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The assets of SBEU have REACHED $5,981,463.00 as at financial year ending 31 March 2007. This is an increase of $306, 073.00 or 5,4% over the previous financial year.
The SBEU General Fund account for $3,012,958.00 while the Benevolent Funds total $2,968,504.00.
The main income of SBEU is membership fees, commission from Life and General Insurance scheme, Union Yes Retreat & Fixed Deposits interest.
The Retreat made an operating profit of $28,821.00 on gross sales of $335,599.00. This is very encouraging as we had budget an operating deficit for the 1st –3rd years of the Retreat’s operations. We expect the operating profit for this year to be about $65.000. We achieved an occupancy rate of more than 85% for weekends and public holidays.
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The Union’s financial risk management policy seeks to ensure that adequate financial resources are available for the development and functioning of the Union’s operation whilst managing its liquidity and credit risks. The Union operates within clearly defined guidelines that are approved by members and the Union’s policy is not to engage in speculative transactions.
We append the highlights of the Audited Accounts. The Full report is available at all SBEU Branches. It will also be made available online. Click link below for the full detailed of the report
> For General Funds Reports 2007 [ Click Here ]
> For Benevolent Funds Reports 2007 [ Click Here ]
- To Print this Newsflash [ Click Here ]
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