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2019 Annual Report & Financial Statements

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2019 Annual Report & Financial Statements Defined Contributions Annual Report & 2019 Financial Statements ii Kenya Power Pension Fund | Defined Contributions Annual Report & Financial Statements | 2019 1 TABLE OF CONTENTS Scheme Information 3 About Kenya Power Pension Fund 4 Fund Highlights 6-7 Statement of changes in Net Assets 8 Chairman’s Report 9-11 Ripoti ya Mwenyekiti 12-15 Secretary’s Statement 16-18 Taarifa ya Katibu 19-21 Board of Trustees 22-25 Statement of Corporate Governance 26-33 Report of the Board of Trustees 35-36 FINANCIAL STATEMENTS Independent Auditor’s Report 37-38 Statement of Changes in Net Assets Available For Benefits 39 Statement of Net Assets Available For Benefits 40 Statement of Changes in Members’ Funds Available For Benefits 41 Statement of Cash Flows 42 Notes to The Financial Statements 43-82 Annual Report & Financial Statements | 2019 3 SCHEME INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2019 TRUSTEES Ernest Nadome - Chairman Wilson Kimutai Jared Othieno - Retired on 30th January 2020 David Monandi - Retired on 30th January 2020 Imelda Bore Kosgey Kolil Vincent Ochieng’ Zilpa Ayara Johnstone Sakwa Bernard Ngugi - Joined on 30th January 2020 Cecilia Kalungu - Joined on 30th January 2020 AG. CEO & TRUST SECRETARY Edwin Ruttoh REGISTERED OFFICE Retirement Benefits Scheme Trustees Stima Plaza Annex Kolobot Road, Parklands P.O. Box 1548-00600 Nairobi INVESTMENT MANAGERS PRINCIPAL LEGAL ADVISORS Co-optrust Investment services Limited Kaplan & Stratton Advocates P.O. Box 48231 -00100 Nairobi P.O. Box 40111 - 00100 Nairobi GenAfrica Asset Managers AUDITOR P.O. Box 79217 - 00200 Nairobi Ernst & Young LLP Certified Public Accountants CUSTODIAN Kenya Re Towers, KCB Group Limited Upperhill Off Ragati Road. P.O. Box 30664 - 00100 Nairobi P.O. Box 44286 - 00100 Nairobi BANKERS ACTUARY Co-operative Bank of Kenya Limited Zamara Actuaries, Administrators & P.O. Box 48231 Nairobi Consultants Limited P. O. Box 52439 - 00200 Nairobi Standard Chartered Bank Kenya P. O. Box 40984 – 30003-00100 Nairobi 4 Kenya Power Pension Fund | Defined Contributions ABOUT KENYA POWER PENSION FUND The Kenya Power & Lighting Company Limited, Staff Retirement Benefits Scheme 2006 (“the Fund”) was established on 1 July 2006. The Fund was formed for the employees of the Kenya Power & Lighting Company Limited (“Kenya Power”) as a result of the closure of Kenya Power’s Defined Benefit Scheme (“DB Fund”) as per the recommendations of the actuarial report of 31 December 2005. The Fund is governed by a Trust Deed and Rules which has been approved by the Retirement Benefits Authority (RBA). The main purpose of the Fund is to provide benefits to the members upon attainment of the retirement age of sixty years, and where applicable, benefits for the dependants of deceased members. The Fund is approved by Kenya Revenue Authority for the purposes of the Income Tax (Retirement Benefits) Rule No. 4 and is treated as tax exempt. However, investment income generated from contributions in excess of the KShs 20,000 per month is subject to tax. To be the best-in-class occupational pension scheme in Africa Vision Mission To deliver value and quality of life Core Values in retirement for • Integrity our members • Accountability • Courtesy • Efficiency • Stewardship Annual Report & Financial Statements | 2019 5 MEMBERS FUND STRUCTURE The members of the Fund comprise of active in-service The Fund is managed by a Board of Trustees and is established employees and deferred members for Kenya Power and Lighting under a Trust as required by the Retirement Benefits Act. The Company Ltd (KPLC), Kenya Electricity Transmission Company day to day running of the Fund is carried out by the Secretariat Ltd. (KETRACO) and Nuclear Power and Energy Agency (NuPEA). of the DB Fund that supports the Board in meeting its objectives. Eligible members are permanent and pensionable employees. The Secretariat headed by the CEO and Trust Secretary works in liaison with the Fund service providers that include fund FUND BENEFITS managers, custodians, actuaries, lawyers and auditors The Fund is a Defined Contributions Scheme. Any member who retires on his normal retirement date is entitled to one third cash lumpsum and an annuity for life purchased from an insurance company selected by the member. The annuity is derived from two thirds of his Fund Credit according to the annuity rates applicable at the time of retirement . CUSTODIAN AUDITORS MEMBERS FUND MANAGERS BOARD (In service members, OF TRUSTEES deferred members, retiree pensioners, beneficiary pensioners) SECRETARIAT ACTUARY 6 Kenya Power Pension Fund | Defined Contributions FUND HIGHLIGHTS RETURN ON INVESTMENTS The Trustees have adopted 16% an investment policy and strategies in pursuance of 14.1% 14% maximizing the long-term 12% 11.4% return on investment while 10% mitigating against long-term volatility. The investment 8% 6.8% 7.0% framework also takes into 6% consideration the age profile of the members to ensure 4% % Return on Investments 1.4% that liquidity requirements are 2% honoured. 0% 2015 2016 2017 2018 2019 Year INCREASE IN NET ASSETS The assets of the Fund grew by Ksh 2.38 billion during the year (2018: 0.78 million). 2.5 2.38 2.08 The increase in growth as 2.0 compared to the previous year 1.50 was attributed to better return 1.5 1.23 on invested assets and in 1.0 0.78 particular quoted equities. 0.5 Amount (KShs Billions) 0 2015 2016 2017 2018 2019 Year FUND GROWTH The Fund has continued to grow steadily over the years. 20 The growth is attributable 16.58 to good investment returns 15 13.42 14.20 11.34 as well as contribution 9.83 10 received from sponsors. Fund Value The Fund value stood at (KShs Billions) 5 16.58 Billion. 0 2015 2016 2017 2018 2019 Year Annual Report & Financial Statements | 2019 7 FUND HIGHLIGHTS MEMBERSHIP GROWTH AS AT 31 DECEMBER 2019 The Fund membership grew 8,300 8,274 to 8,274 from 8,134 recorded 8,100 8,134 in the previous year which 7,900 was a 1% growth. 7,700 7,541 7,500 7,300 7,180 7,100 Total Number 6,900 6,792 6,700 6,500 2015 2016 2017 2018 2019 Year ADMINISTRATIVE EXPENSES The Fund has put in place financialmanagement 1.00% measures to ensure that the administrative expenses 0.78% 0.80% 0.74% are below 1% of the total 0.60% 0.51% 0.56% fund value. % 0.40% 0.40% 0.20% 0% 2015 2016 2017 2018 2019 Year BUSINESS HIGHLIGHTS/KPIS Net returns on investments Increase in Net Assets Net Surplus from dealing with members KSh 1,992.13 m KShs 2,375.95 m KShs 512.85 m 2018 Kshs 213.65 m 2018 Kshs 782.87 m 2018 Kshs 690.77 m Contributions Receivable Benefits Payable Fund Value KShs 1,516.77 m KShs 1,003.92 m KShs 16,576.19 m 2018 Kshs 1,448.28 m 2018 Kshs 757.51 m 2018 Kshs 14,200.24 Active Members Deferred Members Returns on Investments 8,274 453 14.1% In 2018 8,134 In 2018, 410 2018 - 1.4% 8 Kenya Power Pension Fund | Defined Contributions STATEMENT OF CHANGES IN NET ASSETS 2015 2016 2017 2018 2019 KShs’ 000 KShs’ 000 KShs’ 000 KShs’ 000 KShs’ 000 Contributions receivable 1,089,401 1,262,584 1,347,245 1,448,280 1,516,770 Benefits payable (471,383) (391,275) (505,138) (757,511) (1,003,922) Net surplus from dealing with members 618,019 871,309 842,107 690,769 512,848 Returns on Investments Investment income 686,089 722,938 1,342,091 243,725 2,039,307 Investment management expenses (21,015) (20,364) (34,056) (30,078) (47,177) Net returns on investments 665,075 702,575 1,308,035 213,647 1,992,130 Other income - 4,624 - - - Administrative expenses 50,434 (63,766) (54,127) (110,725) (123,165) Taxation Charge (7,164) (11,106) (13,956) (10,825) (16,336) Increase In Net Assets For The Year 1,225,495 1,503,636 2,082,059 782,866 2,375,954 Statement of Net Assets Assets Investments Investment property 2,034,372 700,000 750,000 759,830 760,300 Inventory Property - 3,179,836 3,237,796 2,984,332 2,769,650 WIP Property 1,807,395 - - - - Government securities 2,991,934 4,038,498 5,042,350 4,781,292 6,662,601 Short term deposits 346,540 502,142 72,202 399,427 656,966 Corporate bonds 849,441 773,661 668,506 550,605 841,531 Investment in quoted equity 1,469,825 1,348,923 2,716,354 3,068,867 3,795,420 Investment in unquoted equity 281,332 287,938 392,964 491,044 548,981 Offshore - - - 243,003 215,538 Other assets - - - - - Bank and cash balances 140,137 175,796 90,144 130,726 138,513 Due from related parties - - - 61,150 - Other receivables 8,206 375,466 565,337 795,234 973,356 Tax Recoverable - - - 2,788 - Total assets 9,929,180 11,382,260 13,535,653 14,268,003 16,765,569 Liabilities Benefits payable 1,158 - - 25,877 58,017 Due to related parties 1,926 7,527 8,849 - - Other payables, provisions and accruals 92,945 34,604 104,238 41,890 62,732 Tax Payable 53 3,396 3,774 - 6,050 Total Liabilities 96,082 45,527 116,861 67,767 189,380 Net assets available 9,833,098 11,336,734 13,418,793 14,200,236 16,576,189 Represented by - - - - - Members funds: Trust fund 9,833,098 11,336,734 13,418,793 14,200,236 16,576,189 Annual Report & Financial Statements | 2019 9 CHAIRMAN’S REPORT Despite challenging macro- economic factors in both the local and international markets over the last four years, we have successfully delivered on some of our key strategic priority areas.
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