Statement of Income and Expenditure

For The Year Ended 31 December 2019

2019 2018
RM RM
Fees received from members
Entrance fees 41,250 54,100
Subscription fees 499,338 538,953
Trade activities
Advertisements in MOGSC members’ directory 50,582 10,500
Income from bowling event 8,664 11,250
Income from golf event 116,200 149,960
Fees received for exhibition 794,342 291,280
Fees received for events 258,329 389,803
Total 1,228,117 852,793

LESS: TRADE ACTIVITIES EXPENDITURE

Printing of MOGSC members’ directory 31,167 48,146
Bowling event 8,636 12,411
Golf tournament expenses 89,268 159,154
Exhibition expenses 763,493 82,200
Event expenses 215,918 380,744
Total 1,108,482 682,655
GROSS SURPLUS 660,223 763,191

OTHER INCOME
Fixed deposit interest 4,464 12,964
Net income/(loss) from industry dinner 52,871 (8,208)
Miscellaneous income 64,505 11,267
Total 121,840 16,023

OTHER OPERATING EXPENSES A (837,266) (848,797)

DEFICIT BEFORE TAXATION (55,203) (69,583)
Taxation 4 - -
DEFICIT FOR THE YEAR (55,203) (69,583)

ACCUMULATED FUND BROUGHT FORWARD 1,153,804 1,223,387

ACCUMULATED FUND CARRIED FORWARD 1,098,601 1,153,804

 2019 2018
RM RM
OTHER OPERATING EXPENSES
Appreciation dinner - 1,328
Auditor’s remuneration 5,000 5,000
Bank charges 1,339 569
Depreciation of plant and equipment 34,938 37,126
Donation and gifts 6,098 284
EPF and SOCSO 73,651 65,430
Event - meeting the members 21,159 8,979
Less: reimbursements received (32,122) (14,610)
GST expenses - 2,593
Insurance 14,594 12,869
Medical expenses - 268
Meeting expenses 22,022 33,039
MOGSC open house 65,048 66,956
Office rental 202,852 200,899
Less: rental sponsorship from PETRONAS (169,260) (169,260)
OTC conference expenses - 3,398
Postage and courier 618 486
Printing and stationary 7,713 12,445
Professional fees 5,100 8,520
Receivable written off - 291
Rental of photocopy machine 8,700 10,200
Rental of storage 2,227 2,229
Salaries, allowances and bonus 538,004 486,308
Secretariat training expenses 40 200
Staff welfare 3,762 6,503
Tax agent fee 2,500 2,100
Telephone expenses 5,516 5,952
Travelling and accommodation expenses 8,346 14,189
Upkeep of office 7,161 7,682
Water and electricity 2,260 2,386
Website expenses - 34,438
Total A 837,266 848,797
 2019 2018
NOTE RM RM
ASSETS

Non-current asset
Plant and equipment 6 92,911 127,849

Current assets
Sundry receivables, deposits and prepayments 7 388,416 341,984
Tax receivables 4,749 4,749
Deposit, cash and bank balances 8 838,455 896,556
1,231,620 1,243,289
TOTAL ASSETS 1,324,531 1,371,138

EQUITY AND LIABILITIES

Accumulated fund
As at January 1,153,804 1,223,387
Deficit for the financial year (55,203) (69,583)
1,098,601 1,153,804
Current liabilities
Income received in advance 9 113,354 30,034
Sundry payables and accruals 10 112,576 187,300
225,930 217,334
Total equity and liabilities 1,324,531 1,371,138
Statement Of Cash Flows
For The Year Ended 31 December 2019

2019 2018
RM RM
CASH FLOWS (USED IN)/FROM OPERATING ACTIVITIES
Deficit before taxation (55,203) (69,583)
Adjustment for:
Depreciation of plant and equipment 34,938 37,126
Operating deficit before working capital changes (20,265) (32,457)
Increase in sundry receivables, deposits and prepayments (46,432) (10,378)
Increase in income received in advance 83,320 47
(Decrease)/increase in sundry payables and accruals (74,724) 125,009
Cash generated (used in)/from operations (58,101) 82,221
Tax paid - -
Net cash (used in)/generated from operating activities (58,101) 82,221

CASH FLOWS USED IN INVESTING ACTIVITIES

Purchase of plant and equipment - (7,891)
Net cash used in investing activities - (7,891)

CASH FLOWS FROM FINANCING ACTIVITY

Withdrawal of fixed deposit pledged with a licensed bank 16,750 2,200
Net cash generated from financing activity 16,750 2,200

Net (decrease)/increase in cash and cash equivalents (41,351) 76,530

Cash and cash equivalents brought forward 879,806 803,276
Cash and cash equivalents carried forward 838,455 879,806

Cash and cash equivalents comprise:

Deposit, cash and bank balances (Note 7) 838,455 879,806