Page 9 - 18th AGM Brochure_Neat

Takaaful T&T Friendly Society 18th AGM Brochure 8

several corrections had to be tabled at the meeting. A two-page document explaining this
and listing the adjustments was submitted to the meeting. See Appendix 1.

Discussion:

 Br Wajid Mollick asked for clarification on dividends from the Investment Fund
and dividends from NEL. Br. Imtiaz Ali explained that all funds are pooled into
the investment fund and dividends paid to investors and therefore Waqf and FBS
would also have dividends. It was suggested that NEL should be put in brackets
to identify the dividends from NEL on pg. 30 as opposed to Investment Fund
dividends.

 Br Farouk Khan questioned the figure displayed in the Accounts Receivables
column. Br Imtiaz B. Ali said that at the close of the financial year there were
outstanding payments still to be made and therefore the figure is correctly
respresented.

 Br. Saied Hosein asked for an explanation on Accounting Fees and Commissions
for 2014 and why there was a difference from 2013. Br. Imtiaz B. Ali responded
that monies for both years were paid in 2014 and this was the reason for the
discrepancy between the 2013 and 2014 value.

Br. Aziz Mohammed adopted the changes to the Financial Statement which was
seconded by Br. Shazam Mohammed

The Auditor’s Report and the Financial Statements were adopted by Br. Kameel
Mohammed and seconded by Br. Sallahudin Aziz

 Br. Hashim Mohammed asked whether the Management Fees were based on 30%
or 40%. Br. Asif Khan responded that it was made for 40%

 Sr. Amina Waheed asked about the bonding of officers and questioned why it was
done. Br. Imtiaz B. Ali responded that it must be done according to the Friendly
Societies’ Act..

Budget 2014

The Budget and Notes were read by Br. Asif Khan, the Treasurer. The Report was
adopted by Br. Khameel Mohammed and seconded by Sr. Amina Waheed

Elections

The Chairman, Br. Manwar Ali, announced Item 9 on the Agenda, i.e. Elections to the
BOM. He then handed over to the Returning Officer, Br. Omar Gorib who gave