|
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 |
|
|
|