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Accessbank Liberia Limited Annual Report and Financial Statements for the Year Ended December 31, 2019

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Accessbank Liberia Limited Annual Report and Financial Statements for the Year Ended December 31, 2019 ACCESSBANK LIBERIA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 AccessBank Liberia Limited Annual report Year ended December 31, 2019 Contents Page(s) Corporate information 1 Report of the directors 2 - 3 Report of the independent auditors 4 - 7 Financial statements: Statement of financial position 8 Statement of comprehensive income 9 Statement of changes in equity 10 Statement of cash flows 11 Notes to the financial statements 12 - 79 AccessBank Liberia Limited Annual report Year ended December 31, 2019 CORPORATE INFORMATION Directors Mr. Bernd Zattler Chairman Mr. Kyle Lackner Director (Resigned on 23/12/2019) Mr. Geegbae A. Geegbae Director Mr. Monojeet Pal Director (Resigned on 23/12/2019) Mr. Jonas Nyaye Managing Director Ms. Claire Clasquin Director Dr. Rolf Reichardt Director (Appointed on 26/12/2019) Dr. Anthony Okon Nyong Director (Appointed on 26/12/2019) Registered Office AccessBank Liberia Limited th 20 Street, Sinkor Monrovia Auditors KPMG Chartered Accountants 13 Yiyiwa Drive, Abelenkpe P.O.Box GP 242 Accra Parker & Company LLC Certified Public Accountants 81 Sekou Toure Ave. P.O.Box 1921, Mamba Point Monrovia, Liberia Company Secretary Ms. Gidu Johnson 1 REPORT OF THE DIRECTORS The Directors submit their report together with the audited financial statements for the year ended December 31, 2019. Statement of directors’ responsibilities The Directors are responsible for the preparation of the financial statements for each financial year which gives a true and correct view of the state of affairs of the Bank and of the profit or loss and cash flows for that period. In preparing these financial statements, the directors have selected suitable accounting policies and then applied them consistently, made judgments and estimates that are reasonable and prudent and prepared in accordance with International Financial Reporting Standards (IFRS) and in the manner required by the New Financial Institutions Act (FIA) of 1999. In addition, the directors are responsible for the preparation of the Report of the Directors. The directors’ responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement whether due to fraud or error, selecting and applying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances. The directors are also responsible for safeguarding the assets of the Bank and taking reasonable steps for the prevention and detection of fraud and other irregularities. The Articles of Incorporation of AccessBank Liberia Limited also authorise the Board to appoint members of committees as it may deem necessary; and to delegate to such committees such powers as the Board considers appropriate under the circumstance. Below is a table showing the details of the Board committees. Name of Board Committee Summary of Terms of Frequency of Committee Members Reference Meetings Asset and liability Chairman: Prof. Geegbae (Chairman) Meet to discuss asset and Quarterly committee liability issues (ALCO) Members: Dr. Rolf Reichardt Dr. Bernd Zattler Board credit Chairman: Dr. Rolf Reichardt Review and discuss Quarterly committee credit report and credit Members: Dr. Bernd Zattler issues Ms. Claire Clasquin Board risk Chairman: Dr. Rolf Reichardt Review and discussion of Quarterly management risk reports and risk committee Members: Ms. Claire Clasquin management issues Dr. Anthony Nyong Audit committee Chairman: Dr. Anthony Nyong Review and discussion of Quarterly audit reports and audit Members: Ms. Claire Clasquin activities Dr. Rolf Reichardt 2 Principal activities The Bank is licensed to operate as a Bank under the New Financial Institutions Act (FIA) of 1999. There was no change in the nature of the Bank’s business during the year. Parent company The Bank is a subsidiary of Access Microfinance Holding AG incorporated in Berlin, Germany. Going concern The Bank is yet to meet the statutory minimum capital requirements prescribed by the Central Bank of Liberia. The Central Bank of Liberia released an amended prudential regulation concerning minimum capital requirement for Bank-Financial Institutions effective end of 2010, stating that all banks should have a minimum capital requirement of US$10,000,000. As at 31st December 2019, the capital of AccessBank Liberia Limited stood at US$9,669,563. Section 11(1) of the New Financial Institutions Act 1999 states that the Central Bank of Liberia may revoke the license of the bank as it is in breach of the provisions in the Act. The Directors of the Bank are confident that the Bank will make enough profit in the next financial period to augment the existing equity to enable it to meet the regulatory requirement of a minimum capital of US$10,000,000. The Directors of the Bank have prepared cash flow forecasts with supportable assumption and inputs which show a positive outlook. The Directors acknowledge that the Bank’s ability to continue to operate as a going concern is dependent on the Bank making enough profit to augment its existing equity in the subsequent year. This condition gives rise to a material uncertainty which may cast significant doubt on the Bank’s ability to continue as a going concern and, therefore that it may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements have been prepared on the basis of accounting policies applicable to a going concern. This basis presumes that cash flows arising from the normal course of business will be available to finance future operations of the Bank and that the realisation of assets and settlement of liabilities will occur in the ordinary course of business. Share capital Details of the Bank’s share capital are given in Note 31 to the financial statements. Directors The names of the present directors are detailed on the “corporate information” page. Auditor The Bank’s auditor, KPMG and Parker & Company LLC will continue in office. Approval of the financial statements The financial statements of the Bank were approved by the Board of Directors on August 3, 2020. Neither the Bank's owners nor others have the power to amend the financial statements after issue. By Order of the Board Name of director: Dr. Bernd Zattler Signature: Name of director: Mr. Jonas Nyaye Signature: 3 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ACCESSBANK LIBERIA LIMITED Report on the Audit of the Financial Statements Opinion We have audited the financial statements of AccessBank Liberia Limited (“the Bank”), which comprise the statement of financial position at 31 December 2019, the statements of comprehensive income, changes in equity, and cash flows for the year then ended and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes as set out on pages 8 to 79. In our opinion, the accompanying financial statements give a true and correct view of the financial position of the Bank at 31 December 2019 and of its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards and in the manner required by the Associations Law, Title 5, Liberian Code of Laws 2002 and the New Financial Institution Act (FIA) 1999. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Bank in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) together with the ethical responsibilities that are relevant to our audit of the financial statements in Liberia, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material Uncertainty Related to Going Concern We draw attention to Note 42 of the financial statements, which indicates that the Bank’s is yet to meet the statutory minimum capital requirements as at the end of the year. As stated in Note 42, these events or conditions, along with other matters as set forth in Note 42, indicate that a material uncertainty exists that may cast significant doubt on the Bank’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. Emphasis of matter – Restatement of Comparative Information We draw attention to Note 43 of the financial statements which indicates that the comparative information presented as at and for the year ended 31 December 2018 has been restated. Our opinion is not modified in respect to this matter. Other matter The financial statements of the Bank for the year ended 31 December 2018, were audited by another auditor who expressed an unmodified opinion on these statements on 20 November 2019. 4 Key Audit matters Key audit matters are those matters that in our professional judgement, were of most significant in our audit of the financial statements for the current period. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon, and we do not provide
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