Manjang Gambia SSHFC – Summary findings and recommendations
1.1 In the section below, we set out our summary findings and recommendations in relation to our Forensic Audit of SSHFC in the eight years to December 31, 2017. Further detail on each area is provided in the sections that follow.
1.2 The table below sets out a summary of the SSHFC Balance Sheet as per the externally audited SSHFC Financial Statements for the year ending December 31, 2016 and December 31, 2017. Table 12: Summary of SSHFC Financial Statements for the year ending December 31, 2016 and December 31, 2017
Description 2016 (GMD’000) 2016 (USD’000) % of asset / 2017 2017 % of asset / Assets 4,083,463 93,307 – 4,378,664 91,208 – Fixed Assets 85,317 1,949 2 82,784 1,724 2 Equity 1,029,580 23,526 25 989,035 20,602 23 Investment Properties 944,614 21,584 23 950,431 19,797 22 Mortgages 220,948 5,049 5 220,298 4,589 6 Trade and Other Receivables 659,950 15,080 16 707,224 14,731 16 Loans to 349,055 7,976 9 261,261 5,442 6 Other Financial Assets 717,069 16,385 18 1,086,157 22,625 25 Project Work in Progress 10,314 236 0 2,962 62 0 Cash at Bank and at Hand 66,616 1,522 2 78,512 1,635 2 Liabilities (408,312) (9,330) – (399,413) (8,319) – Trade and Other Payables (408,312) (9,330) 100 (399,413) (8,319) 100 Net Assets / Equity 3,675,151 83,977 – 3,979,251 82,888 – Source: SSHFC Annual Financial Statements for the year ending December 31, 2016 and December 31, 2017. We applied exchange rates of GMD 43,802 : USD 1 for 2014 and GMD 40,112 : USD 1 for 2015. We applied exchange rates of GMD 43,764 : USD 1 for 2016 and GMD 48,008 : USD 1 for 2017. Therefore the GMD depreciated by almost 10% between 2016 and 2017
1.3 In local currency the Net Assets of SSHFC increased by GMD 304.1m during the year ended December 31, 2017, but reduced in USD as a result of the devaluation of the local currency. The principal driver of this balance sheet growth in local currency is the increase on Other Financial Assets, on which we comment below.
1.4 Equity investments, Investment Properties and Other Financial Assets make up approximately 69% of the total assets as per the SSHFC Consolidated Balance Sheet as at December 31, 2017. Based on the issues identified to date, the total assets as per the SSHFC Consolidated Balance Sheet as at December 31, […]
