Imali Yamasheya / Amasheya Amalungu

Imali yamasheya iyimali eqoqwa yinkampani noma umfelandawonye ngokukhipha amasheya kubanikazi bayo. Iyinkunzi ehlala unomphela, emunca ukulahlekelwa, hhayi imali ebolekiwe. Enhlanganweni yokonga nokubolekisa (i-SACCO) noma enyunyaneni yezikweletu, le nkunzi yakhiwa ngamasheya amalungu — inani elikhokhwa ilungu ngalinye ukuze libe futhi lihlale lingumnikazi wesikhungo, okuhlukile kunoma yiziphi izimali ezongwayo noma amadiphozithi ilungu elinawo kuso.

Amaphuzu asemqoka

• Imali yamasheya iyi-equity: ayinaso isibopho sokubuyiselwa, imunca ukulahlekelwa kuqala, futhi ibuyiselwa kuphela lapho kuqedwa ibhizinisi noma ngaphansi kwemithetho yokubuyiselwa eqinile.
• Kubabolekisi abangamafelandawonye, amasheya amalungu anikeza ubunikazi namalungelo okuvota; amadiphozithi nokonga akunikizi.
• Amasheya amalungu ngokuvamile awakwazi ukukhishwa — angadluliselwa kwelinye ilungu, kodwa awakwazi ukukhishwa imali nje uma kucelwa.
• Imali yamasheya iyisisekelo senkunzi eyinhloko yombolekisi, abalawuli abayisebenzisayo ukubeka izidingo eziphansi zenkunzi kanye nezilinganiso zokwanela kwenkunzi.
• Ngaphansi kwe-IFRS, ukuthi amasheya amalungu abalwa njengemali yabanikazi noma njengesikweletu kuncike ekutheni isikhungo singakwazi yini ukwenqaba ukubuyiselwa — iphuzu lobuchwepheshe elinemiphumela emikhulu mayelana nenkunzi ebikiwe.

Iyini imali yamasheya?

Imali yamasheya iyingxenye yoxhaso lwenkampani ebolekisayo olunikelwa ngabanikazi bayo ukuze bathole amasheya. Ngokungafani nemalimboleko noma idiphozithi, ayidingi ukubuyiselwa ngesheduli. Ihlala ekugcineni lapho kuqedwa ibhizinisi, ngemva kwabafaki bezimali nabo bonke abanye abakweletwayo, okuyisona sizathu esenza abalawuli bayiphathe njengesihlangu esivikela wonke umuntu ongaphambi kwayo.

Umthetho wezinkampani wehlukanisa izingqimba ezimbalwa zemali yamasheya, futhi amagama avame ukusetshenziswa ngokunganaki:

• Imali yamasheya egunyaziwe: Inani eliphakeme lamasheya umthetho-sisekelo webhizinisi ovumela ukuthi akhishwe.
• Imali yamasheya ekhishiwe: Inani lamasheya empeleni abelwa abanikazi bamasheya.
• Imali yamasheya eceliwe: Ingxenye yemali yamasheya ekhishiwe ibhizinisi elicele ukuthi ikhokhwe.
• Imali yamasheya ekhokhiwe: Ingxenye empeleni eyamukelwe ngokheshi noma ngempahla — isibalo esibalulekile enkunzini yokulawula.

Ezikhungweni ezibolekisayo, imali yamasheya ekhokhiwe iyisibalo esisebenzayo. Isithembiso sokubhalisela akusiyona inkunzi kuze kube imali isingenile.

Amasheya wona eza ngezigaba. Amasheya ajwayelekile anamalungelo okuvota kanye nelungelo lensalela enzuzweni nasempahleni. Amasheya akhethekile analungelo lokuqala emadividendini, ngokuvamile ngaphandle kwamavoti, futhi angase abuyiselwe — isici esingabangela ukuthi bangabalwa njengekhwalithi ephezulu yenkunzi yokulawula.

Ayini amasheya amalungu?

Esikhungweni sezezimali esisebenzisanayo — i-SACCO, inyunyana yezikweletu, noma ibhange lomfelandawonye — okulingana nemali yamasheya ngamasheya amalungu. Ilungu ngalinye lithenga ubuncane bamasheya lapho lijoyina, futhi lobo bunikazi bamasheya yibona obenza libe umnikazi kunokuba libe yikhasimende nje.

Amasheya amalungu anezici ezimbalwa eziwahlukanisa namasheya enkampani evamile:

Ilungu elilodwa, ivoti elilodwa. Ukuphathwa komfelandawonye akuhambelani nesilinganiso sokubamba amasheya. Ilungu elibambe amasheya ayikhulu linevoti elilodwa elifanayo emhlanganweni jikelele njengelungu elibambe elilodwa. Lesi yisici esiyisisekelo somthethosisekelo wohlobo lomfelandawonye.

Inani elisemthethweni, hhayi inani lemakethe. Amasheya amalungu ngokuvamile akhishwa futhi abuyiselwa ngenani eliqokiwe elingaguquki. Awakhuphuki ngenani, futhi ngokuvamile ayikho imakethe yesibili yawo. Imbuyiselo yelungu ivela ezabelweni ezimenyezelwe ngokusuka ensalelweni, hhayi enzuzweni yokwenyuka kwenani.

Okungahoxiseki. Leli iphuzu elibalulekile lomsebenzi. Amasheya amalungu ngokuvamile awakwazi ukuhoxiswa ngesikhathi esifunwa njengoba imali eyongiwe ingakwazi. Ilungu eliphuma esikhungweni ngokuvamile kufanele adlulisele amasheya alo kwelinye ilungu, noma alinde isikhungo siwabuyise ngokuvumelana nemithetho-mgomo futhi nasemazingeni aphansi emali eyinkunzi yokulawula. Umkhawulo ukhona ngoba imali eyinkunzi engakhishwa noma nini ngentando ayiyona imali eyinkunzi nhlobo.

Kuhlobene nobulungu. Amasheya ngokuvamile angabanjwa kuphela ngamalungu ahlangabezana nesibopho esivamile — umqashi, umsebenzi, indawo, noma inhlangano — okubhalwe kumthethosisekelo wesikhungo.

Amasheya amalungu uma kuqhathaniswa namadiphozithi amalungu: umehluko obaluleke kakhulu

Ukudida amasheya nemali eyongiwe kungukungaqondi okuvame kakhulu kwezezimali zomfelandawonye, futhi kunemiphumela yangempela emalungwini naseshidini lebhalansi yesikhungo.

• Ubunjalo: Amasheya amalungu amele ingxenye yobunikazi, kanti amadiphozithi amalungu nemali eyongiwe kuyizikweletu (imali ekalelwa ilungu).
• Ubunikazi nokuvota: Amasheya amalungu anikeza ubunikazi namalungelo okuvota; amadiphozithi nemali eyongiwe awakwenzi lokho.
• Ukuhoxiseka: Amasheya amalungu awahoxiseki (ngokuvamile adluliselwa kuphela noma angaphansi kwemibandela yokubuyiselwa esemthethweni), kanti amadiphozithi angahoxiswa ngokuvumelana nemibandela yomkhiqizo.
• Imbuyiselo: Amasheya amalungu athola izabelo ezimenyezelwe ngokusuka ensalelweni; amadiphozithi athola inzalo, ngokuvamile ngezinga elingaguquki noma ekuvunyelwene ngalo kusengaphambili.
• Ukumunca ukulahlekelwa: Amasheya amalungu amunca ukulahlekelwa kuqala, evikela abafaki imali ngaphambi kwabo.
• Ekuvalweni: Amasheya amalungu abekwa ekugcineni futhi akhokhwa kuphela uma kusele izimali ezisalile; abafaki imali bathathwa njengabakweletwayo futhi bakhokhwa ngaphambi kwabanikazi bamasheya.
• Ukuvikelwa kwediphozithi: Amasheya amalungu awamboziwe yizinhlelo zokuvikela amadiphozithi, kanti amadiphozithi amalungu afanelekayo ayambozwa lapho kunezinhlelo zokuqinisekisa.

Ama-SACCO amaningi aphinde asebenzisa amadiphozithi angahoxiseki, ahlala ngendlela exakile phakathi kwalezi zinto ezimbili: akhiyiwe njengemali eyinkunzi, kodwa ngokomthetho ayisikweletu selungu. Abalawuli bawaphatha ngokwehlukile emalini eyinkunzi yamasheya uma bebala izilinganiso zemali eyinkunzi, futhi ababolekisi akufanele bazidide ekubikeni kwabo nabo.

Umphumela osebenzayo amalungu avame ukungawunaki: imali eyinkunzi yamasheya ayinasiqinisekiso. Lapho isikhwama sokuvikela amadiphozithi sikhona, simboza amadiphozithi kuze kufike emkhawulweni obekiwe. Asiwambozanga amasheya, ngoba amasheya ayimali eyinkunzi enobungozi ngokwakheka kwawo.

Imali eyinkunzi yamasheya kanye nemali eyinkunzi yokulawula

Abahloli ababheki inhlokodolobha yamasheya iyodwa. Bayayihlanganisa nezinye izinto ezihlala njalo, ezikwazi ukumunca ukulahlekelwa zibe inhlokodolobha eyinhloko (ngezinye izikhathi ebizwa nge-Tier 1), bese bekala lokho ngokumelene nobukhulu nobungozi beshidi lebhalansi.

Inhlokodolobha eyinhloko kumbolekisi womfelandawonye ngokuvamile ihlanganisa:

• Amasheya amalungu akhokhelwe ngokuphelele
• Izinqolobane ezidaluliwe nezinqolobane ezingokomthetho
• Izinzuzo ezigciniwe nensalela engasatshalaliswanga
• Izibonelelo neminikelo engeke isetshenziswe ngaphandle kwalapho inhlangano iqedwa

Isilinganiso esihlobene nesiqinile kakhulu inhlokodolobha yesikhungo — ingxenye yenhlokodolobha eyakhiwe ngezinzuzo ezigciniwe nezinqolobane ezingokomthetho kunokuba yakhiwe ngokubhaliswa kwamasheya ngamalungu. Kubalulekile ngoba amasheya amalungu angase, ngokuhamba kwesikhathi, abuyiselwe lapho amalungu ephuma, kuyilapho inhlokodolobha yesikhungo ihlala unomphela futhi ingeyesikhungo ngokwaso kunokuba ibe ngeyelungu ngalinye. Abalawuli nabahloli bamafelandawonye babheka inhlokodolobha yesikhungo njengesilinganiso esiyiqiniso kakhudlwana samandla okuzimela esikhungo.

Uhlaka lokulawula oluyisibonelo

Uhlelo lwaseKenya lwe-ama-SACCO amukela amadiphozithi, agadwe yi-SACCO Societies Regulatory Authority (SASRA) ngaphansi kwe-Sacco Societies Act 2008 nemithetho yayo, akhombisa ukuthi le mibono ihumusheka kanjani ibe yizidingo ezibophayo. I-SACCO enelayisense yokuthatha amadiphozithi kufanele ibambe inhlokodolobha eyinhloko ephansi engu-KES 10 million futhi ihlangabezane nemikhawulo ephansi yezilinganiso okuhlanganisa inhlokodolobha eyinhloko okungenani engu-10% wezimpahla zonke kanye nokungenani okungu-8% wamadiphozithi wonke, kanye nesidingo senhlokodolobha yesikhungo esingu-8% wezimpahla zonke kanye nephansi le-liquidity elingu-15%. Imithetho ichaza inhlokodolobha eyinhloko ukuthi ihlanganise amasheya amalungu akhokhelwe ngokuphelele, izinqolobane ezidaluliwe, izinzuzo ezigciniwe, izibonelelo neminikelo, konke okungamelwe kusetshenziswe ngaphandle kwalapho inhlangano iqedwa. Ukudluliswa kwezinqolobane ezingokomthetho — ngokuvamile ingxenye engashintshi yensalela yonyaka, kuze kube yilapho inqolobane ilingana nenhlokodolobha yamasheya — kuphoqa ukunqwabelana kwenhlokodolobha kungakhathaliseki ingcindezi yezabelo.

Ama-SACCO angawamukeli amadiphozithi ngaphansi kohlaka olufanayo abhekana nemikhawulo elula kodwa esacacile, okuhlanganisa isilinganiso esincane senhlokodolobha eyinhloko esivezwa ngokumelene namadiphozithi angadonswa agcinelwe amalungu.

Izinombolo ziyehluka ngokwendawo yomthetho. Isakhiwo — iphansi eliphelele, kanye nezilinganiso ngokumelene nezimpahla nangokumelene namadiphozithi, kanye nokuhlolwa okuhlukile kwenhlokodolobha yesikhungo — kucishe kube yinto evamile emhlabeni wonke.

Ukuphathwa kwe-accounting: i-equity noma isibopho?

Lona umgibe wobuchwepheshe ku-inhlokodolobha yomfelandawonye, futhi ubamba izikhungo ngesikhathi sokuhlolwa kwamabhuku.

Amasheya enkampani ajwayelekile ayi-equity ngokungangabazeki. Amasheya amalungu awona, ngoba amalungu ngokuvamile anelungelo elithile lokucela ukubuyiselwa kwamasheya — futhi ilungelo lokufuna ukheshi liwuphawu oluchazayo lwesibopho sezimali ngaphansi kwe-IAS 32.

I-IFRIC 2, Amasheya Amalungu Ezikhungweni Ezihlanganyelayo Namathuluzi Afanayo, ixazulula ukuthi ahlukaniswa kanjani. Isimo esijwayelekile ukuthi amasheya ilungu elingaphoqa isikhungo ukuthi siwabuyisele ayizibopho. Ayi-equity kuphela uma isikhungo sinelungelo elingenamibandela lokwenqaba ukubuyiselwa kwamasheya, noma uma umthetho wendawo, umthetho olawulayo noma umqulu wokuphatha wesikhungo ngokwaso uvinya ukubuyiselwa kwamasheya ngokungenamibandela.

Igama elithi okungenamibandela linomthelela omkhulu. Ukuvinjelwa okusebenza kuphela lapho umbandela uhlangatshezwa — ngokwesibonelo, umthetho ovimbela ukubuyiselwa kwamasheya lapho lokho kuzokweqa umkhawulo we-liquidity noma wenhlokodolobha — kunemibandela, futhi akufinyeleli ukuhlukaniswa njenge-equity. Ukuvinjelwa okunjalo kubambezela ukukhokhwa kwesibopho esivele sikhona kunokuvimbela isibopho ukuthi singavela.

Ukuvinjelwa okungenamibandela kungaba okuyingxenye kunokuba kuphelele. Lapho imithetho-mgomo ivimbela ukubuyiselwa kwamasheya ngaphansi kwezinga elithile lenhlokodolobha yamasheya ekhokhiwe, inani elivikelwe yilelo phansi liyi-equity kanti okweqile ngaphezu kwalo kuyisibopho, ngaphandle uma isikhungo sinegunya elihlukile elingenamibandela lokwenqaba.

Imiphumela emibili esebenzayo iyalandela. Okokuqala, ukubhalwa kwemithetho-mgomo kunquma ngokuqondile inhlokodolobha ebikiwe: umbandela wokubuyiselwa kwamasheya obhalwe kabi ungahambisa ibhalansi enkulu yamasheya isuke ku-equity iye ezibophweni ngobusuku obubodwa. Okwesibili, umlando ongashintshi wokuhlonipha zonke izicelo zokubuyiselwa kwamasheya ungalulaza ilungelo lokwenqaba elifunwayo, ngoba udala ukulindela okunengqondo ukuthi izicelo zesikhathi esizayo nazo zizokwamukelwa.

Kungani inhlokodolobha yamasheya ibalulekile kumbolekisi

Ukumuncwa kokulahlekelwa. Ukulahlekelwa kwemalimboleko kushaya inhlokodolobha ngaphambi kokuba kushaye abafaka imali. Isisekelo senhlokodolobha esincane sisho ukuthi ukuwohloka okuncane kwekhwalithi ye-potfoliyo kungenza isikhungo singakwazi ukukhokha izikweletu zaso.

I-leverage nokukhula. Izilinganiso zenhlokodolobha zikhawulela ukuthi ibhuku lemalimboleko lingakhula kangakanani. Isikhungo esisezingeni laso elincane lesilinganiso senhlokodolobha eyinhloko asikwazi ukwandisa ukubolekisa ngaphandle kokuqongelela inhlokodolobha eyengeziwe, noma ngabe isidingo sinjani.

Ukuzibophezela kwamalungu. Ukufuna ukuthi amalungu athenge amasheya, futhi ngokuvamile akhulise ubunikazi bawo bamasheya ngokuhamba kwesikhathi, kuvumelanisa izintshisekelo zababoleki nabanikazi — emfelandawonye bangabantu abafanayo.

Ukufinyelela ekuxhasweni lwezimali lwangaphandle. Ababolekisi bezimali ezinkulu, izinhlaka eziphezulu kanye nezikhungo zezimali zokuthuthukisa balinganisa ukuchayeka kwabo ngokuqhathanisa nemali yomnikazi yomboleki. Imali eyinhloko ebuthakathaka ikhawulela ukufinyelela ezimalini zokuphinda zibolekwe.

Isimo sokulawulwa. Ukushoda kwemali eyinhloko kuyimbangela evamile yokugadwa okuqinisiwe, imikhawulo ekwamukelweni kwamadiphozithi, ukuhlanganiswa okuphoqelelwe kanye nokuthathwa kwezinyathelo ngelayisense.

Izinkinga ezivamile ngemali eyinhloko yamasheya yamalungu

Ukukhula kwemali eyinhloko kusilela emuva kokukhula kwezimpahla. Okutholwa kakhulu ngabahloli akukhona ukushoda okuphelele kwemali eyinhloko kodwa ukwephulwa kwesilinganiso okubangelwa izimpahla namadiphozithi akhula ngokushesha kunemali eyinhloko — isibali esingezansi sidlula isibali esingenhla.

Ingcindezi yedividendi. Amalungu akhetha ibhodi, futhi amalungu afuna amadividendi. Ukusabalalisa inzuzo eyengeziwe okufanele igcinwe njengemali eyinhloko yesikhungo kuwukwehluleka kokuphatha okulula ukukwenza ngokwepolitiki futhi okuphuza ukuziveza.

Amasheya abekwa njengesibambiso emalimbolekweni. Ababolekisi abaningi bamadlelwano bavumela amasheya kanye namadiphozithi angakhishwa ukuthi avikele ukuboleka kwelungu. Lokhu kuwumkhuba oqotho, kodwa kusho ukuthi ibhalansi efanayo ngesikhathi esifanayo iyimali eyinhloko kanye nesibambiso — futhi uma imalimboleko ihluleka ukukhokhwa, imali eyinhloko iyadliwa ukuze kukhokhwe.

Ingcindezi yokubuyiselwa kwemali lapho kuphuma ilungu. Lapho ubulungu obukhulu obusekelwe kumqashi buncipha, ukuphuma kwabaningi kungadala izicelo zokubuyiselwa kwemali ezidonsa uketshezi lwemali futhi zicekele phansi imali eyinhloko. Lesi yisona kanye isimo imikhawulo yokubuyiselwa kwemali ekhona ukuze isilawule.

Ukugcinwa kwamarekhodi. Amarejista amasheya, ukudluliselwa phakathi kwamalungu, ilungelo ledividendi ngokwesikhathi sokubamba, kanye nokuhlukaniswa kwebhalansi yamasheya kumabhalansi ediphozithi konke kudinga ukugcinwa ngokunemba — amaphutha lapha avela njengezitatimende zamalungu eziphikiswayo kanye nokucwaningwa kwamabhuku okunemibandela.