(Bandar Seri Begawan, 19th Jan) The Chinese Chamber of Commerce in Bandar Seri Begawan held its annual meeting for 2024 today at the Mahligai Hall in the Airport Mall.
Financial Director Chen Jianmin presented the financial report, audited accounts up to September 30, 2023, and September 30, 2024. According to the 2023 BDO audited accounts, the current assets accumulated to 1,022,222 BND, a decrease of 12,218 BND compared to 2022's 1,034,440 BND.
He stated that fixed assets decreased from 1,279,526 BND in 2022 to 1,225,284 BND in 2023, a reduction of 54,242 BND.
He explained that the fixed assets consist of the association’s building and equipment, and the decrease is due to the necessary depreciation for accounting purposes. By the end of September 2023, the total accumulated assets were 2,229,561 BND, with the income and expenditure accounts showing a total income of 141,760 BND and a total expenditure of 168,102 BND, resulting in a deficit of 26,342 BND.
According to the 2024 audited accounts by Top Business Management & Consultancy Services.
The 2024 current assets totalled 1,106,372 BND, an increase of 84,150 BND compared to 2023’s 1,022,222 BND.
Fixed assets decreased from 1,225,284 BND in 2023 to 1,186,300 BND in 2024, a reduction of 36,984 BND.
The fixed assets consist of the association’s building and equipment, and the reduction is due to necessary depreciation for accounting purposes. By the end of September 2024, the total accumulated assets were 2,168,092 BND.
By the end of September 2024, the income and expenditure accounts showed a total income of 160,616 BND and a total expenditure of 222,085 BND, resulting in a deficit of 61,469 BND.
The increased deficit in 2024 was primarily due to the association's sponsorship of a gateway construction in celebration of Queen Mar's wedding as a gesture of goodwill. Additionally, responding to an invitation from the Ministry of Culture and Sports to celebrate Brunei's 40th Independence Anniversary, the association sponsored fireworks.
The main expenses for administrative costs include repair fees; administrative secretary salaries, bonuses, provident funds, etc.; accounting, advertising, water and electricity fees, professional fees, stationery printing fees, telephone and fax fees, parking fees, equipment rental, and others.
Administrative expenses are the main expenditure for maintaining the operations of the association. In 2023, the association's income came from hosting events and sponsorship from honorary advisors and other parties. The surplus funds serve as the association’s expenses and also as the funding source for directors’ three-year donations.
The source of income for 2024 is the three-year pledges reached by this term's directors upon taking office. We express our heartfelt gratitude to the directors for their support and generous contributions, which enabled the association to smoothly navigate through 2024 with sufficient funds. Additionally, the association has also been saving costs in various aspects, fully demonstrating the team spirit of working together.