Page 27 - GTBANK GAMNBIA 2021 ANNUAL REPORT

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
year ended 31 December 2021 are prepared for the Bank, which primarily provides commercial banking
st
services to the general public.

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

2. Basis of preparation estimates and assumptions that affect the application of
the Bank’s accounting policies and the reported amounts
2.1. Statement of Compliance of assets, liabilities, income, expenses and the
accompanying disclosures, as well as the disclosure of
contingent liabilities The estimates and associated
The financial statements of the bank have been prepared assumptions are based on historical experience and
in accordance with International Financial Reporting various other factors that are believed to be reasonable
Standards issued by the International Financial Standards under the circumstances, the results of which form the
Board and with the relevant provisions of the Banking Act basis of making the judgements about carrying values of
2009 and The Companies Act 2013. assets and liabilities that are not readily apparent from
other sources. Actual results may differ from these
2.2. Basis of measurement estimates.
The estimates and underlying assumptions are reviewed
The financial statements have been prepared under the on an ongoing basis. Revisions to accounting estimates
historical cost convention as modified by the are recognized in the year in which the estimate is revised
measurement of certain financial assets and financial and in any future years affected. Existing circumstances
liabilities held at fair value with the exception of the and assumptions about future developments may change
following: due to circumstances beyond the Bank’s control and are
reflected in the assumptions if and when they occur. Items
✓ Assets and liabilities measured at amortized cost; with the most significant effect on the amounts recognized
in the financial statements with substantial management
✓ Non-derivative financial instruments , carried at fair judgement and/or estimates are collated below with
value through profit or loss , or fair value through OCI respect to judgements/estimates involved.
are measured at fair value

2.4.1. Impairment losses on financial assets
2.3. Functional and presentation currency
The measurement of impairment losses both under IFRS
These financial statements are presented in Dalasi, which 9 across all categories of financial assets in scope
is the Bank’s functional currency. Except where indicated, requires judgement, in particular, the estimation of the
financial information presented in Dalasi has been amount and timing of future cash flows and collateral
rounded to the nearest thousand. values when determining impairment losses and the
assessment of a significant increase in credit risk. These
2.4. Use of Estimates and Judgements estimates are driven by a number of factors, changes in
which can result in different levels of allowances. The
The preparation of the financial statements in conformity Bank’s ECL calculations are outputs of complex models
with IFRS requires the directors to make judgments, with a number of underlying assumptions regarding the

Annual Report 2021
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