ICSB Annual Report 2011 by ICSB Bangladesh

Annual Report

2011

Institute of Chartered Secretaries of Bangladesh 107, Kakrail (Ground & 1st Floor), G.P.O. Box. 3100, Dhaka - 1000, Bangladesh Phone : 880-2-934 9578 & 933 6901, Fax : 880-2-933 6901 E-mail : icsmbd@gmail.com, ceo@icsmbd.com Web : www.icsb.edu.bd

Institute of Chartered Secretaries of Bangladesh A Statutory Body Under an Act of Parliament

2011 ICSB | ANNUAL REPORT

CONTENTS Vision

Mission

Objectives, Roles & Functions

Values

Management

Merits

Unique Selling Propositions

Photographs of the Council

Notice of the 2nd Annual General Meeting

Report of the Council

Report of the Auditors'

Statement of Financial Position

Statement of Income

Statement of Cash Flows

Notes to the Financial Statements

Schedule of Property, Plant & Equipment (PP&E) 23 Schedule of Short Term Investment (FDR)

ICSB | ANNUAL REPORT 2011

INSTITUTE OF CHARTERED SECRETARIES OF BANGLADESH Institute of Chartered Secretaries of Bangladesh (ICSB) is constituted under an Act of Parliament i.e. The Chartered Secretaries Act, 2010 (Act No. 25 of 2010). ICSB is the only recognized professional body in Bangladesh to develop, promote and regulate the profession of Chartered Secretaries in Bangladesh. The Institute was established in 1997 under license from the Ministry of Commerce, Government of the Peopleâ&#x20AC;&#x2122;s Republic of Bangladesh and constituted as per provisions of the Companies Act, 1994. Subsequently, the Institute was converted into a statutory body on June 16, 2010 under the Chartered Secretaries Act, 2010. The Institute is administered by a Council elected by its members. The Council of the Institute consists of Chartered Secretaries having good academic background, practical exposure and consistent professional track record. The Council is vested with absolute executive powers to manage and control the affairs of the Institute. The Council has delegated some powers to different standing committees to perform certain special functions on its behalf. However, reference to the Council is essential on major policy matters. The President is the constitutional head of the Institute while the Secretary is the Chief Executive as provided in the Act. Executive decisions are made generally at the Council Meetings.

THE COUNCIL : 2010-2013 Mohammad Sanaullah FCS

President

Md. Shahid Farooqui FCS

Senior Vice President

M. Naseemul Hye FCS

Vice President

Md. Monirul Alam FCS

Treasurer

Itrat Husain FCS

Past President and Councilor

Mohammad Asad Ullah FCS

Past President and Councilor

N. G. Chakraborty FCS

Councilor

Md Abdus Salam FCS

Councilor

Safiar Rahman FCS

Councilor

Md. Selim Reza FCS

Councilor

A.K.M. Mushfiqur Rahman FCS

Councilor

S. Abdur Rashid FCS

Councilor

Gopal Chandra Debnath FCS

Councilor

Md. Shawkat Ali Waresi (Joint Secretary, Ministry of Commerce)

Councilor

Nasreen Begum (Additional Secretary, Ministry of Law, Justice and Public Affairs) Councilor Md. Ekhlasur Rahman (Joint Secretary, Ministry of Finance, GoB)

Councilor

Prof., Md. Helal Uddin Nizami, Member, SEC

Councilor

Ahmedur Rahim (Registrar, Joint Stock Companies and Firms)

Councilor

Dr. A. K. M. Delwar Hossain

Secretary to the Council

2011 ICSB | ANNUAL REPORT

INSTITUTE OF CHARTERED SECRETARIES OF BANGLADESH VISION To be the leading institution in creating skilled professionals, in order to develop corporate management and good governance.

MISSION To remain the premier body of professional studies to cultivate the profession of Chartered Secretary so as to ensure sound corporate governance and build up capable management professionals by continuously working for proactive professional development.

OBJECTIVES, ROLES & FUNCTIONS • To develop, promote and regulate the profession of Company Secretaries in Bangladesh • To confer professional degree and distinction in the field of Chartered Secretaries • To impart requisite training and education and then to offer Membership of the Institute.

CODES OF CONDUCT • Professionalism • Ethics • Judgement

• Integrity • Dynamism • Flexibility

MANAGEMENT Governed and managed by its Council consisting of thirteen elected and one ex-officio members.

MERITS Customized and flexible courses qualified & experienced faculty members, adequate course materials and Library facilities.

UNIQUE SELLING PROPOSITIONS (USPs) • • • • •

Qualified Chartered Secretaries Providing wide range of support services Enforcing strict ethical codes of conduct Promoting best practices in all spheres of corporate governance Suggesting improvements on all management and regulatory issues.

ICSB | ANNUAL REPORT 2011

THE COUNCIL : 2010-2013

President Mohammad Sanaullah FCS

Senior Vice President Md. Shahid Farooqui FCS

Vice President M. Naseemul Hye

Immediate Past President & Councilor Past President & Councilor Mohammad Asad Ullah FCS Itrat Husain FCS

Councilor Safiar Rahman FCS

Councilor Md. Shawkat Ali Waresi Joint Secretary, GoB

Councilor Md. Selim Reza FCS

Treasurer Md. Monirul Alam

FCS

Councilor N.G. Chakraborty FCS

FCS

Councilor Md Abdus Salam FCS

Councillor A. K. M. Mushfiqur Rahman FCS

Councilor S. Abdur Rashid FCS

Councilor Gopal Chandra Debnath FCS

Councilor Md. Ekhlasur Rahman

Councilor Nasreen Begum

Councilor Prof. Md. Helal Uddin Nizami

Joint Secretary, Finance Division, MoF

Additional Secretary, GoB

Member, SEC

Councilor Ahmedur Rahim Registrar, RJSC, GoB

Secretary to the Council

Dr. A. K. M. Delwar Hossain

2011 ICSB | ANNUAL REPORT

INSTITUTE OF CHARTERED SECRETARIES OF BANGLADESH NOTICE OF THE 2ND ANNUAL GENERAL MEETING Notice is hereby given that the 2nd Annual General Meeting of the Institute of Chartered Secretaries of Bangladesh (ICSB) will be held on Saturday, July 28, 2012 at 4.00 pm. at the Hotel Purbani International Limited, 1 Dilkusha C/A, Dhaka-1000 to transact the following business: AGENDA 1. To receive, consider and adopt the Report of the Council for the year ended December 31, 2011; 2. To receive, consider and adopt the Audited Accounts of the Institute for the year ended December 31, 2011 together with the Report of the Auditors thereon ; 3. To appoint a Chartered Accountants Firm as Auditors of the Institute for the year 2012 and fix their remuneration.

By order of the Council

Dr. A. K. M. Delwar Hossain SECRETARY

July 12, 2012 107 Kakrail, Dhaka -1000

ICSB | ANNUAL REPORT 2011 INSTITUTE OF CHARTERED SECRETARIES OF BANGLADESH

Report of the Council Dear Members,

•

Assalamu Alaikum

•

It is really a great privilege on the part of the Council of the Institute of Chartered Secretaries of Bangladesh (ICSB) to welcome you all at the 2nd Annual General Meeting of the Institute.

•

As per requirement of sub-section (2) of section (8) of the Chartered Secretaries Regulations 2011, the Council of the Institute of Chartered Secretaries of Bangladesh is pleased to present its 2nd Annual Report and audited accounts along with the Auditors' Report thereon for the year ended December 31, 2011.

•

Since the enactment of the Chartered Secretaries Act, 2010, it is unquestionably another grand achievement for us to have had the “Chartered Secretaries Regulations 2011” approved and published in the Official Gazette.

•

From the time when the present Council took over helm of affairs of the Institute, various steps were initiated for the development and smooth functioning of the Institute. Now it is the only recognized statutory body to develop, promote and regulate the profession of Chartered/Company Secretaries in Bangladesh. 1.0 YEAR 2011 IN RETROSPECT The Key achievements of 2011 were: • • • • • •

Established the Chartered Secretaries Regulations 2011 Students’ enrollment increased significantly from 2010 Inducted 25 new Members as Associate Member and 15 as Fellow Member The Honorable Commerce Minister visited the Institute and inaugurated the official website of the Institute Formed Standing Committees and Sub-Committees ICSB included in the Government Budget allocation

• •

Two new projects of the Institute included in the development programmes of the Government For the first time the Institute has been included in the Law Reform Committee of Ministry of Commerce ICSB included in different Committees of the Government as a member to participate in the process of enactment of new Companies Act and review /amend/ laws like, Trade Organization Ordinance, 1961, Societies Registration Act 1860, and Trade Organization Rules 1994 and frame a new law on MLM Finalized the new and improved logo of the Institute Approved Institute’s Service Rules as per Model Service Rules of the Government The Council approved the waiver facility of annual subscription to senior members of ICSB who have reached the age 65 Full Membership of the Corporate Secretaries International Association (CSIA)

1.1 VISIT OF COMMERCE MINISTER TO ICSB The Hon’ble Minister for Commerce Muhammad Faruk Khan MP visited the Institute on February 3, 2011 and launched the official website of ICSB (www.icsb.edu.bd). Various issues concerning the profession of Chartered Secretaries of Bangladesh as well as development activities undertaken by the Institute were discussed with the Hon’ble Minister. Former Commerce Secretaries Suhel Ahmed Choudhury and Feroz Ahmed and Office Bearers, Council Members and some Fellow & Associate Members of the Institute were also present. On behalf of the Council Members, President raised some demands for the development of the institute such as: • • • •

Land for permanent Campus of the Institute Adequate Revenue and Capital Budget Allocation Legal footing in the Companies Act and allied acts to develop the profession Arranging Financial Assistance from the donor agencies for Research and Development

Thereafter the Hon’ble Minister launched the official website of the Institute and expressed his utmost

2011 ICSB | ANNUAL REPORT approval on the design of the website and made a few suggestions for the development of the Institute.

1.3 ADMISSION AND ORIENTATION OF 27TH and 28TH BATCHES A record number of students were enrolled in these sessions. The Orientation Programmes of 27th and 28th Batch were organized at the BIAM auditorium, Dhaka on January 31, 2011 & July 29, 2011 respectively.

President explaining the activities of the Institute

1.2 CELEBRATION OF 1ST ANNIVERSARY OF ICSB To commemorate the 1st anniversary of ICSB the epoch-making day, the Institute organized a grand celebration programmes on June 16, 2011 at Dhaka University Senate Bhaban which was attended by a large number of members. There were discussions on various aspects of the profession. The speaker recalled the contributions of all the Members who contributed for the enactment of the C.S. Act 2010 and appreciated the efforts made by Mr. Asad Ullah FCS, the immediate Past President. Thereafter the discussion session ended with cutting of the cake. Subsequently a cultural programme was held, followed by dinner.

President of the Institute delivering his speech at the Orientation Programme

President of the Institute inaugurated the orientation programmes. The President in his speech suggested the freshmen to build a prosperous society in â&#x20AC;&#x153;Corporate Bangladeshâ&#x20AC;? in line with the global practice. Vice-President and Treasurer of the Institute were also present and spoke on the occasion.

Year 2011 2010 2009

January-June 196 107 86

July-December 150 159 81

Total 346 266 167

Year wise Students enrollment 400 300 200

Students

100 0 2009

1st Anniversary is celebrating by the ICSB councillor by cutting a Cake

2010

2011

ICSB | ANNUAL REPORT 2011 1.4 FIRST AGM OF ICSB The First Annual General Meeting of ICSB, after the enactment of Chartered Secretaries Act 2010, was held on Saturday, September 10, 2011 at the Hotel Purbani International Limited, Dhaka. The President of the Institute presided over the meeting. He presented the Council Report 2010 while the Treasurer highlighted the Auditorsâ&#x20AC;&#x2122; Report and Audited Accounts of the Institute for the year ended December 31, 2010. The office Bearers, Councilors and a large number of Members of ICSB attended the AGM. The Members present, in their deliberation, appreciated the various steps that were taken by the Council for upholding the standards and image of the ICSB as a leading professional Institute of the country in the field of corporate management and governance.

provides value added services to various stakeholders. Efforts are being made to make the Instituteâ&#x20AC;&#x2122;s website more user friendly with continuous updating and new services. 1.6 ICSB INCLUDED IN THE NATIONAL BUDGET ALLOCATION Since its inception, the main sources of income of the Institute were the tuition fees earned from students and revenue from training sessions. I am pleased to inform you that this is the first time that the Institute has received BDT 20 Lacs as grant from the Government. At the same time Institute has been included in the development programme of the Government though necessary funding is yet to be sanctioned. 2.0 COUNCIL MEETING AND ATTENDANCE The Council spent very busy days during the year 2011. Policies were decided at indoor meetings followed by hectic persuasions outside, mainly at the ministries, other government offices and bodies. A.K.A. Muqtadir FCS resigned from the Council on July 17, 2011 and Membership of Md. Akter Hossain Sannamat fell vacant due to absence for 3 (three) consecutive Council Meetings without valid ground (vide sub section (1) of section (9) of the Chartered Secretaries Act 2010).

1st AGM of the Institute in progress

Immediately after the AGM, the election to the vacant position of the Council was held under the sub section (2) of section (9) of the Chartered Secretaries Act 2010. Newly constituted Election Commission comprising of Md. Rafiqul Islam FCS, Chairman, Mohammad Mohashin FCS, Member and Abdus Salam FCS, Member conducted the election. Large number members of ICSB voted for electing their representative to the Council. S. Abdur Rashid FCS and A.K.M. Mushfiqur Rahman FCS were elected as Councilors in the vacant position.

A.K.M. Mushfiqur Rahman FCS and S. Abdur Rashid FCS were elected as Council Member in the election held on September 10, 2011 under Sub-Section (2) of Section (9) CS Act 2010.

1.5 WEBSITE OF THE INSTITUTE In these modern days the website plays a vital role in communications. It also acts as a brand ambassador and a platform to showcase the activities and achievements of an organization. The website also

A Council Meeting in progress

2011 ICSB | ANNUAL REPORT During the period as many as 7 (Seven) Council Meetings were held. The records of attendance of Councilors at the meetings are as follows: Sl. No 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19. 20.

Name of the Councilor Mohammad Sanaullah FCS Md. Shahid Farooqui FCS M. Naseemul Hye FCS Md. Monirul Alam FCS Mohammad Asad Ullah FCS Itrat Husain FCS N. G. Chakraborty FCS Md Abdus Salam FCS Safiar Rahman FCS Md. Selim Reza FCS A.K.M. Mushfiqur Rahman FCS S. Abdur Rashid FCS Gopal Chandra Debnath FCS Md. Shawkat Ali Waresi Nasreen Begum Moinul Islam Prof. Md. Helal Uddin Nizami Ahmedur Rahim A. K. A. Muqtadir FCS Md. Akter Hossain Sannamat FCS

Meetings Attended (out of 7) 7 7 7 7 7 4 2 3 7 6 2 2 7 1 7 4 2 6 0 0

2.1 OTHER INTERNAL & EXTERNAL MEETINGS Meeting with Hon’ble Commerce Minister A team of six members including newly elected Office Bearers of the Institute comprising Mohammad Sanaullah FCS, President of ICSB, Mohammad Asad Ullah FCS, Immediate Past President and Councilor, Md. Shahid Farooqui FCS, Sr. Vice President, M. Naseemul Hye FCS, Vice President, Monirul Alam FCS, Treasurer and Dr. A K M Delwar Hossain, Secretary of the Institute called on Hon’ble Commerce Minister Muhammad Faruk Khan MP at his office at the Secretariat on January 10, 2011. A deep gratitude was expressed by the team members to the Hon’ble Minister for being a patron and the Honorary Fellow Member of the Institute. The Hon’ble Minister assured that all possible cooperation to the Institute would be given. He praised ICSB for its efforts to establish good corporate governance in Bangladesh.

Office Bearers meet the Hon’ble Commerce Minister Muhammad Faruk Khan MP, at his office

CS Regulations Committee Meeting The meetings of the special Committee on Chartered Secretaries Regulations headed by the President were held on January 25, 2011 and February 2, 2011 with a view to framing a draft Chartered Secretaries Regulations, 2011 in line with the Chartered Secretaries Act, 2010. The Committee approved the draft Chartered Secretaries Regulations for submission to Ministry of Commerce after review and approval in principle by the Council. After shouldering the responsibility of the President of the newly constituted ICSB it was not an easy job to step into the new path. For want of an approved "Chartered Secretaries Regulations" no committee could be formed except "Regulations Committee" and "Examination Committee". In the absence of standing and functional committees, the year was a difficult time for the office bearers. They gave their best efforts to ensure the proper functioning of the Institute. Yes, we have finally got our result; we have been able to get the "Chartered Secretaries Regulations, 2011" approved by the Government. I am pleased to report that the Chartered Secretaries Regulations, 2011 has already been notified by gazette. It is a great achievement for us. Several events and activities took place during the last two quarters. Heartfelt thanks to the Regulations Committee Members and Government officials who were involved with the whole process, without whom there would not have been these regulations.

ICSB | ANNUAL REPORT 2011 Faculty Members’ Meeting A meeting with the Institute’s faculty members was held on March 3, 2011 at the Institute’s office presided over by the President of the Institute. Faculty members exchanged opinions and observations with the aim to ensure quality teaching and urged the students to take the course seriously. The faculty members expressed their commitment to look after the progress of the students so that they can perform better in the examinations and in their future career. It was the first meeting of its kind. Meeting with State Minister for Housing & Public Works A delegation of ICSB compromising Mohammad Sanaullah FCS, President of the Institute, Md. Asad Ullah FCS, Immediate Past President, Md. Shahid Farooqui FCS, Senior Vice President, M. Naseemul Hye FCS, Vice President, Md. Monirul Alam FCS, Treasurer of the Institute and Dr. A.K.M. Delwar Hossain, Secretary of the Institute called on the Hon’ble State Minister for Housing & Public Works Advocate Abdul Mannan Khan at his office on April 7, 2011. They informed the State Minister about the enactment of Chartered Secretaries Act 2010 and the subsequent developments of the Institute. They also emphasized the importance of a separate building with integrated facilities for the Institute in Dhaka City for continuous progress of the Institute.

Secretary of the concerned Ministry in the same connection. They exchanged views, thoughts and experiences on various issues relating to the land allotment of ICSB. Meeting with new Hon’ble Commerce Minister A team of six members including Office Bearers of the Institute compromising Mohammad Sanaullah FCS, President of ICSB. Mohammad Asad Ullah FCS, Immediate Past President and Councilor, Md. Shahid Farooqui FCS Senior Vice President, M. Naseemul Hye FCS, Vice President, Md. Monirul Alam FCS, Treasurer and Dr. A.K.M. Delwar Hossain, Secretary of the Institute called Honorable Commerce Minister Ghulam Muhammed Quader, MP at his office at the Secretariat on December 28, 2011. The Hon’ble Minister assured that all possible co-operations to the Institute would be given. He was all praise for the ICSB for its efforts to establish good corporate governance in Bangladesh.

Meeting in progress with Hon’ble Commerce Minister

3.0 MEMBERSHIP

A delegation of ICSB called on Honourable State Minister for Housing & Public Works Advocate Abdul Mannan Khan at his office.

The President of the Institute requested the Minister for allotting a piece of land for ICSB. The hon’ble State Minister assured the delegation of providing all possible help to the Institute. The team members also met with Md. Khondoker Shawkat Hossain, the

The Institute admitted 25 Associate Members and 15 Fellow Members elevated from Associate Member during the year under review, raising the total membership to 256 as on December 31, 2011, consisting of 113 Fellow and 143 Associate members. This is summarized below: As on December 31, 2011 Tot

Associate Fellow Total

31.1 133 101 234

as on 2.2011 25 15

15 N/A

0 1

0 2

143 113 256

2011 ICSB | ANNUAL REPORT We are aware that Memberships at the Institute is not automatic and the candidates concerned have to fulfill the prescribed requirements and fitness to the satisfaction of the Council. It is noted with concern that many Associate Members on completion of their 5 yearsâ&#x20AC;&#x2122; service after enrollment as ACS are not applying for Fellow Membership.

Institute during the Year 2011:

Sl No. 01 02 03 04 05 06 07 08 09 10 11

Many of the members are employed with public and private sector organizations, especially multinational and progressive listed companies. They are holding the flag of the Institute and playing a pioneering role to increase the image of the Institute. 3.1 WE MOURN With an unfathomable sense of grief and deep shock we express our condolences at the sad demise of Muzammel Hoque. He was a fellow Member of our Institute who breathed his last on Tuesday, June 21, 2011 (Inna-Lillahi-Wa-Inna-Ilaihi-Rajioon). On behalf of all the Members of the Institute, we express our heartfelt condolence to the bereaved family and pray to the Almighty Allah for eternal peace of the departed soul in heavenly abode. Let us all pray for the salvation of the departed soul. 4.0 MANAGEMENT DEVELOPMENT PROGRAMME The Institute believes that training and development of the working professionals would augment the spirit of corporate management. To achieve this objective, the Institute has been organizing various Management Development Programmes since its inception in 1997. This has significantly increased the image of the Institute in one hand and contributed to the revenue generation remarkably, on the other.

Name of the Training Management of Initial Public Offering (IPO) Standardization of Annual Report Internal Audit & Control Environment Management of Company Meetings Internal Audit & Control Environment [2nd Batch]] Effective Audit Committ t ee TAX Management TAX Management [2nd Batch] Corporate Affairs Management Customs & VAT Management Company Secretarial Practice

5.0 WORKSHOP HELD IN CHITTAGONG The Institute organized a day long Professional workshop at the Conference Hall, Chittagong Chamber of Commerce and Industry held on Saturday, December 17, 2011. Participations were from various renowned Corporate Houses and also students from different Universities of Chittagong. In the Professional Workshop four topics were discussed in four sessions. The topics were as follows: -

Chartered Secretary as a Challenging Profession. Management of Company Meetings. Procedure for conducting Board/Committee meetings. Procedure for Conducting General Meetings including Statutory, EGM and AGM.

President with other members in Chittagong workshop Participants shown in Internal Audit and Controlling Environment Training Programme

The following training courses were arranged by the

ICSB | ANNU ANNUAL REPORT 2011 The President of ICSB inaugurated the workshop. op. The participants at the workshop raised some questions stions regarding Chittagong Campus, Mandatory appointment of ACS and FCS in various corporate porate bodies, Reciprocal exemption procedure, etc. c. The President gave a patient hearing and answered those queries. President also assured that in the near future ICSB will open its Chittagong Branch. For this purpose urpose Chittagong Regional Chapter is working on the feasibility of opening the Chittagong Centre of ICSB. CSB. 6.0 CPD PROGRAMMES One of the important agenda of the Council is to develop its members. With this end in view the Council approved a number of CPD programmes for 2011. During the year under review the Institute organized full day CPD programmes on: - Finance Act 2011 and its implications - Convention against Corruption-Bangladesh perspective - Chartered Secretaries Act 2010 and Chartered Secretaries Regulations 2011.

8.0 ANNUAL PICNIC 2011 Every year the Institute organizes a picnic for the members, their family and employees, which creates a professional interaction and understanding among everyone from different surroundings. ICSB organized its Annual Picnic on January 14, 2011 at ORCHID of National Park at Gazipur. The wonderful day-long event included different types of games for the members, their spouses and children followed by colorful cultural events in a picturesque spot located in the greenery amidst bright environment. Magnificent prizes were given out to the winners of sports and games sponsored by different corporate bodies, organizations, Members and well-wishers.

Session Chairman and Paper Presenter with the President at a CPD Programme

7.0 JOURNALS The Journals are being published almost on a regular basis with utmost care, and they cover contemporary issues suitable for spreading knowledge to the Members of the Institute and corporate personalities. The publication of the Journals has positive impact in increasing the image of the Institute. Our Journals are becoming more popular in the business as well as corporate circles of the country.

A Group of participants at the Picnic with the President

9.0 NEW LOGO OF THE INSTITUTE The new logo was approved by the Members of the 1st AGM of the Institute. This was duly established.

2011 ICSB | ANNUAL REPORT 10.0 CURRENT MATTERS The government has initiated steps to review and bring about amendments to • Companies Act 1994 • Trade organizations Ordinance 1961 • Societies Registration Act 1860 • Trade organizations Rules 1994 and to frame a new law on • Multi-level Marketing Laws You will be pleased to know that ICSB is also participating as a member of all the respective Committees of the concerned Ministry. I request all members to give their comments and suggestions on the related issues. The government has also decided to reshuffle the SEC Act. We have placed our nominations to include in the advisory committee of SEC. 11.0 FINANCE AND ACCOUNTS For the period under review, the accounts of the Institute duly audited by the Auditors, as approved by the Council, are placed before you for your consideration and adoption. You are aware that till today the major sources of income of the Institute are admission fees, examination fees from students, training proceeds and subscriptions from members. The total income for the year 2011 amounted to TK. 17, 021,414 as against Tk. 12, 536.302 in 2010 and Tk. 6, 934,986 in 2009. Our expenditure side, the current year’s out lay amounted to TK. 9,872,039 as against Tk. 10,325,734 in 2010 and Tk. 6,446,441 in 2009. 12.0 APOINTMENT OF AUDITORS M/S ACNABIN, Chartered Accountants is the retiring Auditors of the Institute eligible for reappointment and offered themselves for their reappointment for the year 2012. The Audit Committee recommended to reappoint M/S ACNABIN, Chartered Accountants as the Auditors of the Institute for the year 2012 at a fee of Tk. 35, 000 plus VAT. The Council endorsed the recommendations of the Audit Committee for reappointment of the M/S ACNABIN, Chartered Accountants as the Auditors of the Institute for the year 2012 at a fee of Tk. 35, 000 plus VAT. 13.0 OUTLOOK FOR 2012 We all want success. But surely success does not come with the efforts of a single person. I, on behalf of the council request you all to extend your hands towards the development of the Institute and work

hand in hand as we have the following tasks ahead of us for 2012: • To increase Government funding for ICSB • To take appropriate steps to create awareness among the corporate sector about the Institute and the profession of Chartered Secretary • To find out a suitable place/ land to establish Institute’s new campus in Dhaka • Maintenance of quality professional education in the Institute • To establish the Secretarial Standards • To hold National Convention in 2012 • To include the profession in various statutes of the Government • To take vigorous programs for developing our members through CPD programs • To develop and implement Secretarial Practice guidelines • Capacity building of the Institute through a development project of the Government • Promote interactions with fellow Institutes in the international viewpoint 14.0 ACKNOWLEDGEMENTS The Council recognized with deep appreciation the support and cooperation it received from various quarters to carry out its activities smoothly and effectively during the year 2011. The Council places on record its gratitude to different Ministries and Offices of the Government, particularly the Ministry of Commerce, Ministry of Finance, Ministry of Housing & Public Works and Ministry of Law, Justice & Parliamentary Affairs and SEC, RJSC&F and other regulatory authorities of the Government for their guidance and support for the development of the Institute. We are also thankful to the distinguished personalities who have patronized us by providing financial aids and advertisements for the Journal, and Members’ Directory. The Council also acknowledges the sincere and dedicated services that it had received from the Office Bearers and the members of different committees for the cause of the Institute. The Council places on record its thanks to the Officers and Staffs of the Institute for their persistent commitment and dedication to their duties without which the tasks would not have been completed so promptly and efficiently. For and on behalf of the Council Mohammad Sanaullah FCS PRESIDENT

ICSB | ANNUAL REPORT 2011

Independent Auditor's Report To the Members of the Institute of Chartered Secretaries of Bangladesh (ICSB) We have audited the accompanying Financial Statements of the Institute of Chartered Secretaries of Bangladesh (ICSB), which comprise of the Statement of Financial Position as at 31 December 2011 and the Statement of Income and Statement of Cash Flows for the year ended 31 December 2011 and a summary of significant Notes to the Financial Statements and other explanatory information. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these Financial Statements in accordance with Bangladesh Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these Financial Statements based on our audit. We conducted our audit in accordance with Bangladesh Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free from material misstatement. An Audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the Financial Statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the Financial Statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of the Institute of Chartered Secretaries of Bangladesh (ICSB) as at 31 December 2011 and its financial performance and its cash flows for the year then ended in accordance with Bangladesh Financial Reporting Standards (BFRS) and other applicable laws and regulations. Dated; Dhaka 27 May 2012

2011 ICSB | ANNUAL REPORT ACNABIN BDBL Bhaban (Level-13) 12 Kawran Bazar Commercial Area Dhaka-1215, Bangladesh.

Telephone : (880-2) 8144347-52 Facsimile : (880-2) 8144353 E-mail : <acnabin@bangla.net> Web : www.acnabin-bd.com

Institute of Chartered Secretaries of Bangladesh (ICSB)

Statement of Financial Position as on 31 December 2011 Assets: Non-Current Assets Property, plant & equipment (PP&E) Current Assets Short term investments (FDR) Accounts receivables Advance, deposits and prepayments Cash and bank balances

Notes

Amount in Tk. 31.12.2010 31.12.2011

1,301,816

1,109,866

05 06 07 08

15,335,492 190,600 180,500 313,134 16,019,726

6,795,370 225,500 180,120 1,263,046 8,464,036

17,321,542

9,573,902

Total Assets Fund & Liabilities: Fund Accounts Reserve and surplus Capital fund Donation

09 10 11

15,569,047 19,500 424,908 16,013,455

8,419,672 19,500 424,908 8,864,080

Current Liabilities Fees received in advance Provision for expenses

12 13

72,200 294,382 366,582

112,425 152,472 264,897

Non-Current Liabilities Provisions for provident & gratuity fund

941,505

444,925

17,321,542

9,573,902

Total Fund & Liabilities

The annexed notes form an integral part of this Statement of Financial Position.

Mohammad Sanaullah FCS President

Md. Monirul Alam FCS Treasurer

Dr. A.K.M. Delwar Hossain Secretary

This is the Statement of Financial Position referred to in our separate report of same date. Dated; Dhaka 27 May 2012

ICSB | ANNUAL REPORT 2011 ACNABIN BDBL Bhaban (Level-13) 12 Kawran Bazar Commercial Area Dhaka-1215, Bangladesh.

Telephone : (880-2) 8144347-52 Facsimile : (880-2) 8144353 E-mail : <acnabin@bangla.net> Web : www.acnabin-bd.com

Institute of Chartered Secretaries of Bangladesh (ICSB)

Statement of Income for the year ended 31 December 2011 Notes Operating Income Fees from members Fees from students Training and conference Interest on investment Grant from Government Other income

15 16 17

Operating Expenditure Salary and allowances Office rent Education Training and conference Meeting attendance fees Legal and professional expenses Examination Depreciation Publication expense General & administrative expenses Workshop & seminar Bad debt

19 20 21 22 23

24 25 26 27

Excess of Income Over Expenditure

Amount in Tk. 2010 2011 1,043,100 11,403,240 2,460,940 964,506 1,000,000 149,628 17,021,414

855,600 5,038,110 5,928,372 558,908 155,312 12,536,302

2,533,403 1,151,050 2,589,926 1,032,103 375,000 116,050 497,421 188,595 141,600 1,070,321 161,570 15,000 9,872,039 7,149,375

1,650,899 960,000 1,564,480 4,163,240 30,000 279,900 349,207 124,629 67,050 1,055,172 81,158 10,325,734 2,210,568

The annexed notes form an integral part of this Statement of Income.

Mohammad Sanaullah FCS President

Md. Monirul Alam FCS Treasurer

Dr. A.K.M. Delwar Hossain Secretary

This is the Statement of Income referred to in our separate report of same date.

Dated; Dhaka 27 May 2012

ACNABIN Chartered Accountants

2011 ICSB | ANNUAL REPORT ACNABIN BDBL Bhaban (Level-13) 12 Kawran Bazar Commercial Area Dhaka-1215, Bangladesh.

Institute of Chartered Secretaries of Bangladesh (ICSB)

Telephone : (880-2) 8144347-52 Facsimile : (880-2) 8144353 E-mail : <acnabin@bangla.net> Web : www.acnabin-bd.com

Statement of Cash Flows for the year ended 31 December 2011

Amount in Tk. 2010 2011 A. Cash Flows from Operating Activities: Excess of Income Over Expenditure Adjustments for non-cash items: Depreciation (a) Operating Profit before Working Capital Changes Increase (Decrease) in advance fees received Increase (Decrease) in provision for expenses Increase in provision for provident & gratuity fund (Increase) in advance, deposit & prepayments Decrease ( Increase) in accounts receivable (b) Adjustment per Changes in Working Capital Net Cash Flows from Operating Activities (a+b) B. Cash Flows from Investing Activities Acquisition of fixed assets Short term investment in FDR (Including net interest) Encashment of investment Net Cash used in Investment Activities C. Cash Flows from Financing Activities Receipt of donation Net Cash Flows from Financing Activities Net Increase (Decrease) in Cash & Cash Equivalents (A+B+C) Cash and bank balance at the beginning of the year Cash and Cash Equivalents at the End of the Year

Mohammad Sanaullah FCS President

Md. Monirul Alam FCS Treasurer

7,149,375

2,210,568

188,595 7,337,971

124,629 2,335,197

(40,225) 141,910 496,580 (380) 34,900 632,785

43,350 (3,107) 130,899 (4,125) (132,000) 35,017

7,970,756

2,370,214

(380,545) (9,164,506) 624,384

(560,889) (1,058,908) -

(8,920,667)

(1,619,797)

(949,911) 1,263,046 313,134

1,000 1,000 751,417 511,629 1,263,046

Dr. A.K.M. Delwar Hossain Secretary

This is the Statement of Cash Flows referred to in our separate report of same date. Dated; Dhaka 27 May 2012

ACNABIN Chartered Accountants

ICSB | ANNUAL REPORT 2011 ACNABIN BDBL Bhaban (Level-13) 12 Kawran Bazar Commercial Area Dhaka-1215, Bangladesh.

Telephone : (880-2) 8144347-52 Facsimile : (880-2) 8144353 E-mail : <acnabin@bangla.net> Web : www.acnabin-bd.com

Institute of Chartered Secretaries of Bangladesh (ICSB)

Notes to the Financial Statements at and for the year ended 31 December 2011 1.0 Status of the Company The Institute of Chartered Secretaries of Bangladesh (ICSB), established under an Act of Parliament i.e. Chartered Secretaries Act 2010, is the only recognized professional body in Bangladesh to develop, promote and regulate the profession of Chartered Secretary in Bangladesh. The affairs of the ICSB are managed by a council consisting of thirteen elected members and five nominee of the Government. The Institute is situated at 107 Kakrail, 1st floor,Dhaka-1000. In accordance with the provisions laid down in the Chartered Secretaries Act 2010 the Institute of Chartered Secretaries and Managers of Bangladesh (ICSMB) has been converted into the Institute of Chartered Secretaries of Bangladesh (ICSB) from the date of promulgation of the Act through gazette notification dated 16 June, 2010. 2.0 Objectives and Nature of Activities The main objective of the Institute is to regulate and develop the profession of Company Secretaries and imparting requisite training and education and to offer membership of the Institute. For these purposes, the Institute has designed a comprehensive system of education and examinations and has laid down specific conditions. Besides, strict disciplinary rules for exercising control over the conduct of members and students have been laid down to regulate the profession by professional ethics and discipline. 3.0 Significant Accounting Policies and Bases of Financial statements Preparation 3.1 Statement of Compliance The Financial statements of the Institute are prepared; (a) Under the historical cost convention on a going concern basis (b) Bangladesh Financial Reporting Standards (BFRS) as adopted by the Institute of Chartered Accountants of Bangladesh (ICAB) so far, (c) Chartered Secretaries Act 2010, (d) Chartered Secretaries Regulation 2011 and (e) Other laws and rules applicable in Bangladesh 3.2 Components of Financial Statements The Financial Statements referred to here comprise of: a. Statement of Financial Position b. Statement of Income c. Statement of Cash Flows and d. Notes to the Financial Statements 3.3

Statement of Cash Flows Statement of cash flow is prepared in accordance with the Bangladesh Accounting Standard-7 "Statement of Cash Flows" applying indirect method.

3.4

Reporting Period These financial statements cover one calendar year from 1 January to 31 December 2011.

3.5 Property, Plant and Equipment (PP&E) All Property ,Plant and Equipment are stated at cost less accumulated depreciation as per BAS-16 " Property, Plant and Equipment". The cost of acquisition of an asset comprises its purchase price and any directly attributable cost of bringing the asset to its working condition for its intended use inclusive of inward freight, duties and non-refundable taxes.

Annual Report

2011

Institute of Chartered Secretaries of Bangladesh A Statutory Body Under an Act of Parliament

2011 ICSB | ANNUAL REPORT ACNABIN

3.5.1 Depreciation Policy Depreciation has been charged on assets using reducing balance method according to respective percentage. Depreciation is charged on assets for the full year whenever these are bought. On disposal of fixed assets, the cost and accumulated depreciation are eliminated from the PP&E schedule and gain or loss on such disposal is reflected in the income statement, which is determined with reference to the net book value of the assets and net sale proceeds. The rates of depreciation are as under: Fixture and fittings

10%

Furniture

10%

Library books

15%

Computer and office equipment

15%

3.6 Provident Fund At the 89th meeting of the Council of the Institute held on Sunday,06 August 2006 the provision of Contributory Provident Fund for the employees of the Institute was approved to be effective from July 2006 at the contribution rate of 10% of the basic salary. The Institute also contributes same amount to the Provident Fund. 3.7 Gratuity Fund The council of the Institute at its 90th meeting held on Tuesday, 05 September 2006 approved the provision of employees Gratuity Fund with effect from 1 January 2006. 3.8 General a) All figures have been rounded off to the nearest Taka. b) Previous year's figures and head of accounts in the financial statement have been re-arranged to conform current year's presentation wherever necessary. Amount in Tk. 4.0 Property, Plant & Equipment (PP&E)

31.12.2011

31.12.2010

Total value of assets at cost (a)

2,365,765

1,985,220

Opening balance at cost

1,985,220

1,424,331

380,545

560,889

Add: Purchase during the year Less: Disposal during the year Less: Accumulated depreciation (b)

1,063,949

875,354

Opening balance

875,354

750,725

Add: Depreciation charged during the year

188,595

124,629

1,301,816

1,109,866

6,795,370

5,736,462

Written Down Value (W.D.V) (a-b) Details are given in Annexure-A 5.0 Short Term Investment (FDR) Opening balance Less: FraeyehtgnirudtnemhsacneRD Add: IraeyehtgnirudRDFnitnemtsevn Interest earned on investmentduringthe year (Interest earned during the year including unrealized/accrued amount) Details are given in Annexure-B.

(624,384) 8,200,000 964,506 15,335,492

500,000 558,908 6,795,370

ICSB | ANNUAL REPORT 2011 ACNABIN

Amount in Tk.

6.0 Accounts Receivables 31.12.2011 Annual membership subscription fee

31.12.2010

61,000

71,500

Journal advertisements fees

129,600

34,000

Sponsorship for national convention 2010

190,600

120,000 225,500

160,000

7.0 Advance, Deposits & Prepayments Security deposit for office rent Security deposit for GPO Security deposit for telephone Advance payment for expenses 8.0 Cash and Bank Balances Cash in hand

500

8,000

12,000 180,500

11,620 180,120

9,220

11,702

303,914

1,251,344

313,134

1,263,046

Eastern Bank Ltd.(57356)

153,888

516,390

South East Bank Ltd.(087)

118,635

67,490

Cash at banks 8.1 Cash at Banks

Janata Bank Ltd.(528) Basic Bank Ltd.(2037) South East Bank Ltd.(069) 9.0 Reserve and Surplus Balance at the beginning of the year Add : Excess of income over expenditure- 2011 10

270

2,000

8,410

9,330

22,711

656,134

303,914

1,251,344

8,419,672

6,209,104

7,149,375

2,210,568

15,569,047

8,419,672

Capital Fund Contributions received from 13 Founding members @Tk. 1,500 per member have been capitalized as under: Members Name

Membership No.

1.Muzaffar Ahmed FCS

F - 0001

1,500

2.M. S. Alam Mia FCS

F - 0002

1,500

3.A. K. A. Muqtadir FCS

F - 0003

1,500

4.Mohammad Sanaullah FCS

F - 0004

1,500

5.Md. Zahangir Alam FCS

F - 0005

1,500

6.Md. Siddiqur Rahman FCS

F - 0006

1,500

7.Md. Saiduzzaman FCS

F - 0007

1,500

8.Md. Yeamin Hossain FCS

F - 0008

1,500

9.Itrat Husain FCS

F - 0009

1,500

10.Sultan-ul-Abedine Molla FCS

F - 0010

1,500

11.Muhammed Abul Hashem FCS

F - 0011

1,500

12.Md. Anwarul Afzal FCS

F - 0012

1,500

13.Nanda Gopal Chakraborty FCS

F -0013

Donation Opening balance Add: Received during the year 2011

1,500

19,500

424,908

423,908

424,908

1,000 424,908

2011 ICSB | ANNUAL REPORT ACNABIN

Amount in Tk. 12

Fees Received in Advance Member subscription fee

19,000

Picnic subscription Student admission fee 13

Provision for Expenses Audit fee

34,500

2,400

21,000

50,800

56,925

72,200

112,425

31,350

20,000

Communication expenses

7,892

6,899

181,000

103,750

Utility expenses

19,805

21,824

Faculty members' honorarium

48,533

5,502

Journal expenses

Coaching class allowances Newspaper bills 14

31.12.2010

31.12.2011

300

294,382

152,472 306,725

Provision For Provident & Gratuity Fund Provident fund

14.1

413,365

Gratuity fund

14.2

528,140

138,200

941,505

444,925

306,725

214,325

106,640

92,400

14.1 Provident Fund Opening balance Add: Provision made during the year Less: Payment to retired staffs

413,365 14.2 Gratuity Fund Opening balance Add: Provision made during the year

306,725

138,200

99,700

389,940

38,500

Less: Payment to retired staffs

528,140

138,200

Amount in Tk. 15

Fees From Members

2010

2011

Members' admission fee

205,000

165,000

Members' subscription

774,500

686,000

3,600

4,600

Membership form Development fees

60,000 1,043,100

Fees From Students Admission fee

1,739,450

977,600

Tuition fee

4,953,730

2,714,800

Exemption fee

431,900

269,200

Fine

145,000

42,540

Registration renewal fee Examination fee Admission form Examination form Transcript Certificate Entry fee Handbook English course

855,600

16,480

4,800

3,461,710

881,200

380,750

121,000

80,720

14,070

2,100

1,400

600

1,800

22,500

9,500

300 168,000

200 -

11,403,240

5,038,110

ICSB | ANNUAL REPORT 2011 ACNABIN

Amount in Tk. 17

Training and Conference Training income

3rd Convocation

Other Income Sale of waste materials 3rd Convocation Received against application for employment Donation

5,928,372

123,728

66,212

3,000

15,000

6,900 1,000

2,000 87,100

149,628

155,312

1,896,593

1,408,200

160,490

127,400

Salary & Allowances

Wages

33,060

30,599

Employer's portion of provident fund

53,320

46,200

389,940

38,500

2,533,403

1,650,899

Education Advertisement

322,031

53,555

56,313

92,360

1,502,664

1,245,000

417,910

83,615

Educational promotion expenses

111,008

89,950

English course

180,000

Coaching class allowance Faculty members' honorarium Printing & stationery

Training and Conference Training expenses

2,589,926

1,564,480

1,032,103

1,058,232

National convention 2010

3rd convocation

2,996,602 108,406

1,032,103

4,163,240

Meeting Attendance Fees Council meeting fees

302,350

2,460,940

Gratuity fund

3,306,477

Hall rent

Festival bonus

2,319,545

BICM

Salaries

2,460,940

National Convention 2010

Bank interest

2010

2011

264,000

30,000

Standing committee meeting fees

46,000

Sub-committee meeting fees

65,000

375,000

30,000

Legal and Professional Expenses Audit fees

31,350

40,000

Web site development expense

44,700

9,000

Project consultancy fees

40,000

Legal fee

94,050

Professional fee

30,000

Enactment expenses

106,850

116,050

279,900

2011 ICSB | ANNUAL REPORT ACNABIN

Amount in Tk. 24

Publication Expense Publication expense before adjustment Less: Adjustment Advertisements income from journal Advertisements income from Members' directory

2010

2011

General & Administrative Expenses

510,000

237,750

368,400

170,700

343,400

139,050

25,000

31,650

141,600

67,050 106,078

Meeting expense

71,899

Repairs & maintenance

56,907

62,131

Conveyance

35,020

28,393

Entertainment

18,787

9,382

Utility expenses

146,778

199,196

Newspaper bills

3,506

3,867

Office expenses

18,212

16,904

AGM expenses

119,795

147,078

Communication expenses

146,126

102,153

Office premises maintenance Election expenses Picnic expenses Iftar Mahfil Web site launching expenses

25.1

8,000

46,000

30,300

37,620

60,568

21,243

71,350

179,020

1st anniversary celebration

78,862

Bank charges

25,191

17,684

Renovation expenses

16,500

Office crockery

24,185

IFCS (International Federation of Company Secretaries) membership fee

35,885

Press conference

67,483

Members' celebration expenses

1,070,321

113,390 1,055,172

25.1 Picnic Expenses

Picnic expense before adjustment

310,268

221,418

Less: Income received from picnic

249,700

200,175

60,568

21,243

161,570

45,273

Workshop & Seminar CPD workshop International relations

161,570

Bad Debt Membership subscription of Dr. A.K.M. Shahabub Alam Membership subscription of Md. Abdullah

35,885 81,158

8,000

7,000

15,000

1,985,220 1,424,331

Total at 31 December 2011

882,543

Computer and office equipment

Total at 31 December 2010

11,630

149,046

Library books

560,889

380,545

359,155

9,760

Addition

Disposal/Adj

COST During the year

917,303

36,328

Balance as on 01.01.2011

Furniture

Fixture & fittings

Category of Assets

1,985,220

2,365,765

1,241,698

160,676

927,063

36,328

17,338

750,725

875,354

112,281 499,010

15%

246,725

15%

10%

124,629

188,595

111,403

7,259

68,034

1,899

DEPRECIATION During the year Balance as on Rate Balance as (%) on 01.01.2011 Depreciation Adjustment 31.12.2011

as on 31 December 2011

Schedule of Property, Plant & Equipment (PP&E)

Institute of Chartered Secretaries of Bangladesh (ICSB)

875,354

1,063,949

610,413

119,541

314,759

19,237

Balance as on 31.12.2011

1,109,866

1,301,816

631,285

41,135

612,304

17,091

Written Down Value as on 31.12.2011

Annexure-A

ICSB | ANNUAL REPORT 2011

ACNABIN

Southeast Bank Ltd.

Mercantile Bank Ltd.

Southeast Bank Ltd.

IDLC

Dhaka Bank Ltd.

International Leasing And Financial Service Ltd. International Leasing And Financial Service Ltd. International Leasing And Financial Service Ltd. International Leasing And Financial Service Ltd. International Leasing And Financial Service Ltd.

Southeast Bank Ltd.

Name of the Bank

Sl No.

24400001116

24400001115

24400001113

0112318

0063823

24400001096

24400001095

24300004742

24300004675

24300004674

24500009583

29.12.11

24.11.11

19.12.11

05.11.11

23.08.11

12.10.11

20.10.11

29.05.11

29.11.11

00572/07

00730/08

21.11.11

18.11.11

29.10.11

22.08.11

13.03.11

16.07.11

Opening/R enewal date

00557/07

00553/07

00526/07

0024-1003016810

2013114170

24500261373

A/C No.

6 month

3 month

6 month

3 month

1 year

3 month

1 year

Duration

12%

10.5%

12%

9.50%

14%

13%

10%

9.5%

Interest Rate

13,100,000

500,000

1,000,000

3,500,000

700,000

1,000,000

500,000

1,000,000

500,000

100,000

500,000

800,000

300,000

500,000

300,000

500,000

Original FDR Amounts

6,795,370

524,844

109,067

108,946

545,431

1,037,436

418,802

413,841

699,164

702,662

781,031

600,710

333

500,000

1,072,692

667

1,000,000

8,200,000

43,167

3,500,000

49,130

51,906 89,845

500,000 1,000,000 700,000

103,466

66,504

12,854

13,027

49,945

139,530

47,981

53,881

80,761

82,492

84,735

27,323

75,144

Interest

1,000,000

a 853,436

Investment During the year

Balance as on 01.01.2011

as on 31 December 2011

108,185

4,317

4,913

8,984

5,191

10,347

6,650

1,285

1,303

4,995

13,953

4,798

5,388

8,076

8,249

964,506

300

600

38,850

44,217

80,860

46,715

93,119

59,854

11,569

11,724

44,951

125,577

43,183

48,493

72,685

74,243

76,261

23,675

3,648 8,473

67,629

e= c-d

Net Interest

7,514

Tax

Schedule of Short Term Investment (FDR)

Institute of Chartered Secretaries of Bangladesh(ICSB)

624,384

Encashment during the year

15,335,492

500,300

1,000,600

3,538,850

744,217

1,080,860

546,715

1,093,119

584,698

120,636

120,670

590,382

1,163,014

461,985

462,333

771,849

776,905

857,292

921,065

g=a+b+e-f

Balance as on 31.12.2011

Annexure-B

2011 ICSB | ANNUAL REPORT ACNABIN