BANTAY FARMERS AGRARIAN REFORM BENEFICIARIES COOPERATIVE
Bantay, Solana, Cagayan
STATEMENT OF FINANCIAL CONDITION
As of June 30, 2024
(With Comparative Figures for the Year 2023)
June, 2024 2023
Current Assets
Cash on Hand 238,407.57
Cash in Bank 381,123.74 148,201.67
Cash Advance from Officers & Eployees - 10,000.00
Accounts Receivable 137,453.06
Loans Receivable-Current 4,313,211.21 2,620,064.27
Loans Receivable-Production 250,000.00 163,873.00
Less: Allowance for Probabable Losses on L/R - 153,873.00 - 153,873.00
Total Current Assets 4,927,915.01 3,026,673.51
Investment Federation 5,000.00 5,000.00
Non Current Assets
Leasehold Rights 500,000.00 200,000.00
Leasehold Improvement 392,874.29 392,874.29
Less: Allowance for Amortization - 164,014.81 - 164,014.81
Miscellaneous Assets 130,843.40 40,270.40
Less: Accumulated Depreciation - 24,162.08 - 24,162.08
Other Assets-Water System Accessories 16,035.45 16,035.45
Other Assets-SPI Accessories 72,698.25 72,698.25
Less: Accumulated Depreciation - 3,207.09 - 3,207.09
Kitchenwares & Utensils 38,245.00 23,620.00
Total Non-Current Assets 959,312.41 554,114.41
Property Plant & Equipement
Land 503,500.00 300,000.00
Machineries & Equipment- 7,212,763.06 7,212,763.06
Less: Accumulated Depreciation - 3,119,855.75 - 2,759,217.60
Transport Equipment 619,300.00 619,300.00
Less: Accumulated Depreciation -
Furniture Fixture & Office Equipment 32,704.00 32,704.00
Less: Accumulated Depreciation - 24,135.20 - 24,135.20
Solar Power Irrigation System 800,000.00 800,000.00
Less: Accumulated Depreciation - 160,000.00 - 160,000.00
Total Property & Equipment 5,864,276.11 6,021,414.26
TOTAL ASSETS 11,756,503.53 9,607,202.18
LIABILITIES, MEMBERS' EQUITY & STATUTORY FUNDS
Current Liabilities:
CETF- Due to Apex 27,549.11 27,549.11
Due to PCIC 4,415.48
Interest on Share Capital Payable 179,926.56 179,926.56
Patronage Refund Payable 74,793.91 74,793.91
Loans Payable 3,633,000.00 3,252,920.03
Total Current Liabilities 3,919,685.06 3,535,189.61
Members' Equity
Share Capital 305,270.15 305,270.15
CBU 253,922.89 201,272.89
Net Surplus-Jan.June 2024 10,453.58
Total Members Equity 569,646.62 506,543.04
Donations and Grants 4,933,116.80 5,323,116.80
Statutory Funds:
General Reserve Fund 185,122.38 185,122.38
Cooperative Education & Training Fund 5,776.12 5,776.12
Optional Fund 45,008.76 45,008.76
Cooperative Development Fund 6,445.47 6,445.47
Total Statutory Funds 242,352.73 242,352.73
TOTAL LIABILITIES, MEMBERS' EQUITY & 9,664,801.21 9,607,202.18
STATUTORY FUNDS 2,091,702.32
PRPARED BY: NOTED BY:
CLARIBEL DELA PENA __________________
Bookkeeper Chairman
BANTAY FARMERS AGRARIAN REFORM BENEFICIARIES COOPERATIVE
Bantay, Solana, Cagayan
STATEMENT OF OPERATIONS
For the Period Ended June 30, 2024
(With Comparative Figures for the Year 2023)
June 30, 2024 2023
INCOME FROM CREDIT OPERATIONS
Interest Income from Loans 95,043.31 148,638.75
Service Fee 38,146.00 94,921.75
Fines, Penalties and Carges 831.55 6,181.31
Restructure Fee 600.00
Total Income from Credit Operation 134,620.86 249,741.81
SERVICE INCOME 737,002.50 1,600,238.00
Less Cost of Services
Gas, Oil and Lubricants 196,649.00 439,895.00
Taxes, Fees and Charges 31,725.00 16,169.90
Repairs and Maintenance 6,500.00 253,177.00
Sacks 26,400.00
Total Cost of Service 261,274.00 709,241.90
Income from Service Operation 475,728.50 890,996.10
OTHER INCOME
Interest Income on Bank Deposit 75.18 34.62
Miscellaneous Income 133,661.50 183,508.32
Total Other Income 133,736.68 183,542.94
TOTAL REVENUES 744,086.04 1,324,280.85
Less: Operating Expenses
Financing Cost
Interest Expense on Loans Payable 72,098.31 56,713.93
Ttotal financing Cost 72,098.31 56,713.93
Administrative Cost
Salaries and Wages 164,488.00 224,887.00
Employees Benefit 54,000.00 130,876.00
General Assembly 28,339.00
Quarrying Fee 43,800.00
Sugarcane Expense 122,478.00
Hau;ing Expense 49,665.00
Communication 3,000.00 5,800.00
Office Supplies 5,909.00 6,730.67
Transportation and Travl 83,016.00 193,760.00
Per Diems 49,000.00
Representation 36,907.00 76,637.86
Trainings/Seminars 7,418.30
Social Service Expense 2,000.00 2,000.00
General Support Services 10,000.00 13,965.00
Power, Light & Water 3,000.00 2,400.00
Miscellaneous 18,615.00 226,992.00
Catering Expense 44,968.00
Provision for Probable Losseson L/R 153,873.00
Amort. Exp.-Leasehold Improvement 39,287.42
Depreciation 360,688.15 819,078.27
Total Administrative Cost 1,051,534.15 1,932,044.52
Total Operating Expenses 1,123,632.46 1,988,758.45
NET SURPLUS/(NET LOSS) - 379,546.42 - 664,477.60
Add: Donations/Grants Subsidy 390,000.00 780,000.00
NET SURPLUS/(NET LOSS) 10,453.58 115,522.40
DISTRIBUTION OF NET SURPLUS
General Reserve Fund 11,552.24
CETF-Due to Apex 5,776.12
Cooperative Education & Training Fund 5,776.12
Optional Fund 8,086.57
Community Development Fund 3,465.67
Interest on Share Capital Payable 45,519.41
Patronage Refund Payable 35,346.27
Total 115,522.40
PRPARED BY: NOTED BY:
CLARIBEL DELA PENA __________________
Bookkeeper Chairman
