UTG Management  Appears Before FPAC

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By: Kebba AF Touray

The Management of the University of the Gambia (UTG), on Thursday, 16th May 2024, appeared before the Finance and Public Accounts Committee (FPAC) to present their 2019 and 2020 activity reports and financial statements.

During their presentation, the management reported to FPAC that their 2018 and 2019 figures remain the same, and that suggests that the buildup of the software for automation started after the period, “receivables have moved from D79 million to D241 Million.”

“We had an investment of D15 million as we improved on their cash flow and we were also able to do some investment at the time when the interest rates were a little bit better, and we had cash flow and cash equivalent of D44.52 million and the aggregate of the total current assets is D310 million,” said UTG Management.

In addition to the other non-current assets, which are the tangibles, the management stated that that has given them a total assets value of D411 million, almost double the 2018 figure.

Therefore, the management said their retained earnings have increased from D184 Million to D239 Million.

“We had a non-current borrowing of D17.97 million, which is as a result of a loan extended by the UTGCCU in 2019, as part of our efforts for the retention and motivation of staff to extend this loan to staff,” said UTG Management.

The management further indicated that their current overdraft of D16.64 million, which is a book entry plus trade and other receivables of D145 million, gives them a total of current liability of D162 million, thus equaling to the total assets of D411,217.00 for total equity.

On the statement on the cash flow, the management reported that they had a profit of D46 million, which was adjusted since it is a cash flow, the other non-cash items, which include depreciation, the changes in trade, and other receivables, as well as changes in trade and other payables.

This, according to UTG Management, has an aggregate net of cash generated from operations of D37 million.

“From that, we paid cash on investing activities, which are for the long term and include the acquisition of PPE as provided in our schedules of fixed assets, the total assets purchased during 2019, with the investment in fixed assets of D15 million which was introduced in 2019,” they expounded. 

The management added that they also have to receive cash flow from financing activities for the staff loan extended that was also part of the receipts, which gives them a total of D17.97 million.

In aggregate, the management informed FPAC that their profit for the operations, the cash generated from operations, the cash from the investing activities, and the cash from financing activities caused the changes in cash and cash equivalent of a positive of D19.6 Million.

Management explained, “When you bring out the cash and cash equivalent at the beginning of the year, which is the net of 2018, it gives us a total of cash equivalent at the end of 2019 to D44.52 million.”

According to the external auditors, they have audited the financial statements of the University of the Gambia.

“In our opinion, because of the significance of the matter described in the basis for adverse opinion section of our report, the financial statement of the UTG does not present fairly the financial position of the UTG, as of 31st December 2019, and its financial performance and its cash flow by the generally accepted accounting principles and manner required,” said the external auditors.

FPAC Chairperson and Member for Brikama North, Alhagie S. Darboe said that they would peg the presentation of UTG’s 2021 and 2022 reports to September 2024 whilst that of 2023 to the end of the year.

After consultation among members of FPAC, it was resolved that the UTG reappear before the committee on Monday, 20th May 2024 for consideration.