FEDERAL REPUBLIC OF NIGERIA

NIGERIA COOPERATIVE SOCIETIES DECREE & REGULATIONS

NO. 90 OF 1993

COOPERATIVE SOCIETIES ANNUAL ACCOUNTS FORM

(REGULATION 37)
PRICE: ₦ FORM NO.

PERIOD OF ACCOUNTS: 1ST JANUARY – 31ST DECEMBER, 2023.

STATE: IMO
LOCAL GOVERNMENT AREA: NGOR-OKPALA
COOPERATIVE DIVISION/AREA: NGOR-OKPALA

NOTICE TO ALL COOPERATIVE SOCIETIES

1. This form has been prescribed and approved by the Director of cooperatives in
the state for use under Regulation 37 of the Nigeria Cooperative Societies Decree
and Regulation 1993 for preparation and submission of all Annual accounts of
cooperative societies.
2. It shall be annually by all registered cooperative society in triplicate copies and
submitted to the Director of cooperatives in the state for approval.
3. All annual accounts entered in this form shall cover the financial year period of 1 st
January to 31st December of the preceding year.
4. Cooperative Society and their officers should ensure that the annual accounts as
prepared are true and accurate and duly comply with the provisions of the
Nigerian Cooperative Societies Decree and Regulations 1993 and represent the
true state of affairs in the Society. False and incorrect accounts may lead to non-
approval of the annual Accounts.
5. Regular completion and submission of the Society Annual Accounts to the
Director or co-operative for approval along with the Annual returns will form the
basis of assessment of performance of registered cooperative society each year
and their participation in Government programmes and activities.
 PARTICULARS OF SOCIETY

1. NAME: FAAN STAFF (NGOR-OKPALA)

CO-OPERATIVE THRIFT AND LOAN SOCIETY (CTLS) LIMITED.
2. ADDRESS: SMICA & THE SECRETARY FAAN STAFF (NGOR-OKPALA) CO-
OPERATIVE THRIFT AND LOAN SOCIETY (CTLS) LIMITED.
3. ADMINISTRATIVE AREA: NGOR-OKPALA.
4. LAST APPROVED ANNUAL ACCOUNTS: 2022
5. PERIOD COVERED BY PRESENT ACCOUNT: 1ST JANUARY, 2023 TO 31ST
DECEMBER, 2023.
6. ANNUAL ACCOUNTS OUTSTANDING: NIL

7. ARREARS OF ANNUAL SUPERVISION FEES:

8. ANY OTHER OBSERVATION/COMMENT:

 I. APPROPRIATION ACCOUNT
Being actual disposal of balance available at end of previous financial year.

Dr. Cr
To Balance Deficit as per ₦ K ₦ K
Previous Balance Sheet
Reserve Fund 1,312,872 15 By Balance Surplus as per 5,251,488 60
General Reserve 8,616 45 previous balance sheet

Dividend to members
Entertainment 230,000 00
Provision for Trading
Welfare Fund
Balance Surplus to Dividend 3,500,000 00

Honorarium to Comm 200,000 00 Balance Deficit (if any) of

₦ 5,251,488 60 ₦ 5,251,488 60

Dr. II. TRIAL BALANCE AS AT 31ST DECEMBER, 2023 Cr

Trading Account Items ( )

₦ K ₦ K
Opening Stock Sales 9,957,500 00
Purchases 15,886,500 00 Remuneration
Transport and
Handing Charges 155,500 00

INCOME AND EXP. A/C ITEMS

Cooperative Education Fee Annual Subscription Received

Allowances to Delegates Fines
Stationary 47,800 00 Entrance Fees 51,000 00
Annual Subscription to Union Loan Interest 12,318,050 00
Annual Supervision Fees 2,000 00 Donations
Sundry Expenses Bank Interest

c.f. 16,091,800 00 c.f. 22,326,550 00

Dr. TRIAL BALANCE (CONTINUED) Cr

₦ K ₦ K
Balance brought forward 16,091,800 00 Balance brought forward 22,326,550 00
Entertainment/AGM&Souvenir 1,444,400 00 Investment Interest 151,000 00
Bank Charges 9,976 85 Rents Received
Committee Expenses 24,000 00 Sundry Income (comm. Rec.) 13,200 00
Sitting Allowances
Transport/Fund 138,000 00
Public Relations 73,100 00
Bonus to Members 920,000 00
Land Expenses 1,297,400 00
Dividend 773,100 00
IT Solutions 300,000 00
Re/Card/Service charge 60,000 00
Refund over Deduct 3,801,271 00
Audit Charge 80,000 00

BALANCE SHEET ITEMS

Cash at Bank
Cash in Bank 1,073,143 93 Share Capital
Equipment/Furniture Fittings 253,303 77 Thrift- Savings Interest 1,826,144 80
Building 3,272,400 00 Members Thrift Savings 156,623,417 00
Loans to Members 129,057,855 00 Reserved Fund 9,754,958 78
Land 32,000,000 00 General Reserve 149,880 99
Crates 115,200 00 Education Fund 100,000 00
Fridge 141,743 00 Welfare Fund 240,000 00
Computer 258,457 14 General Reserve

₦ 191,185,151 57 ₦ 191,185,151 57
 III. JOURNAL FOR ADJUSTMENT
AT 31ST DECEMBER, 2023.
Dr ₦ K ₦ K
Stock ( ) 7,226,000 00 7,226,000
To Trading Account ( ) 00
Value of Stock to end 2023 for items purchased
Depreciation Account Dr 85,411 64
To Equipment 85,411 64
Depreciation at 10%
Profit and Loss Account Dr 745,239 63
To Thrift Savings Interest
Thrift Savings Interest due at 2& ½% 745,239 63
Profit and Loss Account Dr
To state Government
Annual Supervision Fees due IMSG
Dr

Dr

Dr

Dr

Dr

Dr

IV. TRADING ACCOUNT for period 1st January 2023 to 31st December, 2023.
 1.
Dr Cr
₦ K ₦ K

Opening Stock

Purchases 15,886,500 00 By Sales 9,957,500 00

Transport and Remuneration

Handling Charges 155,500 00 Closing Stock 7,226,000 00

Gross Profit 1,141,500 00 Gross Loss

₦ 17,183,500 00 ₦ 17,183,500 00

Dr Cr

₦ K ₦ K

₦ ₦

V. INCOME AND EXPENDITURE ACCOUNT

Dr Cr
₦ K ₦ K
Gross Loss Fines - Entrance Fee
Allowance to Delegates Penal Interest
Annual Subscription Donations
Annual Supervision Fee 2,000 00 Entrance Fee 51,000 00
Land Expenses 1,297,400 00 Sundry income (comm. Rec) 13,200 00
Building Repair Investment Interest 151,000 00
Bank Charges 9,976 85 By Gross Profit 1,141,500 00
Committee Expenses 24,000 00 Bank Interest
Sitting Allowance Loan Interest 12,318,050 00
Fares and Transport 138,000 00 Annual Subscription Received
Bonus to Members 920,000 00 Dividend Received
AGM & Souvenir 1,444,400 00 Rent Received
Postage and Stationery 47,800 00
Audit Expenses 80,000 00
Depreciation 85,411 64
Public Relations 73,100 00
Levy by Union
Dividend 773,100 00
Refund Over Deduct 3,801,271 00
IT Solutions 300,000 00
Thrift Savings Interest Due 745,239 63

Net Profit 3,933,050 88 Net Loss

₦ 13,674,750 00 ₦ 13,674,750 00

VI. PROPOSED APPROPRIATION

Being proposed treatment of current balance disposable.
 ₦ K ₦ K

Balance Deficit (if any) from Net Profit (if any) from Profit

Appropriation Account (1) and Loss Account (V) 3,933,050 88

Net Loss (if any) from profit and

Loss Account (V)

Reserved Fund 983,262 72

Provision for Entertain/AGM 700,000 00

General Reserve 9,788 16

Education Fund

Welfare Fund

Dividend to Members 2,000,000 00

Honorarium 240,000 00

T/S Interest

Balance Deficit c.f.

₦ 3,933,050 88 ₦ 3,933,050 88

NB: You are pleased advised to adhere strictly to the provisions of the Nigerian Cooperative
Societies Decree, the Regulations and the Society’s registered Bye-Law in making these
appropriations. Particular attention must be paid to Section 34 and Regulation 12, 49, 50 and
53 of the Decree and the Bye-laws as failure to comply with these provisions will lead to non-
approval of the accounts.

BALANCE SHEET AS AT 31ST DECEMBER, 2023

LIABILITIES ₦ K ₦ K ₦ K ₦ K
SHARE CAPITAL Cash at hand
Cash at Bank 1,073,143 93
` Total Cash Balance
RESERVES:
Reserve Fund 9,754,958 78
General Reserve 149,880 99
Education Fund 100,000 00
Welfare Fund 240,000 00

LOANS 129,057,855 00

DEPOSITS: SHARES IN
Thrift Savings 156,623,417 00 COMPANIES AND
Thrift Savings (Interest) 2,596,796 07 APEXES
LAND 32,000,000 00
Total Savings BUILDINGS 3,272,400 00
ACCRUALS EQUIPMENT/FITTINGS 235,303 77
STOCKS AT END 7,226,000 00
CRATES 115,200 00
Total Accruals REFRIGERATOR 141,743 88
LOANS COMPUTER 258,457 14

Total Loans
CREDITORS

Net Profit 3,933,050 88 Net Profit

₦ 173,398,103 72 ₦ 173,398,103 72

CERTIFICATION
We certify that the above Accounts truly represent the financial and other activities of the
Society during the year and financial position at 31 st December and the Personal Ledger
Balance having been totaled and reconciled with the General Ledger and that they agree and
that the assets and liabilities are in fact as stated in the Balance Sheet.

President Secretary

NAME: COMR. UJOH ANTHONY C. NAME: OKOROAFOR OLUCHUKWU ROY

DATE: 26-03-2024 DATE: 26-03-2024

Countersigned

Appointed Auditor

NAME: OGUH AGNES N.

RANK: AUDITOR
DATE: 22-03-2024

Divisional/Area Cooperative Officer

NAME: OGUH AGNES N.

RANK: AUDITOR
DATE: 22-03-2024

DIRECTOR’S COMMENT
The above account and the appropriation thereof as corrected by me, is in accordance with the
Cooperative Decree, the Regulations, the Registered Bye-law of the Society, and is hereby
approved by me.

Director of Cooperative Societies