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Report of the Directors
The Directors have pleasure in
submitting their report to shareholders together with the audited
financial statements for the year ended 31 December 2003.
Statement of the Directors' Responsibilities
Company law requires the Directors
to prepare financial statements for each financial year which give a
true and fair view of the state of affairs of the Company and of the
profit and loss of the Company for that period.
In preparing those
financial statements, the Directors are required to:
-
select suitable accounting policies and then apply them
consistently;
-
make judgements 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 International Financial Reporting Standards and the
requirements of the Companies Act Cap. 249. They are also
responsible for safeguarding the assets of the Company and hence for
taking reasonable steps for the prevention and detection of fraud
and other irregularities.
Share capital
Details of the bank’s share
capital are given in note 17 to the financial statements.
Dividends
The directors recommend a
dividend of Le 1.30 per share for each share held as at
31 December 2003 (2002: Le 1.25 per share).
Financial statements
The annexed financial
statements adequately disclose the results of the bank’s operations
during the year.
Capital
adequacy
The bank is required to
maintain a minimum Capital Adequacy Ratio of 15% of total adjusted
assets. As at 31 December 2003 the capital adequacy of the bank was
34%.
Directors and their
interests
The following were
Directors of the bank as at 31 December 2003:
I I
May-Parker - (Chairman)
A
Kakay - (Managing
Director)
Anthony Brewah
Alhaji Fattah A
Gibril
David
Woobay
Bankole
John
PC SAS
Gbonda II
Abubakarr
Adams
The present directors having been appointed for a fixed term by the
Government of Sierra Leone as the sole beneficial owners of all the
shares in the company continue in office until their appointments
are otherwise determined or renewed by the National Commission for
Privatisation pursuant to Section 13 of the National Commission for
Privatisation Act 2002.
No Director had during
the period, or has, a material interest in any contract or
arrangement of significance to which the bank was, or is, a party.
Auditors
The auditors
KPMG having signified their willingness to continue in office, offer
themselves for re-appointment.
By
Order of the Board
C M Johnson
(Ms)
Company Secretary
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