|
|
Annual Report 2006
Income & Expenditure Account
2006
$ |
Our income was earned from
|
2005
$ |
Increase/
(Decrease) |
|
|
|
2,622,801
|
Interest on members' loans
|
2,256,115
|
366,686
|
16.25
|
|
333,447
|
Interest on investments
|
334,290
|
(843)
|
(.25)
|
|
193,236
|
Rental Income
|
194,192
|
(956)
|
(.45)
|
|
180,178
|
Other income/recoveries
|
271,187
|
(91,009)
|
(33.56)
|
|
3,329,662
|
|
3,055,784
|
273,878
|
|
|
Our costs to operate the Credit Union were
|
|
(1,911,727)
|
Operating Expenses
|
(1,568,257)
|
343,470
|
21.90
|
|
(839,149)
|
Interest to members
|
(725,279)
|
113,870
|
15.70
|
|
|
|
|
|
|
|
578,786
|
Leaving a balance
|
762,248
|
(183,462)
|
(24.07)
|
|
|
|
|
|
|
|
(115,757)
|
From which we set aside
|
(152,450)
|
36,693
|
(24.07)
|
|
|
20% for Statutory Reserve in
|
|
|
|
|
|
relation to the Co-operative
|
|
|
|
|
|
Societies Act.
|
|
|
|
|
|
|
|
|
|
|
(28,939)
|
Development fund payable
|
(38,112)
|
9,173
|
(24.07)
|
|
|
to the Grenada Co-operative
|
|
|
|
|
|
League
|
|
|
|
|
|
|
|
|
|
|
434,090
|
Net surplus for the year
|
571,686
|
(137,596)
|
(24.07)
|
|
|
|
|
|
|
|
1,753,627
|
To which is added
|
1,139,881
|
613,746
|
53.84
|
|
|
undistributed surplus from
|
|
|
|
|
|
previous years
|
|
|
|
|
|
|
|
|
|
|
|
Net transfer to reserves
|
186,691
|
(186,691)
|
|
|
|
|
|
|
|
|
(201,040)
|
Then we deduct distribution
|
(144,631)
|
(56,409)
|
39.00
|
|
|
approved at the previous
|
|
|
|
|
|
AGM for members
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,986,677
|
Leaving us with
|
1,753,627
|
233,050
|
13.30
|
|
|
undistributed surplus at
|
|
|
|
|
|
year end
|
|
|
|
|
