Page 70 - Agib Bank Limited Annual Report 2021

Net book value
At 31 December 2020 5,622

27. Lease obligation

Balance at 1 January 2021 6,688

Additions 8,659
Charges 449
Adjustment for Amendments (1,585)
Less payments for the year (4,710)
Closing Net book value
At 31 December 2021 9,501

Balance at 1 January 2020 10,305

Additions -

Charges 1,326
Less payments for the year (4,943)

Closing Net book value
At 31 December 2020 6,688
The bank has lease contracts for our Head Office, Kairaba Branch, Brikama Branch and Latrikunda Branch
which qualified for IFRS16. The leases have lease terms between 2 years to 10 years. The Bank’s obligations
correspond to the lessor’s title to the leased assets and the bank is restricted from assigning and subleasing the
leased assets.

There was an amendment to the rent contract for Head Office in 2021 as part of the space previously occupied
was returned which resulted to a reduction on the annual rent payment.

28. Other Assets

2021 2020

Inventory (office supplies and stationery) 1,131 1,734
Inventory (Cheques) 1,718 893

CB Clearing 1,681 -

Prepayment Rent - 2,467
Prepaid Insurance 297 171

Gambia Bankers Association 10 years 765 915
Cash in Transit - 63
Prepaid Others 622 455

RIA Express/Western Union, Wari, 230 303
Small World 70 560
Money Gram, 170 639
Other Assets 1,602 - Annual Report and IFRS Financial Statements
Sale of Property 3,579 7,077

Total other assets 11,865 15,277

Agib Bank Annual Report 2021 www.agib.gm 70