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Takaaful T&T Friendly Society 18th AGM Brochure 11
APPENDIX 1
To: The 17th AGM
From: The Board of Management of TTTFS
Date: April 26th, 2015
Assalaamu alaikum
At the 16th AGM held on May 4th 2014, the following amendments to our Byelaws were
approved.
50.5.1 The Board shall deduct a maximum of 30% of the net
annual surplus of the Investment Fund as a reward for its
management function.
51.7.1 The Board shall deduct a maximum of thirty per cent (30%)
of the annual surplus of the Hajj Fund as a reward for its
management function.
53.5.1 The Board shall deduct a maximum of thirty per cent (30%)
of the annual surplus of this Waqf as a reward for its
management function.
Change “thirty per cent (30%)” to “forty per cent (40%)” in all
the above.
By letter dated May 19th 2014, the Registrar of Friendly Societies was advised of the
approved amendments. Further to several communications with the Friendly Society
Division during the past months, we prepared the 2014 accounts in anticipation that the
amendments would be approved in a timely manner.
Today, we have to advise, that we have not received written approval from the Registrar
and as such we have to make some adjustments to the Financial Statements and the BOM
Report in the AGM Brochure.
We therefore propose to change in the ‘Income and Expenditure Account – Investment
Fund’ the ‘To General Fund’ allocation from $533,307 to $364,762 i.e. from 40% to 30%
of the Net Surplus (Page 30).
In an effort to minimize the number of changes, we propose, in the ‘Income and
Expenditure Account – Investment Fund’, to (1) increase ‘Provision for Doubtful Debts –
Investments’ and (2) allocate the maximum 10% to the Reserve Fund. As a result, the
‘Dividends to Investors’ will not change.
The changes therefore, will be limited to the ‘Income and Expenditure Account –
Investment Fund,’ ‘Income and Expenditure Account – General Fund’, the ‘Balance
Sheet’ and the ‘Notes to the Financial Statements’.
The proposed changes are listed on Page 2.
