NSSF Beats 87 in Financial Reporting, Scoops Third Gold Award

The National Security Social Fund (NSSF) emerged the gold winner at the 2021 Financial Reporting Awards beating 87 other organisations that participated in the awards. The declaration was made during the awards ceremony at Skyz Hotel, Naguru.

With this win, NSSF has three (3) gold awards in financial reporting so far, putting them two awards below Stanbic Holding Limited who have five (5) of the gold since the awards inception in 2011.

According to the Chairman of the Financial Reporting Awards Committee, CPA Stephen Ineget the NSSF report was highly interactive, as it was easy to navigate and the information was interlinked. The report also had a strong focus on strategy and value creation, and provided a clear explanation of the utilisation of the six capitals in the value creation process. NSSF also presented a digital report, the first of its kind, which made the fund stand out.

The Fund also took home three more awards; Public Sector Award and emerged first Runners-up in Sustainability and Corporate Governance Reporting categories.

The Fund’s Chief Financial Officer, Stevens Mwanje noted that their financial reporting is informed by the desire to innovation and the need to communicate effectively with stakeholders. “We pride ourselves in being innovative and being able to communicate and this is what informs our annual report, as it is one of the biggest tools that we use to communicate with our members,” Mwanje said.

Centenary Bank took the years silver award as well as the Communications and presentation.

Stanbic Holding Limited took the bronze. They also beat their counterparts to win the Sustainability, Corporate Governance reporting awards.

Speaking to participants, CPA Constant Mayende the President of the Institute of Certified Public Accountants of Uganda (ICPAU) emphasised the need for accountants to embrace ethics and professionalism as they execute their duties. “Accountants serve in the public interest. CPAs are therefore expected to have integrity, be objective, and refrain from actions, which discredit the profession and annoy their clients”.

In his speech, CPA Derick Nkajja, the chief executive officer of ICPAU called on businesses in Uganda to use professionals. “Use the right accountants. In this economy, everyone wants to be an accountant but not everyone who studies biology becomes a doctor,” he said

The 2021 FiRe Awards attracted a total of 88 participating entities. Due to the current pandemic-related restrictions and challenges, some organisations informed the FiRe Awards Committee that they were not able to finalize their annual reports in time for submission. Nonetheless, the Committee continues to be impressed by the level of enthusiasm and commitment in the FiRe Awards. A total of 58 organisations that participated in the 2020 FiRe Awards also participated in the 2021 FiRe Awards. This represents approximately 70% retention rate.

Other winner include; Wazalendo SACCO that excelled in financial reporting under the Cooperatives category; the Franciscan Investment Cooperative Society Limited was recognised for producing the most improved report, Umeme Limited won the Consumer and Industry category, among others.

The FiRe Awards are organised by ICPAU, in partnership with the Capital Markets Authority, the Uganda Securities Exchange, and Vision Group. Introduced in 2011, the FiRe awards are aimed at rewarding excellence in financial reporting. Organisations in the private, public and Non-Governmental Organisations sectors participate by submission of their annual reports for the year under review.

The winners

Insurance Brokers and Loss Adjustor

Certificate of recognition for achievement: Willis Towers Watson Uganda Insurance Brokers Ltd

Forex Bureaux

Certificate of recognition for achievement: Economic Exchange Forex Bureau Limited

Religious Institutions

An Award for Scripture Union of Uganda

Education Institutions

An Award for Ndejje University

Cooperative Societies

Certificate of recognition for achievement: CPA SACCO Limited

Award winners

2^nd Runner Up   Franciscan Investment Cooperative Society Limited

1^st Runner Up   Y- Save Multipurpose Cooperative Society Ltd

Winner            Wazalendo SACCO Limited

Retirement Benefit Services 

Certificate of recognition for achievement: Uganda Clays Staff Contributory Provident Fund

Award winners

2^nd Runner Up  Bank of Uganda Defined Contributions Scheme

1^st Runner Up   Bank of Uganda Defined Benefits Scheme

Winner            Makerere University Retirement Benefits Scheme

Regulatory Bodies and Associations

The Capital Markets Authority and ICPAUwere non-competing entries.

The FiRe Awards Committee recommended an Award for: Bank of Uganda 

Non-for-Profit Organisations

Certificate of recognition for achievement: Send a Cow Uganda Limited

Award winners

2^nd Runner Up SNV Netherlands Development Organisation Limited

1^st Runner Up   Baylor College of Medicine Children’s Foundation Uganda

Winner            Child’s i Foundation        

Consumer and Industrial Products  

Category B

Certificates of recognition for achievement in financial reporting under the Consumer & Industrial Products Category B

Elite Computers Uganda Limited

Harley’s (U) Limited                 

Consumer and Industrial Products  

Category A

Certificate of recognition for achievement: British American Tobacco Uganda Limited

Award winners

2^nd Runner Up  CIPLA Quality Chemical Industries Limited

1^st Runner Up   Uganda Clays Limited

Winner            Umeme Limited

Public Sector

Certificate of recognition for achievement: Deposit Protection Fund of Uganda

Award winners

2^nd Runner Up National Water and Sewerage Corporation

1^st Runner Up   New Vision Printing and Publishing Company Ltd 

Winner            National Social Security Fund

Insurance Services

Certificate of recognition for achievement: UAP Old Mutual Insurance Uganda Limited

Award winners

1^st Runner Up             Uganda Reinsurance Company Limited

Winner                      Liberty Life Assurance Uganda Limited

Microfinance Deposit Taking Institutions

Winner             FINCA Uganda Ltd (MDI)

Commercial Banks

Award winners

2^nd Runner–Up   Centenary Rural Development Bank

1^st Runner–Up    dfcu Limited

Winner             Stanbic Uganda Holdings Ltd

Special Awards of Excellence

Reporting under IPSAS

1^st Runner                 Kampala Capital City Authority

Winner            SNV Netherlands Development Organization Limited

Reporting under the IFRS for SMEs

2^nd Runner                 Elite Computers Uganda Limited

1^st Runner                  Send a Cow Uganda Limited

Award

Winner            Child’s i Foundation

Most Improved Report Award        

Award

Winner             Franciscan Investment Cooperative Society   

Best Listed Entity Award

2^nd Runner                 dfcu Limited

1^st Runner                 New Vision Printing & Publishing Company Limited

Award

Winner            Stanbic Uganda Holdings Ltd

Presentation and Communication Award

1^st Runners–Up   New Vision Printing & Publishing Company Limited

Uganda Development Bank Limited

Liberty Life Assurance Uganda Limited Award

Winner            Centenary Rural Development Bank

Sustainability Reporting Award 

1^st Runners–Up   National Water & Sewerage Corporation

                           National Social Security Fund Award

Winner             Stanbic Uganda Holdings Ltd              

Corporate Governance Award

2^nd Runner–Up   Liberty Life Assurance Uganda Limited

1^st Runner–Up    National Social Security Fund Award

Winner             Stanbic Uganda Holdings Limited        

Integrated Report of the Year Award

a)  Bronze Award       Stanbic Uganda Holdings Limited    

b)  Silver Award              Centenary Rural Development Bank

c)  Gold Award               National Social Security Fund