GATF Update Dec 2006

Attention: open in a new window. Print

Last Updated (Tuesday, 26 January 2010 22:29)

GATF Update Dec 2006

1. Status of the Fund as at 31 December 2006

The total pledged was US$ 1,034,948 of which US$ 943,568 had been received. The total of other income, including proceeds from sales of items/miscellaneous and interest derived on investment of the capital sum, was US$168,675; bringing the total receipts to US$ 1,112,243 (Dec. 2005 – US$ 1,066,182 ). As at 31 December 2006. The table below is a summary of details of the Fund.

Contributions for the period 1 April 1996 – 31 December 2006

No.

Category

Pledged Total 2005

Pledged Total 2006

Received as at Dec 2005

Received as at Dec 2006

Balance of Pledges

1

National Movements

687,663

687,663

659,100

668,710*

28,569

2

Local YMCAs

192,292

192,292

132,805

132,805

59,487

3

Other Organisations

20,824

22,747

20,824

22,747

 

4

Individuals

132,247

132,247

119,306

119,306

12,941

 

Sub-total I

1,033,026

1,034,949

932,035

943,568

100,997

5

Sales/Miscellaneous

-

-

10,221

10,221

-

6

APAY Surplus (10%)

-

-

-

4,230

-

 

Sub-Total 2

-

-

10,221

14,451

-

7

Interest Received

-

-

123,926

154,224

-

 

Sub-Total 3

-

-

123,926

154,224

-

 

Total (ST 1,2,3)

1,033,026

1,034,949

1,066,182

1,112,243

100,997

* Including Additional Contribution since 2004 of amount in lieu of hosting dinner for the ECM

There is an outstanding pledge amount of US$100,997, of which we estimate approximately 50% will be paid up – we hope by the time of the General Assembly.

Expenses for the period 1 January – 31 December 2006

No.

Item

Expenses in 2006

Expenses 1999-2006

1.

Set-up costs/legal

-

38,208

2.

Admin/Operating Costs

6,135

52,029

3.

Disbursements to Projects

-

15,000

 

Total

6,135

105,237

2. Investments

Investments totalled US$1,007,006 (2005, US$967,080) in guaranteed bonds with 100% return of principal upon maturity and fixed deposits. In recent months, with Fixed Deposit interest rates averaging 4.7% against the bonds average 3.6%, we had and would be moving funds into Fixed Deposits as bonds reach maturity. The Table below shows the deployment of funds in investments:

Funds Deployed

Date Placed

Maturity Date

Interest Rate

Amount /USD

Fixed Deposit in BEA

Various

 

4.5% ave

522,000

Interest Receivable on Fixed Deposits

Various

 

-

1,015

APAY General Fund

-

 

-

2,581

HK Link HK$50,000

May 2004

May 2007

2.75%

6,410

Ford Bond

Oct 2003

Oct 2007

4%

200,000

Nouvo 3 Years Bond,

Oct 2004

Oct 2007

3.88%

100,000

HK Airport Bond

Mar 2003

Mar 2008

2.96%

120,000

Pacific (Citi Bank)

Dec 2003

Dec 2008

4.2%

55,000

TOTAL

 

 

 

1,007,006

The total interest from bonds and fixed deposits received in 2006 was US$38,356 (2005 US$34,373). In 2007, the return from the investments in bonds is expected to be US$23,220. The total interest that we can expect in 2007 will depend very much on the Fixed Deposit interest rates during the year. With the steady interest income during the past two years and the year ahead, we should begin to disburse support to projects on a larger scale for greater community impact and to build up a more visible profile for the GATF.