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35 Selegie Road #04-01, Parklane Shopping Mall, Singapore 188307 | TEL : +65 6338 4890 | FAX : +65 6338 4870 | EMAIL : cccsl@singnet.com.sg

BOARD OF DIRECTOR’S ANNUAL REPORT 2013

Annual Report>>Annual Report 2013

Your Board of Directors has great pleasure in presenting to you the annual report and the audited statement of accounts for the year ended 31 December 2013.

In the year 2013, the overall financial performance of the society despite the slowing down of the economy, has shown a significant 8 % improvement. Prudent management control and good governance over our funds and investment were the contributing factors to our good financial performance.

Your society will continue to explore new investment opportunities and expand its revenue base and the financial gains will be ploughed back to members by paying attractive dividends and other related benefits.

BOARD MEETING

The Board of Directors held 12 meetings during the period under review to transact the business of the society.

MEMBERSHIP

As at 31 December 2013 the membership strength was 777.

SCHOLARSHIP AWARDS

Annual scholarship awards are presented to member’s children for their academic studies ranging from primary to university level. During the year our Society gave away $2,300/-worth of awards to deserving members' children.

LOANS

Granting of loans is the core business of the society and we will endeavour to explore new and innovative financial products to meet members’ needs and compliance with the new regulatory requirements.

Emergency Loan

Due to overwhelming request, the easy loan has been revised to $5,000.00 to allow members to enjoy faster loans approved. Members can now apply loans under the easy loans scheme repayable within 12 months. The guidelines for loans will be posted in our website.

DIVIDEND/INTEREST

The Society is pleased to recommend that a dividend of 3% to be paid on Share Capital, 1.75% to be paid on members' Thrift Savings and 1% to be paid on members’ General Savings for the Year ending 31st Dec 2013.

The interest rate on Specific Deposit for the year 2014 will be 1% percent.

STATUTORY RESERVE FUND [SINKING FUND]

The fund now stands at $410,118/-

COMMON GOOD FUND

A total sum of $7,300/- was granted under the Common Good Fund for medical, death and retirement benefits.

APPROPRIATION OF PROFITS - 2013

The proposed Appropriation of Profits is shown in Annex B1

ACCOUNTS OF THE SOCIETY

The Society engaged M/s S.K Cheong to maintain its computerised accounting system for the year 2013.

STATEMENT OF ACCOUNTS

Members of the Society were furnished with their respective statement of accounts after the close of the financial year.

AFFILIATION/INVESTMENT

SINGAPORE NATIONAL CO-OPERATIVE FEDERATION (SNCF)

Our co-operative is affiliated to SNCF which is as an apex body of all Co-operative Societies in Singapore. SNCF co-ordinates and facilitates the activities of the co-operatives in Singapore. It does so by organizing and supervising courses, study missions and seminars on important topics such as co-operative management, financial analysis, investment management and decision making for its members.

As an affiliate of SNCF, our co-operative was one of the major supporters of all the events organized in 2013.

SINGAPORE ASSOCIATION OF AMALGAMATED CO-OP SOCIETIES LTD. (SASCO)

SASCO continues to play an important role in caring for the less fortunate members of the society through various Community Projects such as managing a Home for Senior Citizens and a day care centre for the senior citizens. It also operates two Child Care Centres that cater mainly to lower and middle-income families.

Our Co-operative Society is an affiliate of SASCO and our Chairman Mr. S Krishnan is our representative. He is the current Secretary.

Our Co-operative Society’s Hon. Treasurer, MrFaruhullahs/o A W Safihullah is current Vice-Chairman for SASCO’s Home for Senior Citizens. NTUC FAIRPRICE

The society is an institutional member of NTUC Fairprice with $68,500 shares.

NTUC INCOME

Our investment with NTUC Income Insurance Co-operative amounted to 427,080 shares.

PREMIER SECURITY CO-OPERATIVE SOCIETY

The society is an institutional member of Premier Security Co-operative with $50,000/- shares. Our Chairman, Mr. S Krishnan is our representative to Premier Security.

GENERAL

EXTERNAL CONFERENCES AND STUDY MISSIONS

Our co-operative society actively supported and participated in various overseas conferences and study missions arranged by SNCF. These activities not only helped to bring fellow co-operators together for interaction and networking but also provide them with invaluable learning opportunities in developing seamless co-operation from both regional and international movements. Participation in these activities has significantly enhanced the profile and image of our co-operative.

CREDIT CO-OP MANAGEMENT ACCOUNTING SYSTEM

Our Society’s accounts have been migrated to the current Window Based System and is supported by M/S Belinda Chua & Co .

ACTIVE PARTICIPATION IN CO-OPERATIVE ACTIVITIES

Our co-operative society had given continued support to activities organised by the various co-operative societies in Singapore and we are proud to be part of a well-respected co-operative.

CHANGES TO CUSTOMS CREDIT OPERATING PROCEDURES

YEARLY TRAVEL INCENTIVE FOR MEMBERS

Since 2002, our co-operative society had selected 560 members(about 40 to 50 members yearly) for the travel award to various places, such as Penang, Malaysia(by cruise), Kuching-Sarawak, Bangkok-Thailand, Bali-Indonesia, Phuket-Thailand, Bandung-Indonesia, Bali-Indonesia etc.

The Travel Incentive for members will be on-going until all the remaining 200+ members of the society have been given an opportunity to participate. The Board of Directors has been giving priority for retiring officers in the selection of participants for the yearly travel incentive tours.

The society's members who participated in the tour were generally happy and contented with the tour arrangements.

INDEPENDENT AUDIT COMMITTEE

Since 2006, your society had set up an Audit Committee comprising of 3 Board Members or more who should be suitably equipped with knowledge of Co-operative management, finance and corporate governance matters. The Audit Committee Meeting is held 3(three) times a year.

The Audit Committee reviews co-operative systems of internal controls, including financial, operational and compliance controls and risk management, co-operative financial operating results, accounting policies and significant accounting estimates and judgments. The Committee also decides on the appointment, cost effectiveness and independence of the external and internal auditors of the Company and make recommendations of the appointment of the external and internal auditors to the Board.

ENGAGING OF INDEPENDENT INTERNAL AUDITOR

To enhance our fiscal control,the Board is also looking into co-opting an external member who has vast experience in holding financial positions in other major co-operative societies. We are considering to engage the person to conduct regular checks on the cash, investments, members' savings, loans and other assets of the Society and be accountable to the Audit/Investment Committee appointed by the Board of Directors.

WORKPLAN SEMINAR

Since 2007, the Society had been holding Work-plan Seminars jointly with The Singapore Government Staff Credit Co-operative Society(SGS Co-op). Arising from these work-plan seminars, some key problems were identified through a corporate trainer and we brainstormed to solve the problems. The work-plan seminars help us to review our vision, mission and core values of the co-operative. There is also constant reminder on the proper checks and balances through internal controls and forming sub-committees to tackle the various issues and managing investment risks. Other areas discussed are the possibility of setting up a business enterprise providing training and consultancy services, concentrate on increasing membership base and study the prudential requirements as stipulated by the regulatory body.

LOAN SCHEMES

  • 100% secured loan within members’ saving with the co-operative
  • 80% secured [collateral furnished by member] of the loan amount
  • Unsecured easy loan not exceeding $2,000 repayable within 4 months
  • Unsecured emergency loan not exceeding $5,000 repayable within 1 year  
  • Unsecured loans not exceeding $30,000 repayable with 60 months    
    All loans granted shall not exceed $30,000 combined amount of item 3 to 5 and 50% of his salary deduction from his employer or GIRO deduction through his bank account.

The Co-operative may charge the borrower expenses associated with the granting of loans, such as making searches on creditworthiness of the borrower and sureties, and other fees, including accrued interest, legal fees, charges etc, as required.

The Co-operative have the right to recall any loan granted from the borrower or his sureties either as misrepresentation at material time of application or defaulted for more than 2 consecutive months.

The Co-operative may impose a late payment fee of $20.00 per month or other amount necessary to recover the loan repayment defaulted on the month due. 

CAPPING OF THRIFT & SAVINGS

Since April 2011, the Board of Directors had decided to cap all contribution of thrift and general savings to $100 per month for all members. The total savings(General & Thrift) of individual member at any one time will be $15,000/- and excess amount will be returned to the member. Also there will be no transfers of general savings to thrift savings.

The By-law on membership has been reviewed to include retirees as associate members. Hence, with effect from April 2011, the Board of Directors had also decided to cap all contribution of thrift and general savings to a total of $100 per month if any member who resigns from government service and wishes to remain as a co-op member.

RETIREMENT GRANT

Since August 2012, the society had reviewed and agreed to pay retirement grant of $300 to members with membership of 10 years and above with the society. The grant is given to members with valid retirement letters from government service, regardless of their continuity of status as associate members.

DEATH GRANT Member or employee -$500.00(Reduced from $1,500/-
with effect from Aug 2012)
Spouse of member or employee - $300.00
A parent of a member or employee - $200.00
A child of a member or employee - $150.00

HOSPITALISATION GRANT

The Board has revised the Hospitalisation Grant to $20.00 per day subject to a maximum of 30 days in a calendar year(one claim in a year) if the member is admitted to a recognized hospital in Singapore. The claim shall be made within 90 days of 1st day of admission to hospital.

MEMBERSHIP RECRUITMENT DRIVE

The Board deliberated on the dwindling membership of our Co-operative Society and decided to encourage the recruitment of members' family(spouse and children above 21) as Associate Members. The Board has targeted to achieve 1000 members in the immediate future.

OTHER MATTERS

1 RETIREMENT

The Society wishes the following members, who retired from government service, many years of happy retirement:

  • DAUD B ISMAIL
  • RANJIT SINGH
  • MOHAMED B AMIRZAN
  • R THIRUCHELVAM
  • LIM KAH CHENG
  • LOH YU CHEAN
  • TAN KIM SENG
  • ONG WEE WEE
  • NG TOH HIA
  • JOSEPH MAH
  • ALIAS B OMAR
  • JAMALUDIN BIN A WAHAB
  • ABDUL WAHAB B TOHID
  • TAN NAM KIA
  • HASHIM B HASSAN
  • MD ALI S/O MD MYDEEN
  • ABDUL RAHIM B A MANAN
  • MD SALLEH B PATILON
  • SAID B ARWEE
  • CHUA GEOK HENG
  • ABDUL RAHMAN B SAFIE
  • KOH KIM SONG
  • MAHFUZ B WAN ABDULLAH
  • MD HARON B MARHOM
  • M SELVASEKARAN
  • ZAKARIA B HASSAN
  • KESSLER CHARLES
  • ISMAIL B NORDIN
  • MD RAHIM B HAMID
  • DANARAJ ANTHONY
  • ABDUL AZIZ B MOHD


2 OBITUARY

The Society announces with deep regret the demise of the following member:

MOHD JAILANI B NAIM

3 PREMISES

The Society continued its operation from its own property at 4th level, Parklane Shopping Mall, Selegie Road, Singapore 188307, Tel: 63384890 and Fax No: 63384870. The office is opened for business from Mondays to Fridays daily from 10.00 am to 6.00 pm except Saturdays, Sundays and Public Holidays.

4 STAFF

Madam Zaiton continued to work for the Society as its full time clerk.

Mr Tan Ting Meng was appointed as our full-time Manager with effect from 1stJune 2012 .

5 APPRECIATION

The Committee of Management wish to record its sincere appreciation to:

  1. The Registrar of Co-operative Societies and his staff for their valuable advice and assistance.
  2. M/s S. K Cheong &Co for their advice and audit.
  3. Members for their co-operation and support in upholding the prestige of the Society.


For and on behalf of the
COMMITTEE OF MANAGEMENT

P.NAMASIVAYAM
SECRETARY

  1. Minutes of AGM 2013 held on 25 May 2013
  2. Independent Auditor's Report - AGM 2014

 

 

 

 

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