VALUE ADDED STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018

ruralbankFINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

STATEMENT OF EQUITY FOR THE YEAR ENDED 31ST DECEMBER, 2018

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST DECEMBER, 2018

STATEMENT OF CASHFLOW FOR THE YEAR ENDED 31ST DECEMBER, 2018

STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER, 2018

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2018

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018ruralbank

The directors submit their report with the audited financial statements for the styear ended 31 December 2018, which disclose the state of affairs of the Bank.

Statement of Directors' Responsibilities

The directors are responsible for the preparation and fair presentation of the

financial statements that give a true and fair view of the state of affairs of the Bank

and, of the income statement and cash flows for that period. In preparing these

financial statements, the directors have selected suitable accounting policies and

then applied them consistently, made judgements and estimates that are reasonable

and prudent and followed International Financial Reporting Standards (IFRSs),

the requirements of the Companies Act, 1963 (Act 179) and the Banking and Specialized Deposit Taking Institutions Act, 2016, Act 930.

The directors are responsible for ensuring that the Bank keeps proper accounting

records that disclose with reasonable accuracy, at any time, the financial position of

the Bank. The directors are responsible for safeguarding the assets of the Bank and

taking reasonable steps for the prevention and detection of fraud and other

regularities.

Minimum Capital

The Bank's Stated Capital increased from GHS 2,230,349 as at the end of the

previous year to GHS 3,076,888 resulting in an increase of GHS 846,539 which

represents 37.96%. This is above the minimum capital of GHS 1,000,000.

Events after the reporting datest

The Directors confirm that no matters have arisen since 31 December, 2018, which

materially affect the financial statements as presented.

Going Concern

The Directors have assessed the Bank's ability to continue as a going concern and

have no reason to belief that the business will not be a going concern.

Auditors

The auditor, Richard Owusu – Afriyie &Associates, will continue in office in

accordance with Section 81(4) of the Banks and Specialized Deposit-Taking

Institutions Act, 2016 Act 930.

The financial statements were approved by the board of directors on 1st June 2019 and were signed on its behalf by

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing financial statements for each financial

year which give a true and fair view of the state of affairs of the Bank at the end of the

year and the profit or loss of the bank 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 the 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 bank will continue in business

The directors are responsible for ensuring that the bank keeps accounting records

which disclose with reasonable accuracy the financial position of the bank and

which enable them to ensure that the financial statements comply with Companies

Act, 1963 (Act 179) as amended by the Companies (Amendment) Act 2012 (Act 835)

and the Banks and Specialized Deposit Taking Institutions Act, 2016, Act 930 and International Financial Reporting Standards. They are responsible for taking

such steps as are reasonably open to them to safeguard the assets of the bank, and to

prevent and detect fraud and other irregularities.

The above statement should be read in conjunction with the statement of the

auditor's responsibilities, which is made with a view to distinguishing, for

members, the respective responsibilities of the Directors and the Auditors in

relation to the financial statements.

Director Director

REPORT OF THE DIRECTORS INDEPENDENT AUDITOR’S REPORT

Opinion

The Summary financial statements, which comprise the statement of financial

position as at December 31, 2018, the statement of comprehensive income, cash flow

statements for the year then ended, statement of changes in equity and related notes

are derived from the audited financial statements of Amenfiman Rural Bank st

Limited for the year ended 31 December 2018

In our opinion, the accompanying summary financial statements are consistent, in

all material respects, with the audited financial statements, in accordance with the

International Financial Reporting Standards, the requirements of the Companies

Act 1963 (Act 179) and the Banks and Specialized Deposit Taking Institutions Act,

2016, Act 930.

Summary financial statements

The Summary financial statements do not contain all the disclosures required by the

International Financial Reporting Standards, the requirements of the Companies

Act 1963 (Act 179) and the Banks and Specialized Deposit Taking Institutions Act,

2016, Act 930 as applicable to financial statements. Reading the summary financial

statements and the auditor's report thereon, therefore, is not a substitute for reading

the audited financial statements and the auditor's report thereon.

The audited financial statements and our report thereon

We expressed an unmodified audit opinion on the audited financial statements in st

our report dated 1 June, 2019. That report also includes

· The communication of other key matters. Key audit matters are those

matters that, in our professional judgment, were of most significance in our

audit of the financial statements of the current period.

· A 'Report on Other Legal and Regulatory Requirements' which comprise

report on

i. Compliance with the provisions of the Companies Act, 1963 (Act 179); and

ii. Compliance with the provisions of the Banks and Specialized Deposit

Taking Institutions Act, 2016, Act 930.

Director's responsibility for the Summary Financial Statements

The Directors are responsible for the preparation of the summary financial

statements in accordance with International Financial Reporting Standards (IFRSs),

the requirements of the Companies Act, 1963 (Act 179) and the Banking and

Specialized Deposit Taking Institutions Act, 2016, Act 930, and for such internal

control as the directors determine is necessary to enable the preparation of financial

statements that are free from material misstatement, whether due to fraud or error.

The Directors are therefore responsible for the preparation of the summary financial

statements in accordance with the Bank of Ghana Guide for financial publication for

banks and Bank of Ghana (BOG) licensed financial institutions.

Auditor's ResponsibilityOur responsibility is to express an opinion on whether the summary financial statements are consistent, in all material respects, with the audited financial statements based on our procedures, which were conducted in accordance with International Standards on Auditing (ISA) 810 Revised, Engagement to Report on Summary Financial Statements.

The engagement partner on the audit resulting in this independent auditor's report is Richard Owusu – Afriyie (ICAG/P/1144).

………………………………………………………..

Richard Owusu – Afriyie (ICAG/P/1144).

For and on behalf of Richard Owusu-Afriyie & Associates (ICAG/F/2019/084)

Chartered Accountants

House of Grace, Adum, Kumasi