2021
& ACCOUNTS
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
General Information
Country of incorporation and domicile Nigeria
Directors
Mr. Olukayode Akintunde Falowo -Chairman
Registered office Mr. Bunkaya Bitrus Gana Managing Director
Bankers Mr. Olutoyin Okeowo -Non-executive Director
Mr. Anthony Chukuka Uponi -Non-executive Director
Auditors Mrs. Morenike Agbe-Davies -Non-executive Director
Secretary Mr. Adewale Adegbite -Non-executive Director
Company registration number Alhaji Lawal Sani Stores -Non-executive Director
2-10 Hospital Road
5th Floor, St. Nicholas House
Lagos Island
Greenwich Merchant Bank Ltd
Access Bank Plc
Eco Bank Plc
Fidelity Bank Plc
Keystone Bank Ltd
Polaris Bank Ltd
Providus Bank Ltd
Sterling Bank Plc
Stanbic IBTC Bank Plc
Suntrust Bank Ltd
Wema Bank Plc
SIAO
(Chartered Accountants)
18b Olu Holloway Road
Ikoyi, Lagos
Marriot Solicitors
15E, Muri Okunola Street
Off Ajose Adeogun Street
Victoria Island, Lagos
RC 180089
01
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Contents
Contents
General Information ...................................................................1
Notice of Meeting...................................................................... 3
Proxy Form................................................................................4
Board of Directors Profile.............................................................7
Chairman’s Statement................................................................11
Directors' Responsibilities and Approval...................................14
Directors' Report........................................................................16
Independent Auditor's Report.......................................................20
Corporate Governance Report......................................................23
Statement of Financial Position...................................................26
Statement of Profit or Loss and Other Comprehensive Income.......................27
Statement of Changes in Equity...................................................28
Statement of Cash Flows............................................................29
Accounting Policies....................................................................30
Notes to the Annual Report And Financial Statements..............................42
Value Added Statement..............................................................57
Five Year Financial Summary......................................................58
02
RC 180089
NOTICE OF ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the Annual General Meeting of GREENWICH TRUSTEES LIMITED will
hold virtually at No. 2-10, Catholic Mission Street, Lagos on Friday, February 25, 2022 at 12:00 p.m. to
transact the following business:
ORDINARY BUSINESS
1. To lay before the meeting the audited Financial Statements for the year ended December 31, 2021
together with the report of the Directors and Auditors thereon
2. To declare a dividend
3. To elect/re-elect retiring Directors
4. To authorise the Directors to fix the remuneration of the Auditors
5. To disclose the remuneration of Managers of the Company.
SPECIAL BUSINESS
6. To approve the remuneration of the Directors.
Dated this 4th day of February, 2022
BY ORDER OF THE BOARD
KALU O. KALU Esq.
(Marriot Solicitors)
Company Secretary
FRC/2020/002/00000021788
03
RC 180089
Notes
(a) Proxy
A member entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend
and vote in his/her stead. A proxy need not be a member of the Company. A form of proxy is attached. All
instruments of proxy should be stamped and deposited at the registered office address of the Company not
later than 48 hours before the time fixed for the meeting.
(b) Closure of Register of Members
The Register of Members will be closed from Wednesday, February 16, 2022 to Friday, February 18, 2022
(both dates inclusive) for the purpose of preparing and up-dating the Register of Members.
(c) The Board of Directors have recommended a final dividend of N1.30 per share, which shall be subject
to withholding tax at the appropriate rate, to Shareholders of the Company whose names appear on the
Company’s Register of Members as at the close of business on Tuesday, February 19 2022. The Dividend
shall be payable on Friday February 25 2022.
(d) COVID-19 Guidelines
In view of the ongoing COVID-19 pandemic and in order to curb the spread of the virus, the Annual
General Meeting of the Company shall be held virtually in line with Section 240(2) of the Companies and
Allied Matters Act 2020. A link would be shared to members to join the meeting electronically.
(e) Profiles of Directors for Re-election
The profiles of the Directors, Mr. Anthony Uponi and Alh. Sani Stores who will be retiring by rotation and
would be presenting themselves for re-election are amongst the profiles of Directors that are provided in
the Annual Report.
04
PROXY FORM RC 180089
I/WE RESOLUTIONS FOR AGAINST
Ordinary Business
I/We desire
this proxy to
be used in To declare a dividend
favour of/or To elect/re-elect Directors
against the • Mr. Anthony Uponi
resolution as • Alh. Sani Stores
indicated
alongside To authorise Directors to fix
(strike out the remuneration of the
whichever is Auditors
not desired)
Being a member/members of GREENWICH Special Business
TRUSTEES LIMITED Hereby
appoint........................................................... To approve the
or failing him Mr. Kayode Falowo or failing him, Mr. remuneration of Directors
Gana Bunkaya as my/our proxy to act and vote for
me/us and on my/our behalf at the Annual General
Meeting of the Company to be held on Friday, February 25, 2022 at 12.00 p.m. and at any adjournment thereof.
As witness under my/our hand this.................... day of............................. 2022
Signed........................................................
Notes:
A member entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend and
vote in his/her stead. To be effective, this form of proxy must be signed and deposited at Greenwich Trustees, 2-
10, Catholic Mission Street, Lagos, not less than 48 hours before the time for holding the Annual General Meeting.
A proxy need not to be a member of the Company.
In the case of joint Shareholders, anyone of such may complete the form but the name of all joint shareholders
must be stated.
It is required by the law under Stamp Duties Act, Cap S8 Laws of the Federation of Nigeria 2004 as amended,
that any instrument of proxy to be used for the purpose of voting by any person entitled to vote at any meeting
of shareholders must bear Stamp Duty at the appropriate rate, not adhesive postage stamps
If the shareholder is a corporation, this form may be under its common seal if the corporation has a common
seal.
Before posting the above card, tear off this part and retain same.
ADMISSION CARD
GREENWICH TRUSTEES LIMITED
ANNUAL GENERAL MEETING
PLEASE ADMIT ELECTRONICALLY, ONLY THE SHAREHOLDER NAMED ON THIS CARD OR HIS DULY APPOINTED
PROXY TO THE ANNUAL GENERAL MEETING THAT WILL BE HELD VIRTUALLY AT 2-10, CATHOLIC MISSION
STREET, LAGOS ON FRIDAY, FEBRUARY 25, 2022 AT 12:00 P.M.
NAME OF SHAREHOLDER ……………………………………………………………. SIGNATURE………………………………………………
ADDRESS……………………………………………………………………………………………………………………………………………………………
THIS CARD IS TO BE ELECTRONICALLY SIGNED
05
RC 180089
Please affix Postage stamp
GREENWICH TRUSTEES LIMITED
5th Floor, St. Nicholas House,
2-10, Catholic Mission Street,
Lagos
06
Board of Directors Profile RC 180089
Annual Report And Financial Statements for the year ended December 31, 2021
He is a seasoned Investment Banker. He holds a BSc. (Hons) in Agricultural
Engineering from the University of Ife (now Obafemi Awolowo University, Ile
Ife) Oyo State in 1982 and an MBA (Finance) from the University of Benin.
He was a Council member of the Nigerian Stock Exchange and once served
as the Chairman of the Capital Market Committee on Products and Business
Development. He currently sits on the Board of the National Association of
Securities Dealers (NASD) Plc., where he is also the Chairman of the Rules
Committee.
Kayode Falowo is an active member of numerous professional and industry
associations. He is a distinguished Fellow of the Chartered Institute of
Stockbrokers, a Fellow of the Association of Investment Advisers and
Portfolio Managers, a Fellow of the Association of Pension Funds of Nigeria,
and a Fellow of the Certified Pension Institute of Nigeria. He is also a member
of the Nigerian Economic Summit Group, the Lagos Chamber of Commerce
& Industry, the Institute of Directors (IoD) Nigeria, the Institute of
Management Consultants, and the Nigerian Institute of Management.
Mr. Kayode Falowo
Chairman
He has in the recent past served as Chairman of the Association of Issuing
Houses of Nigeria (AIHN), a member of the Technical Committee of the
National Council on Privatisation, member of the sub-committee on the Extractive Industry of the Bureau of Public Enterprises and
a member of the National Bond Steering Committee.
He is the immediate past President and Chairman of Council of the Nigerian-British Chamber of Commerce (NBCC). He is also a
Council Member of the Nigerian-Malaysian Business Council.
Mr. Falowo is the Chairman of Greenwich Registrars and Data Solutions Limited, Chairman of GTL Trustees Limited and Chairman
of Meyer Plc. He sits on the Board of the Olusegun Agagu Foundation, and on the Board of Trustees at the University College
Hospital Foundation Ibadan and the Ondo State Cancer Foundation.
Mr. Falowo is a Paul Harris Fellow and a major donor of the Rotary International Club. He is also a Member of the Metropolitan
Club, Ikeja Golf Club, the Lagos Motorboat Club and the Ikoyi Club, Lagos.
Dr. Olutoyin Okeowo is the Managing Director/Chief Executive Officer of
Metropolitan Motors Ltd. He has a wide range of experience having served
on the board of several companies, including VT Leasing Limited, Meyer
Plc., Greenwich Trust Limited, Funds Electronic Transfer Systems Limited,
Kabelmetal Nigeria Plc., Oasis Insurance Plc and TMJ Properties Limited.
He started his career as a lecturer in the faculty of Business
Administration, the University of Lagos, before he resigned to join the
family business in 1986.
Mr. Okeowo is the Chairman of the Equipment Leasing Association of Nigeria
(ELAN) and the Chairman of the Board of Trustees of the University College
Hospital (UCH) Ibadan Foundation. He is a member of the Governing Council
of several institutions including the Nigerian Institute of Management (NIM),
Ajayi Crowther University, Oyo State and Immanuel College of Theology,
Ibadan. In recognition for his unwavering and outstanding dedication to the
service, in 2019, he was conferred the honorary degree of Doctor of Science
(D.Sc) Business Administration by Ajayi Crowther University
Mr. Olutoyin Okeowo
Non-executive Director
027
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Board of Directors Profile (Cont’d) RC 180089
Annual Report And Financial Statements for the year ended December 31, 2021
He holds a master's degree in Management Science and Technology from the University of Wales, UK, Institute of Science and
Technology. He is an alumnus of Lagos Business School and a Fellow of the Institute of Directors of Nigeria (IOD).
He is a member of Metropolitan Club, Victoria Island. Lagos.
Mr. Adewale Adegbite is currently the group managing director of Oasis
Group Limited.
He is an accountant who previously worked at KPMG UK, Accenture Nigeria,
and NBM Bank PLC (now part of Sterling Bank Nigeria PLC) before joining
the Oasis Group.
He is presently on the board of AIICO Pension Managers Limited,
Greenwich Registrars and Data Solutions Limited, and Cedar Express
Limited.
He is a fellow of the Institute of Chartered Accountants in England and Wales
(ICAEW), an associate of the Institute of Chartered Accountants of Nigeria
(ICAN), and chairman of Manufacturers Association of Nigeria (Ogun State
Mr. Adewale Adegbite Branch).
He graduated with a first-class honors degree from the University of Sheffield
Non-executive Director
and obtained a master's degree from London School of Economics (LSE).
Mr. Tony Uponi graduated with a Bachelor of Laws (LL.B Hons) degree from
the University of Benin in 1986, and immediately proceeded to the Nigerian
Law School where he graduated with a second class upper and was
accordingly called to Bar in October 1987. He subsequently pursued a
postgraduate programme leading to the award to him, of a Master of Laws
(LL.M) degree (with specialisation in Company Law) from the University of
Lagos in 1992.
Upon completion of his postgraduate programme, Mr. Tony Uponi
established the Law Firm of Marriot Solicitors where he has been the
Principal Partner since 1992.
He has over the past 32 years, been fully engaged in private legal practice.
He was conferred the status of a Notary Public by the Supreme Court of
Nigeria in Year 2009.
Mr. Tony Uponi Mr. Tony Uponi is registered as a Capital Market Consultant by the Securities
& Exchange Commission and is a member of the Capital Market Solicitors
Non-executive Director Association.
financial services sector. He has played an active role as a Solicitor and Legal Consultant on several
landmark mergers, acquisitions, capital raising and other transactions in the
He presently sits as a Director in several reputable Companies including Meyer Plc, Citadel Nominees Limited, and Davennis
Limited.
He has attended several local and international seminars as well as training programs organised for Directors.
028
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Board of Directors Profile (Cont’d) RC 180089
Annual Report And Financial Statements for the year ended December 31, 2021
Mrs. Morenike Agbe-Davies holds a law degree from Sussex University and
was called to the Nigerian Bar in the year 2006. She then pursued a
postgraduate program leading to the award of LL.M. Law (Hons) from King's
College London between 2009 and 2010.
She is currently the Managing Attorney of Silvax Legal, the brainchild of
Angela Morenike Adebayo. The company was borne out of clients' demand
for cost-effective, fast, and efficient legal filings services in an industry where
services such as these are not the priority.
Mrs. Morenike Agbe-Davies Between 2008 and 2009, Mrs. Agbe-Davies worked as a solicitor at Aluko &
Oyebode where she handled large intellectual property portfolios for both
Non-executive Director international and Nigerian clients (including The Coca-Cola Company,
GlaxoSmithKline, and Nokia). Also, she was a foreign legal consultant at A.
Williams & Co. (Solicitors) in London where she carried out legal research on
an array of different transactions.
She worked as a solicitor at Bentley Edu & Co. in association with Irving & Bonnar where she headed the Intellectual Property Law
Department between 2010 and 2012.
Alhaji Lawal Sanni Stores Alhaji Sanni Stores holds an MBA in Finance and Investment from Bayero
University and HND in Business Studies from West Bromwich College of
Non-executive Director Commerce and Technology England. He has over 30 years work experience
with exposure to operations of Nigerian Capital Market at various levels both
at home and internationally.
Alhaji Sanni Stores worked with the Nigerian Stock Exchange from 1981 to
2001 and left as a Deputy General Manager. He joined the Securities and
Exchange Commission (SEC) in 2001 a Deputy Director and subsequently
rose to become a Director, he was appointed as an Executive Commissioner
of Finance and Administration at SEC.
He has attended various leadership courses and has served in various
Capital Market Committee.
029
Board of Directors Profile (Cont’d) RC 180089
Annual Report And Financial Statements for the year ended December 31, 2021
Mr. Gana who has well over 20 years of experience in the practice of law and
Trusteeship obtained a Bachelor of Laws degree from the prestigious
Ahmadu Bello University, Zaria in 1988 and was subsequently called to
the Nigerian Bar in 1989.
Mr. Bunkaya B. Gana He started his working career as Litigation Counsel with the firm of L.D
Nzadon & Co (legal practitioners) in November,1990 up till April1992 when
Managing Director he joined Taraba Investment and Properties Ltd as Legal Executive. He rose
to become the Acting Company Secretary/ Legal Adviser of that company. In
his quest to change career path, Mr. Gana moved to Lagos to take up
appointment as Pro-Manager with the defunct Afribank Trustees and
Securities Limited (which later became GTL Trustees Limited) in February,
1997. Mr. Gana has been a consistent and committed staff rising through the
ranks to become an Executive Director with GTL Trustees Limited in
September 2019.
He was appointed the Acting Managing Director in April 2020. In recognition
of his commitment and dedication to the course of the Company, the Board of Directors, at its first quarter meeting of 5th March,
2021, unanimously confirmed the appointment of Mr. Gana as substantive Managing Director.
Mr. Gana has attended both local and international courses in Trusteeship, securitization and leadership. He is an alumni of the
Lagos Business School, Lagos.
120
3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Chairman's Statement
Distinguished Shareholders, Members of the Board of Directors, Ladies and Gentlemen, welcome to the 5th Annual
General Meeting of our company.
In accordance with our usual practice, I am pleased to present an overview of the 2021 macroeconomic environment, a
review of our performance for the year and our outlook for 2022.
REVIEW OF THE MACROECONOMIC ENVIRONMENT
In 2021, the global economy rebounded strongly from the shocks induced by the Covid-19 pandemic. This occurred as
a result of the rapid development and rollout of vaccines and unprecedented level of support from governments and
multilateral organizations. The easing of lockdown measures led to improved economic activities which translated into
increased production activities, energy demand and commodity demand. Conversely, world economies experienced
record levels of inflation, arising from robust consumer demand, the ripple effect of several fiscal stimulus packages
and higher global commodities prices due to supply chain disruption.
The economic growth momentum is however expected to slow down as new challenges emerge. The pandemic
continues to evolve with newer strains of the Coronavirus variants (such as Delta and more recently, Omicron)
preventing full recovery and return to normal activities.
Nigeria witnessed improved economic activities which translated to resounding economic growth performance in the
first three (3) quarters of the year, as reported by the National Bureau of Statistics (NBS). Following the reversal of the
recession in Q4 2020, the economy grew for the next four quarters attaining a growth rate of 4.03% in Q3, 2021. The
positive performance was attributable mainly to growth in the Trade, Telecommunication, Financial Institutions,
Manufacturing and Agricultural sectors. Conversely, a decline was witnessed in the Oil and Gas sector.
The Manufacturing Purchasing Managers’ Index (PMI) closed the year above the 50-index point benchmark, recording
52.0 index points in December 2021 from 44.9 index points in January 2021. This indicated a gradual recovery of
output growth, driven largely by the increase in new orders associated with rising aggregate demand and an upward
swing in business activities. The Non-Manufacturing PMI improved significantly but below the 50-index point
benchmark recording 48.0 index points in December 2021 from 43.3 index points in January 2021.
During the year, Nigeria experienced very high levels of inflation, with its headline inflation rate reaching as high as
18.17% YoY at the end of the first quarter in 2021, having trended upwards for twenty (20) consecutive months. The
rising inflation trajectory was anchored on higher food prices locally and exacerbated by the imported food component
of the Consumer Price Index (CPI), which in turn reflected the volatile exchange rate environment. However, we saw
moderation after March 2021, setting the stage for a straight eight-month deceleration up till November with an index
of 15.40%. Currently the inflation rate stands at 15.60%.
As the economy edged into recovery in 2021, the Central Bank of Nigeria (CBN), through the Monetary Policy
Committee (MPC), maintained its stance, retaining all parameters throughout the year with the Monetary Policy Rate
(MPR) and Cash Reserve Ratio (CRR) closing at 11.50% and 27.50% respectively.
The equities market continued to witness improved liquidity in the system with an associated decline in yields. This
sufficiently placed the equities market on the bullish side in 2021. The participation of domestic investors improved
significantly compared to 2020, as domestic participation accounted for 77.12% of the market against 66.37% in
2020. The reopening of businesses and normalisation of economic activities, associated with the revenue diversification
in Nigeria drove positive sentiments in the equities market. Therefore, the Exchange closed the year with 6.07% growth
despite fears that the Omicron variant will take a heavy toll on stock investors’ risk appetites.
At the end of December 2021, PMA stop rates on government treasury bills were 2.49%, 3.45% and 4.90% for the 91-
day, 182-day and 364-day bills, respectively, as compared to the January 2021 figures of 0.50%, 1.00% and 1.50%.
The average yield in the fixed income space rose to 10.2% YTD as of December 2021, up from 5.1% in FY-2020. This
was largely supported by increased domestic debt financing, and demand for higher rates from private sector money
managers.
11
3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Chairman's Statement Cont'd
The exchange rate saw multiple instances of sharp depreciation over the course of the year. The parallel
marketexperienced the worst of it, with a 22.8% depreciation putting it at NGN565/USD on the last day of December
2021. This was driven by high demand for dollar amidst the low supply. The lack of supply was further aggravated by
the CBN’s decision to stop the sale of dollars to Bureau De Change Operators (BDCs) citing that they were operating
contrary to existing agreements that guided their sales and thus contributed to the manipulation of exchange rates. The
rates on the Investor’s and Exporter’s FX Window (I&EW) weakened to NGN435/USD in December 2021 from January’s
NGN394/USD.
Despite the persistence of several contemporary issues such as lack of sufficient infrastructure, bloating fiscal debt,
insecurity threats, weak consumer spending, soaring poverty rate, among others, we must recognize that the Nigerian
economy showed some resilience by recording impressive growth in 2021. This was largely supported by various
government interventions in leading sectors of the economy.
PERFORMANCE REVIEW FOR 2021
Our Company recorded impressive growth across key profitability indices for the 2021 financial year. Our strategic
investment decisions have largely contributed to our outstanding financial performance in 2021.
Despite the challenging environment in 2021, we achieved a gross interest income of N1.88billion, increasing by 49.71%
from N1.26billion in 2020, while interest expense increased slightly by 8.54% to N454.17 million from N418.45million.
This was largely attributable to the company’s ability to successfully leverage on the high interest rate environment. As a
result, we recorded an operating profit of N1.13 billion, representing an increase of 92.28% from N0.59billion in 2020.
The Profit After Tax (PAT) grew by 74.58% to N909million from N521million recorded in 2020, while the net asset
position was up by 14.06% to N3.53billion from N3.10billion recorded in December 2020.
During the year, an interim dividend of N0.30kobo was paid. Following due consideration of the financial performance,
the Board hereby proposes a final dividend of N1.30 kobo per share for the year 2021.
THE BOARD OF DIRECTORS
There were no changes to the composition of the Board during the period under review
OUTLOOK FOR 2022
The year 2022 is a pre-election year and is full of several uncertainties due to the gradual rise in political tension.
Nonetheless, we expect the Nigerian economy to continue in its expansionary trajectory. The continued intervention by
the CBN, early implementation of the 2022 budget, government expenditure on capital projects and intensified credit
facilities to the private sector is set to spur the performance in the non-oil sector, especially in the Trades, Manufacturing,
and Agricultural sectors. Also, the improved activities in the global oil market which have elevated global oil prices is
expected to buoy the nation’s revenue generation.
However, contemporary structural issues such as lack of infrastructure, insecurity, oil bunkering, weak consumer
spending, etc still linger and may put a cap on the economic performance of the country.
APPRECIATION
2021 was indeed a successful year. The superior performance recorded in the year was made possible by the collective
efforts of all our stakeholders.
We will continue to focus on pursuing sustainable growth, exploring new opportunities, driving innovation, and striving to
become a world-class and modern financial enterprise.
12
3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Chairman's Statement Cont'd
Before closing, I would like to sincerely appreciate our customers for their unwavering loyalty, our Staff and Management
for their dedication and commitment, and our Board for continually guiding our company along the path of sustained
growth. I also wish to thank all our Shareholders for your understanding and support over the years.
Thank you and God Bless
__________________________________
KAYODE FALOWO
Chairman
FRC/2014/CISN/00000007051
13
3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Directors' Responsibilities and Approval
The directors are required in terms of the Companies and Allied Matters Act, 2020 to maintain adequate accounting
records and are responsible for the content and integrity of the annual report and financial statements and related
financial information included in this report. It is their responsibility to ensure that the annual report and financial
statements fairly present the state of affairs of the company as at the end of the financial year and the results of its
operations and cash flows for the period then ended, in conformity with International Financial Reporting Standards.
The external auditors are engaged to express an independent opinion on the annual report and financial statements.
The annual report and financial statements are prepared in accordance with International Financial Reporting
Standards and are based upon appropriate accounting policies consistently applied and supported by reasonable and
prudent judgements and estimates.
The directors acknowledge that they are ultimately responsible for the system of internal financial control established
by the company and place considerable importance on maintaining a strong control environment. To enable the
directors to meet these responsibilities, the board of directors sets standards for internal control aimed at reducing the
risk of error or loss in a cost effective manner. The standards include the proper delegation of responsibilities within a
clearly defined framework, effective accounting procedures and adequate segregation of duties to ensure an acceptable
level of risk. These controls are monitored throughout the company and all employees are required to maintain the
highest ethical standards in ensuring the company’s business is conducted in a manner that in all reasonable
circumstances is above reproach. The focus of risk management in the company is on identifying, assessing, managing
and monitoring all known forms of risk across the company. While operating risk cannot be fully eliminated, the
company endeavours to minimise it by ensuring that appropriate infrastructure, controls, systems and ethical
behaviour are applied and managed within predetermined procedures and constraints.
The directors are of the opinion, based on the information and explanations given by management, that the system of
internal control provides reasonable assurance that the financial records may be relied on for the preparation of the
annual report and financial statements. However, any system of internal financial control can provide only reasonable,
and not absolute, assurance against material misstatement or loss.
The external auditors are responsible for independently auditing and reporting on the company's annual report and
financial statements. The annual report and financial statements have been examined by the company's external
auditors and their report is presented on pages 9 to 11.
14
3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Financial Statements Certification
In accordance with section 405 of the Companies and Allied Matters Act of Nigeria, Chief Executive Officer and Chief
Financial Officer certify that the financial statements have been reviewed and based on our knowledge, the audited
financial statements do not contain any untrue statement of material fact or omit to state a material fact which would
make the statements misleading, in the light of the circumstances under which such statement was made. The
audited financial statements and all other financial information included in the statements fairly present, in all material
respects, the financial condition and results of operation of the company as of and for, the period covered by the
audited financial statements.
We state that the management and directors:
are responsible for establishing and maintaining internal controls and have designed such internal controls
to ensure that material information relating to the Company is made known to the officers of the Company,
particularly during the period in which the audited financial statement report is being prepared;
have evaluated the effectiveness of the Company's internal controls within 90 days prior to the date of its
audited finanacial statements; and
certify that Company's internal controls are effective as of that date
We have disclosed:
all significant deficiencies in the design or operation of internal controls which could adversely affect the
company's ability to record, process, summarise and report financial data, and have identified for the
company's auditors any material weaknesses in the internal controls; and
whether or not there is any fraud that involves management or other employees who have a significant role in
the company's internal controls; and
as indicated in the report, whether or not there were significant changes in internal controls or in other
factors that could significantly affect internal controls subsequent to the date of their evaluation, including
any corrective actions to significant deficiencies and material weaknesses.
Bunkaya Bitrus Gana Musa Muibi
Managing Director Chief Financial Officer
FRC/2020/003/00000020973 FRC/2014/ICAN/0000006447
15
3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Directors' Report
The directors have pleasure in submitting their report on the annual report and financial statements of Greenwich
Trustees Limited for the year ended December 31, 2021.
1. Legal Form
The Company was incorporated as Afribank Trustees and Securities on 6 November 1991 as a private limited liability
company and started operation on 18 April 2000. The name of the Company was changed to Afribank Trustees and
Investments Limited on 31 December 1999. Consequent upon the acquisition of all the assets, deposit liabilities and
certain other liabilities of the defunct and liquidated Afribank Nigeria Plc (parent company) from the National Deposit
Insurance Corporation (NDIC) through a Purchase and Assumption Agreement by Asset Management Corporation of
Nigeria (AMCON) and change of name to Mainstreet Bank Limited, the Company changed its name to Mainstreet Bank
Trustees and Asset Management Company Limited thus became a wholly owned subsidiary of Mainstreet Bank Limited.
On 27 November 2015, AMCON fully divested its interest in Mainstreet Bank Limited to Skye Bank Plc.
On 30th January 2017, Skye Bank Plc (the erstwhile parent company of Mainstreet Bank Trustees and Asset
Management Company Limited) executed a Share Purchase Agreement with ML Nominees Limited to transfer its
450,000,000 ordinary shares of N1 each held in Mainstreet Bank Trustees and Asset Management Company Limited to
ML Nominees Limited. ML Nominees Limited also obtained an approval from the Securities and Exchange Commission
(SEC) for the purchase of Mainstreet Bank Trustees and Asset Management Company Limited from Skye Bank Plc.
Following this development, the Company became a wholly owned subsidiary of ML Nominees Limited and on 05 May
2017, the name of the company was changed to GTL Trustees Limited. In 2018, ML Nominees divested its stake to
other shareholders.
Change of Company's Name.
In 2019 during the Company's Annual General Meeting, the Board of directors proposed a change of Company's name
from GTL Trustees Limited to Greenwich Trustees Limited. Subsequently, the company sought approval from Securities
and Exchange Commission (SEC) and through its letter dated 28th April 2021, the Commission conveyed its appoval to
that effect. Therefore it was resolved that the name of the Company be further changed and known as Greenwich
Trustees Limited.
2. Principal activity
Greenwich Trustees Limited principal activity continues to be the provision of trusteeship and fund/portfolio
management services to its public, corporate and individual customers.
3. Review of financial results and activities
The annual report and financial statements have been prepared in accordance with International Financial Reporting
Standards and the requirements of the Companies and Allied Matters Act, 2020. The accounting policies have been
applied consistently compared to the prior year.
The company recorded a net profit after tax for the year ended December 31, 2021 of N 909,457,000. This
represented an increase of 75% from the net profit after tax of the prior year of N520,950,000.
Company revenue also increased by 50% from N1,260,183,000 in the prior year to N1,886,578,000 for the year
ended December 31, 2021
16
3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Directors' Report
4. Share capital 2021 2020
Authorised Number of shares
Ordinary shares
450,000,000 450,000,000
Issued
Ordinary shares 2021 2020 2021 2020
N. '000
N. '000 Number of shares
450,000
450,000 450,000,000 450,000,000
There have been no changes to the authorised or issued share capital during the year under review.
5. Dividends
The Board of Directors proposed and made payment of an interim dividend of N0.30 per issued and paid up share
capital of N450,000,000. A final dividend of N1.30 is now being proposed and recommended. Payment of dividends is
subject to withholding tax at the rate of 10% in the hand of recipients.
6. Directorate
The directors in office at the date of this report are as follows:
Directors Office Position
Non-executive
Mr. Olukayode Akintunde Falowo Chairman Executive
Non-executive
Mr. Bunkaya Bitrus Gana Managing Director Non-executive
Non-executive
Mr. Olutoyin Okeowo Director Non-executive
Non-executive
Mr. Anthony Chukuka Uponi Director
Mrs. Morenike Agbe-Davies Director
Mr. Adewale Adegbite Director
Alhaji Lawal Sani Stores Director
There have been no changes to the directorate for the year under review.
7. Directors' interests in shares
As at December 31, 2021, the directors of the company held direct and indirect beneficial interests in 91% (2020:
91%) of its issued ordinary shares, as set out below.
Interests in shares
2021 2020 2021 2020
Direct
Direct Indirect Indirect
-
Mr. Olukayode Akintunde Falowo - - 350,480,000 350,480,000
Mr. Olutoyin Okeowo 1,000,000
Mr. Anthony Chukuka Uponi - - 11,000,000 11,000,000
Mrs. Morenike Agbe-Davies -
Mr. Adewale Adegbite - 1,000,000 - -
Alhaji Lawal Sani Stores
1,000,000 ---
- 47,000,000 47,000,000
---
1,000,000 408,480,000 408,480,000
There have been no changes in beneficial interests that occurred between the end of the reporting period and the date
of this report.
17
3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Directors' Report
8. Directors' interests in contracts
In accordance with Section 277 of the Companies and Allied Matters Act, 2020, none of the Directors had direct or
indirect interests in contracts or proposed contracts with the Company during the year.
9. Property, plant and equipment
Information relating to changes in property, plant and equipment during the year is given in Note 4 of the financial
statements. In the opinion of the directors, the net realizable value of the property, plant and equipment is not less
than the value shown in the financial statements.
At December 31, 2021 the company's investment in property, plant and equipment amounted to N11,748,000 (2020:
N 15,447,000), of which N5,442,000 (2020: N 531,000) was added in the current year through additions.
10. Donation and charitable gifts
During the year, the Company incurred a total donation of N5,925,280 through Greenwich Foundation to Warif Women
Empowerment program and joint sponsor of 19 patients' medical bills at the Federal Medical Centre (FMC) Ebute
Metta (2020: Nil).
11. Analysis of shareholdings
The shareholding pattern of the Company as at 31 December is as stated below:
Shareholders as at 31 Decemebr 2021 Issued and fully paid Number in %
units
Greenwich Registrars and Data Solution Limited 181,430 40
Hoakland ventures Limited 101,553 23
Greenwich Trust Limited 67,500 15
Oasis Group Limited 47,000 10
Others with shareholdings less than 5% 52,517 12
450,000 100
Shareholders as at 31 Decemebr 2020 Issued and fully paid Number in %
units
Greenwich Registrars and Data Solution Limited 181,430 40
Hoakland ventures Limited 101,553 23
Greenwich Trust Limited 67,500 15
Oasis Group Limited 47,000 10
Others with shareholdings less than 5% 52,517 12
450,000 100
12. Health and safety at work
The Company places a high premium on the health, safety and welfare of its employees at place of work. All efforts are
geared towards providing a safe and conducive working environment for employees. To this end, there is a health and
safety policy supported by systems and procedures for ensuring that safe working practices are followed in the
performance of all Company functions. In addition, medical facilities at specified limits are provided to employees at
the Company’s expense.
13. Employment of disabled persons
It is the policy of the Company to ensure that there is no discrimination in considering applications for employment
including those of physically challenged persons. The policy ensures that disadvantaged persons are afforded, as far as
is practicable, identical opportunities with other employees. There was no such physically challenged person employed
during the twelve months ended 31st December, 2021.
18 7
3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Directors' Report
14. Employee involvement and training
Training courses are geared towards the developmental needs of staff and the improvement in their skill sets to face
the increasing challenge required for better performance on their jobs. The Company ensures that staff receive
continuous on-the-job training and also attend overseas training courses and conferences.
15. Auditors
SIAO (Chartered Accountants) have indicated their willingness to continue in office as Auditors in accordance with
section 401(2) of the Companies and Allied Matters Act, 2020. A resolution will be proposed at the Annual General
Meeting authorizing the directors to determine their remuneration.
By Order of the Board
Marriot Solicitors
Company Secretary
Kalu O. Kalu
FRC/2020/002/00000021788
19
3
Independent Auditor's Report
To the Shareholders of Greenwich Trustees Limited
Opinion
We have audited the annual report and financial statements of Greenwich Trustees Limited (the company) set out
on pages 12 to 42, which comprise the statement of financial position as at December 31, 2021, statement of profit
or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year
then ended, and notes to the annual report and financial statements, including a summary of significant accounting
policies.
In our opinion, the annual report and financial statements present fairly, in all material respects, the financial
position of Greenwich Trustees Limited as at December 31, 2021, and its financial performance and cash flows for
the year then ended in accordance with International Financial Reporting Standards and the requirements of the
Companies and Allied Matters Act, 2020.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Annual Report And Financial
Statements section of our report. We are independent of the company in accordance with the International Ethics
Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International
Independence Standards) (Parts 1, 3 and 4A) (IESBA Code) and other independence requirements applicable to
performing audits of annual report and financial statements in Nigeria. We have fulfilled our other ethical
responsibilities in accordance with the IESBA Code and in accordance with other ethical requirements applicable to
performing audits in Nigeria. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Other Information
The directors are responsible for the other information. The other information comprises the information included
in the document titled "Greenwich Trustees Limited annual report and financial statements for the year ended
December 31, 2021", which includes the Directors' Report and the Financial Statements Certification as required
by the Companies and Allied Matters Act, 2020 and the supplementary information as set out on page 44. The
other information does not include the annual report and financial statements and our auditor's report thereon.
Our opinion on the annual report and financial statements does not cover the other information and we do not
express an audit opinion or any form of assurance conclusion thereon.
In connection with our audit of the annual report and financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the annual
report and financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
20
3
Independent Auditor's Report
Responsibilities of the Directors for the Annual Report And Financial Statements
The directors are responsible for the preparation and fair presentation of the annual report and financial statements
in accordance with International Financial Reporting Standards and the requirements of the Companies and Allied
Matters Act, 2020, and for such internal control as the directors determine is necessary to enable the preparation
of annual report and financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the annual report and financial statements, the directors are responsible for assessing the company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the company or to cease
operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Annual Report And Financial Statements
Our objectives are to obtain reasonable assurance about whether the annual report and financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with International Standards on Auditing will always detect a material misstatement when
it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these annual report and financial statements.
As part of an audit in accordance with International Standards on Auditing, we exercise professional judgement and
maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the annual report and financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor's report to the related
disclosures in the annual report and financial statements or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's
report. However, future events or conditions may cause the company to cease to continue as a going
concern.
Evaluate the overall presentation, structure and content of the annual report and financial statements,
including the disclosures, and whether the annual report and financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
1201
3
Independent Auditor's Report
__________________________________
SIAO
Abiodun Ariyibi
Partner
(Chartered Accountants)
February 21, 2022
23 211
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
CORPORATE GOVERNANCE REPORT
Background
Greenwich Trustees Limited maintains its commitment to the highest standards of Corporate Governance practice
and ethical conduct in every area of its business to strengthen the Company's financial position, guarantee long term
growth, build market confidence and ensure accountability to shareholders.
The Company's governance framework aligns with global best practices and complies with the requirements of the
Nigerian Code of Corporate Governance 2018, the Securities and Exchange Commission (SEC) Code of Corporate
Governance, the Audit Regulations and Companies and Allied Matters Act 2020.
Local Legislations and International Recommendations
• Greenwich Trustees complies with all applicable laws and regulations.
• Greenwich Trustees ensures strict compliance with the Companies and Allied Matters Act 2020, Nigerian
Code of Corporate Governance 2018, Companies Regulation 2021, Investments & Securities Act, the
Securities & Exchange Commission Rules & Regulations, Nigeria Data Protection Regulation 2019, Audit
Regulations 2020, Finance Act and Anti-Money Laundering Act.
Local Legislations and International Recommendations
The Board is made up of (6) six Non- Executive Directors including the Chairman and one Executive Director who is
the Managing Director. The Board is headed by the Chairman. The Non-Executive Directors are independent of
Management and can carry out their oversight functions objectively and effectively.
The Board of Directors is the governing body of the Company and is responsible for the overall supervision and
direction of the Company and takes appropriate action to protect the interests of the shareholders and other
stakeholders.
The Board has also delegated to Management, the day to day management of the business and the Management of
the Company reports directly to the Board.
NAME DESIGNATION
Mr. Kayode Falowo Chairman
Dr. Olutoyin Okeowo Non-Executive Director
Mr. Wale Adegbite Non-Executive Director
Mr. Tony Uponi Non-Executive Director
Mrs. Morenike Agbe-Davies Non-Executive Director
Alhaji Lawal Sanni Stores Non-Executive Director
Mr. Bunkaya Gana Managing Director
Composition of Board Committees
There are three (3) Committees of the Board of Directors namely:
1. Board Governance Committee
2. Board Finance and Strategy Committee
3. Board Risk Management and Audit Committee
23
3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
CORPORATE GOVERNANCE REPORT Cont'd
Board Governance Committee
The Board Governance Committee is responsible for identifying and recommending to the Board individuals qualified
to serve as staff of the Company and overseeing the evaluation of the Management of Greenwich Trustees and
developing to the Board, a set of corporate governance principles to apply.
The membership of the Committee during the year is as follows:
Mr. Tony Uponi.
Mrs. Morenike Agbe-Davies.
Board Finance and Strategy Committee
The Board Finance and Strategy Committee is responsible for assisting the Board in fulfilling its responsibility to its
stakeholders in respect of the policies, practices and strategies that relate to the management of the financial affairs
of the Company.
The membership of the Committee during the year is as follows:
Mr. Wale Adegbite
Mrs. Morenike Agbe-Davies
Board Risk Management and Audit Committee
The Board Risk Management and Audit Committee is responsible for assisting the Board in ensuring that adequate
and sound framework for the integrity of financial reporting, adequacy of the control environment, management of
risk, internal and external audit function and compliance function exist in all areas of the Company.
The membership of the Committee during the year is as follows:
Dr. Olutoyin Okeowo
Alhaji Lawal Sanni Stores
Schedule of Board and Board Committees Meetings held in 2021
Directors Board Board Governance Board Finance and Board Risk
Management and
Committee Strategy Audit Committee
4
Committee
N/A
Attendance/No. of 4 4 4 4
N/A
Meetings N/A
N/A
Mr. Kayode Falowo 4 N/A N/A
4
Dr. Olutoyin Okeowo 4 N/A N/A
Mr. Wale Adegbite 4 N/A 4
Mr. Tony Uponi 4 4 N/A
Mrs. Morenike Agbe- 4 4 4
Davies
Alhaji Lawal Sanni 3 N/A N/A
Stores
Data Protection
Greenwich Trustees has duly complied with the provisions of the Nigerian Data Protection (NDPR) including the
filing of the Annual Compliance Report. The Company engaged the firm of Andersen Tax LP as its Data Protection
Compliance (DPCO) which carried out a data protection compliance audit on the Company.
The National Information Technology Development Agency (NITDA) certified that the Company was NDPR Audit
Compliant in 2021 and the Company’s name is currently on the portal of NITDA as one of the Companies
complying with the NDPR.
24
3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
CORPORATE GOVERNANCE REPORT Cont'd
Shareholder Engagement
The Board of Directors encourages dialogues and exchange of ideas with Greenwich Trustees shareholders. The
Company ensures shareholders receive timely, factual and accurate information and encourages shareholder
participation at general meetings.
The general meeting is the main channel for shareholder participation during which presentations are made and
activities are carried out in order to foster constructive dialogue with the shareholders.
The Company encourages shareholders to contact the Company Secretary for any enquiries or inspections permitted
by the Companies and Allied Matters Act.
Independent Auditors
The Company's auditors are SIAO Partners.
Report of External Auditors
In line with regulatory and global best practices, the Company undertakes a review of Management letters from the
Independent External Auditors on a periodic audit of the Company, this is to ensure that all exceptions are complied
with and for the implementation of the Auditors recommendations.
25
3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Statement of Financial Position as at December 31, 2021
Figures in Naira thousand Note(s) 2021 2020
Assets
Cash and cash equivalents 3 11,545,811 12,267,711
Investment securities
Trade and other receivables 7 4,057,460 3,954,821
Property, plant and equipment
Investment property 9 1,024,381 933,628
Intangible assets
Deferred tax 4 11,748 15,447
Total assets
5 1,043,163 1,043,163
Equity and Liabilities
Equity 6 679 2,090
Share capital
Retained earnings 8 - 19,405
Fair value reserve
17,683,242 18,236,265
Liabilities
Non-Current Liabilities 10 450,000 450,000
Deferred tax
3,144,514 2,730,057
Current Liabilities
Clients managed funds (59,527) (80,861)
Trade and other payables
Current tax payable 3,534,987 3,099,196
Total Liabilities 8 2,153 -
Total Equity and Liabilities
11 13,529,485 14,721,641
12 411,641 407,431
13 204,976 7,997
14,146,102 15,137,069
14,148,255 15,137,069
17,683,242 18,236,265
The annual report and financial statements and the notes on pages 5 to 44, were approved by the board of directors on
the 4th February, 2022 and were signed on its behalf by:
Olukayode Akintunde Falowo Bunkaya Bitrus Gana
(Chairman) (Managing Director)
FRC/2014/CISN/0000007051 FRC/2020/003/00000020973
Musa Adekunle Muibi
(Chief Financial Officer)
FRC/2014/ICAN/0000006447
The accounting policies on pages 16 to 27 and the notes on pages 28 to 42 form an integral part of the annual report
and financial statements.
23162
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Statement of Profit or Loss and Other Comprehensive Income
Figures in Naira thousand Note(s) 2021 2020
Gross interest income 14 1,886,578 1,260,183
Fund management expense 15 (454,174) (418,448)
Net interest income 1,432,404 841,735
Other income
Net trading gains 16 3,046 11,974
Personnel expenses
Depreciation expense on property & equipment - 214
Amortisation of intangible assets
Other operating expenses (83,518) (85,921)
Operating profit (9,141) (8,874)
Impairment (loss allowance)/write back
(2,265) (2,979)
Profit before taxation
Taxation 18 (214,846) (170,716)
Profit for the year 17 1,125,680 585,433
Other comprehensive income: 21 10,114 7,095
Items that will not be reclassified to profit or loss: 1,135,794 592,528
Equity investments at FVOCI -net change in fair value
22 (226,337) (71,578)
Other comprehensive income for the year net of taxation
909,457 520,950
Total comprehensive income for the year
21,334 18,978
21,334 18,978
930,791 539,928
The accounting policies on pages 16 to 27 and the notes on pages 28 to 42 form an integral part of the annual report
and financial statements.
27
3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Statement of Changes in Equity
Share capital Fair value Retained Total equity
reserve earnings
Figures in Naira thousand
Balance at January 1, 2020 450,000 (99,839) 2,614,107 2,964,268
Profit for the year - - 520,950 520,950
Other comprehensive income
- 18,978 - 18,978
Total comprehensive income for the year
- 18,978 520,950 539,928
Payment of 2019 final dividend - - (315,000) (315,000)
Payment of 2020 interim dividend
- - (90,000) (90,000)
Total contributions by and distributions to owners of
company recognised directly in equity - - (405,000) (405,000)
Balance at January 1, 2021 450,000 (80,861) 2,730,057 3,099,196
Profit for the year - - 909,457 909,457
Other comprehensive income
- 21,334 - 21,334
Total comprehensive income for the year
- 21,334 909,457 930,791
Payment of 2020 final dividend - - (360,000) (360,000)
Payment of 2021 interim dividend - - (135,000) (135,000)
Total contributions by and distributions to owners of - - (495,000) (495,000)
company recognised directly in equity
Balance at December 31, 2021 450,000 (59,527) 3,144,514 3,534,987
Note(s) 10
The accounting policies on pages 16 to 27 and the notes on pages 28 to 42 form an integral part of the annual report
and financial statements.
28
3
Greenwich Trustees Limited Note(s) 2021 2020
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Statement of Cash Flows
Figures in Naira thousand
Cash flows from operating activities 1,135,794 592,528
Profit before taxation 11,406 11,853
- (214)
Adjustments for:
Depreciation and amortisation (80,240) (52,243)
Gains on foreign exchange (10,114) (19,135)
Interest received
Fair value gains 741 -
Impairment losses and reversals
(90,753) (783,253)
Changes in working capital: 4,211 56,786
Trade and other receivables
Trade and other payables 971,045 (193,678)
Cash (used in) generated from operations 80,240 52,243
Interest income (7,799) (87,394)
Tax received (paid)
Net cash from operating activities 1,043,486 (228,829)
Cash flows from investing activities 4 (5,442) (531)
Purchase of property, plant and equipment 6 (854) -
Purchase of other intangible assets
(Increase)/decrease in investments (71,934) 314,343
Net cash from investing activities
(78,230) 313,812
Cash flows from financing activities
(1,192,156) 5,514,971
(Decrease)/increase in clients managed funds (495,000) (405,000)
Dividends paid
Net cash from financing activities (1,687,156) 5,109,971
Total cash movement for the year (721,900) 5,194,954
Cash at the beginning of the year 12,267,711 7,072,757
Total cash at end of the year 3 11,545,811 12,267,711
The accounting policies on pages 16 to 27 and the notes on pages 28 to 42 form an integral part of the annual report
and financial statements.
29
3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Accounting Policies
1. Reporting entity
The Company was incorporated as Afribank Trustees and Securities on 6 November 1991 as a private limited
liabilitycompany and started operation in April 2000. The name of the Company was changed to Afribank Trustees
andInvestments Limited on 31 December 1999. Consequent upon the acquisition of all the assets, deposit liabilities
andcertain other liabilities of the defunct and liquidated Afribank Nigeria Plc (parent company) from the National
DepositInsurance Corporation (NDIC) through a Purchase and Assumption Agreement by Asset Management
Corporation ofNigeria (AMCON) and change of name to Mainstreet Bank Limited, the Company changed its name to
Mainstreet BankTrustees and Asset Management Company Limited thus became a wholly owned subsidiary of
Mainstreet Bank Limited.
On 27 November 2015, AMCON fully divested its interest in Mainstreet Bank Limited to Skye Bank Plc.
On 30th January 2017, Skye Bank Plc (the erstwhile parent company of Mainstreet Bank Trustees and Asset
Management Company Limited) executed a Share Purchase Agreement with ML Nominees Limited to transfer its
450,000,000 ordinary shares of N1 each held in Mainstreet Bank Trustees and Asset Management Company Limited to
ML Nominees Limited at a consideration of N3,866,000,000. ML Nominees Limited also obtained an approval from the
Securities and Exchange Commission (SEC) for the purchase of Mainstreet Bank Trustees and Asset Management
Company Limited from Skye Bank Plc. Following this development, the Company became a wholly owned subsidiary of
ML Nominees Limited and on 05 May 2017, the name of the company was changed to GTL Trustees Limited.
Change of Company's name.
The name of the company was further changed from GTL Trustees Limited to Greenwich Trustees Limited during 2019
Annual General Meeting (AGM) of the company. The new name was subsequently approved by the Securities and
Exchange Commission (SEC) in April 2021.
1.1 Basis of preparation
The annual report and financial statements have been prepared on the going concern basis in accordance with, and in
compliance with, International Financial Reporting Standards ("IFRS") and in the manner required by Companies and
Allied Matters Act, 2020 and the Financial Reporting Council of Nigeria Act, 2011.
The annual report and financial statements have been prepared on the historic cost convention, unless otherwise
stated in the accounting policies which follow and incorporate the principal accounting policies set out below. They are
presented in Naira, which is the company's functional currency.
These accounting policies are consistent with the previous period.
1.2 Significant judgements and sources of estimation uncertainty
The preparation of annual report and financial statements in conformity with IFRS requires management, from time to
time, to make judgements, estimates and assumptions that affect the application of policies and reported amounts of
assets, liabilities, income and expenses. These estimates and associated assumptions are based on experience and
various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these
estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimates are revised and in any future periods affected.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the
revision and future periods, if the revision affects both current and future periods.
Assumption and estimation uncertainty
The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities within the
next financial year. Estimates and judgments are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under the circumstances.
30
3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Accounting Policies
1.3 Investment property
Investment property is recognised as an asset when, and only when, it is probable that the future economic benefits
that are associated with the investment property will flow to the enterprise, and the cost of the investment property can
be measured reliably.
Investment property is initially recognised at cost. Transaction costs are included in the initial measurement.
Costs include costs incurred initially and costs incurred subsequently to add to, or to replace a part of, or service a
property. If a replacement part is recognised in the carrying amount of the investment property, the carrying amount of
the replaced part is derecognised.
Fair value
Subsequent to initial measurement investment property is measured at fair value.
A gain or loss arising from a change in fair value is included in net profit or loss for the period in which it arises.
1.4 Property, plant and equipment
Property, plant and equipment are tangible assets which the company holds for its own use or for rental to others and
which are expected to be used for more than one year.
An item of property, plant and equipment is recognised as an asset when it is probable that future economic benefits
associated with the item will flow to the company, and the cost of the item can be measured reliably.
Property, plant and equipment is initially measured at cost. Cost includes all of the expenditure which is directly
attributable to the acquisition or construction of the asset, including the capitalisation of borrowing costs on qualifying
assets and adjustments in respect of hedge accounting, where appropriate.
Expenditure incurred subsequently for major services, additions to or replacements of parts of property, plant and
equipment are capitalised if it is probable that future economic benefits associated with the expenditure will flow to the
company and the cost can be measured reliably. Day to day servicing costs are included in profit or loss in the year in
which they are incurred.
Depreciation of an asset commences when the asset is available for use as intended by management. Depreciation is
charged to write off the asset's carrying amount over its estimated useful life to its estimated residual value, using a
method that best reflects the pattern in which the asset's economic benefits are consumed by the company. Leased
assets are depreciated in a consistent manner over the shorter of their expected useful lives and the lease term.
Depreciation is not charged to an asset if its estimated residual value exceeds or is equal to its carrying amount.
Depreciation of an asset ceases at the earlier of the date that the asset is classified as held for sale or derecognised.
The useful lives of items of property, plant and equipment have been assessed as follows:
Item Depreciation method Average useful life
Furniture, fittings and equipment Straight line 5 years
Motor vehicles Straight line 4 years
Computer equipment Straight line 3 years
The residual value, useful life and depreciation method of each asset are reviewed at the end of each reporting year. If
the expectations differ from previous estimates, the change is accounted for prospectively as a change in accounting
estimate.
Each part of an item of property, plant and equipment with a cost that is significant in relation to the total cost of the
item is depreciated separately.
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Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Accounting Policies
1.4 Property, plant and equipment (continued)
The depreciation charge for each year is recognised in profit or loss unless it is included in the carrying amount of
another asset.
Impairment tests are performed on property, plant and equipment when there is an indicator that they may be
impaired. When the carrying amount of an item of property, plant and equipment is assessed to be higher than the
estimated recoverable amount, an impairment loss is recognised immediately in profit or loss to bring the carrying
amount in line with the recoverable amount.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are
expected from its continued use or disposal. Any gain or loss arising from the derecognition of an item of property,
plant and equipment, determined as the difference between the net disposal proceeds, if any, and the carrying amount
of the item, is included in profit or loss when the item is derecognised.
1.5 Intangible assets
An intangible asset is recognised when:
it is probable that the expected future economic benefits that are attributable to the asset will flow to the
entity; and
the cost of the asset can be measured reliably.
Intangible assets are initially recognised at cost.
Expenditure on research (or on the research phase of an internal project) is recognised as an expense when it is
incurred.
An intangible asset arising from development (or from the development phase of an internal project) is recognised
when:
it is technically feasible to complete the asset so that it will be available for use or sale.
there is an intention to complete and use or sell it.
there is an ability to use or sell it.
it will generate probable future economic benefits.
there are available technical, financial and other resources to complete the development and to use or sell
the asset.
the expenditure attributable to the asset during its development can be measured reliably.
Intangible assets are carried at cost less any accumulated amortisation and any impairment losses.
An intangible asset is regarded as having an indefinite useful life when, based on all relevant factors, there is no
foreseeable limit to the period over which the asset is expected to generate net cash inflows. Amortisation is not
provided for these intangible assets, but they are tested for impairment annually and whenever there is an indication
that the asset may be impaired. For all other intangible assets amortisation is provided on a straight line basis over
their useful life.
The amortisation period and the amortisation method for intangible assets are reviewed every period-end.
Reassessing the useful life of an intangible asset with a finite useful life after it was classified as indefinite is an
indicator that the asset may be impaired. As a result the asset is tested for impairment and the remaining carrying
amount is amortised over its useful life.
Internally generated brands, mastheads, publishing titles, customer lists and items similar in substance are not
recognised as intangible assets.
Amortisation is provided to write down the intangible assets, on a straight line basis, to their residual values as follows:
Item Depreciation method Average useful life
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3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Accounting Policies
1.5 Intangible assets (continued) Straight line 3 years
Computer software
1.6 Financial instruments
Financial instruments held by the company are classified in accordance with the provisions of IFRS 9 Financial
Instruments.
Broadly, the classification possibilities, which are adopted by the company ,as applicable, are as follows:
Financial assets which are equity instruments:
Mandatorily at fair value through profit or loss; or
Designated as at fair value through other comprehensive income. (This designation is not available to equity
instruments which are held for trading or which are contingent consideration in a business combination).
Financial assets which are debt instruments:
Amortised cost. (This category applies only when the contractual terms of the instrument give rise, on
specified dates, to cash flows that are solely payments of principal and interest on principal, and where the
instrument is held under a business model whose objective is met by holding the instrument to collect
contractual cash flows); or
Fair value through other comprehensive income. (This category applies only when the contractual terms of
the instrument give rise, on specified dates, to cash flows that are solely payments of principal and interest
on principal, and where the instrument is held under a business model whose objective is achieved by both
collecting contractual cash flows and selling the instruments); or
Mandatorily at fair value through profit or loss. (This classification automatically applies to all debt
instruments which do not qualify as at amortised cost or at fair value through other comprehensive income);
or
Designated at fair value through profit or loss. (This classification option can only be applied when it
eliminates or significantly reduces an accounting mismatch).
Derivatives which are not part of a hedging relationship:
Mandatorily at fair value through profit or loss.
Financial liabilities:
Amortised cost; or
Mandatorily at fair value through profit or loss. (This applies to contingent consideration in a business
combination or to liabilities which are held for trading); or
Designated at fair value through profit or loss. (This classification option can be applied when it eliminates or
significantly reduces an accounting mismatch; the liability forms part of a group of financial instruments
managed on a fair value basis; or it forms part of a contract containing an embedded derivative and the
entire contract is designated as at fair value through profit or loss).
Note 27 Financial instruments and risk management presents the financial instruments held by the company based on
their specific classifications.
All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular
way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame
established by regulation or convention in the marketplace.
The specific accounting policies for the classification, recognition and measurement of each type of financial
instrument held by the company are presented below:
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Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Accounting Policies
1.6 Financial instruments (continued)
Trade and other receivables
Classification
Trade and other receivables, excluding, when applicable, VAT and prepayments, are classified as financial assets
subsequently measured at amortised cost.
They have been classified in this manner because their contractual terms give rise, on specified dates to cash flows
that are solely payments of principal and interest on the principal outstanding, and the company's business model is to
collect the contractual cash flows on trade and other receivables.
Recognition and measurement
Trade and other receivables are recognised when the company becomes a party to the contractual provisions of the
receivables. They are measured, at initial recognition, at fair value plus transaction costs, if any.
They are subsequently measured at amortised cost.
The amortised cost is the amount recognised on the receivable initially, minus principal repayments, plus cumulative
amortisation (interest) using the effective interest method of any difference between the initial amount and the
maturity amount, adjusted for any loss allowance.
Application of the effective interest method
For receivables which contain a significant financing component, interest income is calculated using the effective
interest method, and is included in profit or loss in investment income.
The application of the effective interest method to calculate interest income on trade receivables is dependent on the
credit risk of the receivable as follows:
The effective interest rate is applied to the gross carrying amount of the receivable, provided the receivable is
not credit impaired. The gross carrying amount is the amortised cost before adjusting for a loss allowance.
If a receivable is a purchased or originated as credit-impaired, then a credit-adjusted effective interest rate is
applied to the amortised cost in the determination of interest. This treatment does not change over the life of
the receivable, even if it is no longer credit-impaired.
If a receivable was not purchased or originally credit-impaired, but it has subsequently become credit-
impaired, then the effective interest rate is applied to the amortised cost of the receivable in the
determination of interest. If, in subsequent periods, the receivable is no longer credit impaired, then the
interest calculation reverts to applying the effective interest rate to the gross carrying amount.
Impairment
The company recognises a loss allowance for expected credit losses on trade and other receivables, excluding VAT and
prepayments. The amount of expected credit losses is updated at each reporting date.
The company measures the loss allowance for trade and other receivables at an amount equal to lifetime expected
credit losses (lifetime ECL), which represents the expected credit losses that will result from all possible default events
over the expected life of the receivable.
Measurement and recognition of expected credit losses
The company makes use of a provision matrix as a practical expedient to the determination of expected credit losses
on trade and other receivables. The provision matrix is based on historic credit loss experience, adjusted for factors
that are specific to the debtors, general economic conditions and an assessment of both the current and forecast
direction of conditions at the reporting date, including the time value of money, where appropriate.
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Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Accounting Policies
1.6 Financial instruments (continued)
The customer base is widespread and does not show significantly different loss patterns for different customer
segments. The loss allowance is calculated on a collective basis for all trade and other receivables in totality. Details of
the provision matrix is presented in note 9.
An impairment gain or loss is recognised in profit or loss with a corresponding adjustment to the carrying amount of
trade and other receivables, through use of a loss allowance account. The impairment loss is included in other
operating expenses in profit or loss as a movement in credit loss allowance (note 17).
Write off policy
The company writes off a receivable when there is information indicating that the counterparty is in severe financial
difficulty and there is no realistic prospect of recovery, e.g. when the counterparty has been placed under liquidation or
has entered into bankruptcy proceedings. Receivables written off may still be subject to enforcement activities under
the company recovery procedures, taking into account legal advice where appropriate. Any recoveries made are
recognised in profit or loss.
Trade and other payables
Classification
Trade and other payables (note 12), excluding VAT and amounts received in advance, are classified as financial
liabilities subsequently measured at amortised cost.
Recognition and measurement
They are recognised when the company becomes a party to the contractual provisions, and are measured, at initial
recognition, at fair value plus transaction costs, if any.
They are subsequently measured at amortised cost using the effective interest method.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating
interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future
cash payments (including all fees and points paid or received that form an integral part of the effective interest rate,
transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where
appropriate) a shorter period, to the amortised cost of a financial liability.
If trade and other payables contain a significant financing component, and the effective interest method results in the
recognition of interest expense, then it is included in profit or loss in finance costs.
Trade and other payables expose the company to liquidity risk and possibly to interest rate risk. Refer to note 27 for
details of risk exposure and management thereof.
35
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Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Accounting Policies
1.6 Financial instruments (continued)
Financial liabilities at fair value through profit or loss
Classification
Financial liabilities which are held for trading are classified as financial liabilities mandatorily at fair value through
profit or loss. Refer to note 11.
When a financial liability is contingent consideration in a business combination, the company classifies it as a financial
liability at fair value through profit or loss. Refer to note 11.
The company, does, from time to time, designate certain financial liabilities as at fair value through profit or loss. The
reason for the designation is to reduce or significantly eliminate an accounting mismatch which would occur if the
instruments were not classified as such; or if the instrument forms part of a group of financial instruments which are
managed and evaluated on a fair value basis in accordance with a documented management strategy; or in cases
where it forms part of a contract containing an embedded derivative and IFRS 9 permits the entire contract to be
measured at fair value through profit or loss. Refer to note 11 for details.
Recognition and measurement
Financial liabilities at fair value through profit or loss are recognised when the company becomes a party to the
contractual provisions of the instrument. They are measured, at initial recognition and subsequently, at fair value.
Transaction costs are recognised in profit or loss.
Fair value gains or losses recognised on investments at fair value through profit or loss are included in
(note 21).
For financial liabilities designated at fair value through profit or loss, the portion of fair value adjustments which are
attributable to changes in the company's own credit risk, are recognised in other comprehensive income and
accumulated in equity in the reserve for valuation of liabilities, rather than in profit or loss. However, if this treatment
would create or enlarge an accounting mismatch in profit or loss, then that portion is also recognised in profit or loss.
Interest paid on financial liabilities at fair value through profit or loss is included in finance costs.
Cash and cash equivalents
Cash and cash equivalents are stated at carrying amount which is deemed to be fair value.
Bank overdrafts
Bank overdrafts are initially measured at fair value, and are subsequently measured at amortised cost, using the
effective interest rate method.
1.7 Hedge accounting
At the inception of the hedge relationship, the company documents the relationship between the hedging instrument
and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge
transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the company documents whether
the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to
the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
there is an economic relationship between the hedged item and the hedging instrument;
the effect of credit risk does not dominate the value changes that result from that economic relationship; and
the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item
that the company actually hedges and the quantity of the hedging instrument that the company actually uses
to hedge that quantity of hedged item.
36
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Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Accounting Policies
1.7 Hedge accounting (continued)
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk
management objective for that designated hedging relationship remains the same, the company adjusts the hedge
ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again.
The company designates the full change in the fair value of a forward contract (i.e. including the forward elements) as
the hedging instrument for all of its hedging relationships involving forward contracts.
The company excludes the time value of options and designates only the intrinsic value of options as the hedging
instruments in hedges involving options as the hedging instruments. The change in fair value attributable to the time
value of options is recognised in other comprehensive income and accumulated in equity as deferred hedging gains
(losses). The company only hedges time period related hedged items using options. The change in the aligned time
value is recognised in other comprehensive income and is amortised on a systematic and rational basis over the period
during which the hedge adjustment for the option’s intrinsic value could affect profit or loss (or other comprehensive
income, if the hedged item is an equity instrument at fair value through other comprehensive income). However, if
hedge accounting is discontinued the net amount (i.e. including cumulative amortisation) that has been accumulated
in the deferred hedging reserve is immediately reclassified into profit or loss.
1.8 Tax
Current tax assets and liabilities
Current tax for current and prior periods is, to the extent unpaid, recognised as a liability. If the amount already paid in
respect of current and prior periods exceeds the amount due for those periods, the excess is recognised as an asset.
Current tax liabilities (assets) for the current and prior periods are measured at the amount expected to be paid to
(recovered from) the tax authorities, using the tax rates (and tax laws) that have been enacted or substantively enacted
by the end of the reporting period.
Deferred tax assets and liabilities
A deferred tax liability is recognised for all taxable temporary differences, except to the extent that the deferred tax
liability arises from the initial recognition of an asset or liability in a transaction which at the time of the transaction,
affects neither accounting profit nor taxable profit (tax loss).
A deferred tax asset is recognised for all deductible temporary differences to the extent that it is probable that taxable
profit will be available against which the deductible temporary difference can be utilised. A deferred tax asset is not
recognised when it arises from the initial recognition of an asset or liability in a transaction at the time of the
transaction, affects neither accounting profit nor taxable profit (tax loss).
A deferred tax asset is recognised for the carry forward of unused tax losses and unused STC credits to the extent that
it is probable that future taxable profit will be available against which the unused tax losses and unused STC credits
can be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset
is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted
by the end of the reporting period.
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Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Accounting Policies
1.8 Tax (continued)
Tax expenses
Current and deferred taxes are recognised as income or an expense and included in profit or loss for the period, except
to the extent that the tax arises from:
a transaction or event which is recognised, in the same or a different period, to other comprehensive income,
or
a business combination.
Current tax and deferred taxes are charged or credited to other comprehensive income if the tax relates to items that
are credited or charged, in the same or a different period, to other comprehensive income.
Current tax and deferred taxes are charged or credited directly to equity if the tax relates to items that are credited or
charged, in the same or a different period, directly in equity.
1.9 Leases
The company assesses whether a contract is, or contains a lease, at the inception of the contract.
A contract is, or contains a lease if the contract conveys the right to control the use of an identified asset for a period of
time in exchange for consideration.
In order to assess whether a contract is, or contains a lease, management determine whether the asset under
consideration is "identified", which means that the asset is either explicitly or implicitly specified in the contract and
that the supplier does not have a substantial right of substitution throughout the period of use. Once management has
concluded that the contract deals with an identified asset, the right to control the use thereof is considered. To this
end, control over the use of an identified asset only exists when the company has the right to substantially all of the
economic benefits from the use of the asset as well as the right to direct the use of the asset.
In circumstances where the determination of whether the contract is or contains a lease requires significant judgement,
the relevant disclosures are provided in the significant judgments and sources of estimation uncertainty section of
these accounting policies.
Company as lessee
A lease liability and corresponding right-of-use asset are recognised at the lease commencement date, for all lease
agreements for which the company is a lessee, except for short-term leases of 12 months or less, or leases of low value
assets. For these leases, the company recognises the lease payments as an operating expense (note 17) on a straight-
line basis over the term of the lease unless another systematic basis is more representative of the time pattern in
which economic benefits from the leased asset are consumed.
The various lease and non-lease components of contracts containing leases are accounted for separately, with
consideration being allocated to each lease component on the basis of the relative stand-alone prices of the lease
components and the aggregate stand-alone price of the non-lease components (where non-lease components exist).
However as an exception to the preceding paragraph, the company has elected not to separate the non-lease
components for leases of land and buildings.
Details of leasing arrangements where the company is a lessee are presented in note Leases (company as lessee).
1.10 Impairment of assets
The company assesses at each end of the reporting period whether there is any indication that an asset may be
impaired. If any such indication exists, the company estimates the recoverable amount of the asset.
Irrespective of whether there is any indication of impairment, the company also:
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Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Accounting Policies
1.10 Impairment of assets (continued)
tests intangible assets with an indefinite useful life or intangible assets not yet available for use for
impairment annually by comparing its carrying amount with its recoverable amount. This impairment test is
performed during the annual period and at the same time every period.
tests goodwill acquired in a business combination for impairment annually.
If there is any indication that an asset may be impaired, the recoverable amount is estimated for the individual asset. If
it is not possible to estimate the recoverable amount of the individual asset, the recoverable amount of the cash-
generating unit to which the asset belongs is determined.
The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less costs to sell and its
value in use.
If the recoverable amount of an asset is less than its carrying amount, the carrying amount of the asset is reduced to
its recoverable amount. That reduction is an impairment loss.
An impairment loss of assets carried at cost less any accumulated depreciation or amortisation is recognised
immediately in profit or loss. Any impairment loss of a revalued asset is treated as a revaluation decrease.
An entity assesses at each reporting date whether there is any indication that an impairment loss recognised in prior
periods for assets other than goodwill may no longer exist or may have decreased. If any such indication exists, the
recoverable amounts of those assets are estimated.
The increased carrying amount of an asset other than goodwill attributable to a reversal of an impairment loss does not
exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in
prior periods.
A reversal of an impairment loss of assets carried at cost less accumulated depreciation or amortisation other than
goodwill is recognised immediately in profit or loss. Any reversal of an impairment loss of a revalued asset is treated as
a revaluation increase.
1.11 Share capital and equity
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of
its liabilities.
Ordinary shares are recognised at par value and classified as 'share capital' in equity. Any amounts received from the
issue of shares in excess of par value is classified as 'share premium' in equity. Dividends are recognised as a liability in
the company in which they are declared.
1.12 Employee benefits
Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related
service is provided.
A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the
Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the
employee and the obligation can be estimated reliably.
39
3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Accounting Policies
1.12 Employee benefits (continued)
Defined contribution plans
A defined contribution plan is a post employment benefit plan under which an entity pays fixed contributions into a
separate entity and will have no legal or constructive obligation to pay further amounts.
Obligations for contributions to defined contribution pension plans are recognised as an expense in profit or loss when
they are due in respect of service rendered before the end of the reporting year. Prepaid contributions are recognised
as an asset to the extent that a cash refund or a reduction in future payments is available. Contributions to a defined
contribution plan that are due more than 12 months after the end of the reporting year in which the employees render
the service are discounted to their present value at the reporting date.
The Company operates a funded defined contribution retirement benefit scheme for its employees under the provisions
of the Pension Reform Act 2014. Employees ’ and the Company’s contributions to the scheme are 8% and 10%
respectively of each employee’s annual basic salary, transport and housing allowances. Employees ’ contributions to
the scheme are funded through payroll deductions while obligations in respect of the Company’s contribution to the
scheme are recognised as an expense in the profit and loss account on an annual basis.
1.13 Provisions and contingencies
Provisions are recognised when:
the company has a present obligation as a result of a past event;
it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation; and
a reliable estimate can be made of the obligation.
The amount of a provision is the present value of the expenditure expected to be required to settle the obligation.
Where some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, the
reimbursement shall be recognised when, and only when, it is virtually certain that reimbursement will be received if
the entity settles the obligation. The reimbursement shall be treated as a separate asset. The amount recognised for
the reimbursement shall not exceed the amount of the provision.
Provisions are not recognised for future operating losses.
If an entity has a contract that is onerous, the present obligation under the contract shall be recognised and measured
as a provision.
A constructive obligation to restructure arises only when an entity:
has a detailed formal plan for the restructuring, identifying at least:
- the business or part of a business concerned;
- the principal locations affected;
- the location, function, and approximate number of employees who will be compensated for terminating
their services;
- the expenditures that will be undertaken; and
- when the plan will be implemented; and
has raised a valid expectation in those affected that it will carry out the restructuring by starting to
implement that plan or announcing its main features to those affected by it.
After their initial recognition contingent liabilities recognised in business combinations that are recognised separately
are subsequently measured at the higher of:
the amount that would be recognised as a provision; and
the amount initially recognised less cumulative amortisation.
Contingent assets and contingent liabilities are not recognised. Contingencies are disclosed in note 23.
40
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Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Accounting Policies
1.14 Turnover
Turnover comprises of sales to customers and service rendered to customers. Turnover is stated at the invoice amount
and is exclusive of value added taxation.
1.15 Cost of sales
When inventories are sold, the carrying amount of those inventories is recognised as an expense in the period in which
the related revenue is recognised. The amount of any write-down of inventories to net realisable value and all losses of
inventories are recognised as an expense in the period the write-down or loss occurs. The amount of any reversal of any
write-down of inventories, arising from an increase in net realisable value, is recognised as a reduction in the amount of
inventories recognised as an expense in the period in which the reversal occurs.
The related cost of providing services recognised as revenue in the current period is included in cost of sales.
Contract costs comprise:
costs that relate directly to the specific contract;
costs that are attributable to contract activity in general and can be allocated to the contract; and
such other costs as are specifically chargeable to the customer under the terms of the contract.
Cost of sales is reduced by the amount recognised in inventory as a "right to returned goods asset" which represents
the company right to recover products from customers where customers exercise their right of return under the
company returns policy.
1.16 Translation of foreign currencies
Foreign currency transactions
A foreign currency transaction is recorded, on initial recognition in Nairas, by applying to the foreign currency amount
the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.
At the end of the reporting period:
foreign currency monetary items are translated using the closing rate;
non-monetary items that are measured in terms of historical cost in a foreign currency are translated using
the exchange rate at the date of the transaction; and
non-monetary items that are measured at fair value in a foreign currency are translated using the exchange
rates at the date when the fair value was determined.
In circumstances where the company receives or pays an amount in foreign currency in advance of a transaction, the
transaction date for purposes of determining the exchange rate to use on initial recognition of the related asset,
income or expense is the date on which the company initially recognised the non-monetary item arising on payment or
receipt of the advance consideration.
If there are multiple payments or receipts in advance, company determines a date of transaction for each payment or
receipt of advance consideration.
Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different
from those at which they were translated on initial recognition during the period or in previous annual report and
financial statements are recognised in profit or loss in the period in which they arise.
When a gain or loss on a non-monetary item is recognised to other comprehensive income and accumulated in equity,
any exchange component of that gain or loss is recognised to other comprehensive income and accumulated in equity.
When a gain or loss on a non-monetary item is recognised in profit or loss, any exchange component of that gain or
loss is recognised in profit or loss.
Cash flows arising from transactions in a foreign currency are recorded in Nairas by applying to the foreign currency
amount the exchange rate between the Naira and the foreign currency at the date of the cash flow.
41
3
Greenwich Trustees Limited 2021 2020
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Notes to the Annual Report And Financial Statements
Figures in Naira thousand
2. New Standards and Interpretations
2.1 Standards and interpretations effective and adopted in the current year
In the current year, the company has adopted the following standards and interpretations that are effective for the
current financial year and that are relevant to its operations:
Interest Rate Benchmark Reform - Phase 2: Amendments to IFRS 4
An insurer applying the temporary exemption from IFRS 9 shall apply the new requirements of IFRS 9 concerning
situations where a change in the basis for determining the contractual cash flows of a financial asset or financial
liability is required by interest rate benchmark reform.
The effective date of the company is for years beginning on or after January 1, 2021.
Interest Rate Benchmark Reform - Phase 2: Amendments to IFRS 7
The amendment sets out additional disclosure requirements related to interest rate benchmark reform.
The effective date of the company is for years beginning on or after January 1, 2021.
Interest Rate Benchmark Reform - Phase 2: Amendments to IFRS 9
When there is a change in the basis for determining the contractual cash flows of a financial asset or financial liability
that is required by interest rate benchmark reform then the entity is required to apply paragraph B5.4.5 as a practical
expedient. This expedient is only available for such changes in basis of determining contractual cash flows.
Additional temporary exemptions from applying specific hedge accounting requirements as well as additional rules for
accounting for qualifying hedging relationships and the designation of risk components have been added to hedge
relationships specifically impacted by interest rate benchmark reform.
The effective date of the company is for years beginning on or after January 1, 2021.
Interest Rate Benchmark Reform - Phase 2: Amendments to IFRS 16
If there is a lease modification as a result of the interest rate benchmark reform, then as a practical expedient the
lessee is required to apply paragraph 42 of IFRS 16 to account for the changes by remeasuring the lease liability to
reflect the revised lease payment. The amendment only applies to modifications as a result of the interest rate
benchmark reform.
The effective date of the company is for years beginning on or after January 1, 2021.
Interest Rate Benchmark Reform - Phase 2: Amendments to IAS 39
Temporary exemptions from applying specific hedge accounting requirements as well as additional rules for accounting
for qualifying hedging relationships and the designation of financial items as hedged items have been added to hedge
relationships specifically impacted by interest rate benchmark reform.
The effective date of the company is for years beginning on or after January 1, 2021.
COVID-19 - Related Rent Concessions - Amendment to IFRS 16
42
3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Notes to the Annual Report And Financial Statements
2. New Standards and Interpretations (continued)
The COVID-19 pandemic has resulted in an amendment to IFRS 16 Leases. Lessees may elect not to assess whether a
rent concession that meets the conditions in paragraph 46B is a lease modification. If this election is applied, then
any change in lease payments must be accounted for in the same way as a change would be accounted for it were not a
lease modification. This practical expedient only applies to rent concessions occurring as a direct consequence of the
COVID-19 pandemic and only if:
the change in lease payments results in revised consideration for the lease that is substantially the same as, or
less than, the consideration for the lease immediately preceding the change;
any reduction in lease payment affects only payments originally due on or before 30 June 2022 and
there is no substantive change to other terms and conditions of the lease.
The effective date of the amendment is for years beginning on or after June 1, 2020.
3. Cash and cash equivalents
Cash and cash equivalents consist of:
Cash on hand 52 67
Bank balances 9,753 140,605
Term deposits 11,538,165 12,129,939
Impairment loss allowance (2,159)
(2,900)
11,545,811
12,267,711
(3a) During the year, over N900 Million investments in money market in various financial institutions were transferred
to Greenwich Asset Management Limited as part of implementing the Securities and Exchange Commission's directive
to cease fund/portffolio management with the Company.
4. Property, plant and equipment
2021 2020
Cost or Accumulated Carrying value Cost or Accumulated Carrying value
revaluation depreciation revaluation depreciation
Furniture, fittings and 41,497 (33,461) 8,036 40,947 (25,934) 15,013
equipment
Motor vehicles 32,825 (32,824) 1 32,825 (32,824) 1
Computer equipment 12,885 (9,174) 3,711 7,993 (7,560) 433
Total 87,207 (75,459) 11,748 81,765 (66,318) 15,447
43
3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Notes to the Annual Report And Financial Statements
4. New Standards and Interpretations (continued) Opening Additions Depreciation Total
Reconciliation of property, plant and equipment - 2021 balance
550 (7,527) 8,036
Furniture, fittings and equipment 15,013 - - 1
Motor vehicles 1
Computer equipment 4,892 (1,614) 3,711
433 11,748
5,442 (9,141)
15,447
Reconciliation of property, plant and equipment - 2020 Opening Additions Depreciation Total
balance
Furniture, fittings and equipment 98 (7,506) 15,013
Motor vehicles 22,421 -- 1
Computer equipment 1
433 (1,368) 433
1,368 531 (8,874) 15,447
23,790
Other information on PPE
i) The Company had no leased assets as at the reporting date (31 December 2020: Nil).
ii) There were no capital commitments contracted or authorised as at the reporting date (31 December 2020: Nil).
iii) In the opinion of the directors, the market value of the Company's property and equipment is not less than the value
shown in the financial statements.
iv) There were no impairment losses during the year (31 December 2020: Nil).
v) There were no capitalised borrowing costs related to the acquisition of property and equipments during the year
(2020: Nil).
vi) There is no lien or encumberance on the Company's assets.
vii) All the classes of property and equipment are non-current.
5. Investment property
2021 2020
Cost / Accumulated Carrying value Cost / Accumulated Carrying value
Valuation depreciation Valuation depreciation
Investment property 1,043,163 - 1,043,163 1,043,163 - 1,043,163
44
3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Notes to the Annual Report And Financial Statements
5. Investment property (continued) Opening Total
Reconciliation of investment property - 2021 balance 1,043,163
1,043,163
Investment property
Reconciliation of investment property - 2020 Opening Additions Total
Investment property balance 1,000,000 1,043,163
43,163
Investment properties represent the Company's investments in a 3-bedroom apartment at Casino Heights Yaba, Lagos
and some parcels of land in Nasarawa and Dawauki Local Government Areas in Kano State that management intends
to earn lease rentals from them.
6. Intangible assets
2021 2020
Cost / Accumulated Carrying value Cost / Accumulated Carrying value
Valuation amortisation Valuation amortisation
Computer software 9,791 (9,112) 679 8,937 (6,847) 2,090
Reconciliation of intangible assets - 2021 Opening Additions Amortisation Total
Computer software, other balance 854 (2,265) 679
2,090
Reconciliation of intangible assets - 2020 Opening Amortisation Total
Computer software, other 2,090
balance
5,069 (2,979)
7. Investment securities
Investment securities at FVOCI (see i below) 155,875 134,541
Investment securities at FVTPL (see ii below) 32,223 34,419
Investment securities at amortised cost (see iii below)
3,869,362 3,785,861
4,057,460 3,954,821
45
3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Notes to the Annual Report And Financial Statements
7. Investment securities (continued) 4,057,460 3,954,821
Split between non-current and current portions
Current assets
(i) Investment securities at FVOCI 217,817 217,817
Quoted equities at cost (61,942) (83,276)
Fair value loss
155,875 134,541
(ii) Investment securities at FVTPL 32,223 34,419
Money market investments (see note below)
Information on investment at FVTPL
The Company invested N32.2 million (2020: N34.4 million in the GDL money market fund and Greenwich Alpha ETF
fund managed by Greenwich Asset Management Limited. These investements are carried at fair value through profit or
loss with changes in the fair value recognised in the statement of profit or loss.
(iii) Investment securities at amortised cost 3,143,332 2,734,211
Corporate bonds 749,963 1,079,858
Government bonds (23,933)
Impairment loss allowance (35,502)
3,869,362
3,778,567
(iv) Movement in impairment loss allowance 118,778 137,912
Opening balance (21,334) (18,978)
Quoted equities (11,569)
Corporate bonds (150)
Government bonds - (6)
Total impairment allowance 85,875 118,778
8. Deferred tax
The deferred tax assets and the deferred tax liability relate to income tax in the same jurisdiction, and the law allows
net settlement. Therefore, they have been offset in the statement of financial position as follows:
Deferred tax (liability)/ asset (2,153) 19,405
Reconciliation of deferred tax asset / (liability) 19,405 82,984
(21,558) (63,579)
At beginning of year
(Charges)/reversal in the year (2,153) 19,405
46
3
Greenwich Trustees Limited
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Notes to the Annual Report And Financial Statements
9. Trade and other receivables 304,337 304,337
(304,337) (304,337)
Financial instruments:
Receivables from defunct financial institutions - -
Impairment on financial assets 244,443 154,424
762,776 760,444
Trade receivables at amortised cost
Withholding tax receivable 589 5,500
Related party receivable (note 9 i) 250 274
16,323
Non-financial instruments: 12,986
Trustee fee receivable 1,024,381
Staff advances 933,628
Prepayments
Total trade and other receivables
Split between non-current and current portions 1,024,381 933,628
Current assets
Financial instrument and non-financial instrument components of trade and other receivables
At amortised cost 1,007,219 914,868
Non-financial instruments 17,162 18,760
1,024,381 933,628
Related party receivables
(9i) Related party receivable represents amounts transferred to Greenwich merchant bank Limited on behalf of
Greenwich Registrars and Data Solutions Limited for the purposes of equity investment in the former.
10. Share capital
Authorised 450,000 450,000
450,000,000 Ordinary shares of N1.00 each
Issued 450,000 450,000
Ordinary
Share repurchases 10,552,318 9,263,821
436,155 1,360,649
11. Clients managed funds 836,579 1,025,460
228,108
At fair value through profit (loss) 381,197
Ondo State funds 1,476,325 2,690,514
Nasarawa State funds
Kogi State funds 13,529,485 14,721,641
Oyo State funds
Other third parties funds
47
3
Greenwich Trustees Limited 2021 2020
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Notes to the Annual Report And Financial Statements
Figures in Naira thousand
11. Clients managed funds (continued)
(11a) During the year, about N1.5 billion of private managed funds from various investors were transferred to
Greenwich Asset Management Limited as part of implementing the Securities and Exchange Commission's directive to
cease fund/portffolio management with the Company.
Split between non-current and current portions
Current liabilities 13,529,485 14,721,641
12. Trade and other payables 235,499 260,741
26,895 26,895
Financial instruments: 26,776 17,967
Sundry creditors 14,061 11,495
Severance benefit obligation 64,800 53,351
Other payables 763 120
Other sundry payables 2,500 2,500
Dividend payable 34,911 28,947
Pension payable
Accrued audit fee 483 535
Technical & mgt. fee payable 4,953 4,880
Non-financial instruments: 411,641 407,431
Withholding tax payables
VAT payable
13. Current tax payable 7,997 87,392
204,976 7,999
Balance as at 1 January
Charges for the year - (57,374)
Over provision (5,754) -
Payment in the year (2,243)
WHT credit notes utilised (30,020)
204,976
7,997
14. Gross income 1,231,622 719,315
- 22,716
Interest income
Interest from money markets 518,531 422,975
Interest from treasury bills
Interest from bonds 1,750,153 1,165,006
Revenue other than from contracts with customers 56,185 42,934
Income from portfolio management 80,240 52,243
Income from trust services
136,425 95,177
1,886,578 1,260,183
48
3
Greenwich Trustees Limited 2021 2020
Formerly GTL Trustees Limited
(Registration number RC 180089)
Annual Report and Financial Statements for the year ended December 31, 2021
Notes to the Annual Report And Financial Statements
Figures in Naira thousand
15. Fund management expense 454,174 418,448
Remittance of share of interest
5,310
16. Other operating income 2,987 5,104
59 1,559
Dividend income - 11,973
(Loss)/gains on valuation
Other income 3,046 2,687
17. Operating profit (loss) 2,687 11,529
Operating profit for the year is stated after charging (crediting) the following, amongst others: 45,636
Audit fee 57,165
Remuneration, other than to employees 16,931 58,272
Consulting and professional services 77,335 2,997
Technical services 6,685
94,266
17,967
Employee costs 53,142 85,921
726
Salaries and wages 8,874
Industrial training fund levy 5,425 2,979
Pension fund contributions 24,225 11,853
Profit sharing (accrued)
83,518 1,567
Total employee costs 2,687
1,382
Depreciation and amortisation 9,141 11,529
Depreciation of property, plant and equipment 2,265 19,446
Amortisation of intangible assets 3,800
11,406 22,679
Total depreciation and amortisation 1,813
13,707
18. Operating expenses 5,552 9,573
17 2,687 3,515
Advert, promotion and corporate gifts 7,513
Audit fee 1,498 4,442
Bank charges 16,931
Professional fees 19,311
Office expenses
Directors remuneration 3,483
Board and AGM expenses 22,430
Insurance
Office rent expenses 2,752
Medical expenses 13,075
Motor vehicle maintenance
Repairs and maintenance 8,909
Subscriptions 4,238
6,696
3,919
49
3
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Greenwich Trustees 2021 Final Accounts (A)
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