2014 STRATHMORE UNIVERSITY ANNUAL REPORT &ANNUAL FINANCIAL STATEMENTSREPORT Strathmore University 2014 The Lion is the symbol of The Rose in full bloom strength and courage, represents love, the source and of the determined of all good desires and fight for excellence and actions, even if at times justice. It also represents this means loving sacrifice, Kenya, our country, which as represented by the strives to attain all the thorns. The rose has a qualities mentioned supernatural meaning too. above. Love, with capital letters, is love of God. The rose also has a historical meaning associated with the life of Saint Josemaría Escrivá, founder of Opus Dei, who inspired and encouraged the people who started The Three Hearts represent the three Strathmore: he once races which, in 1961 when the University received a divine sign in started, were segregated in the colonial the form of a carved gilded system of education. The heart rose in a very trying represents the person, since it is taken moment of his life. as the source of all our actions, and the source of love. The fact that the three hearts all have the same colour shows the equality of all people and their aim to love and understand each other. At the beginning it clearly pointed at the target of racial unity. Today it symbolises the common aim of parents, The Motto "Ut omnes unum sint" is Latin. teachers and students in the It is a quotation from a passage of the educational process of Strathmore. Gospel, and means "That all may be one". It expresses our desire to work together towards the same aim, in spite of personal differences or opinion, tastes and backgrounds. The colours in heraldry (the science dealing with coats of arms) have associated meanings as follows: Yellow (Gold) Gold means eternity, perfection. Blue (Azure) Sky blue means high ideals, high aims. Red (Gules) Blood red means sacrifice, love, fortitude. 1 Strathmore University 2014 Table of contents The Lion is the symbol of The Rose in full bloom strength and courage, represents love, the source and of the determined of all good desires and fight for excellence and actions, even if at times justice. It also represents this means loving sacrifice, Foundations of Strathmore 3 Kenya, our country, which as represented by the strives to attain all the thorns. The rose has a Financial Review 6 qualities mentioned supernatural meaning too. Governance and Management 23 above. Love, with capital letters, is love of God. The rose also a. Profiles of University Council Members 20 has a historical meaning b. Report from the Chairman of the University Council 27 associated with the life of Saint Josemaría Escrivá, c. Report from the Vice Chancellor 29 founder of Opus Dei, who d. Corporate Governance Statement 34 inspired and encouraged the people who started External Environment 41 The Three Hearts represent the three Strathmore: he once Stakeholder Requirements 45 races which, in 1961 when the University received a divine sign in Learning and Teaching 49 started, were segregated in the colonial the form of a carved gilded system of education. The heart rose in a very trying Research 52 moment of his life. represents the person, since it is taken Innovation and Patents 57 as the source of all our actions, and the source of love. The fact that the three Business Incubation 59 hearts all have the same colour shows Sustainability Report 61 the equality of all people and their aim to love and understand each other. At Community Service 64 the beginning it clearly pointed at the Student Affairs 69 target of racial unity. Today it symbolises the common aim of parents, The Motto "Ut omnes unum sint" is Latin. Financial Aid 73 It is a quotation from a passage of the teachers and students in the School Profiles 77 educational process of Strathmore. Gospel, and means "That all may be one". It expresses our desire to work together Financial Statements 113 towards the same aim, in spite of personal differences or opinion, tastes and backgrounds. The colours in heraldry (the science dealing with coats of arms) have associated meanings as follows: Yellow (Gold) Gold means eternity, perfection. Blue (Azure) Sky blue means high ideals, high aims. Red (Gules) Blood red means sacrifice, love, fortitude. Strathmore University 2014 2 Strathmore University has a rich history and heritage being the first multi-racial and multi- religious institution in pre-colonial Kenya in 1961 offering A ‘Level subjects in Sciences & Arts. Back then, races were not allowed to mix A few years after Kenya gained its under colonial rules of government at that independence, the board of trustees felt the time; Kenya was a colony under the British need to grow the number of accountants rule. Kenya gained its independence in 1963, from the few African accountants available and those who previously held government in the newly independent state. With the A’ positions left, creating a huge gap lacking Level program that Strathmore had been Kenyans to take up positions in government running well, coupled with sound advice and private sector. Strathmore ‘A’ Level from professionals in the accounting field, College was situated in Lavington area at Strathmore took the opportunity to start an Mzima Springs Road (then called Strathcona accounting class with a group of 25 students Road, hence the choice of the name in 1966. The number of students interested in ‘Strathmore’) then. taking the course increased as the program became popular across the country. Strathmore was founded under the inspiration of St. Josemaria Escriva, founder of Opus Dei, Over the years, Strathmore A ‘Level college a personal prelature within the hierarchy of evolved to meet existing needs over the last the Catholic Church. The aim of Opus Dei, is 50 years in alignment with country needs. to live fully a Christian vocation and to have It started a secondary school in 1970s and its members (majority of who are lay) operate a primary school the 1980s. It was not until in every country in the world emphasizing the 1992 that Strathmore College of Accountancy fact that all human activities be well done for merged with Kianda College (then a women’s’ the glory of God.With this in mind individuals secretarial college) that the current campus strive to offer their work to God. The founders facility came to be. Strathmore University has of Strathmore – some members of Opus Dei one campus at Madaraka area, 5 kilometers with others - created a trust; Strathmore from Central Business District; it wasbuilt Educational Registered Trust which manages on land donated to the college by the the institution with assistance of relevant Government of Kenya in 1989. The buildings management bodies. and equipment of the initial buildings were funded by the European Union and the Italian Government. 3 Strathmore University 2014 Strathmore’s educational offering caters for an ever expanding range of careers. Among them are business, Finance, leadership, Actuarial Science, Information Technology, Law and Computer Science Teaching more than 50% of the University’s graduates In line with its vision to provide all-round currently in full-time work are employed in quality education in an atmosphere of professional occupations, and that its graduate freedom and responsibility; excellence in employment rate remains above the Kenyan teaching, research and scholarship, ethical and university average. social development and service to the society, Strathmore University offers undergraduate Research and postgraduate programs across several Strathmore’s reputation of excellence in academic divisions, with a focus of providing research excellence continues to grow, a holistic education that caters for all facets of as shown by its ability to attract sought the human being. after collaborations and partnerships with global universities and organisations with Strathmore’s educational offering caters for multinational companies based in Kenya. In an ever expanding range of careers. Among addition, the University is home to a range them are business, commerce, leadership, of dedicated research institutes and centres, management, policy, healthcare management, and is a key partner in a number of consortia- law, computer and information technology, type of research centres that, in collaboration hospitality & tourism management and with industry and government, are focused finance & applied economics. The University’s on helping to deliver practical and enduring programs, are well complemented with a solutions to real-world problems. strong offering of humanities offered by the School of Humanities & Social Sciences Service to society to further augment an understanding of Strathmore University makes a profound the human person, work, family, society, contribution, at all levels, to the community’s institutions, ethics and governance. This social, intellectual, economic and cultural is further complemented with relevant development. Whereas all lectures, seminars professional qualifications, designed to and research projects that the University provide students with specialist qualifications presents offer informed viewpoints on key such as ACCA, CPA among others that are national & global issues, the University has sought after by industries and professions, and ensured that the engagement to society is to ensure they are ‘career ready’ for the global ingrained in its graduates by embedding workforce. a compulsory 200 hours service by all undergraduate students within the duration To ensure these outcomes are achieved, of the degree. Further to this, there is students work closely with researchers a dedicated office that coordinates the in research-rich environments, undertake community activities that enrich students’ placement-based industrial attachment experiences by ensuring that they engage with engagement and learn through the delivery less privileged by giving their time, resources of service to the community. The success of or both. this approach is reflected by the fact that Strathmore University 2014 4 • 1961 as Strathmore College, an • 1966, started offering Advanced-level Sixth Form accountancy courses from ACCA, College (men only) offering first class comprised of 25 Science and Arts subjects.