KENYA WOMEN FINANCE TRUST
GLOBAL
PORTFOLIO AND FINANCIAL STATEMENT AS AT	31/Mar/2009
print date	30/Jul/2009 10:11 AM		1/4
	2008	2009	2009	2009
	Actual	Budget	Actual	Variance
	12 Months	3 Months	3 Months	3 Months
PORTFOLIO DATA GROUP LENDING
Membership
New members year to date	101,413	51,126	46,747	-9%
Dropouts	27,322	8,171	8,031	-2%
Inactive members to date	11,860	13,436	22,554	68%
Active members to date	222,100	251,619	238,262	-5%
Loans
Beginning portfolio	3,676,878,392	6,329,606,659	6,329,606,659	0%
Disbursements	7,831,496,345	2,743,926,599	2,564,239,003	-7%
Principal repaid	5,178,768,078	1,808,445,870	2,072,782,422	15%
Ending Portfolio	6,329,606,659	7,262,789,240	6,821,063,240	-6%
New loans	205,563	114,489	65,811	-43%
Loans outstanding	243,286	296,954	252,024	-15%
Average loan size disbursed	38,098	33,722	38,964	16%
Average Outstanding loan size	26,017	25,737	27,065	5%
Loan guarantee deposits
Loan guarantee deposits (lgd) balance	2,472,172,796	3,050,371,481	3,035,548,069	0%
Lgd balance to outstanding portfolio	39%	42%	45%	3%
Staffing
Business development officers	571	726	732	(6)
Unit Admn  Staff	126	228	230	(2)
Reg Admn Staff	164	252	212	40
Community lending staff	-	-	-
Individual lending staff	-	-	-
Head Office Staff	53	86	71	15
Total	914	1,292	1,245	47
PORTFOLIO DATA INDIVIDUAL LENDING
Membership
New members year to date	3,492	3,151	1,571	-50%
Dropouts	286	150	17	-89%
Inactive members to date	30	45	190	322%
Active members to date	4,564	7,520	5,962	-21%
	`
Loans
Beginning portfolio	217,689,552	706,199,327	706,199,327	0%
Disbursements	1,250,786,680	486,045,000	505,566,877	4%
Principal repaid	762,276,905	244,213,702	271,549,185	11%
Ending Portfolio	706,199,327	948,030,625	940,217,019	-1%
New loans	4,128	3,506	1,751	-50%
Loans outstanding	4,246	6,691	5,622	-16%
Average loan size disbursed	303,001	138,632	288,730	108%
Outstanding loan size	166,321	141,698	167,239	18%
Loan guarantee deposits
Loan guarantee deposits (lgd) balance	42,212,744	216,751,762	151,594,297	-30%
Lgd balance to outstanding portfolio	6%	23%	16%	-7%
STATEMENT OF REVENUES AND EXPENSES
CREDIT PROGRAMME
REVENUES
Revenue  Grants	-			#DIV/0!
Interest on Loans	1,711,332,924	923,140,265	586,082,902	-37%
Loan application fees	97,944,847	82,653,315	30,698,059	-63%
Intake fees	26,314,057	20,312,070	12,079,500	-41%
Other program  incomes	26,453,873	6,017,254	1,258,530	-79%
Other non-program  incomes	(0)	-	-	#DIV/0!
Gain/(Loss ) on disposal of Assets	-	-	-
Gain/(Loss ) on revaluation of Investments	-	-	-
Total  Income	1,862,045,701	1,032,122,904	630,118,990	-39%
DIRECT EXPENSES
Staff costs	429,973,337	338,818,396	199,384,612	41%
Motor vehicle expenses	31,257,370	16,089,719	5,503,252	66%
Electricity,water,rates & rent	35,366,927	33,477,813	14,956,598	55%
Printing and stationery	35,730,025	13,772,513	4,760,948	65%
Computer expenses	102,170	1,198,549	27,972	98%
Telephone,  fax and postage	22,057,349	19,894,683	9,066,145	54%
Insurance	457,623	901,137	334,612	63%
General office expenses	24,681,319	20,275,717	11,016,907	46%
Security	3,201,102	4,197,513	1,047,439	75%
Repairs & maintenance	12,740,083	9,091,694	257,498	97%
Promotions & advertisements	68,574,959	76,097,042	620,411	99%
Audit fees       -Current year	-	354,167	-	100%
-Prior year	-	-	-
Consultants,legal,secretarial & subscriptions	1,327,271	4,814,583	610,390	87%
Travel & accomodation	50,932,560	35,698,307	16,939,331	53%
AGM ,workshops and  meetings	8,510,937	14,210,708	3,166,562	78%
Client training	8,017,739	16,903,688	3,843,627	77%
Depreciation	15,504,244	23,266,399	10,666,021	54%
Provision for bad & doubtful debts   -General	125,591,157	77,574,166	26,518,429	66%
Provision for bad & doubtful debts   -Specific	7,487,077	-	62,513,541	#DIV/0!
Amortisation of Intangible  assets	8,485	-	3,456	#DIV/0!
Amortisation of prepaid  operating lease	15,339	-	33,715	#DIV/0!
Bank charges	27,075,487	11,843,050	7,199,891	39%
Total Operating expenses	908,612,557	718,479,841	378,471,358	47%
Operating    Surplus	953,433,143	313,643,062	251,647,632	-20%
FINANCIAL (NET)
Interest on bank borrowings	293,892	125,000	38,267	69%
Interest on Loan guarantee	7,318	-	-
Bank Intererst Income	-	-	-
Foreign exchange loss	-	-	-
Total  Financial expenses	301,210	125,000	38,267	69%
Net operating surplus before tax	953,131,933	313,518,062	251,609,365	-20%
Taxation	-	-	-
Net operating surplus after tax	953,131,933	313,518,062	251,609,365	-20%
Share of head office expenses		(242,080,212)	(149,872,553)	38%
Surplus (Deficit) After Head office expenses		71,437,850	101,736,812	42%
STATEMENT OF REVENUES AND EXPENSES
HEAD OFFICE
REVENUES
Revenue  Grants	-	-		#DIV/0!
Interest on Loans	-	-	-	#DIV/0!
Loan application fees	-	-	-	#DIV/0!
Intake fees	4,400	-	400	#DIV/0!
Other program  incomes	-	-		#DIV/0!
other non- program  incomes	5,722,419	3,610,353	28,000	#REF!
Gain/(Loss ) on disposal of Assets	1,341,319	500,000	115,000	-77%
Gain/(Loss ) on revaluation of Investments	(1,847,905)	-	-
Total  Income	5,220,233	4,110,353	143,400	-97%
DIRECT EXPENSES
Staff costs	132,596,996	58,832,488	48,162,287	18%
Motor vehicle expenses	6,938,237	4,104,159	917,820	78%
Electricity,water,rates & rent	4,254,050	4,008,150	3,275,709	18%
Printing and stationery	3,801,159	4,487,121	1,558,857	65%
Computer expenses	18,606,079	2,779,400	1,625,603	42%
Telephone,  fax and postage	5,410,568	1,902,400	2,372,442	-25%
Insurance	70,432	509,064	2,010	100%
General office expenses	5,731,740	920,650	1,063,126	-15%
Security	1,232,376	285,000	173,800	39%
Repairs & maintenance	2,299,875	1,107,500	92,817	92%
Promotions & advertisements	15,507,575	11,402,958	754,402	93%
Audit fees       -Current year	2,750,000	-	-	#DIV/0!
-Prior year	13,494
Consultants,legal,secretarial & subscriptions	8,053,953	2,578,250	1,486,346	42%
Travel & accomodation	7,406,366	5,555,650	2,369,018	57%
AGM ,workshops and  meetings	15,510,220	11,710,750	1,017,443	91%
Client training	61,000	135,000	80,000	41%
Depreciation	20,129,678	8,281,904	7,332,695	11%
Provision for bad & doubtful debts   -General	-			#DIV/0!
Provision for bad & doubtful debts   -Specific	-			#DIV/0!
Amortisation of Intangible  assets	4,644,589	1,650,000	964,879
Amortisation of prepaid  operating assets	124,624	50,000	28,762
Bank charges	2,929,610	558,750	1,146,881	-105%
Total Operating expenses	258,072,619	120,859,195	74,424,898	38%
Operating    Surplus	(252,852,386)	(116,748,842)	(74,281,498)	-36%
FINANCIAL (NET)
Interest on bank borrowings	159,161,227	134,706,369	60,301,461	55%
Interest on Loan guarantee	75,131,568	18,750,000	28,507,640	-52%
Bank Interest Income	(85,681,183)	(37,500,000)	(15,550,641)	-59%
Foreign exchange loss	47,325,850	-	-
Total  Financial expenses	195,937,464	115,956,369	73,258,459	37%
Net operating surplus before tax	(448,789,850)	(232,705,212)	(147,539,957)	-37%
Taxation	12,850,717	9,375,000	2,332,596	75%
Net operating surplus after tax	(461,640,568)	(242,080,212)	(149,872,553)	-38%
SUMMARY
TOTAL ORG.  REVENUE	1,952,947,116	1,073,733,256	645,813,032	-40%
TOTAL ORG. EXPENSES	1,461,455,750	1,002,295,406	544,076,220	46%
SURPLUS (DEFICIT)  ORG OPERATING	491,491,366	71,437,850	101,736,812	42%
SURPLUS ALLOCATION		-
NET SURPLUS (DEFICIT)	491,491,366	71,437,850	101,736,812	42%
BALANCE SHEET
FIXED ASSETS:
Gross Fixed Assets	357,021,913	593,844,513	442,080,061	-26%
Accumulated Depreciation	(106,927,687)	(140,175,990)	(125,957,216)	10%
Net Fixed Assets	250,094,226	453,668,523	316,122,846	-30%
INVESTMENTS:
Investments In Quoted shares	3,618,775	3,618,775	3,618,775	0%
Hedging reserve fund deposit	103,358,053	103,444,453	104,164,298	1%
CURRENT ASSETS:	-
Cash In Bank	790,857,507	1,076,624,361	464,363,096	-57%
Short term Investments	1,504,630,397	1,279,861,916	1,168,365,061	-9%
Programe Loans:	-
Portfolio Outstanding (Gross)	7,035,805,986	8,210,819,865	7,761,280,259	-5%
(Loan Loss Reserve)	(338,619,868)	(328,432,795)	(427,651,838)	30%
Net portfolio outstanding	6,697,186,118	7,882,387,070	7,333,628,420	-7%
Debtors & Prepayments	135,320,853	148,852,939	111,986,629	-25%
Stationery  Stocks	10,771,343	64,628,059	7,940,931	-88%
Taxation recoverable	1,197,528
Sub-total	9,139,963,747	10,452,354,345	9,086,284,138	-13%
TOTAL ASSETS	9,497,034,800	11,013,086,095	9,510,190,056	-14%
FINANCED BY:
FUND BALANCE
Revolving Loan Fund	860,206,972	937,625,599	860,206,972	-8%
Restricted For Fixed Asset Fund	124,201,482	124,201,482	124,201,482	0%
Revaluation Reserve	10,738,081	10,738,081	10,738,081	0%
Loan Risk Management Fund	307,395,890	372,608,248	332,155,929	-11%
Accumulated Net Surplus (Deficit):	211,681,355	283,119,206	295,281,310	4%
Hedging Reserve Fund	103,358,053	113,788,898	103,358,053	-9%
Disaster Reserve Fund	176,382,564	205,270,497	176,382,565	-14%
TOTAL FUND BALANCE	1,793,964,397	2,047,352,011	1,902,324,392	-7%
Term Loans:
Hfck	489,975	304,533	304,533	0%
Ford Foundation Loan	390,483,000	390,483,000	390,483,000	0%
Jitegemee Trust	62,500,000	50,000,000	50,000,000	0%
Kcb	1,480,000,000	1,370,000,000	1,047,514,154	-24%
Stanbic	300,000,000	300,000,000	300,000,000	0%
Incofin	171,307,750	123,805,700	171,307,750	38%
Barclays	150,000,000	150,000,000	150,000,000	0%
Sandra Beatrice BOS	547,411			#DIV/0!
Standard chartered	600,000,000	100,000,000	600,000,000	500%
Investisseur Et Partenair	136,852,750	117,986,400	136,852,750	16%
Ministry of youth  affairs	200,000,000	200,000,000	200,000,000	0%
Global Commercial  Microfinance Consortium Ltd	109,482,200	92,911,400	109,482,200	18%
Asn Novib	164,223,300	139,367,100	164,223,300	18%
Pattelaar Effecttenwaarbedrijf	218,964,400	185,822,800	218,964,400	18%
Ministry of Culture and Gender affairs	45,000,000	33,750,000	33,750,000	0%
Calvert Social Investment Foundation	58,283,325	15,850,000	58,283,325	268%
Citibank	399,500,000	399,500,000	399,500,000
Other Financial Institution		1,500,000,000
Sub-total	4,487,634,111	5,169,780,933	4,030,665,411	-22%
CURRENT LIABILITIES:
Creditors &  Accruals	329,334,804	205,084,971	128,736,232	37%
Earmarked funds	113,578,209	103,578,209	103,197,958	0%
Loan Guarantee	2,659,170,289	3,312,104,237	3,187,142,366	4%
Staff Gratuity	113,352,990	170,029,484	157,672,823	7%
Taxation	-	5,156,250	450,875	91%
Term Loans Current Portion	-			#DIV/0!
Sub-total	3,215,436,292	3,795,953,151	3,577,200,253	6%
TOTAL FUNDS:	9,497,034,800	11,013,086,095	9,510,190,057	-14%
	0	0	0
PORTFOLIO QUALITY GROUP LENDING
Repayment rate (annualized)	98%	100%	99%	-1%
Average Interest rate	29%	45%	25%	-20%
Average loan period in months	18	28	16	12
Default rate ( >60 Days)	1%	0%	1%	-1%
Drop out rate	10%	3%	3%	0%
Percentage funded	90%	112%	97%	-14%
Portfolio at risk low (<= 60 Days)	1%	0%	0%	0%
Portfolio at risk high (> 60 Days)	2%	0%	1%	-1%
PORTFOLIO QUALITY INDIVIDUAL LENDING
Repayment rate (annualized)	98%	100%	98%	-2%
Default rate ( >60 Days)	1%	0%	2%	-2%
Drop out rate	6%	2%	0%	2%
Percentage funded	92%	88%	91%	3%
Portfolio at risk low (<= 60 Days)	2%	0%	2%	-2%
Portfolio at risk high (> 60 Days)	2%	0%	1%	-1%
SELF SUFFICIENCY
Direct expenses programme	205%	144%	166%	23%
Overall	134%	107%	119%	12%
Inflation rate	29%	12%	29%	17%
Financial self sufficiency	95%	94%	84%	-10%
COST EFFECTIVENESS
Cost Per Unit Of Money Lent In Kes
On loans disbursed	0.16	0.31	0.18	75%
On outstanding portfolio	0.21	0.12	0.07	74%
BDO EVALUATION GROUP & INDIVIDUAL LENDING
New members per bdo	184	75	66	-13%
Active members per bdo	397	357	334	-7%
New loans per bdo	367	163	92	-76%
Outstanding loans per bdo	1,237,202	1,306,236	1,284,794	-2%
Disbursements per bdo	15,905,925	4,448,997	4,193,724	-6%
Outstanding portfolio per bdo	12,321,902	11,309,669	10,602,842	-7%
Outstanding portfolio per regional staff	8,171,668	6,808,308	6,610,971	-3%
GRANTS AND SURPLUS ALLOCATION:
Grants	40,445,542	27,840,000	-	-100%
Operation Surplus	-	-	-
	40,445,542	27,840,000	-	-100%
Training  $ Promotion	-
Earmarked Funds	23,292,674	-	-
Disaster Reserve Fund	79,018,022	28,887,933	18,136,857
Fixed assets Fund	-	-
Hedging Reserve Fund	12,509,000
Revolving Loan Fund	250,000,000	-	-
	364,819,696	56,727,933	18,136,857	-