CITAM runs various large churches around the country, as well as outreach events. [Photo/ CitamVrdKe]
CITAM runs various large churches around the country, as well as outreach events. [Photo/ CitamVrdKe]

CITAM recorded a 9 percent increase in revenue for the 2021 full year as total income rose to hit Ksh2.5 billion up from Ksh1.59 billion the previous year. In audited financial statements published on its website, CITAM attributed the increase partly to higher tithes and offerings collection as Covid-19 restrictions on social gatherings were eased.

Total tithes and offerings increased from Ksh1.45 billion in 2020 to Ksh1.57 billion in 2021. Income from donations fell from Ksh16.3 million in 2020 to Ksh12.1 million in 2021.

CITAM runs various large churches around the country, as well as outreach events. While it makes efforts to reach out to the poor, CITAM has been described as a middle-class church including in a dissertation presented to the faculty of E. Stanley Jones School of Mission and Ministry at Asbury Theological Seminary.

The easing of Covid-19 restrictions also drove massive growth for CITAM’s business units which include hotels, learning institutions, rental properties and media such as Christian radio station Hope FM. Income from CITAM’s business units grew by a whopping 171% in 2021, to Ksh684 million up from Ksh213 million in 2020.

READ ALSO>>Kenya’ Richest Churches Reaping Billions

Interest income rose to Ksh26.5 million up from Ksh10.5 million the previous year.

CITAM’s expenses however also grew significantly in 2021. Staff expenses rose by 11% to Ksh674 million from Ksh608 million the previous year, mostly due to the reinstatement of various benefits and allowances put on hold in 2020, as well as promotions.

Administrative expenses grew 28% to Ksh637 million from Ksh450 million the previous year while ministry expenses grew by 28% to Ksh535 million on the back of resumption of in-person church activities.

Surplus before capital expenditure surged 42% to Ksh684 million on the revenue growth. There was a 151% increase in capital expenditure for the year to Ksh485 million up from Ksh191 million the previous year as various capital-intensive projects resumed.

Net surplus for the year fell to Ksh195 million from Ksh289 million reported the previous year.

READ NEXT>>Should Churches Pay Tax? New Battle Opens Can of Worms

 

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here