Download - African Bank

Financial statements
for the year ended 30 September 2003
Directors’ responsibility 89
Certificate from the company secretary 89
Report of the independent auditors 90
Directors’ report 91
Balance sheet 96
Income statement 97
Statement of changes in equity 98
Cash flow statement 99
Notes to the annual financial statements 100
1. Accounting policies 100
2. Fixed assets 104
3. Investment in subsidiaries 106
4. Investment in associates 106
5. Goodwill 107
6. Deferred tax asset/liability 107
7. Net advances 108
8. Other assets 109
9. Statutory assets 109
10. Short-term deposits and cash 109
11. Life fund reserve 109
12. Loans and debentures 110
13. Liabilities to depositors 111
14. Other liabilities 112
15. Share capital 112
16. Reserves 112
17. Secondary capital 113
18. Interest income 113
19. Interest expense 113
20. Charge for bad and doubtful advances 114
21. Net assurance income 114
22. Non-interest income 114
African Bank Investments Limited 88
23. Operating costs 115
24. Taxation
25. Reconciliation between earnings
116
and headline earnings per share 117
26. Dividends 117
27. Cash generated from operations 118
28. Increase in gross advances 118
29. (Decrease)/increase in working capital 118
30. Normal and indirect taxation paid 118
31. Shareholder payments and transactions 118
32. Investing activities 119
33. Financing activities 119
34. Cash and cash equivalents 119
35. Financial risk 120
36. Contingent liabilities at year-end 124
37. Operating lease commitments 125
38. Retirement and post-retirement benefits 125
39. Related party information 125
Appendix A – Investment in subsidiaries 126
Appendix B – Investment in associates 127
Appendix C – Segmental profitability analysis
Appendix D – Segmental advances and
128
provisions analysis 129
Appendix E – Interest in joint venture 130
Appendix F – Group structure and profile 131