и � �.1 w '-' ^i .-, ,-� � � ® ; � о � w, � . � F � � � � � � о �, �. � � :� ,� � � � ,� --1 �. ,� � о i д � � �' � U z �� с�' и '`"' � ' �, �-- � Q'' � тs � `� � °' °' о 1 W о о о о � Р� Q .•-� �,, о о о о � � � "'� -� � °о о° °о °о 1 �� � � ° � о о � , v о w о� ��+ �� ш � N � � � � � ��, �о �, О Е у и О М �'+ '+.�� ! у� � � � ,�у й С ... О i: ;-+ � � � � ¢" � .N .�; 'Z3 '�'� � и +� � �� о � � � � 'а ~ � U � � � � � �� о ~ � � � � л F., � -о � •� � е�б Z � и � � �' .:: �, 'С� W � � и �О w � 1• с�.,�б �' � >, °' '� о я а� � � � W `� � �� � � �� , ` й и N vi V] и и � � � д �, � о а д � с� � � �з "� Е-" `� а� � а" Е--� а� р. � д, s � й й � п � � � � ' г' м'У�а ai W �О ГУi �i ь-о-] Е-+ 0.� 0.�i Еу z`б � �� , й а. Q Kenya Electricity Modernization Project Reports and Financial Statements For the financial year ended June 30, 2016 7. NOTES TO THE FINANCIAL STATEMENTS The principal accounting policies adopted in the preparation of these financial statements are set out below: 7.1 Statement of compliance and basis of preparation The financial statements have been prepared in accordance with and comply with International Public Sector Accounting Standards (IPSAS) with particular emphasis on Cash Basis Financial Reporting under the Cash Basis of Accounting. The financial statements comply with and conform to the form of presentation prescribed by the Accounting Standards Board of Kenya. The financial statements are.presented in Kenya Shillings, which is the functional and reporting currency of the Project and all values are rounded to the nearest one Shilling. The agcounting policies adopted have been consistently applied to all of the years presented. The financial statements have been prepared on the cash basis following- the Government's standard chart of accounts. The cash basis of accounting recognises transactions and events only when cash is received or paid out by the Project. i. Recognition of revenue and expenses The Project recognises all revenues from the various sources when the event occurs and the related cash has actually been received by the Project. In addition, the Project recognises all expenses when the event occurs and the related cash has actually been paid out by the Project. ii. In-kind donations In-kind donations are contributions made to the Project in the form of actual goods and/or services rather than in money or cash terms. These donations may include vehicles, equipment or personnel services. Where the financial value of in-kind donations can be reliably determined, the Project includes such value in the statement of receipts and payments both as revenue and as an expense in equal and opposite amounts; otherwise, the donation is not recorded. iii. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and cash at bank, short-term deposits on call and highly liquid investments with an original maturity of three months or less, which are readily convertible to known amounts of cash and are subject to insignificant risk of changes in value. Bank account balances include amounts held at the Central Bank of Kenya and at various commercial banks at the end of the financial year/period. For the purposes of these financial statements, cash and cash equivalents also include short term cash imprests and advances to authorised I Kenya Electricity Modernization Project Reports and Financial Statements For the financial year ended June 30, 2016 public officers and/or institutions which had not been surrendered or accounted for at the end of the financial year/period. iv. Pending bills Pending bills consist of unpaid liabilities at the end of the financial year/period arising from contracted goods or services during the year/period or in past years/periods. As pending bills do not involve the payment of cash in the reporting period, they are simply disclosed as an Annex to the financial statements. When the pending bills are finally settled, such payments are included in the statement of receipts and payments in the year in which the payments are made. v. Budget The budget is developed on the same accounting basis (cash basis), the same accounts classification basis, and for the same period as the financial statements. The Project's budget was approved as required by Law and National Treasury Regulations, as well as by the participating development partners, as detailed in the Government of Kenya Budget Printed Estimates for the year. A high-level assessment of the Project's actual performance against the comparable budget for the financial year/period under review has been included in an annex to these financial statements. vi. Exchange rate differences The accounting records are maintained in the functional currency of the primary economic environment in which the Project operates, Kenya Shillings. Transactions in foreign currencies during the year/period are converted into the functional currency using the exchange rates prevailing at the dates of the transactions. Any foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statements of receipts and payments. vii. Comparative figures Where necessary comparative figures for the previous financial year/period have been amended or reconfigured to conform to the required changes in financial statement presentation. viii. Subsequent events There have been no events subsequent to the financial year/period end with a significant impact on the financial statements for the year ended June 30, 2016. 12 � / � � 1 1 о � '� - Z ш .� � � ,.fl - о о � - о О .,_. О О сб _ _ о О О bA ш '�' '� � и � О � 4-i - О � � . г, и ' � О О � - О О о" О О � О О � � �t � . f-�, ` О � а� - о о W ,.� °о о° Fz+ о� 'д � ~ а `� � � а .� Н � W � и � � N а .., О � � о � �с '� °�' 3 � м W cv � ,-+ � о � °' N W 3� т`�, й .�, s°. ° А � °' °�,' о а.+ м ч-1 о� е� ;�, � w, °' � си ,� � � а � � Z ш а� � .� :ь.,, �" .� д .� � � W ~' � '� b�Л Е-� о ' s. а ri�� � ``'� �О � zy .. °' W ° �' о "" � � �" � � ,� °� � � �.' а� � �, р .. о � � ^� � О � б� Rt � � .н � •U W � � - ..'7, � � � �+ � Z N О - � G� д д � �t",,, q �' ~ р '� G� t," с~б ,`"iS"' � � О � � а � о о W и � ,� у >, - .. '+.� � � '}' .� � °�г, }' � � � Я � � � ... � aw � Q� а д � � �+ Kenya Electricity Modernization Project Reports and Financial Statements For the financial year ended June 30, 2016 NOTES TO THE FINANCIAL STATEMENTS (Continued) 8.3 PURCHASE OF GOODS AND SERVICES Cumulative 2015-2016 2014-2015 to date Ks hs Kshs Kshs Training expenses 26,669,098 26,669,098 Other operating expenses ( Bank charges) 1,044,480 1,044,480 Total 27,713,578 27,713,578 8.4 CASH AND-CASH EQUIVALENTS C/FWD 2015-2016 2014-2015 Kshs Kshs Bank balance (See Note 8.4A) 16,025,512 Amount owed to KEMP by GOK 1,260,910 Total 17,286,422 8.4A. Bank Balance Ks hs Kshs Local Cun-ency Account Central Bank of Kenya (A/c No. 1000287055) 16,025,512 Total Local Cun-ency Account 16,025,512 14 � 4. с�б 0 � � ^� s. � (� � ^D � с�б '� сб ¢' О � U � .� сб+ � О '� Ф �� р� �� � � � и 't7 •t3 с� V у,., � й � а�.. . � � � � �О 'С7 •� � f1. � � О � � � и � � ь�л -cs о � 3 ; й � и ,-. � �� � U а„N � � . � пi и N ,5"' '.i� и о � �• Lc., 4ч a�i .� � � � й о � � л � а°�i � i �.а.о О N О v сб 'б c�j �• N � н U С� Q ш�,s W+�-� � F-. О Я Сб � О о � � О � д °� � � \ о � я Г� � � � � � i° � � •� ° � � r-� МΡ ° � 0 М�' � iOd 1�+�У 'Ci (, � О ь'� , 0 �О N N V О v � � � N � �, � � � р о о�О � bд ^и, � -д о о с� � � z О ++ •СС 11� � �О рр �^ � � �-�. � U о рр � . F:.� О у о 0 оо r� О v/ .Q о � И 00 А � о ° _м t� � о '� �с сг. ° ° � гм-, W � и И и t� l^ W V О•� � � N l� И н � V i� .S� о N �-+ N ' � Ф р � о О р ° 0 О Qi р о О � Q1 � � � Ор р О � � � о С ~ �' г; �r" � � U Fт� пr о ,.... � � Z А О � �р Z W � � '' [�� о �' �у �7+ О W t� xi v � U Н Н '� о � й � С� � � z "� �О � I�j � с� N Q� '� ь�. � � .. � � �i А о �ci и А о и L� � ,-, Ev�., � � °„ Ё, �' а� � �, � _� �� Z о � �_. W W � `� � W й а, `� � � � � Z U � к � � V ,ы � � � � w � а � �, � w REPUBLIC OF KENYA F-0. 51 4th July 2016 D a te ............................ ............................. Report of the Board ol Surve y on the Cash and Bank Balances of..Vo.te ..... 1 15-1 ........... K E M P ............ LD A ..................... . ............... ....... ................................................... .......................... ............ as at the clo se o il 30th June 1) b u sin e ss o n .............. ............ ............ ..................... ..... .......... 1 0 ................... The Board, consisting of--(Names i nd official tft!es) .... ....... ......... .. .. .. .............. ........... ............... --+fedfick--M.--r-iithi Karimi -.- Secretary ................... ...... ............ ........................ JohnBosco Musila Maingi - Member ... .................... ............. ..... . ................... ..... ........ ... ... ........ ............................. ....................... ... ......... ............................. assembled at the office of.Q hj.e.r.-' ..................... ...... .... ......... at j_0.;;_0_0 .......... ; ............ .......... (tirne) on the .................... 4-th J7'l-y ..................... 20 1.6 and the following cash -was produced:- Notes S ............ I ........... ... N I L Silver Sh. ........................ NIL ............ ............ C o pp f . ............................ N IL ............... ........... NIL Cheques (as per details on reverse) NIL It was observed -that cheques amounting to Sh . . . ........ NI.L ... ............... ............. rts- ........... : ............................. had been of, hanct for more than 14 days prior to the date oftht urvey. The cash consists of East A-fi-ican currency and does not Contain -any demonetized coin or notes. The Cash Book rellected the following balances as at the close of business on the .................. .............. ......... .. 3.0t1i J .u n e 20.1.6 .......... NIL C a k. o n. h an d Sh . ................................................................ Bank Balanct, St 16 025 912.90 . ......... I.......................... ...................... 16,025,512.90 ThI3 Bank Certificate of Balance sliowcd a sum of'Sh Fivt-M i-Iflon .. ......... .. ........ Sixty only 45,000,000 60 .. ......................... .............. .................... I .......... ..... .. .............. ............... ... .. .. ........ ... .. (S h . .................. ............... U S ... .......... ................. _ _ Ing to the Credit of the account an ... ................... ......... ... ..... ................... .............. ...... The difference between this figure and the B-ank balance as shown by the Cash Book is accounted for in the Bank Reconciliation St-enictit (F.O. 30) attached. .................... ...... ....... .................................... .............. .. ..... ...... -6hairrn an. nzan. b ate .......... 4 !h ..j .4 !Y 2 0 1.5 .................. ....... .... .............. ......... y ..' ............ Menibers the Board. B70a" i. IBANKI KJu YA r KKENYA ., JAIKOF KENYA Haile Selassie Avenue PROJ. Box 60000-00200 Nairobl, Kenya 6th,July, 20! 6 Telephone: 2860000, Fax: 34a192 CERTIFICATE OF BALANCES Customer: 120386 MINISTRY O ENERGY ANu PETROLEUM Balance Date: 30-Jun-I 6 -coui Nå "Acc6ånt,,Nnie, y afflce Áëðóriñt t.ä Crrency iBalánie: 1000181672 REC- MINISTRY OF ENERGY& KES 18,342,71s95 PETPOLEUM 100018 1869 DEV-MIN OF ENERGY AND PETROLEUM KES 536,503,016.60 1000182288 DEP-MIN OF ENERGY AND PETROLEUM KES 93,630,666. 0 1000182555 CBK l65-MIN.OF ENERGY AND KES 0.00 PETROLEUM. .000 -,7425 KENYA Ei;EC ITY EXPANSION KES 7 . go rROJECT 10001l88577 ELD-MIN OF ENERGY S PETROLEUM-UG KES 194,029.65 1000190094 ELD-CBK I65-ENERGY 5 PETROLEUM-LG KES 0.00¯ 1000209607 MIN. OF ENERGY PETROL. REV COLL KES 0.00 100021I0435 H-OIMA LOKICHAR L AMU CRüDE OIL KES 0.0 PIPEL l000227 26 D KEN. PETRO TECH. ASS. PPJ.CR5526-KE KES 059,28 I.7b7.25 1000287055 KENYA ELECTRICITY MODERNIZATION KES 45,0 00.60 1 7L. K. RWERPA P. S. LENKUME AUTHORISED SIGNATORY - AUTHORISED SIGNATORY BANKING SERVICIES BANKING SERVICES