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Takaaful T&T Friendly Society 18th AGM Brochure 18
8.2 Other Properties
The Society has invested in other lands at Sangre Grande, Sangre Chiquito, Biche,
Cumuto, Pt. Fortin, Leemond (Sangre Grande) and Coryal. The total land investment is
approximately TT$ 15 million.
The following property was bought in 2015: 13 acres at LP#334, Cumuto Main Road,
Coryal.
8.3 Shares- Muslim Credit Union Co-operative Society
At the beginning of 2015, the Society had $577,658 in shares with the MCU. The BOM
decided to withdraw $94,340 on the basis of actually receiving 53% (i.e. $50,000) while
the balance of $44,340 was ‘gifted’ to the MCU. At the end of the year our balance at the
MCU stood at $483,318.00.
8.4 National Enterprises Limited (NEL)
Five thousand six hundred and fifty shares were purchased at a cost of $99,783.53 taking
the total number of shares to 69,497. The total investment in NEL as at the end of 2015
was $1,202,492.90.
8.5 Members’ Transactions
As at the end of 2015, the Society had $2,028,454 in this portfolio a decrease of 7% from
2014. This portfolio consists basically of trade-related transactions, financed on the basis
of profit/loss sharing. Profits generated from these transactions are recorded under
Profits from Projects in the Income and Expenditure Account of the Investment Fund.
8.6 Agriculture
Todds Road (50 acres): Although the Farm Committee had a few meetings, no proposals
were submitted to the BOM.
8.7 Doubtful Investment Provision
In 2013 the Board decided to make provision over a three year period, starting in 2013,
for one Joint Venture transaction that was discontinued in 2010. The outstanding balance
of $35,342.00 was provided for in 2015.
The previous provision of $577,658 re the MCU has been reduced to $483,318.00 since
$94,340 was written off the Balance Sheet. These provisions seek to protect the value of
the investors’ capital.
8.8 Dividends (Target 5%)
A dividend rate of 3% was realized.
The investment income was mainly
from real estate sales.
8.9 Investment Fund Reserves
$59,530 was added to the I.F.
Reserve taking it up to $315,116.00.
