Page 14 - GTBank Annual Report 2020 eBook

Directors’ Report

The Directors present their report and the audited IFRS financial statements of Guaranty Trust Bank
st
(Gambia) Limited for the year ended 31 December 2020.
Statement of Directors’ responsibility

The Companies Act 2013 requires the Directors to prepare the financial statements for the 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 year.
In preparing the financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently;

make judgments 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 and The Banking Act 2009.They are 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 business activity

The company provides commercial banking services to the general public in accordance with the
regulations of the Central Bank of The Gambia and the Banking Act 2009.
Results and dividends

The results of the company are as detailed in the accompanying financial statements. The directors have
proposed the payment of a dividend as outlined in note 17.
Property, plant and equipment

The property, plant and equipment of the company are as detailed in note 21 of the financial statements.
There has not been any permanent diminution in the value of the company’s property, plant and
equipment.

Annual Report 2020
Guaranty Trust Bank Gambia Limited www.gtbankgambia.com 12