Statement of Financial Position

Financial Position

Assets, liabilities, and net assets/equity of the Municipality of Basey as of December 31, 2024, with comparative figures for CY 2023.

Total Assets (2024)

₱1,130,821,080.03

₱1,105,323,513.40 in 20232.3%

Total Liabilities (2024)

₱254,519,709.46

₱315,907,664.83 in 202319.4%

Net Assets / Equity (2024)

₱876,301,370.57

₱789,415,848.57 in 202311.0%

Current Assets

₱246,210,507.61

₱884,610,572.42 in non-current assets

Position at a Glance

Total assets, total liabilities, and net assets/equity

Current Assets by Account

Composition of current assets at December 31

Current Liabilities by Account

Composition of current liabilities at December 31

Asset Composition (2024)

Total assets of ₱1.13B by major account group

Liability Composition (2024)

Total liabilities of ₱254.5M by account group

Statement of Financial Position

Account	CY 2024	CY 2023
Cash and Cash Equivalents	₱119,601,319.84	₱222,979,149.84
Investments	₱1,600.00	₱1,600.00
Receivables	₱111,505,379.05	₱117,914,374.66
Inventories	₱12,413,996.39	₱11,742,442.39
Prepayments & Deferred Charges	₱2,688,212.32	₱9,409,531.37
Total Current Assets	₱246,210,507.61	₱362,047,098.26
Property, Plant and Equipment	₱881,193,508.92	₱739,859,351.64
Biological Assets	₱3,417,063.50	₱3,417,063.50
Total Non-Current Assets	₱884,610,572.42	₱743,276,415.14
Total Assets	₱1,130,821,080.03	₱1,105,323,513.40
Total Current Liabilities	₱190,985,413.72	₱257,247,587.76
Total Non-Current Liabilities	₱63,534,295.74	₱58,660,077.07
Total Liabilities	₱254,519,709.46	₱315,907,664.83
Net Assets / Equity	₱876,301,370.57	₱789,415,848.57

Property, Plant and Equipment

Account	CY 2024	CY 2023
Land and Land Improvements	₱29,537,742.17	₱21,272,997.87
Infrastructure Assets	₱440,680,040.52	₱351,282,249.42
Buildings and Structures	₱280,052,587.55	₱175,118,270.49
Machinery and Equipment	₱24,729,030.46	₱24,381,939.14
Transportation Equipment	₱45,985,726.77	₱34,538,608.26
Furniture, Fixtures and Books	₱4,872,199.57	₱4,920,805.70
Construction in Progress	₱44,330,186.31	₱117,296,089.79
Other PPE	₱11,005,995.57	₱11,048,390.97
Total PPE	₱881,193,508.92	₱739,859,351.64

PPE rose by 19.1%, driven mainly by buildings and structures and infrastructure assets.

Changes in Net Assets / Equity

Net Assets / Equity Bridge (CY 2024)

How net assets/equity moved from January 1 to December 31, 2024

Net Assets / Equity Bridge (CY 2023)

How net assets/equity moved from January 1 to December 31, 2023

Particulars	CY 2024	CY 2023
Balance at January 1	₱789,415,848.57	₱730,504,090.36
Prior period errors	₱32,359,920.68	₱142,770.43
Restated balance	₱821,775,769.25	₱730,646,860.79
Net revenue recognized directly in net assets/equity	₱25,750,507.10	₱0.00
Surplus (deficit) for the period	₱28,775,094.22	₱58,768,987.78
Balance at December 31	₱876,301,370.57	₱789,415,848.57

Audit link: insufficient note disclosures

Insufficient disclosures in the Notes to Financial Statements — 4 account groups with balances totaling ₱1,012,776,538.24, or 89.84% of total assets, lacked the disclosures required by IPSAS No. 1. See Finding 1.