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Annual Report 2006

Statement of Income and Expenditure

FOR THE YEAR ENDED 31ST DECEMBER, 2006

Income

2006

2005
Interest income – loans to members 

2,622,801

2,256,115
Less: Interest payments to members
839,149
725,279
Net interest income

1,783,652

1,530,836
Interest  - other investments

333,447

334,290
Sale of pass books

2,079

2,286
Miscellaneous income

16,177

19,430
Information booklets

2,081

2,251
I. D. cards

3,716

10,836
Application fees

80,103

92,087
Unclaimed shares written back

(       103)

(        317)

2,221,152

1,991,699
Deduct:  General and Administrative Expenses (Schedule A)

1,911,727

1,568,257

Operating surplus for the year

309,425

423,442

Add:      Recoveries less bad debts
Rental income

76,125
193,236

144,614
194,192
Net income

578,786

762,248



Deduct: Transfers:
Development fund

28,939

38,112
Statutory Reserve 

115,757

152,450
Net surplus for the year
$434,090
$571,686