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 2014.
In the year 2014, we continue to face challenges in relation to membership recruitment and limited restriction in investments .Overall core activity (loan) increased by 6% compared to 2013. Continued prudent management control and good governance were the key 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 good 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 31December 2014 the membership strength was 813.
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 $3,200/-worth of awards to 16 deserving members' children.
DIVIDEND/INTEREST
The Society is pleased to recommend 1% for Share Capital, 1% for Thrift Savings and 1% for General Savings as Dividend as at 31 Dec 2014 from the Profit and Loss Account.
The interest rate on Specific Deposit for the year 2015 will be 1% percent.
GENERAL RESERVE FUND
The fund now stands at $410,188/-
COMMON GOOD FUND
A total sum of $17,340/- was granted under the Common Good Fund for medical, death and retirement benefits.
APPROPRIATION OF PROFITS - 14
The proposed Appropriation of Profits is shown in Appendix B1.
ACCOUNTS OF THE SOCIETY
The Society engaged M/S S.K Cheong to maintain its computerised accounting system for the year 2015.
STATEMENT OF ACCOUNTS
Members of the Society were furnished with their respective statement of accounts after the close of the financial year.
ACCOUNTS OF THE SOCIETY
The Society engaged M/s S.K Cheong to maintain its computerised accounting system for the year 2014.
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 2014.
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, Mr Faruhullah s/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 about 600 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, Ho Chi Minh-Vietnam 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 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 if necessary will engage an external auditor with accounting experience to conduct regular audits to ensure compliance.
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 $40,000 repayable with 120 months
- Basic Need Loans (Education & Medical) & Renovation Loan
Granting of loans is the core business of the society and we will endeavor to explore new and innovative financial products to meet members’ needs and compliance with the new regulatory requirements.
All unsecured loans granted shall not exceed $30,000 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 to 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.
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
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 16) 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:
- KALEKHAN B BORHAN
- VELAVAN S/O RAMASAMY
- MD YUSOF B SAAT
- SAKRONI B SURI
- SEAH KOK CHEOW
- A SUNILJAYANTHE DE SILVA
- HASSAN BIN YUNOS
- S PALGUNAN
- MASRURA BT MD NOOR
- CHIN SHIH ANN
- LOH MUI TECK
- A RAHIM B MD NOOR
- ASIAH BTE SUKIMAN
- MAIDIN MTP IBRAHIM
- SIM YONG KHOON
- KASSIM B ABDULLAH
- MD FADALI B OSMAN
- MD NOOR B PUTEH
2 OBITUARY
The Society announces with deep regret the demise of the following member:
- ONG WEE WEE
- PONNAMAH D/O SINNADORAI
- WAHID B ABAS
3 PREMISES
The Society continued its operation from its own property at #04-01, 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.
The Society’s adjacent Unit, #04-02, Parklane Shopping Mall, Selegie Road, Singapore 188307 is leased to for M/S CCCS International Learning Institute Pte Ltd which is wholly owned by the Customs Credit Co-operative Society(S) Ltd.
4 STAFF
Madam Zaiton continued to work for the Society as its full time clerk. Mr Tan Ting Meng is our Manager
5 APPRECIATION
The Committee of Management wish to record its sincere appreciation to:
- The Registrar of Co-operative Societies and his staff for their valuable advice and assistance.
- M/s S. K Cheong & Co for their advice and audit.
- 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
HON SECRETARY
- Audited Financial Report 2015
- Minutes of Meeting - AGM 2015 & Board of Directors Annual Report 2015
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