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2023 Budget Policy Dialogue Report
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2023 Citizens' budget Report
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2024 Approved Budget Adopted by Law
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CASH ALLOCATION FOR THE MONTH OF OCTOBER 2023
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NEWSLETTER: The Economy-Volume 4
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END OCTOBER 2023 EXPENDITURE REPORT
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END OCTOBER 2023 EXPENDITURE REPORT
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2024 BUDGET SPEECH
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GOVERNMENT’S DECEMBER 2023 - FEBRUARY 2024 ISSUANCE CALENDAR
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2023 THIRD QUARTER STATISTICAL DEBT BULLETIN
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ESTIMATES OF REVENUE AND EXPENDITURE_PART 3
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DRAFT ESTIMATES OF REVENUES AND EXPENDITURES 2024_PART 1
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WAIFEM/WAMI TRAINED MOFEA STAFF ON THE COMMONWEALTH MERIDIAN SOFTWARE
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END SEPTEMBER 2023 EXPENDITURE REPORT
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Project implementation brief for first half of 2023
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Republic of The Gambia
National Public - Private Partnership Policy 2023
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State- Owned Enterprises Quarterly Report 2nd Quarterly 2022
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State- Owned Enterprises Operational & Financial Report Fiscal Year 2022
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2022 SOE QUARTERY REPORT 2022 SECOND QUARTER SOE FINANCIAL REPORT
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FIRST QUARTER SOE AGGREGATE FINANCIAL REPORT 2022
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GOVERNMENT OF THE GAMBIA OF THE GAMBIA
BUDGET PERFORMANCE REPORT - POVERTY FOR END OF YEAR 2023
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GOVERNMENT OF THE GAMBIA OF THE GAMBIA
BUDGET PERFORMANCE REPORT - POVERTY FOR END OF YEAR 2023
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Poverty Report GLF
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GOVERNMENT OF THE GAMBIA OF THE GAMBIA
BUDGET PERFORMANCE REPORT - POVERTY FOR END OF YEAR 2023
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State - State - Owned Enterprises Quarterly Report 1st Quarter 2023
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Gambia Printing and Publishing Corporation (GPPC) Auditor's Report and Financial Statements for the year ended 31 st December 2020
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Gambia Printing and Publishing Corporation (GPPC)
Auditor's Report and Financial Statements
for the year ended 31 st December 2020
Contents Page
General information 4
Directors' report 5
Report of the Independent Auditors 7
Income statement 10
Balance sheet 11
Statement of changes in equity 13
Cash flow statement 14
Notes to the financial statements 15
Five Year Financial Summary
Year ended 31 December 2020
All amounts in the nearest Gambian Dalasi unless otherwise stated
2020 2019 2018 2017 2016
Balance sheet D
Assets
Non-current assets
92,776,647 |
Intangible assets Total non-current assets
Current assets
Inventory
Other receivables
Trade and staff debtors
Cash and cash equivalents Total current assets
Total assets
Equity and liabilities
Share capital
Retained earnings
Revaluation reserve
Total capital and reserves
Liabilities
Non-current liabilities
Loans
10,752,445 |
10,453,319 |
Current liabilities
Bank overdraft
Other payables
Corporation tax
Value Added Tax
Loans
Total current liabilities
Total liabilities
Total equity and liabilities
Income Statement
Revenue
Cost of sales
Gross profit
Personnel costs
General and administrative expenses
Depreciation
Amortisation
Operating profit/(loss) Net financing cost
Loss before taxation
Income tax expense
Loss for the financial year
|
Publishing Corporation (GPPC) |
For |
December 2020 |
2
Financial Highlights
|
2020 |
2019 |
Post tax loss (GMD) |
(1,479,674) |
(7,578,798) |
Unimpaired capital (GMD) |
83,088,704 |
|
Net current assets (GMD) |
(18,510,045) |
(10,664,877) |
Management expenses to income ratio (%) |
22% |
31% |
Staff/personnel costs to income ratio (%) Liquidity Rations |
38% |
38% |
Quick Ratio/Acid Test Ratio (GMD) |
0.57 |
0.65 |
Current Ratio (GMD) |
0.72 |
0.81 |
Times Interest Earned Ratio (times) Solvency Ratios |
0.63 |
1.01 |
Debt to Equity Ratio |
92% |
77% |
Equity Ratio |
52% |
56% |
Debt Ratio Efficiency Ratios |
48% |
44% |
Accounts Receivables Turnover (times) |
2 |
2 |
Asset Turnover Ratio (%) |
26% |
27% |
Inventory Turnover Ratio (Times) |
1 |
2 |
Days' Sales in Inventory (days) Profitability Ratios |
276 |
242 |
Gross Margin Ratio (%) |
73% |
68% |
Profit Margin ratio (%) Return on Assets (%) |
-3.56% |
-18% |
Return on Capital Employed (%) |
2.14% |
-4.20% |
Return on Equity (%) Market Prospect Ratios |
-2% |
-9% |
Earnings per share (GMD) |
(0.15) |
(0.76) |
Price Earnings P/E Ratio |
(107.59) |
(20.06) |
Publishing
For December
General Information
Directors
Mr. Kawsu K. Darboe (Chairman)
Mrs. Sukai Mbye Bojang (Vice Chairperson)
Mrs. Amie Njie Joof (Ex-Officio, representative of MOICI)
Mrs. Toulie Jawara (Ex-Officio, representative of Solicitor General)
Mr. Ismaila Bah (Ex-Officio, representative of MoFEA)
Managing Director and Board Secretary
Mr. Momodou Ceesay
Registered Office
Manadi Manyang Highway
Kanifing Industrial Estate
KMC
The Gambia
Auditors
HAD&Co
Audit. Tax. Advisory Registered Auditors
Senegambia Highway
The Gambia
Bankers
Trust Bank Limited
3/4 Ecowas Avenue
Banjul
The Gambia
Arab Gambia Islamic Bank Limited
Becca Plaza
Ecowas Avenue
Banjul,The Gambia
Skye Bank (Gambia) Limited
Kairaba Avenue
KSMD
The Gambia
Publishing
For
Solicitors
Mr Abdoulie Fatty
Ecobank Bank (Gambia) Limited
Kairaba Avenue
KSMD
The Gambia
Zenith Bank (Gambia) Limited
Kairaba Avenue
KSMD
The Gambia
FIB Bank (Gambia) Limited
Kairaba Avenue
KSMD
The Gambia
4
Directors' Report
The Directors present their report and financial statements for the year ended 31st December 2020.
State of Affairs
The state of the Company's affairs at 31st December 2020 is set out in the attached financial statements.
Statement of Directors' responsibilities
Company law requires the directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Company and of its profit or loss for that period. In preparing those financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material 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 business.
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 2013. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activities
The principal activity of the GPPC is the provision of printing and publishing services at an affordable cost to the Government, Private Sector and general public at large. Also, involved in the distribution of text books and other materials to schools, especially primary and junior secondary schools throughout the country and provide support services to education, assisting schools and non-formal education sector.
Employees
The number of employees and the cost associated with these employees is as detailed in note 5.
Results for the year and dividend
The results of the company are detailed in the accompanying financial statements.
The Directors did not recommend the payment of dividend (2019: D Nil).
Publishing
For
Fixed Assets
Fixed assets are as detailed in note 15 of the financial statements. The directors are of the opinion that there has not been any permanent diminution in the value of the fixed assets. As a result, a provision for impairment has not been deemed necessary.
Post balance sheet events
There were no significant events since the year-end, which could affect the results or financial position of the company.
Going concern
The Directors have assessed the company's ability to continue as a going concern and have no reason to believe the company will not remain a going concern in the year ahead.
Directors and their interest
The members of the board are detailed on page 3. None of the director had interest in the shares of the company.
Auditors
The Corporation's external auditors, HAD & Co - Audite Taxation, Advisory, as appointed through the National Audit Office The Gambia, and this is their second year of the Audit.
By order of the Board
Secretary...
Date2022
Publishing
For
j s
To the Members of Gambia Printing and Publishing Corporation (GPPC)
Opinion
In our opinion, the accompanying financial statements give a true and fair, view of its financial performance and its cash flows for the year then ended in accordance with Generally Accepted Accounting Principles (GAAP) and have been properly prepared in accordance with the GPPC Act.
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 Entity in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements fin The Gambia, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IÉSBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to prqvide a basis for our opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note 26 in the financial statements, which indicates that the Corporation incurred an operating loss before tax of D 1,479,674 and D7,168,369 during the years ended 31st December 2020 and 31st December 2019 respectively. Also, as of that date, the Company is in. a net current .liability position of D18,510,045 and negative retained earnings of As stated in Note 26, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Corporation's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Befril Harding Highway, Serrekwnda, TheGambia, 798916419093748
Other Information
Management is responsible for the Other information. The other information comprises the General Information and Report of the Directors as required by the GPPC Act. The other information does not include the financial statements and our auditor's report thereon. Our opinion on the financial. statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility 'is to read the other information and, •in doing so, consider •whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we concluded that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is .responsible for the preparation and fair presentation of the financial statements in accordance with GÄAP 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, in preparing the financial statements, management is responsible for assessing the Corporation's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accountingunless management either intends to liquidate the Entity or to cease operations, or has no realistig alternative but to do so. Those charged with governance are responsible for overseeing the Corporation's financial reporting process.
Auditor's Responsibilities for Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with l$As will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate,.they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Berfll Uardtng Serrekundc„ The, Cam!bäa, 4466020 7989164 1909374 Obtain an understanding of internal control relevant to the audit 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.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a materialr uncertainty exists related to events or conditions that may cast significant doubt on the Entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinions Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Entity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, •including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit .firidings, including any significant deficiencies in internal control that we identify during our audit.
HAD & co
CharterediAccountants and Business Advisers
RegisteredAuditors
Kerr Serigne, The Gambia
Date• 2022
Bern Harding Highway, Serrekunda, The Gambig, 0166020 7989164 9093748
Income Statement for the year ended 31 st December 2020
Revenue
Cost of sales
Gross profit
Personnel costs
General and administrative expenses
Depreciation
Amortisation
Operating Profit/(Loss)
Net financing cost
Loss before taxation
Income tax expense
Loss for the financial year
31st Dec. 31st Dec.
2020 2019 Notes D
3 41,539,971 41,042,831 4 (11,379,058) (12,990,445)
28,052,386 |
|
(15,691,405) (9,259,287) (3,402,496) (32,292) |
(15,755,142) (12,638,433) (3,263,867) |
5
6
10
11
1,775,432
- (2,839,706) (3,563,314)
- (1,064,274) (7,168,370)
- (415,400) (410,428)
(1,479,674) (7,578,798)
The attached notes form part of these financial statements.
Balance sheet
|
|
31st Deco |
31st Dec. |
|
|
2020 |
2019 |
Assets Non-current assets |
Notes |
DOOO |
DOOO |
Property, plant and equipment |
10 |
||
Intangible assets |
|
129,168 |
161 ,460 |
as at 31 st December 2020
Total non-current assets
Current assets inventory 12
Other receivables 13
Trade and staff debtors 14 Cash and cash equivalents 15
Total current assets
Total assets
Equity and liabilities
Share capital 16
Retained earnings
Revaluation reserve 17
Total capital and reserves
Liabilities
Non-current liabilities 180
Total Non-current Liabilities
The attached notes form part of these financial statements.
Balance sheet cont.
as at 31stDecember 2020
|
|
31st Dec. |
31st Dec. |
Current liabilities |
Notes |
2020 |
2019 |
Bank overdraft |
15 |
||
Other payables |
19 |
28,403,537 |
|
Corporation tax |
9 |
|
|
Value Added Tax 20
Loans -18b
Total current liabilities
76,111,523 |
66,213,652 |
|
|
159,200,227 |
152,039,453 |
Total liabilities
Total equity and liabilities
1 The financial statements were approved by the Board of Directors on.14...202P-and were signed on its behalf by:
Director Director
The attached notes form part of these financial statements.
Statement of changes in equity
for the year ended 31st December 2020
|
Share |
Revaluation |
Retained |
|
|
Capital |
Reserve |
Earnings |
Total |
Balance as at 1st January 2019 Correction of 2018 omission/system |
75,494,942 |
2,856,596 |
88,351,538 |
|
adjustment(Note 25a) |
|
|
(2,193,661) |
(2,193,661) |
Prior Year Adjustments (Note 16) Opening balance difference |
|
|
7,246,722 |
7,246,722 |
Loss for the year |
|
|
(7,578,798) |
(7,578,798) |
Transfers (Note 15) |
|
(156,223) |
156,223 |
|
Balance as at 31st December 2019 75,338,719 487,082
Balance as at 1st January 2020
Adjustment for 2019 Depreciation
Prior Year Adjustments/System Adjustment
Loss for the year
Transfers (Note 15)
Balance as at 31st December 2020
The attached notes form part of these financial statements
Cash flow statement
for the year ended 31 st December 2020
|
|
31st December |
31st December |
Reconciliation of operating profit to cash flow from operating activities |
Notes |
2020 |
2019 |
Operating loss before tax Adjust for non-cash items |
|
(1,064,274) |
|
Add: Depreciation charges |
10 |
3,402,496 |
3,263,867 |
Add: Amortisation charges |
|
32,292 |
|
Add: Finance costs |
|
2,839,706 |
3,563,314 |
Adjustment for prior year |
|
(1,390,823) |
(2,193,661) |
Increase in inventory |
|
|
Other receivables & Advance payments |
|
(5,731,920) |
Increase in Trade and staff debtors |
(7,106,486) |
|
Increase in Trade payables |
11,344,635 |
3,405,831 |
increase in Tax payable & VAT |
5,420,953 |
|
12,701,528 |
|
income tax paid |
(415,400) |
(5,344,224) |
Interest paid |
(2,839,706) |
(3,563,314) |
Prior year- Depreciation 133,400
3,952,797
(910,370) (105,493)
Cash flows from operating activities 9,446,422
Investing activities
(161,460) |
(14,268,647) |
Purchase of intangible assets
Cash flows from investing activities (8,841,986)
Financing activities
Increase in Long Term Loan 18 (8,566,112)
Cash flows from financing activities (8,566,112)
Net increase in cash and cash equivalents (7,961,676)
Cash and cash equivalents at 1 January 5,332,173
Cash and cash equivalents at 31 December (2,629,503)
The attached notes form part of these financial statements.
and (GPPC)
14
< >Corporate informationThe Gambja Printing and Publishing Corporation was Established by an act of parliament as a public enterprise in 2006. The corporation is the result of a merger of former Book Production and Material Resources Unit (BPMRU) under the Ministry of Basic and Secondary Education charged with the responsibility of providing educational materials (i.e. teachers guide, pupils texts books etc.) for the ministry and National Printing and Publishing Corporation (NPPC) under the central government responsible of providing all necessary printing materials such as Government Tax Receipts (GTR), other revenue materials for both central, local and other government departments and agencies. The registered address of the office is Mamadi Manjang Highway, Kanifing Indutrial Area, Kanifing, KMC.
The principal activities of the GPPC is the provision of printing and publishing services at an affordable cost to the Government, Private sector and general public at large. Also, involved in the distribution of text books and other materials to schools, especially primary and junior secondary schools throughout the country and provide support services to education, assisting schools and non- formal education sector.
< >Principal Accounting Policies
The following accounting policies have been applied consistently in dealing with items, which are considered material to the Corporation's financial statements.< >Statement of compliance and Basis of PreparationThe financial statements have been prepared in accordance with Generally Accepted Accounting Principles and the GPPC Act 2006.
< >Revenue recognitionRevenue is measured at the fair value of the consideration received or receivable.
The Corporation recognised revenue when it is probable that the economic benefits from the sale will flow to the Corporation, the revenue and costs can be measured reliably and significant risks and rewards of ownership of the goods have been transferred to the buyer.
Interest income
Interest income is recognised when it is probable that the economic benefits will flow to the Corporation and the amount of income can be measured reliably. Interest income is accrued on a timely basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.
the
(c) Property, plant and equipment
Owned assets
Items of property, plant and equipment are stated at cost less accumulated depreciation.
Depreciation
Depreciation of fixed assets is calculated and charged to the income statement on a straight-line basis by reference to the expected useful lives of the assets at the following rates:
Buildings 2.50%
Plant & Machinery 5% Motor Vehicles 20%
Computers & Other office equipment
Furniture, fixtures & Fittings 20% Generators 10%
Land is not depreciated.
The estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis.
The gain or loss arising on the disposal or retirement of an item of property and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement.
Subsequent expenditure
Expenditure incurred to replace a component of an item of property and equipment that js accounted for separately, including major inspection and overhaul expenditure, is capita!ised. Other subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the item of property and equipment. All other expenditures are recognised in the income statement.
Revaluation
Revaluation of property and equiprnent is not compulsory. Assets which are carried at revalued amounts are revalued at most every five years. Any revaluation gain is taken to a revaluation reserve in equity except when there is a revaluation loss which has been taken to the income statement. The surplus is charged to the income statement to the extent of reserving the previous loss. However, revaluation loss is charge to the income statement except if there is a surplus which was taken to equity. The revaluation loss is charged to equity to the extent of the surplus.
(d) Intangible assets - quickbooks software
Software acquired by the Corporation is classified as an intangible asset and is measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognized in net income and is provided on a straight-line basis over the estimated useful life of the assets as follows:
Software 25%
Amortisation methods, useful lives and residual values are reviewed annually and adjusted if necessary.
Subsequent expenditure on software assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. Ail other expenditure is expensed as incurred.
Software is derecognised on disposal or when no future economic benefits are expected from its use. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is recognised in other operating income in the income statement in the year the asset is derecognised.
< >Impairment of tangible assets
At each reporting date, the Corporation reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment ioss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Corporation estimates the recoverable amount of the cash-generating unit, typically the development project, to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cashgenerating units for which a reasonable and consistent allocation basis can be identified.
Recoverable amount is the higher of fair value {ess costs to sell and value in use, In assessing value in use, the estimated future cash flows are discounted to their present va!ue using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
- Inventory
Inventory is measured at the lower of cost and net realisable value. The cost of inventory is based on the first-in, first-out principle.
NRV is the estimated selling price in the ordinary course of the business, based on market prices at the reporting date and discounted for the time value of money if material, less estimated costs of completion and the estimated costs necessary to make the sale.
- Trade and other receivables
Trade and other receivables are recognised at their original invoiced value except where the time value of money is material, in which case receivables are recognised at fair value and subsequently measured at amortised cost. A provision is made when there is objective evidence that the Corporation will not be abie to recover balances in full. Balances are written off when the probability of recovery is assessed as being remote.
- Cash and short-term deposits
Cash and short-term deposits in the balance sheet comprise cash at bank and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value. For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Corporation's cash management.
- Interest bearing loans
Interest bearing loans and borrowings are recognised initially at fair value, net of transaction costs incurred. Subsequent to initial recognition, interest bearing borrowings are measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalised as part of the cost of the asset. Ail other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.
- Other payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
- Employee benefits
Obligations for contributions to Social Security Housing Finance Corporation administered retirement benefit plan are recognised as expense in the income statement as incurred.
- Provisions
A provision is recognised in the balance sheet when the Corporation has a legal or constructive obligation as a result of a past events, and it is probable that an outflow of economic benefits will be required to settle the obligation.
- Foreign currency
Transactions jn foreign currencies are translated to Dalasi at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to Dalasi at the exchange rate ruling at that date. Exchange differences arising on translation are recognised in the income statement.
- Income tax
Income tax on the profit or turnover for the year comprises current tax and is recognised in the income statement.
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date. Current income tax relating to items recognised directly in equity is recognised in equity and not in the statement of profit or loss. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
Contingent liabilities and contingent assets
A contingent liability is a possible obligation that arises from past events and whose existence witl only be confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. It can also be a present obligation arising from the past events that is not recognized because it is not probable that outflow of economic resources will be required, or the amount of obligation cannot be measured reliably.
Contingent liabilities are not recognized but are disclosed in the notes to the accounts. When a change in the probability of an outflow occurs so that outflow is probable, it will then be recognized as provision.
A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. Contingent assets are not recognized but are disclosed in the notes to the accounts when an inflow of economic benefits is probable. When an inflow is virtually certain, an asset is recognized.
(p) Related parties
For the purposes of these financial statements all fellow subsidiaries and associated companies, key management personnel and Board members, together with the close members of their families in each case and with companies controlled by them, are considered and referred to as related parties. A number of transactions are entered into with related parties in the normal course of business. A detailed breakdown of related party transactions and balances outstanding at the year-end is provided in Note 23.
- Revenue 2020
D
Government |
28,238,408 |
|
Area Councils |
4,315,475 |
3,801,690 |
Private 1,412,928
Parastatal
Sales of Publications 3,886,198
Others 68,600 178,580
41,539,971 |
41,042,831 |
8,603,732 12,289,429 |
13,095,937 (8,603,732) |
12,990,445 |
- Cost of Sales
Opening Stocks of Printing Materials
Add: Purchases of Printing Materials
Less: Closing Stocks of Printing Materials
- Personnel costs
The average number of staff employed (including directors) during the year, analysed by category was as follows:
Numbers
Directors 3 3 Management 7 7
General 123 112
133 122
Costs
Basic Salary |
6,290,156 |
6,203,681 |
Residential Allowance |
2,639,500 |
|
Responsibility Allowance |
705,500 |
725,500 |
Professional Allowance |
610,500 |
544,000 |
Car Allowance |
180,000 |
178,000 |
Telephone Allowance |
277,250 |
288,750 |
Transport Allowance |
2,236,200 |
|
HD Allowance |
409,800 |
411,000 |
Employer's Social Security Con. |
1,947,249 |
1,988,924 |
Acting/Charge Allowances/drawback |
17,205 |
103,418 |
Gratituty |
154,974 |
85,168 |
Staff Overtime |
223,072 |
364,201 |
15,691,405 15,755,142
(GPPC)
2020
|
|
December |
December |
|
|
2020 |
2019 |
6 |
Administrative expense |
|
|
|
Water & Electricity |
848,796 |
1,564,649 |
|
Fuel & Lubricants |
1,254,727 |
1,314,446 |
|
Repairs & Maintenance |
1,118,932 |
|
|
Office stationery/Pinting/Photocopying |
54,819 |
36,710 |
|
Local/overseas Travel |
147,949 |
622,242 |
|
Telecommunication Cost/mobile |
298,586 |
348,787 |
|
Publicity/ Promotion & Advertising Cost |
435,330 |
620,291 |
|
Staff Training |
416,405 |
525,506 |
|
Donation & Contribution (Corporate Social Resp.) |
173,000 |
11,340 |
|
Board Incentives |
340,400 |
335,400 |
|
General office expenses |
278,571 |
350,725 |
|
Audit fee |
207,000 |
156,000 |
|
Medical Welfare |
894,243 |
1,190,892 |
|
May Day |
|
448,595 |
|
NISA Football |
10,000 |
|
|
Consultancy/Other Fees |
139,430 |
531,350 |
|
Staff Uniform |
o |
100,515 |
|
Freight and Shipping Costs/custom fee |
64,366 |
302,425 |
|
Provision for irrecoverable debt |
1,687,282 |
1,687,282 |
|
Write off |
o |
284,016 |
|
Internet Services |
540,288 |
228,960 |
|
Council Rate and Trade Licence |
132,174 |
154,136 |
|
Insurance/Road Tax and Licence |
216,989 |
253,191 |
9,259,287 |
|||
6.1 |
Board incentives |
|
|
|
Chairman |
60,000 60,000 |
|
|
Vice Chairman |
48,000 48,000 |
|
|
Managing Director |
36,000 36,000 |
|
|
Other Members |
196,400 179,100 340,400 323,100 |
- Finance costs
Interest on Lease/Bank Interest on purchase of Vehicle
Bank Service Charges:
AGIB
ECO Bank
Trust Bank Zenith Bank
Skye Bank
FiBank
659,587 6,053 333,129 139,692 106,302 2,300 1,592,644 |
1,520,860 10,619 536,563 44,286 345,535 1,000 1,104,452 |
2,839,706 |
3,563,314 |
207,000 340,400 |
156,000 335,400 |
547,400 |
Interest charge on Paper for exercise bk/Cover printing machine
- Profit before taxation
Profit before taxation is stated after charging:
Auditors' remuneration
Directors' remuneration
Gambia and Corporation
Financial
For the year 2020
- Income tax
Expense/charge
Taxation at 1% of total revenue
(2019: 1% of total revenue)
Tax on the corporation's total revenue for the year ended agrees with the theoreticat amount that would arise
using the basic tax rate as follows:
Turnover and other income
Tax calculated at a rate of 1% of turnover
(2019: 1%of turnover)
Reconciliation of effective tax rate
income tax using the domestic tax rate
Corporate tax payable
Balance at the beginning of the year
Provision for Corporation Tax
Less: Amount paid during the year
Balance at the end of the year
(GPPC)
2020
41,539,971 41,042,831
415,400 410,428
December 31st December
2020 2019
1 1
o
415,400 410,428
(415,400) (5,344,224)
31st 31st
D
11 |
Inventory |
|
|
|
Materials |
7,909,301 |
6,888,277 |
|
Publications |
1,604,802 |
1,715A55 |
Provision for slow moving & damaged stock
12 Other receivables
Payment in advance- Printing Materials (note 13a)
Payment in advance- White Paper Rolls (note 13b)
13a Payment in advance- Printing Materials
The Corporation entered in to a contract with Procurevis International (UK) Ltd in 2016 to procure printing materials. The corporation paid 75% of the invoice in advance but the supplier defaulted in supplying the materials as per contract terms and conditions. Management terminated the contract after consultation and approval of the board of directors. Legal action has been initiated by the Corporation ts solicitor to recover the amount. The supplier provided collateral in the form of landed property with title documents deposited with the Corporation. Management is confident that the market value of the collateral is in excess of the advance paid.
13b Payment in advance- White Paper Rolls
The Corporation entered into a contract to procure 100 metric tons of white paper roll 70/80gsm from Penta International Trading Limited based in Turkey in September 2019. An advance payment of D5,731,920 was made in accordance with the contract terms and conditions. However, these consigment of papers were not delivered by the supplier as at the end of the financial year.
|
27,114,357 20,291,886 |
Write off |
(284,015) |
Provision for doubtful debts |
(1,687,282) (1,687,282) 25,427,075 |
14 Trade Receivables
Trade receivables |
26,327,374 |
19,351,825 |
Staff debtors |
786,983 |
940,061 |
The provision relates largely to non-government jobs that were outstanding for over 3 years and continues to be a challenge in recovering them. We did not provided for most of the Government related debts because we are confident that these debts will eventually be paid to the Corporation. Management is enagaging the Government to ensure that these debts are recovered in the near future.
The write off relates to cancelled jobs relating to prior periods of which revenue was recognised.
IS Cash and cash equivalents
Bank balances Undeposited fund Cash in hand
Bank overdrafts
Cash and cash equivalents in the (4,398,637) (2,700,242)
Statement of cash flows
- Share capital
The total authorised number of ordinary shares at year end (2019: 10,000,000) with a par value of DI per share (2019; D 1 per share).
All issued shares are fuliy paid.
- Revaluation reserve
Cityscape Associate, an independent appraiser, valued the Mamadi Manjang complex and MDI Road Annex land, buildings, plant and machinery and other equipment as of October 2011. Their revaluation was based on the observed asset conditions and asset replacement cost by reference to market evidence of recent transactions for similar properties and replacement cost estimation methodologies. Replacement cost estimates are based on estimated cost of Equivalent Assets (EA) and estimating the residual asset value from the EA cost, useful life and age of existing assets (Depreciated Replacement Cost Methodology).
|
|
31st December |
315t December |
|
|
2020 |
2019 |
18 |
Total Loans |
|
|
|
Purchase of Exercise Book Printing Machine- Agib loan |
14,558,535 |
11,526,734 |
|
Paper for Exercise Book Printing Machine- Sky bank loan |
4,900,956 |
13,571,428 |
|
Short Term Bank Facility |
|
2,927,441 |
19,459,491 28,025,603
Maturity Profile Maturity |
|
|
|
|
|
Profile |
Up to I year |
between 2 and 5 |
Over |
|
|
2020 Loans |
|
years D |
5years |
D |
Total |
Purchase of Exercise Book Printing Machine- Agib loan |
4,824,631 |
9,733,904 |
|
|
14,558,535 |
Paper for Exercise Book Printing Machine- Sky bank loan 3,882,416 Short Term Bank Facility
Maturity Profile Maturity |
|
|
|
|
|
|
|||
Profile |
Up to 1 year |
between 2 and 5 |
Over |
|
|
|
|||
2019 Loans |
|
years D |
5years |
D |
Total |
|
|||
Purchase of Exercise Book Printing Machine- Agib loan Paper for Exercise Book Printing Machine- Sky bank loan |
6,073,415 |
5,453,319 |
|
11,526,734 13,571,429 |
|
||||
Short Term Bank Facility |
2,927,441 |
|
2,927 |
|
|||||
|
17,572,285 |
10,453,319 |
28,025,604 |
||||||
Purchase of Exercise Book Printing Machine
The corporation obtained a bank loan of in 16th October,2018 to finance the acquisition of an exercise book printing machine, The loan has a tenor of 3 years with a fixed interest rate of 15% The corporation's land and buildings has been pledged as security for the loan.
Purchase of Paper and Cover Machine for Exercise Book Printing Machine
The corporation obtained a bank loan of D15,000J000 in 19th July,2019 for the purpose of financing the purchase of a Paper and Cover Machine for the Exercise Book Printing Machine. The tenor of the loan is 2 years with a fixed interest rate of 17.5%. The Machine financed has been offered as a security for loan.
- Trade and Other payables
Creditors/ Payables 21,122,388 Payroll Liabilities 7,227,857
Gratituty 53,292
Payroll Liabilities |
|
|
Staff Income Tax |
688,826 |
618,540 |
SSHFC |
4,617,506 |
3,320,383 |
Staff Welfare Fund |
503,995 |
400,152 |
Teachers' Union Dues |
43,350 |
12,800 |
Credit Union Dues |
882,819 |
510,934 |
Kombo Real Estate |
357,361 |
349,819 |
sas PROPERTY |
134,000 7,227,857 |
73,000 |
28,403,537
Printing and Corporation
Statements yearended
31st 3f
- Vaiue Added Tax
23,400 |
18,428,905 |
15,928,821 |
Adjustment on VAT after system reconciliation
Balance B/F from year 2018
VAT Payable for the year
Adjustment on VAT after system reconciliation
< >Capital commitmentsAuthorised by the board and contracted for
Authorised by the board and not contracted for
22 Contingencies
There were no contingent liabilities at the end of the year. (2018: Nii).
23 Related Party Transactions
(a) Related companies
The corporation is a government entity and therefore has direct relationship with all government related entities. The following are the transaction with those entities:
Employer's Social Security Contribution |
1,947,249 |
1,988,924 |
Water & Electricity |
848,796 |
1,564,649 |
Gambia revenue Authority |
625,911 |
625,911 |
Sale of goods and services to related companies |
3,421,956 |
4,179,484 |
Purchase of goods and services from related companies
28,238,408 |
Area Councils
Parastatal
Receivables |
|
|
Government |
17,412,316 |
9,399,507 |
Area Councils |
994,995 |
714,602 |
Parastatal |
2,404,924 |
4,106,515 |
20,812,235 |
14,220,625 |
688,826 4,617,506 882,819 23,849,857 |
618,540 3,320,383 310,934 18,428,905 |
30,039,009 |
Payables
Staff income Tax
SSHFC
Credit Union Dues
VAT
Corporation tax
Transactions with directors and senior management
Compensation
Key management includes directors and members of senior management. The compensation paid and payable and other benefits to key management for services is shown below:
|
31st December |
3f December |
|
2020 D |
2019 |
Directors' emolument |
340,400 |
335,400 |
Senior management salaries and other short-term benefits |
2,281,874 |
2,429,181 |
Training |
416,405 |
525,506 |
Traveling |
147,949 |
622,242 |
Medical |
894,243 |
1, 190,892 |
Telecommunication |
298,586 |
348,787 |
41,667 73,072 |
5,452,007 10,925 116,842 |
114,739 |
127,767 |
Receivables
Directors Senior management
Payables
Directors
Senior management
< >Capital managementThe Corporation's objectives when managing capital is to safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
Loans, trade and other payables (Notes 18 - 20) |
63,904,135 |
63,513,410 |
Cash and cash equivalents (Note 15) |
2,629,503 |
-5,332,173 |
Net debt |
66,533,638 |
58,181,237 |
Total equity |
83,088,704 |
85,825,801 |
Consistent with others in the industry, the company monitors capital on the basis of the gearing ratio. The ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including current position of trade and other payables as shown in the statement of financial position) less cash and cash equivalents. Total capital is calculated as 'equity' as shown in the statement of financial position plus net debt.
149,622,342 |
144,007,038 |
44% |
40% |
Total capital
Gearing ratio
There are no externally imposed capital requirements.
< >Prior Year AdjustmentThe Prior Year Adjustment is due to system differences between the Audit report and the Accounting System to ensure no differences exist going forward in the audited balances and accounting system. Aiso, adjustment in the retained earnings incuded depreciation D133,400.This was due to the disposed motor vehicle been depreciated in 2019 which resufted to the overstatement of expenses and understatement of our 2019 performance. Hence this error is corrected in the 2020 account under retained earnings.
< >Material Uncertainty Related to Going ConcernThe Company incurred a loss from continuing operations before tax of during the year ended 31st December 2020 and D7,168,370 in the prior year; as of that date, the Corporation is in a net current liabilities position of D18,510,045 and DIO,664,876 respectively. The overall performance of the Corporation has deteriorated as profitability, liquidity, efficiency ratios deteriorated compared to the prior year. This is mainly attributed to increasing operating costs and high cost of debt as capital investments are financed through debt,
Management's strategy
Management took a decision in 2017 to diversify its operations in other to improve revenue. In order to achieve this, a decision was taken to acquire an exercise book printing machine having conducted an investment appraisal which showed that such an investment would produce high returns even were financed through debt. Loans amounting to D33 millions were taken to finance this expansion in 2018 and 2019. While the project was being implement, interest cost was been paid with no corresponding revenue resulting in high interest cost and hence the increase in operating loss.
The project is fully complete with test runs conducted with satisfactory results. It is expected that this new machine will significantly boost revenue to by 100% if utilized at full capacity. This will enhance performance and return the Corporation to profitability, improve cashflows and reduce gearing.
Management has also started engaging customers in the exercise books market to secure contracts and ensure the machine is utilized at full capacity. Options to export our products to countries in the sub-region is currently being assessed.
Management is confident that whiles the Corporation is currently going through difficult times, its going concern is not threatened in no major way and Will return to profitability in the near future.
27 Impact of Covi-19
The impact of COVID-19 has resulted to a slow start of our operation in the beginning of year 2020, resulting to low request from our customer such as Central Government, Area Councils, Parastatals and Private customers. This resulted in a declined in our expected revenue for 2020. Debt collection severely decline due to disruptions to some of the customers in the Gambia, which affected our cashflows.
Despite the above adverse effects, fixed costs such as personnel cost and admin costs remain constant. The price of production materials also increased which affected our cashflows, making it challenging to pre- finance most of the incoming jobs. This has made it difficult for the corporation to kick start the production of the exercise books in year 2020 and default of the supplier to deliver consignment of papers in 2020.
However, the full extent and duration of the impact of COVID-19 on the Company's operations and financial performance is currently unknown, and depends on future developments that are uncertain and unpredictable, including the duration and spread of the pandemic, its impact on business in the Gambia.
The Company has determined that these events are non-adjusting subsequent events. Accordingly, the financial position and results of operations as of and for the year ended 31st December 2020 have not been adjusted to reflect their impact. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Company for future periods.
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GOVERNMENT OF THE GAMBIA OF THE GAMBIA
BUDGET PERFORMANCE REPORT • POVERTY FOR END OF YEAR 2023
For BEI to BE50 GLF
VAR |
Target |
Spend |
Bud% Exp% Exp/Bud%
Discretionary |
Poverty Program
AGRICULTURE AND NATURAL
RESOURCES
44 |
Goods and Services
Current Transfers
Acquis of Fixed Capital Assets
9:18 1 of 4 |
EDUCATION
Salaries, Wages and Other PE
Goods and Services
Current Transfers
0.00 41.80% 41.68% 73.80%
0.00
coo coo
coo coo
0.00
coo
HIV-AIDS |
495,626.00 |
695,626.00 |
0.00 |
200,000.00 |
0.00 |
Goods and Servicescoo
INFRASTRUCTURE PROGRAM0.00
Goods and Servicescoo
Current Transferscoo
Acquis of Fixed Capital Assetscoo SOCIAL FUND FOR POVERTY0.00
REDUCTION
Salaries, Wages and Other PEcoo
Goods and Servicescoo
Current Transferscoo
Acquis of Fixed Capital Assetscoo IMPLEMENTATION &0.00
MONITORING OF SPA"
Salaries, Wages and Other PEcoo
Goods and Servicescoo
Current Transferscoo
Acquis of Fixed Capital Assetscoo
Lending & Equity Participationcoo SUPPORT TO CROSS-CUTTING0.00
PROGRAMS
Salaries, Wages and Other PEcoo
Goods and Services
Current Transfers
9:18
20t4
Goods and Services 758,430.40 coo
Current Transfers0.00 coo coo coo coo
Acquis of Fixed Capital Assets323,000.00coo DECENT & LOCAL GV CAPACITY89,959,527.730.00
BUILDING
Salaries, Wages and Other PEcoo
Goods and Servicescoo
Current Transferscoo
Acquis of Fixed Capital Assetscoo GOVC & CIVIL SERVICE REFORM0.00
PROGRAM
Salaries, Wages and Other PEcoo
Goods and Servicescoo
Current Transferscoo
DEVELOPMENT |
Acquis of Fixed Capital Assetscoo
EMPLOYMENT383,000.00 0.00 0.00 383,000.00 0.00
Goods and Services383,000.00 coo coo 383,000.00 coo
Current Transfers 944,309.00 0.00 coo coo coo coo
Acquis of Fixed Capital Assets 50,000.00 50,000.00 0.00 coo coo coo coo ENERGY1 ,287 ,968.30 0.00 485,408.00 802,560.30 0.00
Goods and Services coo 485,408.00 802,560.30 coo
Acquis of Fixed Capital Assets0.00 coo coo coo coo
Debt Service3,375,362,533.970.00 16.86% 17.92% 78.66%
DEST SERVICE3,375,362,533.970.00
Debt Interest
Amortisation
9:18
30t4
9:18
4 ot 4
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GOVERNMENT OF THE GAMBIA OF THE GAMBIA
BUDGET PERFORMANCE REPORT - POVERTY FOR END OF YEAR 2023
For BE1 to BE50 GRANT,GLF,LOAN
BUD |
VAR |
TOT |
Q1 |
Q2 |
Q3 |
Q4 |
Target Actual Bud% Exp% |
Spend Exp/Bud% |
|||||||||
(A) |
(B) |
(C) |
(D) |
(E) (F) |
(G) |
|
|
|
|||||||||
Discretionary |
18,417,598,508.00 |
10,669,131,440.32 |
7,748,467,067.68 |
2,665,005,924.77 |
2,785,457,042.81 |
2,298,004,100.10 |
0.00 39.11% 40.73% |
42.07% |
|
||||||||
DISCRETIONARY |
18,417,598,508.00 |
10,669,131,440.32 |
7,748,467,067.68 |
2,665,005,924.77 |
2,785,457,042.81 |
2,298,004,100.10 |
0.00 |
|
|
||||||||
|
1,000,000.00 |
1,000,000.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
||||||||
Salaries, Wages and Other PE |
3,485,057,391.00 |
761,528,058.22 |
2,723,529,332.78 |
929,798,076.98 |
906,845,297.36 |
886,885,958.44 |
0.00 |
|
|
||||||||
Employer's Soc Security Contr |
17,547,215.00 |
12,094,731.86 |
5,452,483.14 |
2,168,860.73 |
1,851,391.05 |
1,432,231.36 |
0.00 |
|
|
||||||||
Goods and Services |
5,595,644,343.00 |
3,802,049,796.79 |
1,793,594,546.21 |
396,292,188.11 |
838,067,405.92 |
559,234,952.18 |
0.00 |
|
|
||||||||
Current Transfers |
3,180,961,387.00 |
743,353,917.06 |
2,437,607,469.94 |
988,026,679.58 |
748,004,346.49 |
701,576,443.87 |
0.00 |
|
|
||||||||
Acquis of Fixed Capital Assets |
5,773,046,034.00 |
5,343,775,973.55 |
429,270,060.45 |
156,596,702.37 |
173,761,049.33 |
98,912,308.75 |
0.00 |
|
|
||||||||
Lending & Equity Participation |
4,028,988.00 |
4,028,988.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
||||||||
Arrears & Guarantees |
360,313,150.00 |
1,299,974.84 |
359,013,175.16 |
192,123,417.00 |
116,927,552.66 |
49,962,205.50 |
0.00 |
|
|
||||||||
Poverty Program |
24,371,814,300.00 |
16,488,876,672.72 |
7,882,937,627.28 |
2,814,919,282.76 |
2,602,402,859.93 |
2,465,615,484.59 |
0.00 51.75% 41.44% |
32.34% |
|
||||||||
AGRICULTURE AND NATURAL RESOURCES |
8,814,708,348.00 |
7,822,476,386.25 |
992,231,961.75 |
485,553,574.94 |
239,354,605.61 |
267,323,781.20 |
0.00 |
|
|
||||||||
Salaries, Wages and Other PE |
161,938,008.00 |
30,960,694.58 |
130,977,313.42 |
28,508,325.44 |
44,007,682.64 |
58,461,305.34 |
0.00 |
|
|
||||||||
Goods and Services |
1,549,259,353.00 |
1,384,338,961.67 |
164,920,391.33 |
46,575,926.50 |
27,728,980.97 |
90,615,483.86 |
0.00 |
|
|
||||||||
Current Transfers |
699,962,887.00 |
7,988,228.00 |
691,974,659.00 |
409,601,508.00 |
166,353,017.00 |
116,020,134.00 |
0.00 |
|
|
||||||||
Acquis of Fixed Capital Assets |
6,403,548,100.00 |
6,399,188,502.00 |
4,359,598.00 |
867,815.00 |
1,264,925.00 |
2,226,858.00 |
0.00 |
|
|
||||||||
EDUCATION |
4,319,870,927.00 |
1,299,390,069.33 |
3,020,480,857.67 |
985,811,122.43 |
1,004,871,380.32 |
1,029,798,354.92 |
0.00 |
|
|
||||||||
Salaries, Wages and Other PE |
1,994,316,421.00 |
193,534,918.06 |
1,800,781,502.94 |
618,859,798.74 |
623,040,343.38 |
558,881,360.82 |
0.00 |
|
|
||||||||
Goods and Services |
844,749,085.00 |
279,217,400.87 |
565,531,684.13 |
154,847,371.82 |
162,730,583.86 |
247,953,728.45 |
0.00 |
|
|
||||||||
Current Transfers |
899,003,921.00 |
249,907,550.40 |
649,096,370.60 |
212,103,951.87 |
219,100,453.08 |
217,891,965.65 |
0.00 |
|
|
||||||||
Acquis of Fixed Capital Assets |
581,801,500.00 |
576,730,200.00 |
5,071,300.00 |
0.00 |
0.00 |
5,071,300.00 |
0.00 |
HEALTH |
3,386,135,333.00 |
2,159,078,061.20 |
1,227,057,271.80 |
379,241,045.89 |
406,320,573.78 |
441,495,652.13 |
0.00 |
Salaries, Wages and Other PE |
968,131,701.00 |
130,021,610.04 |
838,110,090.96 |
266,692,757.72 |
282,916,172.19 |
288,501,161.05 |
0.00 |
Goods and Services |
1,045,425,301.00 |
808,713,709.16 |
236,711,591.84 |
77,378,742.17 |
62,554,858.59 |
96,777,991.08 |
0.00 |
Current Transfers |
184,441,000.00 |
61,803,198.00 |
122,637,802.00 |
33,500,000.00 |
33,637,802.00 |
55,500,000.00 |
0.00 |
Acquis of Fixed Capital Assets |
1,188,137,331.00 |
1,158,539,544.00 |
29,597,787.00 |
1,669,546.00 |
27,211,741.00 |
716,500.00 |
0.00 |
NUTRITION, POPULATION & HIV-AIDS |
2,300,000.00 |
1,604,374.00 |
695,626.00 |
0.00 |
200,000.00 |
495,626.00 |
0.00 |
Goods and Services |
2,300,000.00 |
1,604,374.00 |
695,626.00 |
0.00 |
200,000.00 |
495,626.00 |
0.00 |
INFRASTRUCTURE PROGRAM |
3,426,428,688.00 |
2,477,840,618.40 |
948,588,069.60 |
417,790,907.73 |
397,215,374.20 |
133,581,787.67 |
0.00 |
Goods and Services |
188,381,022.00 |
122,287,169.44 |
66,093,852.56 |
13,140,613.73 |
27,583,988.83 |
25,369,250.00 |
0.00 |
Current Transfers |
15,000,000.00 |
15,000,000.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Acquis of Fixed Capital Assets |
3,223,047,666.00 |
2,340,553,448.96 |
882,494,217.04 |
404,650,294.00 |
369,631,385.37 |
108,212,537.67 |
0.00 |
SOCIAL FUND FOR POVERTY REDUCTION |
966,599,925.00 |
745,826,292.06 |
220,773,632.94 |
64,558,560.32 |
86,193,127.81 |
70,021,944.81 |
0.00 |
Salaries, Wages and Other PE |
19,631,316.00 |
881,601.90 |
18,749,714.10 |
3,014,926.36 |
12,628,069.59 |
3,106,718.15 |
0.00 |
Goods and Services |
750,843,459.00 |
685,066,995.16 |
65,776,463.84 |
17,541,214.96 |
23,592,012.22 |
24,643,236.66 |
0.00 |
Current Transfers |
193,990,750.00 |
58,840,920.00 |
135,149,830.00 |
44,002,419.00 |
49,167,021.00 |
41,980,390.00 |
0.00 |
Acquis of Fixed Capital Assets |
2,134,400.00 |
1,036,775.00 |
1,097,625.00 |
0.00 |
806,025.00 |
291,600.00 |
0.00 |
IMPLEMENTATION & MONITORING OF SPAII |
1,063,792,431.00 |
689,423,270.08 |
374,369,160.92 |
103,300,503.23 |
123,382,146.70 |
147,686,510.99 |
0.00 |
Salaries, Wages and Other PE |
158,131,679.00 |
35,242,326.56 |
122,889,352.44 |
40,791,315.20 |
40,903,070.73 |
41,194,966.51 |
0.00 |
Goods and Services |
427,559,241.00 |
275,448,351.20 |
152,110,889.80 |
43,700,215.22 |
57,015,811.27 |
51,394,863.31 |
0.00 |
Current Transfers |
81,916,113.00 |
39,413,369.62 |
42,502,743.38 |
11,979,522.17 |
11,805,698.52 |
18,717,522.69 |
0.00 |
Acquis of Fixed Capital Assets |
386,294,500.00 |
329,428,324.70 |
56,866,175.30 |
6,829,450.64 |
13,657,566.18 |
36,379,158.48 |
0.00 |
Lending & Equity Participation |
9,890,898.00 |
9,890,898.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
SUPPORT TO CROSS-CUTTING PROGRAMS |
925,254,977.00 |
650,262,770.29 |
274,992,206.71 |
118,406,581.68 |
67,989,709.02 |
88,595,916.01 |
0.00 |
Salaries, Wages and Other PE |
151,259,314.00 |
35,030,477.63 |
116,228,836.37 |
38,054,498.76 |
39,185,059.96 |
38,989,277.65 |
0.00 |
Goods and Services |
610,745,914.00 |
551,649,152.96 |
59,096,761.04 |
10,473,522.28 |
11,940,733.72 |
36,682,505.04 |
0.00 |
Current Transfers |
142,799,999.00 |
46,635,689.70 |
96,164,309.30 |
69,579,060.64 |
16,711,915.34 |
9,873,333.32 |
0.00 |
Acquis of Fixed Capital Assets |
20,449,750.00 |
16,947,450.00 |
3,502,300.00 |
299,500.00 |
152,000.00 |
3,050,800.00 |
0.00 |
|
|
ICT RESEARCH AND DEVELOPMENT |
13,020,000.00 |
4,667,265.22 |
8,352,734.78 |
1,086,893.00 |
6,437,411.38 |
828,430.40 |
0.00 |
|
|
Goods and Services |
4,550,000.00 |
1,344,265.22 |
3,205,734.78 |
1,041,893.00 |
1,405,411.38 |
758,430.40 |
0.00 |
|
|
Current Transfers |
3,000,000.00 |
3,000,000.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
Acquis of Fixed Capital Assets |
5,470,000.00 |
323,000.00 |
5,147,000.00 |
45,000.00 |
5,032,000.00 |
70,000.00 |
0.00 |
|
|
DECENT & LOCAL GV CAPACITY BUILDING |
562,858,398.00 |
389,959,527.73 |
172,898,870.27 |
41,451,975.98 |
55,922,842.81 |
75,524,051.48 |
0.00 |
|
|
Salaries, Wages and Other PE |
102,969,668.00 |
5,954,485.48 |
97,015,182.52 |
29,549,756.97 |
34,742,718.18 |
32,722,707.37 |
0.00 |
|
|
Goods and Services |
413,670,190.00 |
362,927,790.25 |
50,742,399.75 |
8,144,169.01 |
19,655,724.63 |
22,942,506.11 |
0.00 |
|
|
Current Transfers |
37,630,000.00 |
14,938,458.00 |
22,691,542.00 |
3,100,600.00 |
775,000.00 |
18,815,942.00 |
0.00 |
|
|
Acquis of Fixed Capital Assets |
8,588,540.00 |
6,138,794.00 |
2,449,746.00 |
657,450.00 |
749,400.00 |
1,042,896.00 |
0.00 |
|
|
GOVC & CIVIL SERVICE REFORM PROGRAM |
877,380,964.00 |
236,554,697.46 |
640,826,266.54 |
217,718,117.56 |
214,030,280.30 |
209,077,868.68 |
0.00 |
|
|
Salaries, Wages and Other PE |
543,615,110.00 |
116,291,985.99 |
427,323,124.01 |
128,633,026.82 |
145,222,056.36 |
153,468,040.83 |
0.00 |
|
|
Goods and Services |
275,332,506.00 |
92,544,475.31 |
182,788,030.69 |
85,741,273.24 |
54,222,525.71 |
42,824,231.74 |
0.00 |
|
|
Current Transfers |
15,103,348.00 |
6,467,268.66 |
8,636,079.34 |
377,292.50 |
3,613,148.23 |
4,645,638.61 |
0.00 |
|
|
Acquis of Fixed Capital Assets |
43,330,000.00 |
21,250,967.50 |
22,079,032.50 |
2,966,525.00 |
10,972,550.00 |
8,139,957.50 |
0.00 |
|
|
EMPLOYMENT |
8,989,309.00 |
8,606,309.00 |
383,000.00 |
0.00 |
0.00 |
383,000.00 |
0.00 |
|
|
Goods and Services |
7,995,000.00 |
7,612,000.00 |
383,000.00 |
0.00 |
0.00 |
383,000.00 |
0.00 |
|
|
Current Transfers |
944,309.00 |
944,309.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
Acquis of Fixed Capital Assets |
50,000.00 |
50,000.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
ENERGY |
4,475,000.00 |
3,187,031.70 |
1,287,968.30 |
0.00 |
485,408.00 |
802,560.30 |
0.00 |
|
|
Goods and Services |
3,475,000.00 |
2,187,031.70 |
1,287,968.30 |
0.00 |
485,408.00 |
802,560.30 |
0.00 |
|
|
Acquis of Fixed Capital Assets |
1,000,000.00 |
1,000,000.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
Debt Service |
4,307,723,899.00 |
917,212,911.84 |
3,390,510,987.16 |
1,519,536,105.06 |
810,314,539.96 |
1,060,660,342.14 |
0.00 |
9.15% 17.82% |
78.71% |
DEBT SERVICE |
4,307,723,899.00 |
917,212,911.84 |
3,390,510,987.16 |
1,519,536,105.06 |
810,314,539.96 |
1,060,660,342.14 |
0.00 |
|
|
Debt Interest |
2,205,795,214.00 |
397,283,315.87 |
1,808,511,898.13 |
850,125,284.91 |
468,820,241.89 |
489,566,371.33 |
0.00 |
|
|
Amortisation |
2,101,928,685.00 |
519,929,595.97 |
1,581,999,089.03 |
669,410,820.15 |
341,494,298.07 |
571,093,970.81 |
0.00 |
|
|
Grand Total |
47,097,136,707.00 |
28,075,221,024.88 |
19,021,915,682.12 |
6,999,461,312.59 |
6,198,174,442.70 |
5,824,279,926.83 0.00 |
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State Owned Enterprise Commission ACT, 2023
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THESTATE-OWNED ENTERPRISES REGULATORY COMMISSION
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Directorate of Economic Policy and Research (DEPR)
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Gambia Printing and Publishing Corporation (GPPC)
Auditor's Report and Financial Statements
for the year ended 31 st December 2020
Contents Page
General information 4
Directors' report 5
Report of the Independent Auditors 7
Income statement 10
Balance sheet 11
Statement of changes in equity 13
Cash flow statement 14
Notes to the financial statements 15
Five Year Financial Summary
Year ended 31 December 2020
All amounts in the nearest Gambian Dalasi unless otherwise stated
2020 2019 2018 2017 2016
Balance sheet D
Assets
Non-current assets
92,776,647 |
Intangible assets Total non-current assets
Current assets
Inventory
Other receivables
Trade and staff debtors
Cash and cash equivalents Total current assets
Total assets
Equity and liabilities
Share capital
Retained earnings
Revaluation reserve
Total capital and reserves
Liabilities
Non-current liabilities
Loans
10,752,445 |
10,453,319 |
Current liabilities
Bank overdraft
Other payables
Corporation tax
Value Added Tax
Loans
Total current liabilities
Total liabilities
Total equity and liabilities
Income Statement
Revenue
Cost of sales
Gross profit
Personnel costs
General and administrative expenses
Depreciation
Amortisation
Operating profit/(loss) Net financing cost
Loss before taxation
Income tax expense
Loss for the financial year
|
Publishing Corporation (GPPC) |
For |
December 2020 |
2
Financial Highlights
|
2020 |
2019 |
Post tax loss (GMD) |
(1,479,674) |
(7,578,798) |
Unimpaired capital (GMD) |
83,088,704 |
|
Net current assets (GMD) |
(18,510,045) |
(10,664,877) |
Management expenses to income ratio (%) |
22% |
31% |
Staff/personnel costs to income ratio (%) Liquidity Rations |
38% |
38% |
Quick Ratio/Acid Test Ratio (GMD) |
0.57 |
0.65 |
Current Ratio (GMD) |
0.72 |
0.81 |
Times Interest Earned Ratio (times) Solvency Ratios |
0.63 |
1.01 |
Debt to Equity Ratio |
92% |
77% |
Equity Ratio |
52% |
56% |
Debt Ratio Efficiency Ratios |
48% |
44% |
Accounts Receivables Turnover (times) |
2 |
2 |
Asset Turnover Ratio (%) |
26% |
27% |
Inventory Turnover Ratio (Times) |
1 |
2 |
Days' Sales in Inventory (days) Profitability Ratios |
276 |
242 |
Gross Margin Ratio (%) |
73% |
68% |
Profit Margin ratio (%) Return on Assets (%) |
-3.56% |
-18% |
Return on Capital Employed (%) |
2.14% |
-4.20% |
Return on Equity (%) Market Prospect Ratios |
-2% |
-9% |
Earnings per share (GMD) |
(0.15) |
(0.76) |
Price Earnings P/E Ratio |
(107.59) |
(20.06) |
Publishing
For December
General Information
Directors
Mr. Kawsu K. Darboe (Chairman)
Mrs. Sukai Mbye Bojang (Vice Chairperson)
Mrs. Amie Njie Joof (Ex-Officio, representative of MOICI)
Mrs. Toulie Jawara (Ex-Officio, representative of Solicitor General)
Mr. Ismaila Bah (Ex-Officio, representative of MoFEA)
Managing Director and Board Secretary
Mr. Momodou Ceesay
Registered Office
Manadi Manyang Highway
Kanifing Industrial Estate
KMC
The Gambia
Auditors
HAD&Co
Audit. Tax. Advisory Registered Auditors
Senegambia Highway
The Gambia
Bankers
Trust Bank Limited
3/4 Ecowas Avenue
Banjul
The Gambia
Arab Gambia Islamic Bank Limited
Becca Plaza
Ecowas Avenue
Banjul,The Gambia
Skye Bank (Gambia) Limited
Kairaba Avenue
KSMD
The Gambia
Publishing
For
Solicitors
Mr Abdoulie Fatty
Ecobank Bank (Gambia) Limited
Kairaba Avenue
KSMD
The Gambia
Zenith Bank (Gambia) Limited
Kairaba Avenue
KSMD
The Gambia
FIB Bank (Gambia) Limited
Kairaba Avenue
KSMD
The Gambia
4
Directors' Report
The Directors present their report and financial statements for the year ended 31st December 2020.
State of Affairs
The state of the Company's affairs at 31st December 2020 is set out in the attached financial statements.
Statement of Directors' responsibilities
Company law requires the directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Company and of its profit or loss for that period. In preparing those financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material 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 business.
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 2013. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activities
The principal activity of the GPPC is the provision of printing and publishing services at an affordable cost to the Government, Private Sector and general public at large. Also, involved in the distribution of text books and other materials to schools, especially primary and junior secondary schools throughout the country and provide support services to education, assisting schools and non-formal education sector.
Employees
The number of employees and the cost associated with these employees is as detailed in note 5.
Results for the year and dividend
The results of the company are detailed in the accompanying financial statements.
The Directors did not recommend the payment of dividend (2019: D Nil).
Publishing
For
Fixed Assets
Fixed assets are as detailed in note 15 of the financial statements. The directors are of the opinion that there has not been any permanent diminution in the value of the fixed assets. As a result, a provision for impairment has not been deemed necessary.
Post balance sheet events
There were no significant events since the year-end, which could affect the results or financial position of the company.
Going concern
The Directors have assessed the company's ability to continue as a going concern and have no reason to believe the company will not remain a going concern in the year ahead.
Directors and their interest
The members of the board are detailed on page 3. None of the director had interest in the shares of the company.
Auditors
The Corporation's external auditors, HAD & Co - Audite Taxation, Advisory, as appointed through the National Audit Office The Gambia, and this is their second year of the Audit.
By order of the Board
Secretary...
Date2022
Publishing
For
j s
To the Members of Gambia Printing and Publishing Corporation (GPPC)
Opinion
In our opinion, the accompanying financial statements give a true and fair, view of its financial performance and its cash flows for the year then ended in accordance with Generally Accepted Accounting Principles (GAAP) and have been properly prepared in accordance with the GPPC Act.
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 Entity in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements fin The Gambia, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IÉSBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to prqvide a basis for our opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note 26 in the financial statements, which indicates that the Corporation incurred an operating loss before tax of D 1,479,674 and D7,168,369 during the years ended 31st December 2020 and 31st December 2019 respectively. Also, as of that date, the Company is in. a net current .liability position of D18,510,045 and negative retained earnings of As stated in Note 26, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Corporation's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Befril Harding Highway, Serrekwnda, TheGambia, 798916419093748
Other Information
Management is responsible for the Other information. The other information comprises the General Information and Report of the Directors as required by the GPPC Act. The other information does not include the financial statements and our auditor's report thereon. Our opinion on the financial. statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility 'is to read the other information and, •in doing so, consider •whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we concluded that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is .responsible for the preparation and fair presentation of the financial statements in accordance with GÄAP 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, in preparing the financial statements, management is responsible for assessing the Corporation's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accountingunless management either intends to liquidate the Entity or to cease operations, or has no realistig alternative but to do so. Those charged with governance are responsible for overseeing the Corporation's financial reporting process.
Auditor's Responsibilities for Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with l$As will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate,.they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Berfll Uardtng Serrekundc„ The, Cam!bäa, 4466020 7989164 1909374 Obtain an understanding of internal control relevant to the audit 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.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a materialr uncertainty exists related to events or conditions that may cast significant doubt on the Entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinions Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Entity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, •including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit .firidings, including any significant deficiencies in internal control that we identify during our audit.
HAD & co
CharterediAccountants and Business Advisers
RegisteredAuditors
Kerr Serigne, The Gambia
Date• 2022
Bern Harding Highway, Serrekunda, The Gambig, 0166020 7989164 9093748
Income Statement for the year ended 31 st December 2020
Revenue
Cost of sales
Gross profit
Personnel costs
General and administrative expenses
Depreciation
Amortisation
Operating Profit/(Loss)
Net financing cost
Loss before taxation
Income tax expense
Loss for the financial year
31st Dec. 31st Dec.
2020 2019 Notes D
3 41,539,971 41,042,831 4 (11,379,058) (12,990,445)
28,052,386 |
|
(15,691,405) (9,259,287) (3,402,496) (32,292) |
(15,755,142) (12,638,433) (3,263,867) |
5
6
10
11
1,775,432
- (2,839,706) (3,563,314)
- (1,064,274) (7,168,370)
- (415,400) (410,428)
(1,479,674) (7,578,798)
The attached notes form part of these financial statements.
Balance sheet
|
|
31st Deco |
31st Dec. |
|
|
2020 |
2019 |
Assets Non-current assets |
Notes |
DOOO |
DOOO |
Property, plant and equipment |
10 |
||
Intangible assets |
|
129,168 |
161 ,460 |
as at 31 st December 2020
Total non-current assets
Current assets inventory 12
Other receivables 13
Trade and staff debtors 14 Cash and cash equivalents 15
Total current assets
Total assets
Equity and liabilities
Share capital 16
Retained earnings
Revaluation reserve 17
Total capital and reserves
Liabilities
Non-current liabilities 180
Total Non-current Liabilities
The attached notes form part of these financial statements.
Balance sheet cont.
as at 31stDecember 2020
|
|
31st Dec. |
31st Dec. |
Current liabilities |
Notes |
2020 |
2019 |
Bank overdraft |
15 |
||
Other payables |
19 |
28,403,537 |
|
Corporation tax |
9 |
|
|
Value Added Tax 20
Loans -18b
Total current liabilities
76,111,523 |
66,213,652 |
|
|
159,200,227 |
152,039,453 |
Total liabilities
Total equity and liabilities
1 The financial statements were approved by the Board of Directors on.14...202P-and were signed on its behalf by:
Director Director
The attached notes form part of these financial statements.
Statement of changes in equity
for the year ended 31st December 2020
|
Share |
Revaluation |
Retained |
|
|
Capital |
Reserve |
Earnings |
Total |
Balance as at 1st January 2019 Correction of 2018 omission/system |
75,494,942 |
2,856,596 |
88,351,538 |
|
adjustment(Note 25a) |
|
|
(2,193,661) |
(2,193,661) |
Prior Year Adjustments (Note 16) Opening balance difference |
|
|
7,246,722 |
7,246,722 |
Loss for the year |
|
|
(7,578,798) |
(7,578,798) |
Transfers (Note 15) |
|
(156,223) |
156,223 |
|
Balance as at 31st December 2019 75,338,719 487,082
Balance as at 1st January 2020
Adjustment for 2019 Depreciation
Prior Year Adjustments/System Adjustment
Loss for the year
Transfers (Note 15)
Balance as at 31st December 2020
The attached notes form part of these financial statements
Cash flow statement
for the year ended 31 st December 2020
|
|
31st December |
31st December |
Reconciliation of operating profit to cash flow from operating activities |
Notes |
2020 |
2019 |
Operating loss before tax Adjust for non-cash items |
|
(1,064,274) |
|
Add: Depreciation charges |
10 |
3,402,496 |
3,263,867 |
Add: Amortisation charges |
|
32,292 |
|
Add: Finance costs |
|
2,839,706 |
3,563,314 |
Adjustment for prior year |
|
(1,390,823) |
(2,193,661) |
Increase in inventory |
|
|
Other receivables & Advance payments |
|
(5,731,920) |
Increase in Trade and staff debtors |
(7,106,486) |
|
Increase in Trade payables |
11,344,635 |
3,405,831 |
increase in Tax payable & VAT |
5,420,953 |
|
12,701,528 |
|
income tax paid |
(415,400) |
(5,344,224) |
Interest paid |
(2,839,706) |
(3,563,314) |
Prior year- Depreciation 133,400
3,952,797
(910,370) (105,493)
Cash flows from operating activities 9,446,422
Investing activities
(161,460) |
(14,268,647) |
Purchase of intangible assets
Cash flows from investing activities (8,841,986)
Financing activities
Increase in Long Term Loan 18 (8,566,112)
Cash flows from financing activities (8,566,112)
Net increase in cash and cash equivalents (7,961,676)
Cash and cash equivalents at 1 January 5,332,173
Cash and cash equivalents at 31 December (2,629,503)
The attached notes form part of these financial statements.
and (GPPC)
14
< >Corporate informationThe Gambja Printing and Publishing Corporation was Established by an act of parliament as a public enterprise in 2006. The corporation is the result of a merger of former Book Production and Material Resources Unit (BPMRU) under the Ministry of Basic and Secondary Education charged with the responsibility of providing educational materials (i.e. teachers guide, pupils texts books etc.) for the ministry and National Printing and Publishing Corporation (NPPC) under the central government responsible of providing all necessary printing materials such as Government Tax Receipts (GTR), other revenue materials for both central, local and other government departments and agencies. The registered address of the office is Mamadi Manjang Highway, Kanifing Indutrial Area, Kanifing, KMC.
The principal activities of the GPPC is the provision of printing and publishing services at an affordable cost to the Government, Private sector and general public at large. Also, involved in the distribution of text books and other materials to schools, especially primary and junior secondary schools throughout the country and provide support services to education, assisting schools and non- formal education sector.
< >Principal Accounting Policies
The following accounting policies have been applied consistently in dealing with items, which are considered material to the Corporation's financial statements.< >Statement of compliance and Basis of PreparationThe financial statements have been prepared in accordance with Generally Accepted Accounting Principles and the GPPC Act 2006.
< >Revenue recognitionRevenue is measured at the fair value of the consideration received or receivable.
The Corporation recognised revenue when it is probable that the economic benefits from the sale will flow to the Corporation, the revenue and costs can be measured reliably and significant risks and rewards of ownership of the goods have been transferred to the buyer.
Interest income
Interest income is recognised when it is probable that the economic benefits will flow to the Corporation and the amount of income can be measured reliably. Interest income is accrued on a timely basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.
the
(c) Property, plant and equipment
Owned assets
Items of property, plant and equipment are stated at cost less accumulated depreciation.
Depreciation
Depreciation of fixed assets is calculated and charged to the income statement on a straight-line basis by reference to the expected useful lives of the assets at the following rates:
Buildings 2.50%
Plant & Machinery 5% Motor Vehicles 20%
Computers & Other office equipment
Furniture, fixtures & Fittings 20% Generators 10%
Land is not depreciated.
The estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis.
The gain or loss arising on the disposal or retirement of an item of property and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement.
Subsequent expenditure
Expenditure incurred to replace a component of an item of property and equipment that js accounted for separately, including major inspection and overhaul expenditure, is capita!ised. Other subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the item of property and equipment. All other expenditures are recognised in the income statement.
Revaluation
Revaluation of property and equiprnent is not compulsory. Assets which are carried at revalued amounts are revalued at most every five years. Any revaluation gain is taken to a revaluation reserve in equity except when there is a revaluation loss which has been taken to the income statement. The surplus is charged to the income statement to the extent of reserving the previous loss. However, revaluation loss is charge to the income statement except if there is a surplus which was taken to equity. The revaluation loss is charged to equity to the extent of the surplus.
(d) Intangible assets - quickbooks software
Software acquired by the Corporation is classified as an intangible asset and is measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognized in net income and is provided on a straight-line basis over the estimated useful life of the assets as follows:
Software 25%
Amortisation methods, useful lives and residual values are reviewed annually and adjusted if necessary.
Subsequent expenditure on software assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. Ail other expenditure is expensed as incurred.
Software is derecognised on disposal or when no future economic benefits are expected from its use. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is recognised in other operating income in the income statement in the year the asset is derecognised.
< >Impairment of tangible assets
At each reporting date, the Corporation reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment ioss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Corporation estimates the recoverable amount of the cash-generating unit, typically the development project, to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cashgenerating units for which a reasonable and consistent allocation basis can be identified.
Recoverable amount is the higher of fair value {ess costs to sell and value in use, In assessing value in use, the estimated future cash flows are discounted to their present va!ue using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the income statement, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
- Inventory
Inventory is measured at the lower of cost and net realisable value. The cost of inventory is based on the first-in, first-out principle.
NRV is the estimated selling price in the ordinary course of the business, based on market prices at the reporting date and discounted for the time value of money if material, less estimated costs of completion and the estimated costs necessary to make the sale.
- Trade and other receivables
Trade and other receivables are recognised at their original invoiced value except where the time value of money is material, in which case receivables are recognised at fair value and subsequently measured at amortised cost. A provision is made when there is objective evidence that the Corporation will not be abie to recover balances in full. Balances are written off when the probability of recovery is assessed as being remote.
- Cash and short-term deposits
Cash and short-term deposits in the balance sheet comprise cash at bank and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value. For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Corporation's cash management.
- Interest bearing loans
Interest bearing loans and borrowings are recognised initially at fair value, net of transaction costs incurred. Subsequent to initial recognition, interest bearing borrowings are measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalised as part of the cost of the asset. Ail other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.
- Other payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
- Employee benefits
Obligations for contributions to Social Security Housing Finance Corporation administered retirement benefit plan are recognised as expense in the income statement as incurred.
- Provisions
A provision is recognised in the balance sheet when the Corporation has a legal or constructive obligation as a result of a past events, and it is probable that an outflow of economic benefits will be required to settle the obligation.
- Foreign currency
Transactions jn foreign currencies are translated to Dalasi at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to Dalasi at the exchange rate ruling at that date. Exchange differences arising on translation are recognised in the income statement.
- Income tax
Income tax on the profit or turnover for the year comprises current tax and is recognised in the income statement.
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date. Current income tax relating to items recognised directly in equity is recognised in equity and not in the statement of profit or loss. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
Contingent liabilities and contingent assets
A contingent liability is a possible obligation that arises from past events and whose existence witl only be confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. It can also be a present obligation arising from the past events that is not recognized because it is not probable that outflow of economic resources will be required, or the amount of obligation cannot be measured reliably.
Contingent liabilities are not recognized but are disclosed in the notes to the accounts. When a change in the probability of an outflow occurs so that outflow is probable, it will then be recognized as provision.
A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. Contingent assets are not recognized but are disclosed in the notes to the accounts when an inflow of economic benefits is probable. When an inflow is virtually certain, an asset is recognized.
(p) Related parties
For the purposes of these financial statements all fellow subsidiaries and associated companies, key management personnel and Board members, together with the close members of their families in each case and with companies controlled by them, are considered and referred to as related parties. A number of transactions are entered into with related parties in the normal course of business. A detailed breakdown of related party transactions and balances outstanding at the year-end is provided in Note 23.
- Revenue 2020
D
Government |
28,238,408 |
|
Area Councils |
4,315,475 |
3,801,690 |
Private 1,412,928
Parastatal
Sales of Publications 3,886,198
Others 68,600 178,580
41,539,971 |
41,042,831 |
8,603,732 12,289,429 |
13,095,937 (8,603,732) |
12,990,445 |
- Cost of Sales
Opening Stocks of Printing Materials
Add: Purchases of Printing Materials
Less: Closing Stocks of Printing Materials
- Personnel costs
The average number of staff employed (including directors) during the year, analysed by category was as follows:
Numbers
Directors 3 3 Management 7 7
General 123 112
133 122
Costs
Basic Salary |
6,290,156 |
6,203,681 |
Residential Allowance |
2,639,500 |
|
Responsibility Allowance |
705,500 |
725,500 |
Professional Allowance |
610,500 |
544,000 |
Car Allowance |
180,000 |
178,000 |
Telephone Allowance |
277,250 |
288,750 |
Transport Allowance |
2,236,200 |
|
HD Allowance |
409,800 |
411,000 |
Employer's Social Security Con. |
1,947,249 |
1,988,924 |
Acting/Charge Allowances/drawback |
17,205 |
103,418 |
Gratituty |
154,974 |
85,168 |
Staff Overtime |
223,072 |
364,201 |
15,691,405 15,755,142
(GPPC)
2020
|
|
December |
December |
|
|
2020 |
2019 |
6 |
Administrative expense |
|
|
|
Water & Electricity |
848,796 |
1,564,649 |
|
Fuel & Lubricants |
1,254,727 |
1,314,446 |
|
Repairs & Maintenance |
1,118,932 |
|
|
Office stationery/Pinting/Photocopying |
54,819 |
36,710 |
|
Local/overseas Travel |
147,949 |
622,242 |
|
Telecommunication Cost/mobile |
298,586 |
348,787 |
|
Publicity/ Promotion & Advertising Cost |
435,330 |
620,291 |
|
Staff Training |
416,405 |
525,506 |
|
Donation & Contribution (Corporate Social Resp.) |
173,000 |
11,340 |
|
Board Incentives |
340,400 |
335,400 |
|
General office expenses |
278,571 |
350,725 |
|
Audit fee |
207,000 |
156,000 |
|
Medical Welfare |
894,243 |
1,190,892 |
|
May Day |
|
448,595 |
|
NISA Football |
10,000 |
|
|
Consultancy/Other Fees |
139,430 |
531,350 |
|
Staff Uniform |
o |
100,515 |
|
Freight and Shipping Costs/custom fee |
64,366 |
302,425 |
|
Provision for irrecoverable debt |
1,687,282 |
1,687,282 |
|
Write off |
o |
284,016 |
|
Internet Services |
540,288 |
228,960 |
|
Council Rate and Trade Licence |
132,174 |
154,136 |
|
Insurance/Road Tax and Licence |
216,989 |
253,191 |
9,259,287 |
|||
6.1 |
Board incentives |
|
|
|
Chairman |
60,000 60,000 |
|
|
Vice Chairman |
48,000 48,000 |
|
|
Managing Director |
36,000 36,000 |
|
|
Other Members |
196,400 179,100 340,400 323,100 |
- Finance costs
Interest on Lease/Bank Interest on purchase of Vehicle
Bank Service Charges:
AGIB
ECO Bank
Trust Bank Zenith Bank
Skye Bank
FiBank
659,587 6,053 333,129 139,692 106,302 2,300 1,592,644 |
1,520,860 10,619 536,563 44,286 345,535 1,000 1,104,452 |
2,839,706 |
3,563,314 |
207,000 340,400 |
156,000 335,400 |
547,400 |
Interest charge on Paper for exercise bk/Cover printing machine
- Profit before taxation
Profit before taxation is stated after charging:
Auditors' remuneration
Directors' remuneration
Gambia and Corporation
Financial
For the year 2020
- Income tax
Expense/charge
Taxation at 1% of total revenue
(2019: 1% of total revenue)
Tax on the corporation's total revenue for the year ended agrees with the theoreticat amount that would arise
using the basic tax rate as follows:
Turnover and other income
Tax calculated at a rate of 1% of turnover
(2019: 1%of turnover)
Reconciliation of effective tax rate
income tax using the domestic tax rate
Corporate tax payable
Balance at the beginning of the year
Provision for Corporation Tax
Less: Amount paid during the year
Balance at the end of the year
(GPPC)
2020
41,539,971 41,042,831
415,400 410,428
December 31st December
2020 2019
1 1
o
415,400 410,428
(415,400) (5,344,224)
31st 31st
D
11 |
Inventory |
|
|
|
Materials |
7,909,301 |
6,888,277 |
|
Publications |
1,604,802 |
1,715A55 |
Provision for slow moving & damaged stock
12 Other receivables
Payment in advance- Printing Materials (note 13a)
Payment in advance- White Paper Rolls (note 13b)
13a Payment in advance- Printing Materials
The Corporation entered in to a contract with Procurevis International (UK) Ltd in 2016 to procure printing materials. The corporation paid 75% of the invoice in advance but the supplier defaulted in supplying the materials as per contract terms and conditions. Management terminated the contract after consultation and approval of the board of directors. Legal action has been initiated by the Corporation ts solicitor to recover the amount. The supplier provided collateral in the form of landed property with title documents deposited with the Corporation. Management is confident that the market value of the collateral is in excess of the advance paid.
13b Payment in advance- White Paper Rolls
The Corporation entered into a contract to procure 100 metric tons of white paper roll 70/80gsm from Penta International Trading Limited based in Turkey in September 2019. An advance payment of D5,731,920 was made in accordance with the contract terms and conditions. However, these consigment of papers were not delivered by the supplier as at the end of the financial year.
|
27,114,357 20,291,886 |
Write off |
(284,015) |
Provision for doubtful debts |
(1,687,282) (1,687,282) 25,427,075 |
14 Trade Receivables
Trade receivables |
26,327,374 |
19,351,825 |
Staff debtors |
786,983 |
940,061 |
The provision relates largely to non-government jobs that were outstanding for over 3 years and continues to be a challenge in recovering them. We did not provided for most of the Government related debts because we are confident that these debts will eventually be paid to the Corporation. Management is enagaging the Government to ensure that these debts are recovered in the near future.
The write off relates to cancelled jobs relating to prior periods of which revenue was recognised.
IS Cash and cash equivalents
Bank balances Undeposited fund Cash in hand
Bank overdrafts
Cash and cash equivalents in the (4,398,637) (2,700,242)
Statement of cash flows
- Share capital
The total authorised number of ordinary shares at year end (2019: 10,000,000) with a par value of DI per share (2019; D 1 per share).
All issued shares are fuliy paid.
- Revaluation reserve
Cityscape Associate, an independent appraiser, valued the Mamadi Manjang complex and MDI Road Annex land, buildings, plant and machinery and other equipment as of October 2011. Their revaluation was based on the observed asset conditions and asset replacement cost by reference to market evidence of recent transactions for similar properties and replacement cost estimation methodologies. Replacement cost estimates are based on estimated cost of Equivalent Assets (EA) and estimating the residual asset value from the EA cost, useful life and age of existing assets (Depreciated Replacement Cost Methodology).
|
|
31st December |
315t December |
|
|
2020 |
2019 |
18 |
Total Loans |
|
|
|
Purchase of Exercise Book Printing Machine- Agib loan |
14,558,535 |
11,526,734 |
|
Paper for Exercise Book Printing Machine- Sky bank loan |
4,900,956 |
13,571,428 |
|
Short Term Bank Facility |
|
2,927,441 |
19,459,491 28,025,603
Maturity Profile Maturity |
|
|
|
|
|
Profile |
Up to I year |
between 2 and 5 |
Over |
|
|
2020 Loans |
|
years D |
5years |
D |
Total |
Purchase of Exercise Book Printing Machine- Agib loan |
4,824,631 |
9,733,904 |
|
|
14,558,535 |
Paper for Exercise Book Printing Machine- Sky bank loan 3,882,416 Short Term Bank Facility
Maturity Profile Maturity |
|
|
|
|
|
|
|||
Profile |
Up to 1 year |
between 2 and 5 |
Over |
|
|
|
|||
2019 Loans |
|
years D |
5years |
D |
Total |
|
|||
Purchase of Exercise Book Printing Machine- Agib loan Paper for Exercise Book Printing Machine- Sky bank loan |
6,073,415 |
5,453,319 |
|
11,526,734 13,571,429 |
|
||||
Short Term Bank Facility |
2,927,441 |
|
2,927 |
|
|||||
|
17,572,285 |
10,453,319 |
28,025,604 |
||||||
Purchase of Exercise Book Printing Machine
The corporation obtained a bank loan of in 16th October,2018 to finance the acquisition of an exercise book printing machine, The loan has a tenor of 3 years with a fixed interest rate of 15% The corporation's land and buildings has been pledged as security for the loan.
Purchase of Paper and Cover Machine for Exercise Book Printing Machine
The corporation obtained a bank loan of D15,000J000 in 19th July,2019 for the purpose of financing the purchase of a Paper and Cover Machine for the Exercise Book Printing Machine. The tenor of the loan is 2 years with a fixed interest rate of 17.5%. The Machine financed has been offered as a security for loan.
- Trade and Other payables
Creditors/ Payables 21,122,388 Payroll Liabilities 7,227,857
Gratituty 53,292
Payroll Liabilities |
|
|
Staff Income Tax |
688,826 |
618,540 |
SSHFC |
4,617,506 |
3,320,383 |
Staff Welfare Fund |
503,995 |
400,152 |
Teachers' Union Dues |
43,350 |
12,800 |
Credit Union Dues |
882,819 |
510,934 |
Kombo Real Estate |
357,361 |
349,819 |
sas PROPERTY |
134,000 7,227,857 |
73,000 |
28,403,537
Printing and Corporation
Statements yearended
31st 3f
- Vaiue Added Tax
23,400 |
18,428,905 |
15,928,821 |
Adjustment on VAT after system reconciliation
Balance B/F from year 2018
VAT Payable for the year
Adjustment on VAT after system reconciliation
< >Capital commitmentsAuthorised by the board and contracted for
Authorised by the board and not contracted for
22 Contingencies
There were no contingent liabilities at the end of the year. (2018: Nii).
23 Related Party Transactions
(a) Related companies
The corporation is a government entity and therefore has direct relationship with all government related entities. The following are the transaction with those entities:
Employer's Social Security Contribution |
1,947,249 |
1,988,924 |
Water & Electricity |
848,796 |
1,564,649 |
Gambia revenue Authority |
625,911 |
625,911 |
Sale of goods and services to related companies |
3,421,956 |
4,179,484 |
Purchase of goods and services from related companies
28,238,408 |
Area Councils
Parastatal
Receivables |
|
|
Government |
17,412,316 |
9,399,507 |
Area Councils |
994,995 |
714,602 |
Parastatal |
2,404,924 |
4,106,515 |
20,812,235 |
14,220,625 |
688,826 4,617,506 882,819 23,849,857 |
618,540 3,320,383 310,934 18,428,905 |
30,039,009 |
Payables
Staff income Tax
SSHFC
Credit Union Dues
VAT
Corporation tax
Transactions with directors and senior management
Compensation
Key management includes directors and members of senior management. The compensation paid and payable and other benefits to key management for services is shown below:
|
31st December |
3f December |
|
2020 D |
2019 |
Directors' emolument |
340,400 |
335,400 |
Senior management salaries and other short-term benefits |
2,281,874 |
2,429,181 |
Training |
416,405 |
525,506 |
Traveling |
147,949 |
622,242 |
Medical |
894,243 |
1, 190,892 |
Telecommunication |
298,586 |
348,787 |
41,667 73,072 |
5,452,007 10,925 116,842 |
114,739 |
127,767 |
Receivables
Directors Senior management
Payables
Directors
Senior management
< >Capital managementThe Corporation's objectives when managing capital is to safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
Loans, trade and other payables (Notes 18 - 20) |
63,904,135 |
63,513,410 |
Cash and cash equivalents (Note 15) |
2,629,503 |
-5,332,173 |
Net debt |
66,533,638 |
58,181,237 |
Total equity |
83,088,704 |
85,825,801 |
Consistent with others in the industry, the company monitors capital on the basis of the gearing ratio. The ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including current position of trade and other payables as shown in the statement of financial position) less cash and cash equivalents. Total capital is calculated as 'equity' as shown in the statement of financial position plus net debt.
149,622,342 |
144,007,038 |
44% |
40% |
Total capital
Gearing ratio
There are no externally imposed capital requirements.
< >Prior Year AdjustmentThe Prior Year Adjustment is due to system differences between the Audit report and the Accounting System to ensure no differences exist going forward in the audited balances and accounting system. Aiso, adjustment in the retained earnings incuded depreciation D133,400.This was due to the disposed motor vehicle been depreciated in 2019 which resufted to the overstatement of expenses and understatement of our 2019 performance. Hence this error is corrected in the 2020 account under retained earnings.
< >Material Uncertainty Related to Going ConcernThe Company incurred a loss from continuing operations before tax of during the year ended 31st December 2020 and D7,168,370 in the prior year; as of that date, the Corporation is in a net current liabilities position of D18,510,045 and DIO,664,876 respectively. The overall performance of the Corporation has deteriorated as profitability, liquidity, efficiency ratios deteriorated compared to the prior year. This is mainly attributed to increasing operating costs and high cost of debt as capital investments are financed through debt,
Management's strategy
Management took a decision in 2017 to diversify its operations in other to improve revenue. In order to achieve this, a decision was taken to acquire an exercise book printing machine having conducted an investment appraisal which showed that such an investment would produce high returns even were financed through debt. Loans amounting to D33 millions were taken to finance this expansion in 2018 and 2019. While the project was being implement, interest cost was been paid with no corresponding revenue resulting in high interest cost and hence the increase in operating loss.
The project is fully complete with test runs conducted with satisfactory results. It is expected that this new machine will significantly boost revenue to by 100% if utilized at full capacity. This will enhance performance and return the Corporation to profitability, improve cashflows and reduce gearing.
Management has also started engaging customers in the exercise books market to secure contracts and ensure the machine is utilized at full capacity. Options to export our products to countries in the sub-region is currently being assessed.
Management is confident that whiles the Corporation is currently going through difficult times, its going concern is not threatened in no major way and Will return to profitability in the near future.
27 Impact of Covi-19
The impact of COVID-19 has resulted to a slow start of our operation in the beginning of year 2020, resulting to low request from our customer such as Central Government, Area Councils, Parastatals and Private customers. This resulted in a declined in our expected revenue for 2020. Debt collection severely decline due to disruptions to some of the customers in the Gambia, which affected our cashflows.
Despite the above adverse effects, fixed costs such as personnel cost and admin costs remain constant. The price of production materials also increased which affected our cashflows, making it challenging to pre- finance most of the incoming jobs. This has made it difficult for the corporation to kick start the production of the exercise books in year 2020 and default of the supplier to deliver consignment of papers in 2020.
However, the full extent and duration of the impact of COVID-19 on the Company's operations and financial performance is currently unknown, and depends on future developments that are uncertain and unpredictable, including the duration and spread of the pandemic, its impact on business in the Gambia.
The Company has determined that these events are non-adjusting subsequent events. Accordingly, the financial position and results of operations as of and for the year ended 31st December 2020 have not been adjusted to reflect their impact. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Company for future periods.
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END JULY 2023 EXPENDITURE REPORT
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END AUGUST 2023 EXPENDITURE REPORT
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State-Owned Enterprise Operational & Financial Report Fiscal Year 2022
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END JUNE 2023 EXPENDITURE REPORT
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2023 SECOND QUARTER PFM
PERFORMANCE REVIEW
ASSESSMENT
JULY 2023.
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THE GOVERNMENT OF THE GAMBIA
BUDGET CALL CIRCULAR
FISCAL YEAR 2024 - 2026.
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Citizens’ Budget 2023,
Budget of The Government
of The Gambia
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Prospectus For 3-Year Bond
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2023 ANNUAL DOMESTIC DEBT ISSUANCE PLAN ANNOUNCEMENT
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END APRIL 2023 EXPENDITURE REPORT
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END MARCH 2023 EXPENDITURE REPORT
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END FEBRUARY 2023 EXPENDITURE REPORT
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END JANUARY 2023 EXPENDITURE REPORT
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July-September 2023 Issuance Calendar
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June-August 2023 ISSUANCE CALENDAR
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May-July 2023 Issuance Calendar
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2022 Annual Public Debt Bulletin-1
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2023 FIRST QUARTER STATISTICAL DEBT BULLETIN PDF
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April-June 2023 Issuance Calendar
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March-My Issuance Calendar
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February 2023 Issuance Calendar
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January 2023 Issuance Calendar
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PERFORMANCE AUDIT REPORT MANAGEMENT OF SOCIAL SECURITY FUNDS By Social Security and Housing Finance Corporation
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PERFORMANCE AUDIT REPORT ON THE PROVISION OF WATER IN URBAN, PERI-URBAN AND PROVINCIAL GROWTH CENTRES BY NAWEC
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REPORT OF THE STANDING COMMITTEE ON PUBLIC ENTERPRISES ON THE PERFORMANCE AUDIT REPORTS BY THE AUDITOR GENERAL ON THE PROVISION OF WATER IN URBAN, PERI-URBAN AND PROVINCIAL GROWTH CENTRES BY NAWEC AND MANAGEMENT OF SOCIAL SECURITY FUNDS BY SOCIAL SECURITY AND HOUSING FINANCE CORPORATION
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The Gambia and The European Commission signed EUR 18 million Grant Support Agreements
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LOAN AGREEMENT BETWEEN REPUBLIC OF THE GAMBIA AND ISLAMIC DEVELOPMENT BANK
REGARDING ENHANCING VALUE ADDITION IN THE GROUNDNUT SECTOR PHASE II
PROJECT, THE GAMBIA
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ESTIMATES OF REVENUE AND EXPENDITURE - 2023
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Directorate of Development Planning and IDEP Conduct Risk Management Training for Planners
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2023 BUDGET SPEECH
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2023 Citizen Budget Final All Funds
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2022 THIRD QUARTER STATISTICAL DEBT BULLETIN
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PROCUREMENT DIRECTORATE CONVERGE TO TRAIN ITS STAFF
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PROCUREMENT CLERKS CONVERGENCE/WORKSHOP
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HM STATEMENT FOR THE LAYING OF 2023 ESTIMATES
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CITIZENS' VERSION - REVISED 2022 BUDGET
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IsDB- Widening Bertil Harding Highway
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UNITED STATES MILLENNIUM CHALLENGE CORPORATION THRESHOLD PROGRAM
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ADfB - Multi-country Covid-19 Crisis Response Programme
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BADEA Widening Bertil Harding Highway
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USAID- Development objective grant agreement
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USAID- Development objective grant agreement
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BADEA - Technical Assistance for financing the services of an Arab expert
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INVITATION TO BID FOR THE CONCESSION OF THE OPERATION AND MAINTENANCE OF SIR DAWDA KAIRABA JAWARA CONFERENCE HALL
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2022 DEBT SUSTAINABILITY ANALYSIS
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MEDIUM-TERM DEBT MANAGEMENT STRATEGY (2022-2026)
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The Gambia Public Finance Management Strategy 2021 – 2025
PFMD third quarter progress report from 1st July to 30th September 2022
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INVITATION TO BID FOR THE CONCESSION OF THE OPERATION AND MAINTENANCE OF the SIR DAWDA KAIRABA JAWARA INTERNATIONAL CONFERENCE CENTER (SDKJICC), AND CONSTRUCTION OF ANCILLARY FACILITIES
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This prospectus is only a summary of some of the more significant features of the bond to be issued, and bidders should refer to the information guideline for the definitive terms.
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August 2022 Issuance Calendar (in millions of Dalasi )
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A mission from the Arab Bank for Economic Development in Africa (BADEA) composed of Mr. Ahmed Sidiya (Acting Head of Follow-up Unit /Mission Lead), Mr Mohamedou Bouasria (Economist/Capacity Development Officer) and Mr Khalid Elmughira (Young Professional) visited the Republic of The Gambia during the period of 21-29 June 2022. The purpose of the mission was to appraise “Phase II of the University of The Gambia Projectâ€, follow-up on the ongoing operations and discuss the pipeline of new operations.
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July 2022 Issuance Calendar (in millions of Dalasi )
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The Gambia Ports Authority was established in 1972 by an Act of Parliament as a service port. The port is managed and controlled by The Gambia Port Authority (GPA). GPA is the only port in the Gambia which is mainly responsible for the provision of cargo handling services in the country.
Cargo handling is one of the most essential activities in the operations of any port. It is generally defined as the handling of all kinds of goods (bulk, breakbulk, liquid, RO-RO vessels, and all other containerized cargoes) within the framework of multimodal transportation. Its activities involved pre-berthing arrangements, berthing, stevedoring/unloading and loading, storage, and delivery. Cargo handling as a core service of GPA is the main revenue-generating activity of the Authority. GPA handles both imported and exported cargoes but concentrates more on imported cargoes.
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This version of the Stakeholder Engagement Plan (SEP) is based on the activities envisaged under the Project Preparatory Advance (PPA). The PPA will be implemented by the Project Implementation Unit of the Ministry of Finance and Economic Affairs (MoFEA) with the collaboration of the Ministry of Tourism and Culture (MoTC). The PIU to be set up by the Ministry of Tourism and Culture will update this SEP thirty (30) days after project effectiveness to cover the activities envisaged for the main project. The SEP will be reviewed and updated on a regular basis, throughout the implementation of the PPA. This SEP will be prepared by the PIU of the MoFEA in consultation with the relevant stakeholders acceptable to the Association. It will describe the timing and methods of engagement with stakeholders throughout the implementation of the project, including the identification of stakeholders, their main characteristics and interests, the different levels of engagement and consultation that would be appropriate for different stakeholders, strategies for information disclosure, measures to remove obstacles to stakeholder participation and how the views of differently affected parties will be captured and addressed, as such the SEP will be amended from time to time with the prior written agreement of the Association.
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The 2021 Public Financial Management (PFM) annual progress report, recounts the progress made, challenges and lessons learnt in implementing the PFM Strategy 2021-2025. Remarkable progress has been made in all the strategic pillars.
The IFMIS is now on a higher version (EPICOR 10) enhancing better functionality thus supported the role out to all Embassies, LGAs and sub-treasuries with plans to fully cover the self-accounting projects and sub-vented institutions in 2022. Once the IFMIS is fully extended, the production of financial statement becomes better harmonized, timely and credible. The implementation of the EFT has reduced cash handling and expedite payment processes. The electronic filling, receipting and payment is now introduced for effective and efficient revenue administration and management.
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In 2010, the Government of The Gambia received financing from the World Bank towards the cost of the Integrated Financial Management Information System (IFMIS) project to roll out the system to all ministries, departments, and some agencies. The overarching goal of the project was to increase the recipient's capacity in public resource management. The ICR reviewed the project’s contribution to development outcomes and the degree to which the project achieved its development objective and outputs asset in the initial and additional financing project appraisal documents. It assessed issues of relevance, effectiveness, efficiency, sustainability of the project and its results, performance of project key stakeholders mainly the government and the World Bank, and draws lessons learned and recommendations for the way forward. The evaluation concludes that the project was a success with an overall satisfactory rating. Despite challenges with the political environment and delays in some activities particularly the IFMIS upgrade, project implementation was efficiently leading to a 98% disbursement rate and a 99.5% commitment rate at the end of November 2020.
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On the 8th July 2021, The Honourable Minister of Finance and Economic Affairs virtually took part in the First Climate Vulnerable Finance Summit and V20 Ministerial Dialogue VII and delivered a statement at this very important event where economies systematically vulnerable to the global climate crisis come together to exchange and build partnership aimed at, among others, the sustainable financing of development.
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The Gambia urgently needs to adopt financing mechanisms that will underpin and ensure the delivery of its national development plan, which is being been reprioritised to support pandemic recovery, and its long-term climate vision, which has just been developed. In this second briefing on The Gambia, we consider the requirements of sustainable financing for development in a COVID-19 era and explore important factors required to support it, from a strong legal framework and enabling environment to risk and resilience financing, digitalisation and debt management options. As with the first briefing in this series,1 the thinking will also apply to other Least Developed Countries as they seek to enhance sustainable financing for development against the backdrop of pandemic recovery.
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This Public Financial Management Annual Progress Report (PFM-APR) is produced culminating progress of implementation of reforms by the sister departments of MOFEA and other MDAs. It seeks to establish an objective evaluation of current PFM performance, highlight areas of absolute and relative strength and weaknesses.
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Results of this note use data from the High Frequency Survey on the COVID 19 Impacts on Households, a collaboration between the World Bank, the Gambia Bureau of Statistics GBoS and the State and Peace building Fund ( A sub sample of 1437 households of the Labor Force Survey ( were interviewed by phone between August 21 and September 9 The results are representative at the national level and at strata level(Banjul and Kanifing agglomeration, other urban areas, rural areas).
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Results of this note use data from the wave 2 of the High Frequency Survey on the COVID 19 Impacts on Households A sub sample of 1385 households of the Labor Force Survey ( were interviewed by phone between October 28 and November 14 2020 These same households have already been interviewed during the wave 1 whose sample consisted of 1437 households The results are representative at the national level and at strata level (Banjul and Kanifing agglomeration, other urban areas, rural areas).
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Introduction
The Public Finance Management (PFM) Strategy 2021-2025, the fourth of its kind, is aimed at strengthening ongoing PFM reforms in the country. Its development reaffirms the Government’s firm commitment to adopt and institutionalise prudent public financial management practices to enhance service delivery to the Gambian people.
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Supplement “A†to The Gambia Gazette No. 23 of 22nd December, 2016
Legal Notice No. 16 of 2016
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As projects deal with uncertainties, the need for reporting becomes integral element of project management. Thus, it is incumbent upon the Projects Coordination Unit (PCU) like any other similar set-up to provide periodic project implementation progress reports to stakeholders. This is one of those reporting obligations for the PCU and has always been met and on a timely basis.
This Consolidated Annual Project Report for 2019 contains progress of achievements and challenges encountered in the execution of the respective projects for the reporting year. The PCU achieved some measurable progress in the implementation of the projects under its purview by unlocking some critical problems particularly on procurement related matters that impacted on the performances of the projects. The achievements for the year under review could not have been registered without the dedication of the entire PCU Team and cooperation of stakeholders. That is, because the Team focused on the challenges as a way out to deliver results into ultimate meaningful accomplishments. The PCU coined a motivational slogan called “Results Without Borders†which yielded dividend in the course of implementing activities.
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The Novel Coronavirus Disease which was given the name Coronavirus Disease 2019 (COVID-19) by the World Health OrganizaEon (WHO) on 11th February 2020 was first discovered in Wuhan, China and reported to the WHO on 31st December 2019. Since its discovery, it was first declared a Public Health Emergency of InternaEonal concern on 30th January 2020 before being finally declared a Global Pandemic on March 11th, 2020 by the WHO. According to the 148th WHO SituaEon Report on COVID-19, COVID-19 has globally registered a total of 7,941,791 confirmed cases and 434,796 deaths. The report highlights that Americas have the highest number of confirmed cases (3,841,609), followed by Europe (2,434,184) with Africa having the least number of cases (181,903). USA (2,079,592) and Brazil (867,624)) recorded the highest confirmed cases respecEvely, and the USA has so far registered the highest number of deaths standing at 115,484.
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Debt relief in the early 2000s was to provide fiscal space and help developing countries achieve debt sustainability while promoting growth and alleviating poverty. However, supporting literature shows that, most countries in Africa that benefitted from debt cancellation programmes are currently faced with high unsustainable debt levels due to lack of reforms leading to expenditure overruns, which have culminated into rising debt levels that pose significant risks to public debt management.
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The Organisation of African, Caribbean and Pacific States (OACPS) is a group of countries in Africa, the Caribbean, and the Pacific that was created by the Georgetown Agreement in 1975. Formerly known as African, Caribbean and Pacific Group of States (ACP), the organisation's main objectives are sustainable development and poverty reduction within its member states, as well as their greater integration into the world's economy. All of the member states, except Cuba, are signatories to the Cotonou Agreement with the European Union.
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The Government of the Gambia (GoTG) has received financing from the European Investment Bank (EIB) towards its Gambia Sustainable Energy Project within the Gambia Renewable Energy Framework. The Component 4 of the Framework consists of designing, supplying, installation, and operation and maintenance of on-grid/off-grid solar photovoltaic (PV) energy systems at up to 1,000 schools and 99 health facilities in the country (the Project). The preliminary calculations resulted in a wide range of systems’ sizes - from 2 kWp for schools to 100 kWp for hospitals. The identified project sites are spread all over the country with approximately 417 schools, 46 health centers and 11 hospitals already connected to the grid, but with unreliable electricity supply due to the frequent blackouts. The remaining facilities are off-grid.
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The 2019 Public Debt Bulletin demonstrates Government’s commitment to transparency and accountability with respect to public debt management. The document provides an account of Government’s annual debt management operations, by providing information on the public debt stock; debt service payments; composition and structure of public debt; risks in the public debt portfolio; and developments in the domestic debt market. It also reports on the recent macroeconomic developments.
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Assessing the Implementation of PFM Reforms for 2019
The Ministry of Finance and Economic Affairs (MOFEA) has the pleasure to present the Public Financial Management (PFM) Annual Progress Report for 2019,which recounts the progress Government has made in strengthening PFM reforms.
On a general note, implementing the PFM reform Strategy 2016-2020 has been very remarkable. Great success has been registered in attaining the strategic goals for the period under review. Thus, confirming Government’s firm commitment to adopting and institutionalizing prudent public financial management practices.
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GAMBIA FISCAL MANAGEMENT DEVELOPMENT PROJECT.
This is merged document containing GRIEVANCE REDRESS MECHANISM, LABOR MANAGEMENT PROCEDURES and STAKEHOLDER ENGAGEMENT PLAN for the GAMBIA FISCAL MANAGEMENT DEVELOPMENT PROJECT (P166695).
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The 2020 Citizen’s budget is a simplified version of the 2020 approved budget estimates aimed at communicating key Public Finance
information and development objectives of the Government of The Gambia to its citizens, whilst adhering to budget transparency and
accountability for the effective and efficient utilization of public resources.
Putting into account that citizens are the main beneficiaries, there is great need for them to know what the national budget entails and to
encourage them to play an active role in the budget process.
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This brief presents an analysis of central government expenditure from January 2019 to December 2019. It also aims to inform Senior Management about the composition of total expenditure by different classification, highlighting the absorption capacity of different budget entities (BEs), and give an indication of expenditure trends compared to the same period a year earlier. It should be noted that all expenditure referred to in this brief is solely Government Local Fund (GLF), and the report does not factor any donor funds (loans and grants), including projects across the country.
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This prospectus is issued subject to the terms contained in the Guidelines relating to the Issue of Gambia Government Bonds published by the Central Bank of The Gambia dated May 2017 (the “Guidelinesâ€). The terms of the Guideline apply to the above Bonds and their auction. This prospectus is only a summary of some of the more significant features of the Bond to be issued, and bidders should refer to the Information Guideline for the definitive terms
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Attached are the Tax exemptions for the year 2018 for your Information.
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The Ministry of Finance and Economic Affairs (MoFEA) is required by The Public Finance Act 2014, Part II Section 4, to develop a Government macro-fiscal policy and medium-term economic and fiscal framework (MTEFF) for budget preparation for each year. The MTEFF helps to integrate the top-down revenue (resource) envelope with the bottom-up sector programs executed by various Ministries, Departments and Agencies (MDAs). The MTEFF outlines expenditures reflecting the Government’s key fiscal policy priorities over the medium term (2020–2024) to be strictly guided by budget realities, investment and public procurement options, debt strategies and borrowing plans of the government and the key reform priorities.
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Study Tour seeks to foster an understanding of the experiences made with the implementation of TSA in Nigeria both at the Federal and State level. In addition, take stock of the requisite public financial management reforms required -the implementation, effectiveness and impact assessment - of the TSA and impediments realized in the implementation process.
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This is a five pager report that provides MOFEA Management an overview of MTEF implementation progress made, lessons learnt, challenges and the guide to confronting these challenges for a successful implementation.
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Local Council reforms fit within the broader context of public finance management reform
strategy 2016-2020. Overall reform progress in Local Government Authorities (LGA) has
been slow. The survey was conducted to assess the effectiveness of Financial Management
System (FMS) in LGAs aimed at harmonizing these on a common platform.
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Assessing Implementation of PFM Reforms for 2016-2017 Fiscal years
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National Development Plan
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The General orders reflect the organizational structure of the Public Service following the enactment of the Public Service Act 1991 and Public Service Regulation 1994.
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This constitution is the supreme Law of The Gambia, the constitution provides for the fundamental Law, which affirms our commitment to freedom, justice, probity and accountability. It also affirms the principle that all power emanate from the sovereign will of the people.
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AN ACT to provide for the control and management of public monies, the powers and duties of the legislature and executive in the preparation, presentation, approval,execution, and reporting of Government budget, as well as the conditions under which the State local government authorities and public enterprises may borrow, the Central Bank of The Gambia may issue State debt securitoies to achieve its monetary policy objectives, and certain conditions under which the State may issue guarantees, lend funds and enter into supplier's credit agreements and finance lease agreements and for connected matters.
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This report presents the findings of a screening of public investment projects in The Gambia. The objective of the screening is to identify projects that are eligible for implementation in a public private partnership (PPP), and that can be started up in a relatively short term. These “fast track” PPP projects are intended to demonstrate the PPP is feasible in The Gambia, and to serve as an inspiration for the roll-out of PPP projects in other sectors. The experiences with the “fast track” projects (both positive and negative) can be used for the further refinement and optimization of the PPP framework in The Gambia.
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Operational Guidelines provide implementing agencies and the PPP Directorate with a procedural framework and analytical tools enabling them to assess whether the use of PPP can deliver net benefits in a specific project, and how these benefits can be effectively achieved.
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Donor Mapping Report (DMR) provides comprehensive information and the analysis of the current Development Assistance channeled into the country by development partners, as well as donors’ future activities. Information and statistical data presented in the DMR are based on the financial data of projects/programmes, entered in the database by Donor Coordination Forum (DCF) members, research work of the MoFEA staff as well as the responses to The Gambia.
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Aid Bulletin highlights important reviews of official development assistance to The Gambia in relation to the development priorities presented in the Programme for Accelerated Growth and Employment (PAGE). This bulletin provides information on aid inflow, both internal and external in different sectors of the economy in the Gambia.
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PPP Final Policy document
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