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Takaaful T&T Friendly Society 18th AGM Brochure 33

TAKAAFUL T & T
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2015

1 REGISTRATION AND PRINCIPAL ACTIVITY

This Society was registered under the Friendly Society Act, Chapter 32.50 of the Republic of
Trinidad and Tobago on 29th January,1999. It is involved in Islamic Insurance, Investments
and Charitable Schemes.

2 ACCOUNTING POLICIES

a) FIXED ASSETS

These are reflected at historical costs and depreciated on a reducing balance basis at the
following rates:

Office Equipment 25%
Computer - Hardware 20%
Computer - Software 20%

b) STOCK

Stock is valued at the lower of cost or market and issued from stock o a First In First Out basis.

3 CASH 2015 2014

At Bank 37,087 926,128
Cash in Hand 65,431 562,673
$102,518 $1,488,801

4 ACCOUNTS RECEIVABLES 2015 2014

Land Receivables 4,006,789 3,414,289
Miscellaneous Receivables 56,678 48,668
Dividend Receivables-Waqf 36,811 52,575
Dividend Receivables-FBS 2,147 3,277

$4,102,425 $3,518,809

5 INVESTMENTS 2015 2014

Waqf 1,607,332 797,195
Joint Ventures 2,028,454 2,187,868
NEL Shares 1,202,493 1,102,709
MCU Shares
Provision for bad debts 483,318 577,658
(936,055) (995,053)
$ 4,385,542 $ 3,670,377