Audit KEP Financiall 2002

KOSOVO ENTERPRISE PROGRAM A MICRO FINANCE INSTITUTION FINANCIAL STATEMENTS 31 DECEMBER 2002 KOSOVO ENTERPRISE PROGRAM: A MICRO FINANCE INSTITUTION FINANCIAL STATEMENTS 31 DECEMBER 2002 CONTENTS PAGES General information - Report of the independent auditors - Balance sheet 1 Statement of operations 2 Statement of cash flows 3 Statement of changes in capital 4 Notes to the financial statements 5 - 22 KOSOVO ENTERPRISE PROGRAM: A MICRO FINANCE INSTITUTION STATEMENT OF OPERATIONS 31 DECEMBER 2002 GENERAL INFORMATION Organisation’s operations The Micro Finance Institution - Kosovo Enterprise Program (‘KEP’) was founded by the humanitarian organization International Catholic Migration Commission – Switzerland (‘ICMC’) in August 1999, obtaining authority to operate as a Micro Finance Institution from the Banking and Payments Authority of Kosovo (‘BPK’) on 19 May 2000 when new regulations on financial institutions came into effect in Kosovo. The KEP registered as a separate local legal entity on 4 March 2002 and is registered with the BPK as a non-bank micro financial institution as defined in section 2 of Regulation 1999/21. The KEP’s principal activity is to provide financial services to the people of Kosovo. At 31 December 2002, the KEP employed 55 employees (31 December 2001: 44). Board of directors The KEP is governed by the following people: Muriithi Kagai KEP Albert ...