SHARON CO-OP. HSG.

SOCIETY LTD
S. No.138, Hissa No.8/3, Diwanman, Michael Gomez Marg, Chulna Road, Vasai (West), Palghar – 401 202
Regn. No. TNA(VSI)/HSG/(TC)/10305/98-99 dated 20/8/1998

MANAGING COMMITTEE REPORT FOR THE CO-OPERATIVE YEAR 2022-2023

Dear Members,

It is with great pleasure that the Annual General Meeting of our Society is going to be held
on 3rd September 2023.

We hereby would like to state a summary of our Achievements & Financial Report of our
Society for the period from April 2022 to March 2023.

The Managing Committee met 12 times during this Co-operative year from 1.4.2022 to
31.03.2023 and minutes of the necessary discussions and decisions taken in the meeting
has been duly recorded in the Minutes Book. We hereby giving below the attendance of
the Managing Committee members for the meetings conducted during the year 2022-2023.

No. of No. of
Name Position Meetings Meetings
Held Attended
Mr. AllauddinInamdar Chairman 12
Mr. SundeepShelukar Secretary 12
Mr. Anil Kumar Raghavan Treasurer 12
Mr. Milton Miranda M. C. Member 12
Mr. Michael A. D’costa M. C. Member 12
Mrs. Usha Pillai M. C. Member 12
Mrs. Ajitha Yohannan M. C. Member 12
Mrs. Sherly Alexandar M. C. Member 12

Income and Expenditure Account:

The Income & Expenditure account of the Society is herewith attached along with this
report. It shows that this Co-operative year our Society has incurred a net sum of
₹1,21,329.80 as Excess of Income over Expenditure. Last year we had a deficit of
₹1,51,592.29.

Audit Report:

The Statutory Audit of our Society has been done by Mrs. Trupti S. Salunkhe, Panel
Auditor (18778) for the year 2022-23. The detailed Audit Report is attached herewith. We
would like to inform you that our Society has been awarded “B” rank as per government
norms.

Share Capital:

The Share Capital of ₹25,000/- has been deposited in a Fixed Deposit Account with Thane
Dist. Central Co-op. Bank. The Accrued Interest of ₹1,566/- earned against the above as
on 31.3.2023 has been transferred to Reserve Fund.

….2/-

:2:
Sinking Fund:

Sinking Fund along with interest has been invested in a Fixed Deposit Account with Thane
Dist. Central Co-operative Bank Ltd, Vasai. As on 31.3.2023 this amount reflects in the
Balance Sheet is ₹1,24,306/-. Last year it was ₹1,04,039/-. Please note that the accrued
interest earned as on 31.3.2023 of ₹6,287/- has been transferred to the Sinking Fund
Account.

Reserve Fund:

The Reserve Fund consists of Transfer Fees, Admission Fee, Interest on Share Capital,
Premia received on transfer of flats/shops and Statutory Reserve transferred from the
surpluses generated during the years shows as ₹8,11,920.75 in the Balance Sheet. However
in this regard as on 31.3.2023 we have ₹4,50,000/- as Fixed Deposit Account with Model
Co-operative Bank Ltd. We have a shortfall of ₹3,61920.75 to match the figure of the
amount showed in the Balance Sheet.

In this regard the Statutory Auditor has been made a remark in their Audit Report. They
have also suggested us that the said funds should be invested as per Section 70(d) of the
MCS Act 1960.

Repair Fund:

The Repair Fund shows as on 31.3.2023 is ₹48,000/-. Last year it was nil as we had spent
the same for the repairs of the building carried out. As per the remark made by the
Statutory Auditor we need to keep a separate Fixed Deposit Account at Thane Dist.
Central Co-operative Bank as per the byelaws of the Society.

Education & Training Fund:

The Training and Education Fund collected as on 31.3.2022 is ₹46,876/-. Last year it
showed in the Balance Sheet was ₹39,994/-. This fund is created as per the statutory
requirement in order to meet the expenses which may be incurred for training and
education of members of our Society. We have kept a fixed deposit of ₹15,000/- in this
regard at Thane Dist. Central Co-operative Bank Ltd along with Accrued interest of ₹882/-
as on 31.3.2023. The remaining amount needs to be transferred to Fixed Deposit as advised
by the Statutory Auditor.

Recurring Deposit:

As on 31.3.2023 we are holding an amount of ₹85,413/- in Bassien Catholic Co-Operative

Bank Ltd towards Recurring Deposit along with Accrued interest. We will transfer the
same in a separate Fixed Deposit Account as and when it matures.

Dues from members:

As on 31.3.2023 dues from Members shown in the Balance Sheet is ₹40,505/-. Last year it
was ₹74,257/-. It is our privilege to note that there was no Major Defaulters as on
31.3.2023.

….3/-

:3:
Advance from Members:

As on 31.3.2023 we have an amount of ₹43,763/- towards advance from members. Last

year it was ₹22,058/-. Major Contributors are viz. Mr. Jayaram Jogi - A-102 & 103, Mrs.
Aplonia Baptista - B-001, Mrs. D. Hotani - B-101, and Mr. Michael Fernandes, C-001.

We take this opportunity to express our gratitude to the above said members for paying
their Society Maintenance Charges in advance.

Solar Energy Plant:

We would like to inform you that last year we had carried forward an amount of ₹5,591.04
to Balance Sheet towards the incentive received for excess generation of electricity from
our Solar Plant. However this year our consumption of Electricity was beyond the
capacity of our Solar Plant. Therefore no excess units were generated by Solar Plant. This
was happened due to installation of CCTV and increase in the usage of Electricity at
watchmen residence. Our average electricity consumption during this co-operative year
was above 330 units per month where as it was 226 units in 2021-2022. Also our Solar
Plant is unable to generate its minimum capacity due to frequent power cut by MSEB &
unpredictable climate conditions.

Rent received from Reliance Jio & Airtel Booster:

We have received an amount of ₹1,17,000/- towards the rent on installation of Reliance Jio
and Airtel booster during the Co-operative year. We need to pay an amount of ₹24,230/-
towards the Income Tax payable against the said amount and have made the necessary
provision for the said amount in the balance Sheet.

New Managing Committee for the year 2022-2027:

The New Managing Committee took over the charges from 10 th of April 2023 for the next
five years after conducting the necessary election procedure.

Statutory Registers & Minutes Book:

All Statutory Registers, Minutes Books of Managing Committee Meetings & AGM/SGM
are written update and audited by our Statutory Auditors. We are still lacking to update
our Nomination Register. Some members are still not updated/submitted their
nominations. The Statutory Auditors are also directed us to update the Nomination
Register.

Installation of Piped Natural Gas:

The Gujarat Gas Limited has been carried out laying of PNG line to our Society. There
were 20 members opted for the PNG Connection in our Society. The necessary piping to
the respective flats has already been done. We are expecting the PNG will be operational
in and around November – December 2023 as per the information received from Gujarat
Gas Limited.

….4/-

: 4:

Proposal:
The surrounding area of our Society looks very chaotic after laying down the Piped
Natural Gas by Gujarat Gas Limited. We need to carryout necessary repairs to beautify the
same. We will discuss the same in the forthcoming AGM.

Appeal:

In spite of our repeated reminders to keep our society premises neat clean. However, we
would regret to state that it is now become worst. Members/Residents are not bothered to
follow the basic standard of the cleanliness. Stray Dogs menace, Rodents are drastically
increased inside the society premises. We will discuss the same the forthcoming AGM.

Once again we appeal to all Members/Residents to please keep the staircases and
surrounding of our Society premises neat, clean & hygienic. Please do not keep any
unwanted household items, dust bins, sandals, shoes, water cans etc., in the staircases or
any other places in society compound. In spite of our repeated reminders some members
are still continue to do the same. We have to discuss the same in the forthcoming AGM and
needs to take some concrete steps to stop the same.

Vote of Thanks:

We take this opportunity to express our sincere gratitude to the Dy.Registrar of Co-
operative Societies, Vasai, M/s. Prabhu Associates, our Accountant and the Statutory
Auditor Mrs. Trupti S. Salunkhe for their kind co-operation and valuable guidance.

We are very much thankful to all members/residents for showing their trust, confidence
and valuable contributions & suggestions for the smooth functioning of our society and
expect the same vigor and diligence in the days coming ahead.

With best regards,

For and on behalf of the Managing Committee

SHARON CO-OPERATIVE HOUSING SOCIETY LTD

ALLAUDDIN INAMDAR
CHAIRMAN

Place : Vasai
Date :