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Assets Management & Recovery Corporation rTt ASSETS MAI\AGE MENT & RECOVERY CORPORATION (AMRC) Annual Report and Accounts For the year ended 31't December 2013 AA & CO. CHARTERED CERTIFIED ACCOUNTANTS l INDEPENDENCE DRIVE P.O BOX396 BANJUL, THE GAMBIA , II ru t: lr Contents Page Ir General information 2 Directors' report lr 3-4 Auditors'report lr 5 Balance sheet lr 6 Profit and loss accognt lr 7 Cash flow statement lr 8 Notes to the accounts lr 9 - 15 lr i; e u'--AKrq{-, I )-- I Y I I Se<\rce I I I Assets Management & Recovery Corporation (AMRC) General information aa BOARD OF DIRECTORS Chairman Mr. Salif Mboge Member Mr. Bukari M. Gaye Ex-Officio PS Min. of Finance Mr. Mod Secka Member Mrs. Elizabeth M. Dambell Ex-Officio Director National Treasury Mr. Gabriel Mendy Managing Director Mr. Saikou Kujabi ACTING BOARD SECRETARY Mr. Lamin Sanneh REGISTERED OT'F'ICE 78179 OAU Boulevard Banjul The Gambia SOLICITORS Taiwo Ade Alagbe 78179 OAU Boulevard Banjul The Gambia AUDITORS A.A & CO Chart. Certifi ed Accountants 1 Independence Drive Banjul The Gambia BANKERS Trust Bank Limited 3-4 Ecowas Avenue Banjul The Gambia Guaranty Trust Bank (Gambia) Limited 56 Kairaba Avenue KSMD The Gambia Ecobank (Gambia) Limited 42Kakaba Avenue P.O.Box 3 149, Serrekunda The Gambia t Assets Management & Recovery Corporation (AMRC) General information I % BANKERS (CONT'D) I Bank PHB (Gambia) Limited 1la Liberation Avenue P.O.Box 211 t Banjul The Gambia I Director's report For the year ended 3l't December 2013 t The directors present their report for and accounts for the year ended 3 1 December 2013. I S tatement of directors' respo nsibilities Company Law requires the directors to prepare financial statements in accordance with the Companies Act for each financial year which give a true and fair view of the state of affairs of the t company and of the ptofit.or'l'oss of the company for that period. In preparing those financial statements, the directors are required to: I select suitable accounting policies and then apply them consistently; t make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material I departures disclosed and explained in the financial statements; . prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in existence. t The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 1955 (revised). They are also I responsible for safeguarding the assets of the Company and hence for taking reasonable steps for I the prevention and detection of fraud and other irregularities. Principal activities I The principal activities of the corporation is to recover from defunct Gambia Commercial and Development Bank (GCDB) all assets and liabilities not transferred to Meridian BIAO Bank limited (Trust Bank Gambia Limited) and to take over the management and recovery of any assets of the Government of the Gambia which the Department of state for Finance may assign to I the Corporation from time to time According to a cabinet considered *"*o.un8rm number CP (11(00)1 25, the Mandate of AMRC I was executed until such time tliat it is no longer deemed useful. I t I FI ; Cltanges in fixecl assets Significant movements in fixed r assets are shown in note 2. & Results for the year r The results for yeat the to 31 Decembe r 2013 are as set out in the attached financial statements. r Directors and their interests The directors who held office are as described in the.previous page. None of the directors I held office have any beneficial interest who in the corporation. r Auditors The Auditors, AA & Co Accountants, wilf continue ln office in accordance with section lS5 (2) of the companies Act 1 ll 20 3 . r By order of the boardt" I I Board of Directors r Dare . a? /U /,, t/ rll r rIl T It ! t T T Auditors, report G of Assets Management I il^tr#embers & Recovery corporation I we have audited the accounts set out on pages historic cost convention 6 to 15 which-have been prepared as."Jrn"iiy tt ri"*"r, under the I "."uituut-i* fixed assets. Respective responsibilities of crirectors ancr auditors I The directors of th, fi r"Tli;f I::*tr#:}ff ".:i:I".ffi .3jffi}ffi iliH?ffi:l,TTr.xlL'ff :fJ I Basis of opinion we conducted our auditin accordance -",ia"n""with Internaticnal Auditing t standards. An audit incrudes ;.il#;iil, u*ounts ffiXTiffi':H"n,i,:TJ,lfilf,il,f and discrosures in the made by the directors in the fril;ffi"'"'fl;#J I upp'op'iui"'ro?" H,ffiruT#Hi:T;,:f;_,tr:[: ffffi"r#r1.Ji:'r";*t "o*punyt""iffi.onces, consistentry appried and I y"t our audit so'as to obtain al rhe information li::ff3#iffit*ed and expranations which assurance that the oxiH,i".,r,"1iij[ ::i-!:: ;:J'#",::,T"#,1;rJ*:x[ T #,x1;1"','Hlft':l-THtr****n:i*ifu ##:.:H:#?,; $r,Lo",uruutearre,,..",adequacy t Opinion In our opinion the financial statements give a true and fair T view of the state of the corporation,s ;ffi p eri o d then fi ::,i',.?;:nT; *|1ni."m.;n* en d e d and have I s:il* ffi te AeAG t A.A. & Co. Chartered Certified Accountants I Independence Drive Banjul, The Gambia I {,}i"i;1i-,: l:i: ;f it: .d? I lre [:e*v I I t ASSETS MANAGEMENT AfiD t RECOVERY CORPORATION (A.M.R.C) BALANCE SHEETAS AT31 t DECEMBER 2013 T FIXED ASSETS: iNON CURRENTASSETS 5,638,702 t INVESTMENT 7,985,1 5o T 13,623,852 CURRENT ASSETS: RECEIVABLES I CASH & BANK 64,515,003 68,628, 1 35 31,126,759 T URRENT LIABILIITES: PAYABLES(within twelve months) T PAYABLES(After twelve months) T 11,374,459 NET CURRENT ASSET T 22,013,786 t FINANCED BY: EQUITY T 35,637,638 T t DArE, a+y',ll7 t I DArE*fttlty I I t Page 6 I T ASSETS f,{ANAGEMEIiT AT{D RECOVERY CORI (A.M.R C) TRADING ANO PROFIT ::-'"RATION I FoR rH; iil' ;;;;;iT?:3:;s:f^";;"""::::: ?i,:, I =URNOVER T 10o COMMERC|AL LOAN RECOVERIES 10 (ii) 474,001 T l ]ADMINISTRATION EXPENSES i I 4,41 1 ,099 iSTAFF COST 4,118,047 4,821,718 REPAIRS AND MAINTENANCE 5,626,674 t OTHER 896,454 ADMINISTRATION EXPENSES 694,529 DEPRECIATION T 2,426,542 1,435,573 I (13,592,167) (13,583,244) I OTHER INCOI/IE SPECIAL T ACCOUNTS 8,333,661 T T PROFTT(LOSS) BEFORE TAXATTON T TAXATION I RESERVES B/F PRIOR YEAR ADJUSTMENT 43,132,591 T NET PROFIT C/F T I t I Page 7 rI I I ASSETS MANAGEMENT AND REcovERy coRpoRATroN (A.M.R..) I CAsH FLoWSTATEMENT I FoRTHE'EARENDED3i DE.EMBER2ol3 & t 2012 NOTES D D NET .ASH FR.M AcrvrrEs 15 13,062,508 (1,483,279) I ''ERATTNG (lncluding Finance Charge) T RETURN oN INVESTMENT AND SERVI.ING OF FINANCE T FINAN.E .HARGES i t rAxAroN pArD TNVESTTNG AcrvrrEs ,. I ,1,i, ..i. ACQUISITION OF NON CURRENTASSETS (2,58e,202) (14s,300) INVESTMENTS I (7,735,150) 86,000 I FINAN.TNG AcrvrrEs LONG TERM LOANS I TN.REASE(DE.REASE) rN .ASH AND l CASH EOUIVALENT 16 2,738,156 (1,546,579) I I I T I I I Page 8 I AssErs .{AH.A t GEI'EMr AHO RECOVERY CORPORATION (A.M.R.C) trJ?iJHl^ulssg,,L';.cEMBER | 20,3 Accounting policies rhe accounts h;"";;;;;r"pared on an accruars 0".i. .noT.ing I historic costs. I ilon current Assets 1/1/2013 I 3,673,291 2,015,302 2,949,976 31t12t2013 r [;::, 573,900 fDepreciation r.ryearfor year .;:;,*/3,181,383 ,,,,u,,1 ursposal 248,8s3 761,033 I i,:#J??,11 / 2,310,125 At 31t12t2013 120,675 333,461 h,:;;;;" If At 31t12t2013 . #;..;.il::::"""bvthecorporationwithintentiontose,, rora period or {j 12 months atthe rcrror'vins'"'u'' I F"q,ij{I;::,,r:":: rrr" t ,.- *"J"" i:u 2012 sb ,r;u;;: D i*[l,fl:,,*j,'" 50,260,696 l 1,269,705 377,500 ;?*iii 1,068,312 t tr##:,*deb,.rs 1,274,674 Amounto*"JovinvestGambia 2,750,000 5c 373,462 1,053,787 I *ffi -##B T I I Page 9 I T ASSETS MAfiAGEUEMT Alro RECOyERY coRpoRAIoN (A.[f.R.c) T s#i J?#5 lffSJln.cEMBER 20, 3 " G t xf'"";ffji:liJ:'." D 2012 Debtors-rice 1st consignment-'Yl'rrrs,t 5,556,066 I Debtor Rice A 4,216,910 2,940,666 Debtor Rice g 4,890,47s s,133,110 I 15,06S,310 6,99.',975 *,*3fi:receivabtes *-_-19'z'?fzZ_!!P99,362 1s,489,600 I Debt Factoring D =ffi 3:3,ff[r:s*i,H9.,J.*,, ,ll"ii glm | . 26,996 50,000 h z € 2ZJid- --l^o--____?qp96 ECO Bank D G^uaranty Trust (30,633,7s6) II ti[llfilrrustBankBank ',,J#i,,f' ,.,,*:;J3,,.^ P^ PHB Bank ',20,693 299,129 I i[If#*,t.,, . ' ]o,'' *.;i,,#, ",,si,,f.3;, :::tH;,[, fe,# ,*#, | ---]t';'# _@ffi 'o"""i'3'"0'"" + | D 787,539 D "';,""f,;:l;7;i,l',!lj?,o,,tinacase -----lEEu' | riredin2ulinR-^; # *ffi ifr a ffffi :,",, f'*in$*#,,,ui',"*fl*Hflffi t l;*:{iffir ,",r"I"0)irnent in Equitv t - year adjustment D frio-r (see- note g) Proriu(Loss) year "v\s et iortire ..,;;r.;S& I s PriorYearAdjustments ---_-dtfSi L ------g!,6Edaf- ----.13i184,290) = ---jg,rtrBoD' ffi"J,:%Hl""ir''t,'"" unearned incc D iunreconciledo"t-o'u'p"id'--"'vumeQ'436'ooo)DI :counting Differencevve ---mdrbq I ------:+ _# o ltt' -----egg@ I , i Page 10 I I j.€.sils MANAGEMENT AfiD RECOyERY coRPoRAION (A.M.R.c) I s,ffi I?Jl5 3ff3,' |,,;.
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