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Cavmont Bank Limited Report and Financial Statements for the Year Ended 30 June 2014

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Cavmont Bank Limited Report and Financial Statements for the Year Ended 30 June 2014 CAVMONT BANK LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 Cavmont Bank Limited Report and Financial Statements For the year ended 30 June 2014 Table of Contents Page No Directors’ report 1-3 Statement of directors’ responsibilities 4 Report of the independent auditor 5-6 Financial statements: Income statement 7 Statement of Financial Position 8 Statement of Changes in Equity 9-10 Statement of Cash Flows 11 Notes 12-49 Cavmont Bank Limited Directors’ Report For the year ended 30 June 2014 The directors submit their report together with the audited financial statements for the year ended 30 June 2014, which disclose the state of affairs of Cavmont Bank Limited (“the bank”). PRINCIPAL ACTIVITIES The Bank is engaged in the business of banking and the provision of related services. The Bank had 17 branches and 2 Agencies at 30 June 2014. RESULTS AND DIVIDENDS The number of customer accounts of the bank increased from 58,000 as at 30 June 2013 to 63,227 as at 30 June 2014. Loans and advances grew from K235.40 million to K295.82 million in the period. While a positive trend was experienced in expenses, revenues grew faster than costs with monthly losses trending down wards significantly compared to the same time last year. It is also important note that the Bank recorded a profit in the last quarter (three months) of the financial year ended 30 June 2014. Notwithstanding, these positive trends the Bank recorded a loss for the financial year ended 3o June 2014 of K6.726million. For the year For the six ended months period ended 30.June 2014 30.June 2013 K`000 K`000 Net interest income 34,259 12,917 Loss for the period (6,726) (3,592) No dividend has been declared for the year ended 30 June 2014 (2013: nil). RECAPITALISATION The shareholders have raised sufficient funds to enable the Bank meet the minimum capital requirements under the Bank of Zambia regulatory capital framework that was introduced in January 2012 (effective 31 December 2013). In order to achieve this, the shareholders raised K41 million through a private placement of its shares in December 2013. This injection ensured that the Bank met the minimum capital requirement for local banks on 31 December 2013. 1 Cavmont Bank Limited Directors’ report (Continued) For the year ended 30 June 2014 SHARE CAPITAL The company’s authorised share capital is K20 million (2013: K20 million) of which K19.08 million (2013: K14.9 million) is issued and fully paid up. DIRECTORS The directors who held office during the year and to the date of this report were: Guy Z Phiri - Chairman Johannes Swanepoel - Director Chitupa Muzariri (Mrs) - Director Joseph Ngosa - Director Thinus Prinsloo - Director Charles Carey - Managing Director- Appointed 1 July 2013 NUMBER OF EMPLOYEES AND REMUNERATION The total remuneration of employees for the year ended to 30 June 2014 was K33.46 million (2013: K14.35 million) and the average number of employees was as follows: Month Number Month Number July 230 January 235 August 230 February 245 September 237 March 237 October 237 April 242 November 239 May 245 December 241 June 244 The bank has policies and procedures to safeguard the occupational health and safety of its employees. Through welfare and various sports activities, including football and golf. RESEARCH AND DEVELOPMENT The bank did not carry out any research and development in the year. GIFTS AND DONATIONS During the period ended 30 June 2014, the bank made donations of K24, 950 (2013:K3, 800 to various charitable organisations and events. PROPERTY AND EQUIPMENT The bank purchased property and equipment amounting to K8.60 million during the year. In the opinion of the directors, the carrying value of property and equipment is not more than their recoverable value. 2 Cavmont Bank Limited Directors’ report (Continued) For the year ended 30 June 2014 DIRECTORS’ EMOLUMENTS AND INTERESTS Directors’ emoluments and interests are disclosed in Note 26 of the financial statements. PROHIBITED BORROWINGS OR LENDING There were no prohibited borrowings or lending as defined under Sections 72 and 73 of the Zambia Banking and Financial Services Act 1994 (as amended). RISK MANAGEMENT AND CONTROL The bank through its normal operations is exposed to a number of risks, the most significant of which are credit, market, operational and liquidity risks. The Bank`s risk management objective and policies are disclosed note 4 of the Financial statements COMPLIANCE FUNCTION The bank has a compliance function whose responsibility is to monitor compliance with the regulatory environment and the various internal control processes and procedures. KNOW YOUR CUSTOMER AND MONEY LAUNDERING POLICIES The bank has well established ‘Know Your Customer’ (KYC) and money laundering policies and adheres to current legislation in these areas. EXPORTS During the year the Bank did not export any form of services outside Zambia AUDITOR The auditor, PricewaterhouseCoopers Zambia, has indicated their willingness to continue in office and a resolution for their reappointment will be proposed at the next Annual General Meeting. By order of the Board SECRETARY 2014 3 Cavmont Bank Limited Statement of Directors’ Responsibilities For the year ended 30 June 2014 The Zambia Companies Act requires the directors to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Bank as at the end of the financial year and of its financial performance. It also requires the directors to ensure that the Bank keeps proper accounting records that disclose with reasonable accuracy the financial position of the Bank. They are also responsible for safeguarding the assets of the Bank. The directors accept responsibility for the annual financial statements which have been prepared using appropriate accounting policies supported by reasonable estimates in accordance with International Financial Reporting Standards and with the requirements of the Zambia Companies Act and the Zambia Banking and Financial Services Act. The directors are of the opinion that the financial statements give a true and fair view of the state of the financial position of the Bank and of its financial performance in accordance with International Financial Reporting Standards. The directors further accept responsibility for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatements, whether due to fraud or error. As set out in Note 2 (a) of the accompanying financial statements, the Bank made a loss of K6.73million (2013: K3.6 million) and has accumulated losses of K52.71million (2013: K42.8 million). The bank was recapitalised through a rights offer to shareholders who injected K41.34 million share capital during the year under review. The Bank is currently implementing a comprehensive business strategy focused on the introduction of appropriate capital, mobilisation of deposits, responsible growth in assets, and an attractive value proposition for customers, realising cost efficiencies and effective risk management. The directors are confident that this business strategy will improve the profitability of the bank. On the basis of these actions, the directors are of the opinion that the Bank will remain a going concern for at least 12 months from the date of these financial statements. Signed on their behalf by: _______________________ _______________________ Director Director 2014 4 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF CAVMONT BANK LIMITED Report on the financial statements We have audited the accompanying financial statements of Cavmont Bank Limited as set out on pages 7 to 49. These financial statements comprise the statement of financial position as at 30 June 2014 and the statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information. Director’s responsibility for the financial statements The directors are responsible for the preparation of financial statements that give a true and fair view in accordance with International Financial Reporting Standards and with the requirements of the Zambia Companies Act and Banking and Financial Services Act and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An
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