Page 27 - 2021 ANNUAL REPORT draft

Notes to the financial statement

1. Reporting entity

Guaranty Trust Bank (Gambia) Limited (“the Bank”) is a company domiciled in The Gambia. The Bank’s
registered address is 56, Kairaba Avenue, Fajara, KSMD, The Gambia. These financial statements for the
st
year ended 31 December 2021 are prepared for the Bank, which primarily provides commercial banking
services to the general public.

These financial statements were authorised for issue by the directors on..............................................2022.

2. Basis of preparation

2.1. Statement of Compliance

The financial statements of the bank have been prepared in accordance with International Financial
Reporting Standards issued by the International Financial Standards Board and with the relevant provisions
of the Banking Act 2009 and The Companies Act 2013.

2.2. Basis of measurement

The financial statements have been prepared under the historical cost convention as modified by the
measurement of certain financial assets and financial liabilities held at fair value with the exception of the
following:

• Assets and liabilities measured at amortized cost;

• Non-derivative financial instruments , carried at fair value through profit or loss , or fair value through
OCI are measured at fair value

2.3. Functional and presentation currency

These financial statements are presented in Dalasi, which is the Bank’s functional currency. Except where
indicated, financial information presented in Dalasi has been rounded to the nearest thousand.

2.4. Use of Estimates and Judgements

The preparation of the financial statements in conformity with IFRS requires the directors to make
judgments, estimates and assumptions that affect the application of the Bank’s accounting policies and the
reported amounts of assets, liabilities, income, expenses and the accompanying disclosures, as well as the
disclosure of contingent liabilities The estimates and associated assumptions are based on historical
experience and various other factors that are believed to be reasonable under the circumstances, the
results of which form the basis of making the judgements about carrying values of assets and liabilities that
are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognized in the year in which the estimate is revised and in any future years affected.
Existing circumstances and assumptions about future developments may change due to circumstances
beyond the Bank’s control and are reflected in the assumptions if and when they occur. Items with the most

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Guaranty Trust Bank (Gambia) Limited Financial Statements December 2021