Page 78 - Agib Bank Ltd Annual Report and IFRS Financial statements 2020

Additions 2,486
Balance at 31 December 2019 13,927

Depreciation
Balance at 1 January 2019 -

Depreciation charge for the year (4,101)
Balance at 31 December 2019 (4,101)

Net book value
At 31 December 2019 9,826
This has arisen due to the adoption of IFRS 16 as detailed in the note 2.1

27. Lease obligation

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

Balance at 1 January 2019 11,797

Additions 1,730

Charges 1,234
Less Charges for the year (4,456)

Closing Net book value
At 31 December 2019 10,305
The bank has lease contracts for our Head Office, Kairaba Branch and Brikama Branch which qualified for
IFRS16. The leases have lease terms between 2 years to 5 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.

28. Other Assets

2020 2019

Inventory (office supplies and stationery) 1,734 3,175
Inventory (Cheques) 893 2,376

Other cheques for collection - (131)
Prepayment Rent 2,467 -
Prepaid Insurance 171 195
Gambia Bankers Association 10 years 915 1,095

Cash in Transit 63 36
Prepaid Others - 706
Pre-Operating Expenses - 871
RIA Express/Western Union, Wari, 303 426
Small World 560 571
LumoXchange - 1,339

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Annual Report and IFRS Financial Statements for the year ended 31 December 2020 77