Times Of Swaziland: E8.5 MILLION LOSS MADE BY BUNYE BETFU

E8.5 MILLION LOSS MADE BY BUNYE BETFU
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BY KWANELE DHLADHLA on 07/10/2013 04:34:00


MBABANE - Bunye Betfu Buhle Betfu Savings and Credit Cooperative Society made a
whopping E8.5 million loss during the 2012 financial year.
This is contained in the audited financial statements for the 2013 financial
year, which were prepared by renowned audit firm, PricewaterhouseCoopers.
“The Board reports an operating income for the year of E1.076 million-2012
loss of E8.5 million. Loans and advances at year end increased E64.5
million-2012; E59.1 million, whilst total assets increased by 14 per cent to E94
million-2012; E82.7 million at year end. Reserves at the year end totaling E3.7
million represent four per cent of total assets-2012; E2.5 million represent of
three per cent total assets,” disclosed the board of directors.
The acting Chairperson of the Board was Fortunate Lukhele when the financial
report was compiled while Timothy Msibi was the Treasurer.
The Board was responsible for preparation, integrity and fair presentation of
financial statements of the cooperative.
“In our opinion, the financial statements present fairly, in all material
respects, the financial position of Buhle Betfu Bunye Betfu Credit Cooperative
Society Limited as at March 31, 2013 and its financial performance and its cash
flows for the year then ended in accordance with the Cooperatives Society Act of
2003,” reads the financial report.
In the report, it was also stated that members’ savings amounted to E79 223
216, while in 2012, E71 053 246 had been collected through members savings.
The board also disclosed that all customer savings were initially recognised at
fair value of the consideration received. Subsequent to initial recognition, the
deposits were measured at amortised costs which include any service and handling
of charges associated with the servicing of the deposits, together with interest
earned and paid to the customer, using the effective interest rate method.