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UNION YES NEWSLETTER

March 1999
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NEWS FLASH

Year 2001
Year 2002

News Flash 2003

10 January 2003
07 March 2003
25 March 2003
01 May 2003
21 July 2003
15 September 2003
10 November 2003
20 November 2003
28 November 2003
18 December 2003
Year 2004
Year 2005
Year 2006
Year 2007

SBEU PUBLICATION

High Crime, Low Wages
- Who Gains?
Sarawak Labor Ordinance
Merger of Banks & Financial Institution
Increase Retirement Age
Customer First ?
Adapt or Die
Industrial Court Awards

SBEU'S ASSET INCREASE SIGNIFICANTLY

The assets of SBEU have increased by more than 60% during the financial year ending 31 March 2003.

For the SBEU General Fund, the amount increased by 82% to RM 2, 718,044.33 from RM1,493,867.80 the previous year. For the Benevolent Fund, the increase is from RM910,688.62 to RM1,151,149.16 an increase of 26%.

This is mainly due to the RM1.3 Million in levies that all members contributed. In a clear display of support and appreciation , SBEU members contributed a total of RM1,259.465.44 being 10% of the arrears received arising out of the Industrial Court Award 798/2002 covering the Collective Agreement between SCBA & SBEU. The levy will be utilised for the purchase of buildings, land and other fixed assets.

 

Apart from the levy, the main income of SBEU is the membership fees as well as from our Life and General Insurance scheme. On the expenses side, the major items are Training, Industrial Relations/Collective Agreement, salaries of staff and Honorariums/Compensation for loss of pay for officials.

The Union's financial risk management policy seeks to ensure that adequate financial funds 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.

 

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We append the highlights of the Audited Accounts. The full report is available at all SBEU Branches. It will also be made available online at sbeu.org.my

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GENERAL FUND

BALANCE SHEET AS AT 31 MARCH 2003

  NOTE 2003 (RM) 2002 (RM)
CURRENT ASSETS      
     Fixed Deposits with licensed banks  

1,254,223.48

194,150.15
    Sundry receivables 3 47,163.33 44,332.58
    Cash in hand 4 136.49

291.94

    Cash at banks 5 371,383.15

235,101.85

       
CURRENT LIABILITY      
   Sundry payables 6 7,000.00 16,210.95
NET CURRENT ASSETS  

1,665,906.45

457,665.57

PROPERTY, PLANT AND EQUIPMENT 7

1,034,137.88

1,018,202.23

INVESTMENTS 8

18,000.00

18,000.00

   

2,718,044.33

1,493,867,80

       

Financed by :

     

ACCUMULATED FUNDS

     

     Balance 1 April

 

1,493,867,80

1,490,300.80

     Surplus for the year

 

1,224,176.53

3,567.00

       

    Balance at 31 March

 

2,718,044.33

1,493.867.80

 

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SARAWAK BANK EMPLOYEES' UNION

BENEVOLENT FUNDS

BALANCE SHEET AS AT 31 MARCH 2003

  NOTE 2003 (RM) 2002 (RM)

INVESTMENT PROPERTY

3 388,510.00 359,175.00

CURRENT ASSETS

     

    Subscriptions in arrears

  24,045.00 24,302.00

    Fixed deposits with licensed banks

  738,285.01 507,632.63

    Fixed deposits with a licensed finance company

  153,811.69 144,625.55

    Cash at bank

4

27,301.14

16,916.95
    943,442.82 693,477.13
       
CURRENT LIABILITIES      
   Sundry payable 5 7,408.00 7,233.00
   Dividend payable   173,395.68 134,730.51
    180,803.68 141,963.51
       

NET CURRENT ASSETS

  762,639.16 551,513.62
    1,151,149.16 910,688.62
       

Finance by :

     
       
ACCUMULATED FUNDS      
       
Balance at 1 April   910,688.62 667,748.21

Undistributed surplus for the year

  240,460.54 242,840.41
       

Balance at 31 March

  1,151,149.16 910,688.62
   

Copyright © 2001 Sarawak Bank Employees' Union. All rights reserved.