Statement of financial position
Financial position
Review the Municipality of Basey’s assets, liabilities, and net assets or equity at December 31, 2024. Figures include comparisons with 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
| Category | CY 2024 | CY 2023 |
|---|---|---|
| Total Assets | ₱1,130,821,080.03 | ₱1,105,323,513.40 |
| Total Liabilities | ₱254,519,709.46 | ₱315,907,664.83 |
| Net Assets/Equity | ₱876,301,370.57 | ₱789,415,848.57 |
Current Assets by Account
Composition of current assets at December 31
| Category | CY 2024 | CY 2023 |
|---|---|---|
| Cash | ₱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 | ₱2,688,212.32 | ₱9,409,531.37 |
Current Liabilities by Account
Composition of current liabilities at December 31
| Category | CY 2024 | CY 2023 |
|---|---|---|
| Financial Liabilities | ₱18,443,078.29 | ₱24,578,924.77 |
| Inter-Agency Payables | ₱139,906,703.29 | ₱205,133,797.12 |
| Intra-Agency Payables | ₱2,493,267.19 | ₱2,503,602.06 |
| Trust Liabilities | ₱30,142,364.95 | ₱25,031,263.81 |
Asset Composition (2024)
Total assets of ₱1.13B by major account group
| Category | Value |
|---|---|
| Property, Plant & Equipment | ₱881,193,508.92 |
| Cash & Cash Equivalents | ₱119,601,319.84 |
| Receivables | ₱111,505,379.05 |
| Inventories | ₱12,413,996.39 |
| Biological Assets | ₱3,417,063.50 |
| Prepayments & Other Current Assets | ₱2,688,212.32 |
Liability Composition (2024)
Total liabilities of ₱254.5M by account group
| Category | Value |
|---|---|
| Inter-Agency Payables | ₱139,906,703.29 |
| Deferred Credits / Unearned Income | ₱61,552,264.88 |
| Trust Liabilities | ₱30,142,364.95 |
| Financial Liabilities | ₱18,443,078.29 |
| Other Payables | ₱4,475,298.05 |
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 or equity
Net Assets / Equity Bridge (CY 2024)
How net assets/equity moved from January 1 to December 31, 2024
| Step | Amount |
|---|---|
| Jan 1 | ₱789,415,848.57 |
| Prior period errors | ₱32,359,920.68 |
| Net revenue adjustments | ₱25,750,507.10 |
| Surplus | ₱28,775,094.22 |
| Dec 31 | ₱876,301,370.57 |
Net Assets / Equity Bridge (CY 2023)
How net assets/equity moved from January 1 to December 31, 2023
| Step | Amount |
|---|---|
| Jan 1 | ₱730,504,090.36 |
| Prior period errors | ₱142,770.43 |
| Surplus | ₱58,768,987.78 |
| Dec 31 | ₱789,415,848.57 |
| 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 reported in the finding at ₱1,012,776,538.24. The finding prints 89.84% of total assets; the reported amount divided by audited assets is 89.56%. These accounts lacked the disclosures required by IPSAS No. 1. See Finding 1.