You are on page 1of 80

Angostura Group Employees Credit Union Co-operave Society Ltd.

- Annual Report 2012

Forged from the love of liberty In the res of hope and prayer With boundless faith in our desny We solemnly declare: Side by side we stand Islands of the blue Caribbean sea, This our nave land We pledge our lives to thee. Here every creed and race nds an equal place, And may God bless our naon Here every creed and race nds an equal place, And may God bless our naon.

Lord, make me an instrument of thy peace. Where there is hatred, let me sow love. Where there is injury, pardon. Where there is doubt, faith. Where there is despair, hope. Where there is darkness, light. And where there is sadness, joy. O Divine Master, Grant that I may not so much seek To be consoled, as to console; To be understood, as to understand; To be loved, as to love. For it is in giving that we receive. It is in pardoning that we are pardoned, And it is in dying that we are born to Eternal Life. (Prayer of St. Francis Assisi)

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

BOARD OF DIRECTORS President Mr Lambert George Vice President Mr Wayne Mc Donald Secretary Mr Albert Rojas Assistant Secretary Ms Evelyn Sco Treasurer Mr Johann Merri Assistant Treasurer Mr David St. George Member Mr Andrew Brown Member Ms Shelly-Ann Joseph Member Mr Mario Clarke Member Mr Marc Paul Member Mr Lance Garcia Member Mrs Cachita Mitchell _________________________________________________________ MANAGEMENT Manager Ms Debra Solomon _________________________________________________________ COMMITTEE CHAIRPERSONS Supervisory Ms Beverly De Freitas Credit Mr Andrew Brown Educaon Mr Sharon Joseph _________________________________________________________ ATTORNEYS AT LAW L.K Doodnath & Co. Ltd.Notary Public, #9 Anglican Street, Arima _________________________________________________________ AUDITORS Pannell Kerr Foster#245 Belmont Circular Road, Belmont _________________________________________________________ BANKERS RBC Royal Bank of Trinidad & Tobago Ltd.#55 Independence Square, Port-of-Spain _________________________________________________________ AFFILIATION Cuna Caribbean Insurance Society Ltd. _________________________________________________________ REGISTERED OFFICE Corner Trinity Ave. & EMR, LavenlleTel/Fax: 625-2662

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

STANDING ORDERS MEMBERS FIXED DEPOSIT RATES ELECTION PROCEDURES COMMITTEE MEMBERS PRESIDENTS MESSAGE 2012 AGM MINUTES AMENDMENTS TO BYE-LAWS BOARD OF DIRECTORS REPORT 2012 SUPERVISORY COMMITTEE REPORT CREDIT COMMITTEE REPORT EDUCATION COMMITTEE REPORT RESOLUTIONS BUDGETARY PROPOSALS FINANCIAL STATEMENTS / AUDITORS REPORT

06 07 08 09 10 12 22 26 30 34 37 44 45 47

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

To be the premier nancial instuon catering to the needs of our members.

To develop an environment that fulls the social and nancial goals of our members and their families without compromising the integrity, philosophy and statute of Credit Unionism.

Noce is hereby given that the 38th Annual General Meeng of Angostura Group Employees Credit Union Co-operave Society Limited will take place on Saturday April 6th 2013 in the Glass Room, House of Angostura, Eastern Main Road, Lavenlle at 2:00 p.m. Registraon begins at 1:00 p.m.

_______________ ALBERT ROJAS SecretaryBoard of Directors


4
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

1. 2. 3. 4. 5. 6. 7. 8. 9.

Opening Prayer / Invocaon Naonal Anthem AcknowledgementInvited Guest Presidents Message Feature Address Credenal Report Reading and Conrmaon of Minutes (37th AGM) Maers Arising Amendments to Bye-Laws Board of Directors Supervisory Commiee Credit Commiee Educaon Commiee Financial Statement / Auditors Report Budgetary Proposals

10. Reports:

11. Resoluons 12. Elecons of Ocers:


Supervisory Commiee Credit Commiee Board of Directors

12. Other Business 13. Door Prizes 14. Vote of Thanks 15. Refreshments

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

1.

A member shall stand and state his name when addressing the Chair. Speeches shall be clear and relevant to the subject before the meeng. A member shall address the meeng when called upon by the Chairman to do so, aer which, he shall immediately take his seat. No member shall address the meeng except through the Chairman. A member shall not speak twice on the same subject except: The mover of the moon who has a right to reply. He rises to object to or to explain any maer (with the permission of the Chair). No speeches shall be made aer the queson has been put and carried or negave. The mover of a procedural moon (adjournment, lay on the table, moon to postpone) shall have no right to reply. A member rising on a point of order shall state the point clearly and concisely. (A point of order must have relevance to the Standing Orders). A member shall not call another member to order but may draw the aenon of the Chair to a Breach of Order. On no account can a member call the Chair to order. Only one amendment shall be before the meeng at one and the same me. When a moon is withdrawn, any amendment to it fails. The Chairman shall have the right to a casng vote. If there is an equality of vong on an amendment and if the Chairman does not exercise his casng vote, the amendment is lost. Provision shall be made for protecon by the Chairman from vilicaon (personal abuse). No member shall impute improper moves against another.

2.

3. 4.

5.

6.

7.

8.

9.

10. 11. 12.

13.

14.

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

MEMBERS FIXED DEPOSIT RATES (Revised) / Guidelines Due to challenges in the local and internaonal investment arena coupled with excess liquidity within the economy, with the advice and guidance of our Investment Advisor, at a Special Execuve Meeng held 7th August 2012, the xed deposit rates oered by the AGECU have been revised as follows with eect from Wednesday 8th August 2012:
RANGE ($$) $1,000 - $49,999.99 $50,000 - $99,999.99 $100,000 - $149,999.99 $150,000 - $199,999.99 $200,000 and Over % FULL YEAR (12 MONTHS) 2.00 2.25 2.35 2.50 3.00 BREAK RATE (%) Less 0.75 Less 0.75 Less 0.75 Less 0.75 Less 0.75 BREAK RATE % AFTER SIX (6) MONTHS 1.50 1.75 1.85 2.00 2.50

(N.B. the period for ALL Fixed Deposits shall be twelve (12) months.) These will apply to All Fixed Deposits (NEW / RENEWALS)

A Noce should be sent to each Depositor as a reminder PRIOR to the maturity date, and asking for their decision of the principal. The cercate must be signed by the Treasurer and the Manager and issued immediately, or in their absence, the protocol for signing of cheques must be followed. ONLY PENSIONERS can use their interest to service their loans monthly. Provide proof that member has agreed to the rates oered and that member signs for receiving cercate and copy placed on members le.

. LAMBERT GEORGE President

JOHANN MERRITT Treasurer

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

ELECTION PROCEDURES
1. Ballot papers for elecons for the Board of Directors, Credit and Supervisory Commiees will be given to members at the me of vong. Nominaons of persons to contest elecons to the Board and Commiees will come from the general membership present. See list of current and outgoing commiee members eligible for re-elecon. There will be separate boxes for the board, Credit and Supervisory Commiees. On compleon of the nominaon process, members will cast their ballots. The appointed persons will count the ballots while the meeng is in progress. The results will be announced immediately on compleon of the count. Members may accept nominaons for the Board, Credit and Supervisory Commiees. However, those elected for the Supervisory Commiee will not be eligible for elecon to the Credit Commiee or Board.

2.

3.

4.

5.

6.

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

COMMITTEE MEMBERS
MAY 2012 APRIL 2013

Board of Directors:
Mr. Johann Merri Mr. David St. George Mr. Andrew Brown Mr. Marc Paul Mr. Wayne McDonald Mr. Albert Rojas Mr. Mario Clarke Mr. Lance Paul Garcia 2012-2015 2012-2015 2012-2015 2012-2015 2011-2014 2011-2014 2011-2014 2011-2014

Out-going and eligible for re-elecon: Mr. Lambert George Outgoing Ms. Evelyn Sco Outgoing Mrs. Cachita Mitchell Outgoing Ms. Shelly-Ann Joseph Outgoing

Supervisory Commiee
Outgoing and eligible for re-elecon: Ms. Beverly De Freitas 2012 2nd Term Ms. Olivia Bunche 2012 2nd Term Mr. Dennis Brown 2012 2nd Term Ms. Marilyn Smith 2012 1st Term Mr. Carson Chadee 2012 1st Term

Credit Commiee
Outgoing and eligible for re-elecon: Mr. Andrew Brown Ms. Evelyn Sco Mr. Alvin Sandy Mr. Marc Paul Mr. Troy Barrow

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

On behalf of Board of Directors, and our Administrave Sta, welcome to our 38th Annual General Meeng. Throughout 2012 our country connued to experience economic challenges which began in 2009. Given this, we have seen the wisdom in having someone like Mr Nigel Deosaran with the necessary experience who can advise on sound investment opportunies with minimum risk. We are happy to report to our members that our investment porolio to date, comprising a variety of asset classes, is in the region of ve million dollars and connues to grow and generate income in spite of the challenges faced. Also, we have encouraged our members to abide by our vision statement and choose us as their premier nancial instuon. Loans are the primary pillar on which our credit union survives and you our cherished members will connue to reap the rewards of improved service and healthy dividends. Our Credit Union has started a new season with the recruitment of Ms Debra Solomon, replacing Ms Jacqueline Clarkson who served our Credit Union for the last twenty eight years. We appreciate that our members have grown accustomed to Ms Clarkson over the years, and so, we understand how it feels to call the oce and not hear that familiar voice. Ms Solomon comes with skills in human resource management, nance and proven track record as a former manager of a credit union larger than ours. So, with that being said, let us give her our full support and co-operaon during this transion period.

We began 2013 with training for members of sta; a review of our Strategic Plan on Saturday 12th January and at our rst Board Meeng held on Saturday 19th January ocers were exposed to training on Assessing Board Performance. Training will be one of our main areas of focus this year as we seek to improve the competences of all our members, which will ulmately improve the level of service to you, our members. We have decided to make some very important amendments to our Bye Laws such as the eligibility of our spouses and children under sixteen years to become members; the introducon of a nominaon commiee and procedures for deal10
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

ing with vacancies on the Board, Credit, and Supervisory Commiee. We are preparing major amendments to ensure that we are compliant with the proposed Credit Union Act (CUA), which according to the Minister of Finance, the Honorable Senator Larry Howai, should become Law by June 2013. Minister Howai has predicted that our economy is expected to grow by two percent this year and at the launch of the calendar of events of the Co-operave Credit Union League of Trinidad and Tobago on 23 January at Capital Plaza Hotel, Port of Spain we were advised by the Minister in the Ministry of Finance Mr Rudranath Indarsingh to take advantage of this expected growth. However, in spite of this we share the view of cauous opmism with the Governor of the Central Bank of Trinidad and Tobago Mr Jwala Rambarran.

In the coming year we will connue our overall scal planning and monitoring in all areas of our operaons and we encourage our members to use this, our Credit Union as their rst choice nancial instuon so that we can connue to grow from strength to strength, together. Co-Operavely Yours

__________________ LAMBERT GEORGE President

11

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Minutes of the 37th Annual General Meeng of the Angostura Group Employees Credit Union (AGECU) held on Saturday, May 21st, 2012 at the Glass Room, House of Angostura, Cor. Eastern Main Road and Angostura Street, Lavenlle. 1.0 Call to order a. The 37th Annual General Meeng was called to order by Ms Rhonda Sanchez, Secretary of the Educaon Commiee at 2:24pm. She welcomed the Board of Directors, all members and invited guests to the meeng. Ms Sanchez then invited the President, Mr Lambert George, to say the opening prayer and the credit union prayer. One minutes silence was held for members who had passed during the year. b. The Naonal Anthem was then sung by the audience, accompanied by Mr Anthony Livingston on the steel pan. 2.0 Acknowledgements Ms Rhonda Sanchez introduced and welcomed the following guests and thanked them for their aendance: Ms Darcele Corbin Pannell Kerr Foster Ms Cassian George Ministry of Labour, Cooperaves Division Robert Commissiong Nestle Credit Union Celia Grith Neal & Massy (North) Credit Union Elvin Francis Community Care Credit Union Theo Alfred Cooperave Credit Union League Robert Mayers Credit Union Deposit Insurance Fund Mr Theo Alfred reminded the membership that standard protocol dictates the meeng begin with the Naonal Anthem rst before any other item on the agenda. He went on to commend the AGECU for its achievements to date and its eorts to conform its business pracces to meet the requirements of the proposed Credit Union Act. Mr Robert Mayers, in his greengs, noted that he was happy to announce that the insurance on deposits was now increased from $75,000 to $100,000. 3.0 1st Credenal Report Ms Rhonda Sanchez gave the 1st credenal report, stang that, at 2:41pm, there were forty-three (43) members present, together with nine (9) guests. According to byelaw 25(e) the meeng was duly constuted, as the number required for a quorum was met.

4.0 Welcome a. The President gave apologies for the guest speaker, Mr Jerome Chambers, who called to inform that he was running late, and deferred the feature address to a later me in the meeng when he had arrived. b. Mr Lambert George advised that he would take the Presidents message in the brochure as being read, as the books were delivered to members within a suitable me frame, and asked the Board Secretary, Mr Albert Rojas, to read the noce of the 37th
12
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

annual general meeng, the agenda and the standing orders for the meeng. This being done, the President invited a moon to adopt the agenda and standing orders, which was moved by Mr Lance Garcia and seconded by Garnet Craigwell. 5.0 Minutes of the 36th Annual General Meeng a. The Minutes were taken as read and members were invited to give their recommendaons on any correcons or omissions to be made to same. b. Mr Clarence Lewis stated that none of the comments he made at the previous annual general meeng were menoned in the minutes, specically his quesons on the nancial advisor; the legality of the applicaon forms authorisaon to deduct funds owing to the company from any members share balance and his posion on the situaon regarding the issue of the Brios (former members). He also asked where was it stated in the minutes who nominated the members of the dierent commiees and who were the seconders. c. The President replied that on page 14 of the brochure could be found Mr Lewis comments on the credit unions nancial advisor. He added that the Board of Directors report would address some of the other quesons Mr Clarence Lewis raised and any other omissions would be noted. d. There being no further omissions and correcons to the minutes, the membership was asked to move a moon for its adopon. This was moved by Mr Kenneth Philips and seconded by Mr Robert Pierre. 6.0 Maers Arising a. Pg. 11 New Regulaons: Mr Robert Pierre asked for claricaon on this paragraph. The President stated this formed part of the feature address of the guest speaker who was merely giving updates from the League. Mr Robert Pierre then asked if there was no addional informaon forthcoming and he was advised that discussions are sll on-going on this maer. b. Pg. 12 Recognion of Past Presidents: Mr Robert Pierre quesoned the accuracy of Mr David Woods Snr being the rst member of the credit union. The President advised that his was recorded as passbook #1. c. There being no other maers arising, the meeng moved on to the next item on the agenda. 7.0 Board and Commiee Reports

7.1 Board of Directors Report The report was taken as read, however the President advised the membership that there was a formang error during prinng and as such, he read out the Conclusion so that everyone understood how it should ow. Mr Garnet Craigwell then moved a moon for its acceptance which was seconded by Ms Beverly De Freitas. 7.2 Maers Arising a. Page 19 Investment Commiee: Mr Robert Pierre asked for an update on the refund from Brish American. The President replied that a sum of $500,000, which represents
13
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

50% of the investment, has been received and the remaining balance is expected to be paid by 2013. Mr Robert Pierre further enquired if this payment included interest, to which the President responded No, it does not. b. Pg. 20 Training and Development: Mr Clarence Lewis asked what were the improvements noted under human resource development. He enquired about any yardscks that were used to measure these improvements; whether job descripons had been wrien for the sta; what were the targets set for them to achieve and if any performance appraisals had been done. c. The President replied that the oce procedure manual has been developed and training had been done with sta and members of the various commiees. He advised that performance appraisals on sta were conducted at mid year and also at years end. d. Mr Clarence Lewis then asked about the credit unions markeng growth and branding strategies. The President responded that the markeng commiee was working on this with our investment consultant, to which Mr Clarence Lewis replied that looking at was not the same as improvements and suggested the terminology may be inaccurate. The President advised that this was an on-going process based on the outline of the Strategic Plan. e. Mr Clarence Lewis also enquired about what was the public relaons blitz and the President again drew reference to the Strategic Plan under which this area falls. As the Plan calls for connuous improvement, this and other areas of development would be on-going. f. Mr Clarence Lewis then went on to ask if there was any communicaon in place to keep rerees abreast of current promoons and acvies they may wish to be a part of. He stressed that the membership of the credit union is largely in-house and those on the outside may not be familiar with its sta, its members or those who hold oce. g. The President cauoned against seeming to segregate the membership but suggested that the AGECU newsleer could be done on a more regular basis and that could be the medium by which communicaon is made with all members on what is happening in the credit union. He also menoned the drive to have a membership database which would aid in these eorts. h. Pg. 21 membership at December 31, 2011: Mr Anthony Livingston referred to his request at the last AGM when he asked for a breakdown in the membership and noted that the category past employees, noted in the current brochure, was not there before. He quesoned how this number was so high and pointed out this me the category of contractors was le out. The President concurred that the informaon on past employees was not put in before. i. Pg. 21 2nd paragraph under the tle credit union building: Mr Robert Pierre asked what eorts were being made to redesign the proposed credit union build14
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

ing and esmated costs for that. j. The President stated that, based on the cost of construcon to-date, the credit union was looking into purchasing the property directly opposite Angostura on the Eastern Main Road to put up the structure and then level the piece already owned to be used for parking. He added that the major cost associated with the current building plans is the basement structure for parking which requires a signicant amount of steel.

7.3 Credit Commiee Report The President drew reference to the errata sheet in the brochure which gave the aendance of commiee members during the term under review. The report taken as read, he then asked for a moon to be moved to accept it, which was done by Mr Pierre and seconded by Mr Marc Paul. 7.4 Maers Arising No maer was brought to the aenon of the oor on this report. 7.5 Supervisory Commiee Report The report was taken as read and the President asked for a moon to be moved to accept it, which was done by Ms Diane Henderson and seconded by Mr Victor Francis. 7.6 Maers Arising a. Pg. 27, second paragraph: Mr Robert Pierre asked for an explanaon on what was the US Investment noted. The President asked if the response could be deferred unl the reading of the auditors report as the answer was contained in that. b. Pg. 28 - educaon commiee: Mr Clarence Lewis asked if there were any details on the childrens Christmas party - how many members paid for their children to aend; how many tea plates were purchased; the revenue and expenditure for this event. He stated that he was informed there was no Santa Claus at the party and asked why this was so and under what circumstances was the event outsourced to an external person. He further quesoned if the opportunity was given to the membership to bid on the event and added that the previous Santa was a member who would put any money he earned from the event back into his shares. c. Mr Clarence Lewis also asked for a detailed accounng of the Back In Times party and added that when he was on that commiee, these details were always presented. d. The President asked the chairman of the Supervisory commiee (Mr Anthony Livingston) to respond to Mr Lewis quesons. Mr Anthony Livingston replied that the supervisory commiee only sought to congratulate the educaon commiee on their eorts as it was a new one. He added that he had seen one set of minutes on certain events and suggested that the educaon commiee respond to the other quesons posed by Mr Clarence Lewis, who then agreed to defer his request unl the educaon commiees report was under discussion. e. There being no further maers on the supervisory commiees report, the President acknowledge the presence of Mr Jerome Chambers, the feature speaker.
15
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

7.7 Educaon Commiee report The report was taken as read and the President asked for a moon to be moved to accept it, which was done by Mr Robert Pierre and seconded by Mr Dennis Brown. 7.8 Maers Arising a. The President gave an account of the Back In Times party by stang ckets sales were $62,870.00, while total expenses amounted to $60,679.77, This reected a small prot in the amount of $2,190.23. The childrens Christmas party incurred expenses to the sum of $54,463.22. He then asked the chairperson of the educaon commiee to respond to Mr Clarence Lewis queries. b. Ms Sharon Joseph, chairperson of the commiee, explained that the package for the party included the services of a Santa Claus. Mr Clarence Lewis then asked if it would be considered inaccurate to state that there was no Santa present at the party. Ms Sharon Joseph said that would be correct. Mr Lewis connued by stang he would have to verify for himself as he was told there was no Santa. He added that a breakdown of all monies spent by the credit union needs to be provided as the situaon is dierent now and a proper accounng needs to be done. He said we were not running a parlour. c. The President said this informaon could be provided if he wanted it. Mr Clarence Lewis advised that he was not the only one who wanted to know. He stated there were no details on the terms and condions of the contract that was given for the job that included the Santa. The rst priority should be to members and again asked to whom was the contract given, why was the decision made to go outside and who made that decision. d. Ms Sharon Joseph said that All About Fun was the company who provided the service for the party. Mr Clarence Lewis again asked what money was spent and what was received for this event and quesoned if sourcing the service externally was benecial to the credit union. e. The President responded that the Board received a report from the educaon commiee on the events. He added that the childrens Christmas party was heavily subsidized by the credit union and the fee paid by members covered its expenses in a very small way. f. Pg. 31 all inclusive party: Mr Robert Pierre asked to which charitable organisaons do the proceeds of this event go and why it was stated in the commiees report that there is a lack of support internally. g. The President responded by stang that money was given primarily to the St. Dominics Home and the Child Welfare League. As far as members support of the event, we can only connue to ask as we cannot force people to purchase ckets. h. Mr Robert Pierre also referred to the childrens Christmas party, asking if we try to source suppliers internally rst before looking outside. Ms Sharon Joseph respond16
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

ed that one employee Ms Shelly Ann Joseph - was contracted to do face painng for this event. Mr Clarence Lewis stated that it was an employee, not a member. The President then reminded Mr Robert Pierre that this issue was already dealt with. 7.9 Financial Statements/Auditors Report Ms Darcele Corbin was invited to read the auditors report. She indicated two correcons to the report on pg 39, in the rst and last paragraph respecvely where it stated 2010 should in fact be 2011. A moon to accept the report and the statement was then moved by Mr Garnet Craigwell and accepted by Mr Codrington Plante.

7.10 Maers Arising a. Mr David Gibson asked if there were any addional notes to the nancials, to which he was informed there were not. b. Mr Clarence Lewis then asked exactly how long had this company been auditors for the credit union. Ms Renne-Lisa Philip advised that PKF followed the very strict guidelines as set out by Internaonal Federaon of Accountants (IFAC), which meant they had to rotate every ve years. While she could not state exactly how long PKF had the credit union as its client, she herself was one of the partners and had only been doing the audit for the AGECU for the last four years. c. Mr Clarence Lewis went on to state that, while serving as President of the Board, he believed that PKF had done the audit for the credit union and there had been issues in the past with them on the ming of the report delaying the AGM. He asked for vericaon of this, and if we connued to have delays in the Audit process? d. Mr David St. George Board Treasurer gave the assurance that auditors had to be rotated in accordance with the proposed Credit Union Act and this was also part of the Strategic Plan. He stated that he was not aware of ever having to postpone the meeng because of a delay in the report, but that the audit had to be completed before the AGM could be called. e. Mr Clarence Lewis reiterated that, as President, he had issues and delays in the past and disagreed with Mr David St. Georges statement that the date for the meeng was never changed to accommodate the delays in the report. f. Ms Renee-Lisa Philip responded that PKF takes pride on their meliness of service and if, during the audit, some issues arise, then it must be resolved before the meeng is held, even if the date of the AGM had been set prior to this. She again assured that the company acts in accordance with the strict rules regarding rotaon. g. Mr Clarence Lewis again stressed on the problems he encountered when he was President, at which point Ms Henderson stated that if there are no issues now, then that could only mean things have improved. h. With no other comments received, Mr David St. George then referred members to page 57 of the nancials which discussed the US investment that Mr Robert Pierre had enquired about earlier. He said Note #7 reected the Franklyn Templeton and Man Invest17
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

ment. And on page 40 we will nd our total Investment for the year in the amount of $7,065.210.00. i. A moon to accept the report and nancial statements was then moved by Ms Dianne Henderson and seconded by Mrs Jeannee Yorke.

7.11 Budgetary Proposals The President asked member to consider the proposed budget for 2012 detailed on page 35. With no quesons posed on same, a moon to accept the proposal was moved by Mr Marc Paul and seconded by Mr Pierre. 8.0 2nd Credenal Report Ms Rhonda Sanchez gave the 2nd credenal report, stang that there were seventythree (73) members present. Resoluons The resoluons noted on page 34 were placed before the membership by the President for acceptance. Each resoluon was voted on separately: Resoluon #1: Dividends and Interest Rebate, seconded by Mr Gibson. In Favour 56 / Against none / Abstain 1 Resoluon #2: Honorarium, seconded by Mr Clarence Lewis. In Favour 51 / Against none / Abstain none Resoluon #3: Auditors, seconded by Mr Clarence Lewis. In Favour 63 / Against none / Abstain 1 10.0 Elecons of Ocers a. Ms Cassian George of the Ministry of Labour Cooperaves Division was invited by the President to be the Returning Ocer for the elecons. It was noted on page 8 of the brochure that the date for the outgoing board member eligible for reelecon, Johann Merri, should be 2011 and not 2009 as stated. b. Supervisory Commiee
Nominee Beverly De Freitas Olivia Bunche Dennis Brown Marilyn Smith Carsen Chadee Elizabeth Huggins Savitri Balkissoon Nominated by Dennis Brown Garnet Craigwell Beverly De Freitas Jeannette Yorke Olivia Bunche Olivia Bunche Lance Garcia Seconded by Anthony Livingston Victor Francis Rudolph Clarke Sharon Joseph Dennis Brown Natasha Rosal Anthony Livingston 22 (1
st

9.0

No of Votes 62 62 56 58 46 alternate) 16 (2nd alternate)

c. Credit Commiee A leer was read on behalf of Mr Alvin Sandy, who oered himself to be considered for nominaon to the credit commiee.
18
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012 Nominee Alvin Sandy Evelyn Scott Andrew Browne Marc Paul Johann Merritt Isabella Wade Troy Barrow Nominated by Wayne McDonald Emmanuel Buckmire Lambert George Lambert George Diane Henderson Sharon Joseph Beverly De Freitas Seconded by Errol McAuley Elizabeth Huggins Robert Pierre Sharon Joseph Cachita Mitchell Lambert George Wayne McDonald No of Votes 52 48 56 49 47 43 (1st alternate) 20 (2nd alternate)

The presence of the Commission of Co-operaves, Mr Karyl Adams, was acknowledged at this point and he brought greengs to the members. d. Board of Directors
Nominee Johann Merritt David St. George Andrew Browne Marc Paul Terran Eligon Yvonne Superville Clarence Lewis Nominated by Diane Henderson Lambert George Mario Clarke Shelley-Ann Joseph Lambert George Cachita Mitchell Savitri Balkissoon Seconded by Beverly De Freitas Clarence Lewis Lambert George Johann Merritt Victor Francis Lambert George Derek Thompson
st

No of Votes 51 56 35 33 31 (1 alternate) 21 (2nd alternate) 19

A moon to destroy the ballots was moved by Mr Lance Garcia and seconded by Mr Paul. This was unanimously agreed to by the members present. 11.0 Commissioner of Co-Operaves. Mr Karyl Adams was asked to bring greengs, he said aer reading our brochure, congratulaon was in order for another successful year. He encouraged members to connue to support the Credit Union. 12.0 Feature Address Mr Jerome Chambers, Chief Execuve Ocer of Going Global was introduced by the President to give the feature address. Mr Chambers rst apologised for his tardiness, which was unavoidable due to an earlier meeng that ran late. He began by stang that these were dangerous mes for the credit union movement, as change was coming. He said that we are entering an era of change where we will now take charge of our own nances. Referencing a quote from Dr Eric Williams who said on the eve of our countrys independence, be honest with money that is not yours, Mr Jerome Chambers challenged members to take charge of their credit union. We all have other dues and responsibilies in our lives, but if we abdicate the responsibilies of running the credit union, who will we blame if something goes wrong? Mr Jerome Chambers went on to explain the dierence between ordinary shares and permanent shares and the impact that may have on credit union operaons; as well as
19
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

instuonal capital and the proposed prudenal requirements and liquidity requirements raos. He reiterated that the annual general meeng is the single most important meeng in the credit unions agenda and added that, when members aend they should make meaningful contribuons, ask specic quesons and parcipate. Mr Jerome Chambers concluded by saying that our future is uncertain; compeon exists from nancial instuons and other credit unions. What happens next is up to the members. The President thanked Mr Jerome Chambers for his thoughul words and a token of appreciaon was presented to him by Ms Sanchez on behalf of the credit union. 13.0 Other Business a. Mr David Gibson asked why the credit union couldnt have its own bank a queson that had been raised in the past. Mr Jerome Chambers replied by reminding him there was once a co-operave bank and, depending on who you asked, there would be dierent answers as to why it was disbanded. He stated that one of the cooperave principles is co-operaon among co-operaves. Mr David Gibson responded that there may have been issues in the past but we need to look to the future. b. Mr Robert Pierre advised that Mr David Woods Snr has been hospitalized and asked members to say a prayer for his recovery. c. Ms Ronda Betancourt said she felt compelled to make a statement concerning the childrens Christmas party and some of the issues raised. She said that, as a previous member of the educaon commiee and a former secretary, she could not recall having ever been told that preference should be given to members when it came to providing services for this or any event. In fact, the commiee may have been taken to task for showing favourism was it to do so. She added that it was a fortunate coincidence there was a member who had lled the role of Santa over the years, however, just because something was done in a parcular way over a period of me did not mean it was the only or best way. Ms Ronda Betancourt said the commiee was given a budget and they took great pains to stay within it, while trying to provide members with rewarding acvies. She added that she was at the last party and could conrm the presence of Santa and saw the children having a very good me, especially with some new entertainment. It also appeared the party was well aended. Ms Ronda Betancourt commended the current chairperson on the event, especially as she was in a new role and was not afraid to try something new. She concluded by saying the only constant in life is change and at the end of the day the commiee has to ensure their ideas are fresh and current. If something doesnt work, try something else.

20

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

d. Mr Clarence Lewis responded by saying when he raised the issues he was not quesoning the chairperson. He said our rst obligaon is to the membership and the previous Santa put his fee back into the credit union as shares. He wanted to know if other members were given the opportunity to tender for the job and if any of the money came back to the credit union. He reiterated that he had no issue with the chairperson; it was a queson of what is right and not who is right, as this was not a parlour we were running. Mr Clarence Lewis made reference to when he was on the commiee for the Back In Times party, it had made a prot of $20,000 and now the prot is $2,000. He added that we have a standard to uphold and the party was turning into a shindig with patrons wearing shorts. He added that he took personal oence at what was said. e. Mr Anthony Livingston rose to apologise on behalf of Mr Clarence Lewis for his outburst, stang that he was just passionate about the credit union. He added that Mr Clarence Lewis was one of the members who could speak about the history of the credit union and we could not aord to lose that history. f. The President made reference to the brochure that was printed for the AGECUs 35th anniversary where some of that history was discussed by past presidents. He said the credit union would connue to give recognion to these members who have made valuable contribuons. He also acknowledged the presence of the group of rerees who had come out to the AGM and made parcular menon of Myrtle McAuley, mother of several current members and employees. The President also menoned that the Board of Directors had a fair representaon of rerees on it as well. g. Mr Wayne McDonald urged members to read their bye-laws and get to know them, as well as the loan policy which is being revised. He added that the new proposed legislaon has changes that would impact on the credit unions business, especially as commiees would not be allowed to have duplicaon of its ocers. h. Mr Harrynarine Gosine suggested that the childrens Christmas party be done away with and rather the funds used to give children in impoverished areas treats and hampers for Christmas. 14.0 Door Prizes Winners of the door prizes were: Rhonda Sanchez Ian McAuley Beverly De Freitas Harrynarine Gosine

Stanley Charles Codrington Plant

The special guest door prize was won by Theo Alfred, Co-operave Credit Union League. 15.0 Vote of Thanks The vote of thanks was given by Mr Codrington Plante, member of the Educaon commiee, who recognized the special guests and also all of the members who aended. The President then invited everyone to share in some refreshments. There being no further business, the meeng ended at 5:10pm.

21

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

ANGOSTURA GROUP EMPLOYEES CREDIT UNION CO-OPERATIVE SOCIETY LIMITED Corner Trinity Avenue & Eastern Main Road LAVENTILLE

Amendments to BYE-LAWS 4, 28(a) & 33


4. MEMBERSHIP QUALIFICATIONS Membership shall be open to: a. All persons of good character sixteen (16) years and over who are employees (including temporary employees), former employees and rerees of the Angostura Group of Companies and the Angostura Group Employees Credit Union Cooperave Society Limited Business associates of the Angostura Group of Companies and the angostura Employees Credit Union Co-operave Society Limited. Employees of the angostura Group Employees Credit Union Co-operave Society Limited shall qualify to apply for membership aer their probaonary period. Other registered co-operave sociees in Trinidad and Tobago.

b.

c.

d.

4. MEMBERSHIP QUALIFICATIONS (Proposed Amendment) Membership shall be open to: a. All persons of good character who are employees (including temporary employees), former employees and rerees receiving pension from the Angostura Group of Companies. i. Spouse of members. ii. Children of members subject to Secon 10(2) of the Co-operave Sociees Act Chapter 81:03. b Business associates of the Angostura Group of Companies and the angostura Employees Credit Union Co-operave Society Limited. c Employees of the angostura Group Employees Credit Union Cooperave Society Limited shall qualify to apply for membership aer their probaonary period. d. Other registered co-operave sociees in Trinidad and Tobago.

22

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Amendments to BYE-LAWS 4, 28(a) & 33 (Contd)


ANNUAL GENERAL MEETING Powers and Dues of Annual General Meeng Shall be: i. To consider the accounts and reports presented by the Board and Commiees for the preceding year together with any comments thereon made by the Auditor and /or the Commissioner. ii. To discuss and recommend changes in the budget for the current nancial year subject to the Act, Regulaon and these Bye-Laws; iii. To allocate surplus from the previous year subject to the Act, Regulaons and these Bye-Laws; iv. To approve and/or amend any Rules made by the board under ByeLaws 33; v. To elect a Board of Directors, Credit Commiee and Supervisory Commiee. Such elecons shall be by secret ballot only by resoluon of a majority of the members present and vong vi. To elect two (2) SUBSTITUES each for the Board and Credit and Supervisory Commiees for a term of one (1). The substutes shall take oce on the Board or any Commiee in respect of vacancies arising during the year. vii. Where necessary to amend Byelaws. viii. To approve the Maximum Liability of the Society. ix. To approve or vary the quantum of honorarium recommended by the Board for any unsalaried ocer; x. To appoint an auditor for ensuing term from the list of Auditors approved by the Commissioner; xi. To deal with any other business duly brought forward.

28. ANNUAL GENERAL MEETING (Proposed Amendment) a. Powers and Dues of Annual General Meeng Shall be: i. To consider the accounts and reports presented by the Board and Commiees for the preceding year together with any comments thereon made by the Auditor and /or the Commissioner. ii. To discuss and recommend changes in the budget for the current nancial year subject to the Act, Regulaon and these Bye-Laws; iii. To allocate surplus from the previous year subject to the Act, Regulaons and these Bye-Laws; iv. To approve and/or amend any Rules made by the board under ByeLaws 33; v. To elect a Board of Directors, Credit Commiee and Supervisory
23
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Commiee. Such elecons shall be by secret ballot only by resoluon of a majority of the members present and vong. vi. To elect two (2) SUBSTITUES each for the Board and Credit and Supervisory Commiees for a term of one (1). The substutes shall take oce on the Board or any Commiee in respect of vacancies arising during the year. vii. If a vacancy arises on the Board aer the Annual General meeng but before the Board, Supervisory or Credit Commiee convenes its rst meeng for the new term, this vacancy shall be lled within fourteen (14) days of its occurrence in accordance with Regulaon 28 of the Co-operave Sociees Act. viii. Where necessary to amend Byelaws. ix. To approve the Maximum Liability of the Society. x. To approve or vary the quantum of honorarium recommended by the Board for any unsalaried ocer; xi. To appoint an auditor for ensuing term from the list of Auditors approved by the Commissioner; xii. To deal with any other business duly brought forward.

Amendments to BYE-LAWS 4, 28(a) & 33 (Contd)


33. RULES The Board shall have power to make such rules for the conduct of the aairs of the Society as to it from me to may seem necessary, and as would not be repugnant or contradictory to the Bye-Laws of the Society and shall cause a book containing all such rules to be kept open at all mes for inspecon by members or any persons authorized by the Commissioner. No such rules shall be valid unl raed by the members at a General Meeng and approved by the Commissioner fro which purpose three (3) copies shall be forwarded to him. Proposed Amendment: 33. NOMINATING COMMITTEE a. The Board may appoint a Nominang Commiee comprising of not more than ve(5) members of the Society whose duty shall be the selecon of qualied members who are willing to be considered for elecon to the Board, Supervisory or Credit Commiee by the Annual General Meeng. b. Notwithstanding the recommendaon of the Nominang Commiee, any member shall have the right to nominate other members for elecon to the Board, Supervisory or Credit Commiee at the annual general meeng.
24
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

34. RULES The Board shall have power to make such rules for the conduct of the aairs of the Society as to it from me to may seem necessary, and as would not be repugnant or contradictory to the Bye-Laws of the Society and shall cause a book containing all such rules to be kept open at all mes for inspecon by members or any persons authorized by the Commissioner. No such rules shall be valid unl raed by the members at a General Meeng and approved by the Commissioner fro which purpose three (3) copies shall be forwarded to him.

Amendments to BYE-LAWS 4, 28(a) & 33 (Contd)


Proposed Amendment:

SEQUENTIAL NUMBERING OF EXISTING BYE-LAWS #34 to #54 TO BE RENUMBERED TO READ #35 to #55

25

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

(Financial Year: January December 2012) Aendance Records During the period there were ten (10) Statutory Board meengs as follows: January April (Previous Term)
Name Lambert George Wayne Mc Donald Albert Rojas Evelyn Sco David St George Johann Merri Cachita Mitchell Shelley Ann Joseph Lance Garcia Ian Valenne Andrew Brown Mario Clarke Yvonne Superville Anita Joseph Posion President Vice President Secretary Asst. Secretary Treasurer Member Member Member Member Member Member Member Member 1st Alternate Present 2 3 2 3 1 2 3 2 3 0 3 2 3 1 Excused 1 0 0 0 0 0 0 0 0 0 0 0 0 1 Absent 0 0 1 0 2 1 0 1 0 3 0 1 0 1 Total 3 3 3 3 3 3 3 3 3 3 3 3 3 3

May December (Current Term)


Name Lambert George Wayne Mc Donald Albert Rojas Evelyn Sco Johann Merri David St George Cachita Mitchell Shelley Ann Joseph Lance Garcia Andrew Brown Mario Clarke Marc Paul Terran Eligon Yvonne Superville Posion President Vice President Secretary Asst. Secretary Treasurer Asst. Treasurer Member Member Member Member Member Member 1st Alternate 2nd Alternate Present 7 7 5 4 5 3 6 5 4 5 5 6 4 6 Excused 0 0 1 0 1 0 0 0 2 1 1 0 2 1 Absent 0 0 1 3 1 4 1 2 1 1 1 1 1 0 Total 7 7 7 7 7 7 7 7 7 7 7 7 7 7

At our rst meeng for the new term which was held on Thursday 03 May 2012, Ms Cassie Ann George from the Ministry of Labour Small and Micro Enterprises Cooperave Division conducted elecons which resulted in the above Execuve posions. In preparing for succession Johann Merri was elected to the post of Treasurer. We would like to thank David St George for his loyal and dedicated service as Treasurer over the past twenty-three years. David will connue to work with Johann during this transion period.
26
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

During the period under review there were also ten (10) Execuve meengs as follows: January April (Previous Term)
Name Lambert George Wayne Mc Donald Albert Rojas Evelyn Sco David St George Johann Merri Posion President Vice President Secretary Asst. Secretary Treasurer Member Present 3 3 1 2 1 2 Excused 0 0 0 0 0 0 Absent 0 0 2 1 2 1 Total 3 3 3 3 3 3

May December (Current Term)


Name Lambert George Wayne Mc Donald Albert Rojas Evelyn Sco Johann Merri David St George Posion President Vice President Secretary Asst. Secretary Treasurer Asst. Treasurer Present 7 5 7 5 6 6 Excused 0 0 0 0 0 0 Absent 0 2 0 2 1 1 Total 7 7 7 7 7 7

Introducon It is an honour and privilege for the Board of Directors to report to our cherished members on our stewardship for the year 2012. The year started with the connuing trend of economic stagnaon from 2011, which lasted for all of 2012. So we found ourselves in much the same very liquid and very low interest rates situaon, as was the case in 2011. The good news is that we did not become frustrated under these serious nancial challenges. We are pleased to report that despite the dicult nancial circumstances experienced in our country, we have once again achieved overall growth in 2012. Investment Commiee This commiee comprises members of the execuve team, and with the connued assistance of our investment adviser Mr Nigel Deosaran we connue to eecvely manage our investment porolio, including our members xed deposit where we persist in maintaining very compeve rates. We have received the outstanding funds from our investment in CLICO and expect to receive the balance from BRITISH AMERICAN by the rst quarter of 2013. Training and Development Annual review of our strategic plan 2010-2015 was deferred from September 2012 to 12 January 2013 to facilitate our new manager (Ms Debra Solomon) who replac27
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

es Ms Jacqueline Clarkson who rered eecve 21 December 2012. On behalf of members of sta, the Board and Commiees, we would like to express our appreciaon to her for serving our Credit Union for the past twenty eight (28) years. There were two educaonal seminars conducted by Going Global Ltd on Saturday 21 July and Saturday 06 October 2012 for members of sta, the Board and Commiees. Some of the topics were as follows: The loan contract The authority to grant loans The 6 Cs of credit I.O.C vs. M.B.S Assessing a Business Plan The CSA and you An overview of the CUA Mr Lance Garcia from the Board and Ms Beverly De Freitas Chairperson of the Supervisory Commiee also aended Trinidad and Tobago Credit Union Deposit Insurance Fund Co-operave Society Limited Annual Leadership Training Programme in Miami from May 08-13 2012. Real Estate We are very happy to report that we have purchased ve thousand square feet of land at #214 Eastern Main Road, Lavenlle (opposite Angostura billboards). This plot will be used to construct our Credit Union building as the cost of construcon on our previous piece proved to be beyond our current means. We will amend the current drawings to construct our Credit Union Building, with the intenon of using our property at the corner of Leon Street and Old St. Joseph Road for the car park, for approval by the various regulatory agencies. MEMBERSHIP At 31st December 2012 membership in our Credit Union was as follows: Permanent Employees (Monthly) 206 Permanent Employees (Weekly) 69 AGECU Sta 2 Rerees 23 Past Employees 64 Casuals 47 Contractors 4

28

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Conclusion The past year has generally been another good one for our Credit Union. This was evident when we received two awards for best nancial and most improved nancial performance respecvely in the very small category from the Credit Union League of Trinidad and Tobago on Thursday 18 October 2012 at Queens Hall, St Anns. We are very excited about 2013 notwithstanding the current economic challenges; we are in transion, and look forward to connued improvement in the overall operaons of our Credit Union. We will connue to emphasize on training and development for sta, members of the Board, Commiees and the general membership so that our Credit Union can achieve our mission of fullling the social and nancial goals of our members and their families. We would like to thank our members for giving us the opportunity to serve the organisaon over the last term, as we give much praises to God for being in charge and for His connued blessings on our Credit Union.

________________ LAMBERT GEORGE President

_______________ ALBERT ROJAS Secretary

29

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Our 37th Annual General Meeng was held on Saturday 21st April, 2012. Elected to serve on the Supervisory Commiee were Ms Beverly De Freitas, Ms Marilyn Smith, Ms Olivia Bunche, Mr Carson Chadee and Mr Dennis Browne, with Ms Elizabeth Huggins and Ms Savitri Balkissoon as the 1st and 2nd alternates respecvely. At the rst meeng of this Commiee chaired by the president Lambert George, the following persons were nominated unopposed for the respecve posts: Ms Beverly De FreitasChairperson Ms Olivia BuncheSecretary We, the members of this Commiee felt extremely honoured to have been elected by you, the general membership to serve for the nancial year 20122013.This year, we were able to successfully conduct eleven (11) meengs and carry out the aairs of the Credit Union. The Supervisory Commiee independently evaluates the soundness of AGECU operaons and acvies, ensuring that management implements sound internal controls and maintains pracces and procedures that adhere to accepted general accounng principles. In doing so, we carry out the following primary responsibilies:

Checking of members loan applicaons Review Board Minutes of Meeng Review Credit Commiee Reports Treasury Report Educaon Commiee Reports

The supervisory commiee aended the All Commiee Seminar chaired by Mr Jerome Chambers from Going Global Company Limited. This seminar oered much in respect to how the dierent commiees are to operate independently and as a cohesive unit. Credit Commiee A signicant reducon in Special Loans contributed to the large negave variance stated in the January to December 2012 Loans breakdown report. The board took the decision to restrict the special loan for this period. Mainly because, about forty-ve per cent (45%) of the membership had already reached their maximum borrowing capacity
30
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Board of Directors We rstly congratulate Mr Wayne Mc Donald for successfully compleng his Credit Union Management Course. The broad took great strength in educang members, commiee ocers and oce sta this term, emphasizing on awareness of our roles and funcons and to ensure the connuous growth and development of our credit union. We saw evidence of succession planning when Mr David St George passed the responsibilies of Treasury ocer to the procient hands of Mr Johann Merri. The supervisory commiee endorses these acons and welcome new concepts from Mr Merri. As technology advances it was very refreshing to see AGECU implement systems updates and banking procedures. The use of AGECU Facebook page created and implemented by Marc Paul through the markeng commiee now gives our membership 24hr access on upcoming events and awareness. The purchase of an independent server reduces the dependency on Angostura Ltd network. With the assistance of Going Global the AGECU has completed its policy manual and training is on-going. The supervisory commiee carefully followed the properes and maintenance subcommiee chaired by Lambert George in acquiring the second parcel of land adjacent to the House of Angostura. This purchase has increased our assets and possibilies for the construcon of the AGECU building. The membership drive has proven successful and we commend the markeng subcommiee for their iniave of recruing new members. The Supervisory Commiee ancipates AGECU sustain full membership of all Angostura and Trinidad Disllers limited employees in the near future. Educaon commiee The Supervisory commiee noced changes and great development from our comrades in the Educaon commiee. The most noteworthy was our annual charity Back in Times party which was substuted with a new iniave, a boat cruise aboard the Coral Vision. This was a success, huge turn out from members of all ages. The Educaon Commiee coordinated the enre event without any incidents. Accounng informaon was transparent and made available for the inquiry. In keeping with the board iniave to educate members and commiee ocers an Open House ceremony was schedule in October (Credit Union Month) to recognize the credit union movement, its foundaon and its possibilies in the future. The Annual Children Christmas party which created much debate in our last Annual
31
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

General Meeng proceeded without a hitch. A breakdown of expensive was provided. On a sad note we extend our sympathy to the family and friends of Ms Julicina Lewis who was a vibrant member and served on last year Educaon Commiee and to all other members who passed away or lost a love one. May they rest in peace. Oce Sta The Supervisory commiee applaud Ms Jacqueline Clarkson for her twentyeight (28) years of dedicated service to the AGECU. We wish her all the best in her endeavours. From the assistance of Going Global and a small panel from the board a suitable candidate was selected to ll the posion of oce manager. Ms Debra Solomon has successfully aained the posion of AGECU manger. The Supervisory commiee welcomes Ms Solomon and is enthusiasc about her concepts in moving the AGECU forward. Special thanks must be given to the oce clerks who connue to provide excellent service to AGECU membership. Conclusion The nancial statements of the Angostura Group Employees Credit Union Cooperaon Society Ltd have been scrunized by our commiee and in our opinion bear a true and accurate picture of the Credit Unions Financial Standings for the period 2012. In closing, commiee members oer their sincerest appreciaon to the membership of the Angostura Group Employees Credit Union Co-operave Society Limited for the opportunity to serve on the Supervisory Commiee for the 2012-2013 terms. The Commiee sincerely thanks the Manager, Oce sta and Treasurer for their co-operaon in providing the necessary informaon required to conduct the various audits. We, the outgoing members of this Commiee take this opportunity to assure the membership that their Credit Union is working hard to meet their needs.

32

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Name Beverly De Freitas Olivia Bunche Marilyn Smith Carson Chadee Dennis Browne Elizabeth Huggins Savitri Balkissoon

Posion Chairman Secretary Member Member Member Member Member

Present 10 9 5 7 11 7 6

Excused 1 2 2 0 0 0 1

Absent 0 0 4 4 0 4 4

Total 11 11 11 11 11 11 11

__________________ BEVERLY DE FREITAS Chairperson

______________ OLIVIA BUNCHE Secretary

33

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Financial Year January December 2012 Aendance Schedule There were nine (9) meengs held during the period January December 2012. Previous Term 16th January 16th April:
Name Mr Andrew Brown Ms Evelyn Sco Mr Johann Merri Mr Wayne Mc Donald Mr Alvin Sandy Ms Sharon Joseph Mr Troy Barrow Posion Chairman Secretary Member Member Member Alternate Alternate Present 9 8 9 6 4 4 5 Absent 0 1 0 2 2 5 4 Excused 0 0 0 1 3 0 0 Total No. of Aendance 9 9 9 9 9 9 9

Current Term 24th April 18th December:


Name Mr Andrew Brown Ms Evelyn Sco Mr Johann Merri Mr Marc Paul Mr Alvin Sandy Ms Isabella Wade Mr Troy Barrow Posion Chairman Secretary Member Member Member Alternate Alternate Present 30 27 2 26 24 9 15 Absent 1 2 0 1 7 5 4 Excused 1 3 1 5 1 8 13 Total No. of Aendance 32 32 3 32 32 22 32

The inaugural meeng of the term 2012/2013 took place in the conference room of the Credit Unions oce on 24th April 2012 to elect a chairman and a secretary. The results were as follows: Andrew Brown Evelyn Sco Alvin Sandy Marc Paul Johann Merri Isabella Wade Troy Barrow Chairman Secretary Member Member Member 1st Alternate 2nd Alternate

During the term Mr Johann Merri was appointed as the Treasurer of the Credit Union and as such was excused from his dues on the credit commiee from May 7th. As a result Isabella Wade became a full member of the credit commiee. Unfortunately due to conicts between personal commitments and the scheduled
34
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

meeng day for the review of loans Ms Isabella Wade excused herself from the credit commiee and as a result Troy Barrow became a full member on October 8th. Loan Porolio This was the rst term that the newly revised loan policy was placed into use, this term served as the working trial period for the policy to ensure proper funconality going forward. Some minor changes will be made during the course of the following term. During the period under review a total of 469 loans were assessed and approved amounng to $10,694.600.77. From the comparave review table it can be seen that the number of loans approved decreased from the previous term from 504 to 469 a decrease of 35 loans as well as a decrease in the value of loans dispersed $10,694,600.77 vs. 11,545,270.95 amounng to $850,670.18. As the credit commiee connues to strive for the catering of our membership there were only ve (5) loans that were not approved based on our governing policies and good nancial pracces. The credit commiee will connue to work with the membership to ensure that both the Credit Union and the members stay in a nancially sound posion. Delinquency Our delinquency porolio stands at ten (10) loans with a total value of $2,439,478.07. Of these ten (10) delinquent loans we currently have three (3) at the arbitraon level at a total value of $79,362.32; the remaining seven (7) are being pursued vigorously with a total value of $2,360,115.75. Evaluaon The decrease in loans dispersed was mainly aributed to a decrease in the special loan category. During this term the Credit Union reduced the number of special loans being oered to the membership as part of our policy to encourage good nancial pracces. The other decreases were in the property purchase and special company home improvement loan categories, both of which were determined by the membership needs during the term. In all other categories however there were increases from the previous nancial term and the one currently under review. The volume leaders connue to be Home Improvements and Vehicles both of which showed an increase from the previous term and this one. New Services Only one special loan was introduced by the credit union during this nancial period. This new loan was formulated based on past trends with the vehicle category
35
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

being the volume leader for the past years and a key opportunity for our membership to purchase cars as the Angostura company has decided to provide travel allowances in an aempt to reduce its eet of vehicles. Given these condions the Credit Union has created a Special Vehicle Loan to capitalize on both present and future opportunies as this is intended to become a permanent part of our loan porolio. Conclusion The credit commiee would like to thank the membership for allowing us to serve on said commiee for the last nancial year of the Credit Union. We would also like to extend gratude and appreciaon to the oce sta for all their assistance in the past year as well as make menon of the new manager Ms Debra Solomon in making a smooth transion into her new post. The credit commiee connues to grant loans based on the Bye-Laws and the revised loan policy with the aim of not only growing the Credit Unions nancial posion but catering to the nancial needs of the membership. This aim from me to me may involve the non approval of loans that may not be the best opon for both the credit union and the members themselves but we will always strive for providing alternave paths for the membership in achieving their nancial goals without compromising their nancial security. We intend to connue our drive towards streamlining and enhancing the funcons and competencies of the credit commiee while building on the foundaon that has already been laid; all with the aim of keeping ahead of the oncoming legislaon and providing the best possible service to our valued membership. With the connued co-operaon of our membership we hope to keep growing from strength to strength. Yours co-operavely

________________ Evelyn Sco Secretary

_________________ Andrew Brown Chairperson

36

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Annual General Meeng Report Year Ending December 31st 2012 The Commiee The rst monthly meeng of the Educaon Commiee for this period was held on Thursday May 10th 2012 at the Credit Union oce. At this meeng the elecon of a new Chairman and Secretary took place. The commiee is as follows: Sharon Joseph Chairman Ronda Betancourt Secretary Geetanjalie Gobin Member Brent Romeo Member Codrington Plante Member Rondell Lewis Member Alvin Sandy Member Acvies for 2012 1.0 All Commiee Retreat The annual All Commiee Retreat was deferred unl the following year (2013) aer the next Annual General Meeng. It was opted instead to host a number of one-day workshops for all ocers and interested members. These included supervisory, credit and board training and other informaonal sessions. Some of the main acvies for which the educaon commiee was responsible during the period are highlighted below. 2.0 All Inclusive Charity Party Boat Cruise It was suggested and subsequently agreed to have an all-inclusive boat cruise for the Credit Unions annual fund-raising charity event. This was done in an eort to reenergise the party and aract a greater turn out. The venue selected was the Coral Vision which docks at Wrightson Road, Port of Spain. This was thought to be the most suitable locaon. The party was held on Saturday, September 22 and tled Ride the Republic Waves. The event was well-received by patrons comprising both members and the general public, with several persons asking when the next cruise would be held, even before this party had concluded. Six hundred (600) ckets were printed, of which 502 were sold, with a recorded aendance of 474 on the night. A breakdown of the income and expenditure is outlined below. Special thanks to Mrs Brenda De La Rosa, Markeng Execuve of Angostura Limited,
37
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

who once again lent assistance to the event by covering the cost of the radio adversements.
Expenditure Rental Bar Food DJ Tickets/yers Adversing TOTAL Revenue Ticket sales Sponsorship*** Donaon (Angostura) TOTAL $100,400.00 $ 5,830.00 $ 3,000.00 $109,230.00 Cost $19,000.00 $38,514.50 $22,500.00 $ 3,500.00 $ 4,341.25 $ 3,500.00 $91,355.75

PROFIT

$ 17,874.25

3.0

Lindley Abdullah S.E.A. Awards Fourteen (14) credit union members children who sat the Secondary Entrance Assessment Examinaon in 2012 were presented with Credit Union share cercates at a brief ceremony held on Wednesday, September 26. Congratulaons go out to the following members and children who were successful in the S.E.A. Examinaon:
Child Antonio Clarke Keston Blackman Jr Joneil Robinson Aaron Dhanraj Reshard Goolcharan Ashley Douglas Janine Jennings Jamal St. John Ebony Wilson Shania Alleyne Shanicia Samuel Michael Lawrence Kristof West Parent Mario Clarke Keston Blackman Josanne Julien-Robinson Rajindra Dhanraj Rishi Goolcharan Rushida Ali-Douglas Gary Jennings Steve St. John Russell Wilson Sean Alleyne Natasha Samuel Mahalia Mc-Donald Lawrence Giselle Laronde-West

4.0
38

Credit Union Month To launch Credit Union month in October, a small conngent braved the in-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

clement weather and constant rain to aend the opening ceremony and acvies held on Thursday, October 18th at the Queens Park Savannah. As part of these celebraons and in observance of the Internaonal Year of Co-operaves, the AGECU also held an Open House on Wednesday, October 24 in the Glass Room, House of Angostura. Unfortunately, this was not well supported by the general membership and the turnout was disappoinng. However, the small group that did aend learnt about the history of the credit union movement in general and the AGECU in parcular; as well as some of the responsibilies of the Board of Directors and other commiees. Tokens were presented to those who aended. 5.0 Children's Christmas Party The annual Christmas party for members' children was held on Sunday, December 02. Over 300 children aended the party with their parents or guardians and were treated to face painng & temporary taoos, cra making, video games and some of the other usual acvies which they enjoyed. The highlight of the aernoon was of course Santa Claus, who handed out presents to the babies and younger children, much to their delight. A breakdown of the expenses and revenue for this event is detailed below. As usual, the revenue generated from the party was used to oset some of its expenses.
Expenditure Toys Childrens snack boxes Party bags (items & bags) Treats (lollies, juices, etc.) DJ Entertainment Face painng/Taoo Santa Claus (shares) Setup/clean up Misc: wrapping paper etc. Adult tea boxes/lunches TOTAL Revenue Registraon fee/adult tea boxes Cost $37,682.84 $ 9,275.00 $ 6,164.01 $ 3,690.46 $ 1,200.00 $ 9,700.00 $ 1,500.00 $ 1,000.00 $ 2,350.00 $ 598.00 $ 3,600.00 $76,760.31

$17,890.00

39

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

6.0

Ocers Christmas Dinner The annual Ocers Christmas Dinner was held on Saturday, December 08, at Jaa Restaurant, Queens Park Oval. At this dinner, Ms Jacqueline Clarkson, Ocer Manager, was presented with a token of appreciaon for her twenty-eight (28) years of service to the A.G.E.C.U. Ms Clarkson commenced rerement on December 21. A farewell funcon was also held for her on January 04, 2013. Other Acvies The educaon commiee also coordinated two other acvies during this period: Lan dance classes, which was conducted over a six-week period and a Christmas bingo. The commiee also published its members newsleer Concepts which was printed and circulated during Credit Union month.

7.0

Births Congratulaons to the following members on the birth of their children during the period:
Name of Member Natasha Ganpat Petra Sookram Leesha Alexander Keisha Alexis John Bailey Ravir Ramjitsingh Mahew Bapste Name of Child Avari Ramraan (daughter) Tristen (son) Reichardt Noel (son) Aaron Branch Jr. (son) Jesse Bailey (son) Kabir Ramjitsingh (son) Joshua Bapste (son)

Condolences The Educaon Commiee wishes to extend condolences to the family and friends of the following members who passed away during the year and to those members who lost loved ones: Julicina Lewis Bickram Singh Deodath Ramoutar The commiee fondly remembers Julicina or Julie as she was beer known, and would like to acknowledge the invaluable contribuons she made both as a member and an ocer on the educaon commiee in previous years. She will be truly missed.
40
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Aendance Schedule There were nine (9) meengs held during the period January December 2012.
NAME Rhonda Sanchez (previous term) Anita Joseph (previous term) Sharon Joseph Ronda Betancourt Alvin Sandy Rondell Lewis Codrington Plante Geetanjalie Gobin Brent Romeo (resigned in October 2012) PRESENT 1 1 9 8 5 6 8 3 4 EXCUSED 0 0 0 0 2 0 0 5 1 ABSENT 0 0 0 0 1 2 0 0

Conclusion Following suggesons arising out of the last Annual General Meeng, the decision was made to oer members an opportunity to tender for specic services that they may be able to provide for a parcular event or acvity. A database is also being built that would include such informaon as any talents or skills which members may be able to oer either themselves or through a close contact. In order to also maintain transparency, request for tenders are sent to those members whose service or skill have been recorded. Once received, the oce would
41
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

then forward these tenders to the educaon commiee for consideraon and selecon. Once a decision is made, this would then be communicated to the successful member also via the oce. It is hoped that this process would avoid any issues that may have arisen in the past. The Educaon Commiee would like to thank the Board of Directors for the opportunity to serve and for once again entrusng it with the responsibility of coordinang educaonal, informave and social acvies for the members of the AGECU. Appreciaon is also extended to the oce sta for its connued support and assistance.

Respecully submied,

______________ Sharon Joseph Chairperson

______________________ Ronda Betancourt Secretary

42

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

43

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

RESOLUTIONS
DIVIDENDS & INTEREST REBATE Whereas the Board of Directors has connued to manage the Societys resources in an ecient and eecve manner; and Whereas the Society is commied to providing adequate facilies and services for its members; and Whereas it is necessary to keep pace with globalizaon, and the technological and managerial changes taking place in the nancial services environment; and Whereas the Board of Directors is determined to provide members with a reasonable return on their investment; and Whereas the Angostura Group Employees Credit Union Co-operave Society Ltd. has realised a Net Surplus of $1,737,761 for the nancial year ended 31st December 2011 BE IT RESOLVED THAT: A dividend of 6% of which 4% will be paid in cash and 2% be applied to members shares, be declared on average shareholding for 2012 HONORARIUM Whereas the Angostura Group Employees Credit Union Co-operave Society Ltd. has realized a Net Surplus of $1,737,761 despite Interest Rate shocks; and Whereas the duciary responsibilies of the Management Team connue to increase signicantly; and Whereas the Management Team has performed its dues with commitment, eciency and prudence; BE IT RESOLVED THAT: An Honorarium of $156,400 be declared and divided among the Management Team which consists of 30 Members. AUDITORS Whereas the Board is sased with the quality of work performed by our present Auditors: PANNELL KERR FORSTER . BE IT RESOLVED THAT: The Firm PANNELL KERR FORSTER is retained as Auditors of the Society for the next nancial year.

44

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

AGECU PROPOSED BUDGET FOR 2013


Loan Interest Income from Deposits Income from Other Investments Other Income (FIP, Entrace Fees etc) Total Income Annual General Meeng Audit & Accounng Fees Banking & Financial Fees Board & Commiee Expenses Co-Op Celebraon Acvies Educaon Expenses Markeng Expenses CUNA Premiums Data Processing Depreciaon Insurance - Fidelity, All Risk, DEGL Donaons Honoraria Interest on Members Deposits League Dues Salaries Employee Welfare Employers' Contribuon - NIS & Pension Property Maintenance Telephone Oce Operang Expenses Prinng & Staonery Stabilizaon Fund Total Expenditure Projected Net Income $ 3,319,887.59 290,851.49 36,270.00 21,175.00 $

3,668,184.08 55,500.00 85,950.00 4,200.00 90,500.00 140,350.00 95,500.00 22,000.00 544,027.94 34,500.00 12,730.62 15,000.00 15,000.00 156,400.00 136,295.36 4,388.40 295,531.79 25,800.00 38,353.49 6,000.00 7,500.00 38,740.00 16,460.00 1,840,727.60 1,827,456.48

45

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

46

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

ANGOSTURA GROUP EMPLOYEES CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

FINANCIAL STATEMENTS 31 DECEMBER 2012 INDEX

Statement of Management Responsibilies Independent Auditors Report Statement of Financial Posion Statement of Comprehensive Income Statement of Appropriated Funds and Undivided Earnings Statement of Cash Flows Notes to the Financial Statements Schedules to the Financial Statements

47

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Statement of Management Responsibilies

48

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

INDEPENDENT AUDITORS' REPORT


The Members

Angostura Group Employees Credit Union Co-operave Society Limited We have audited the accompanying nancial statements of Angostura Group Employees Credit Union Co-operave Society Limited, which comprise the statement of nancial posion as at 31 December 2012, the statements of comprehensive income, appropriated funds and undivided earnings and cash ows for the year then ended, and a summary of signicant accounng policies and other explanatory informaon. Managements Responsibility for the Financial Statements Management is responsible for the preparaon and fair presentaon of these nancial statements in accordance with Internaonal Financial Reporng Standards, and for such internal control as management determines is necessary to enable the preparaon of nancial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these nancial statements based on our audit. We conducted our audit in accordance with Internaonal Standards on Auding. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the nancial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the nancial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the nancial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entys preparaon and fair presentaon of the nancial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the eecveness of the entys internal control. An audit also includes evaluang the appropriateness of accounng policies used and the reasonableness of accounng esmates made by management, as well as evaluang the overall presentaon of the nancial statements. We believe that the audit evidence we have obtained is sucient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the nancial statements present fairly, in all material respects, the nancial posion of Angostura Group Employees Credit Union Co-operave Society Limited as of 31 December 2012, and of its nancial performance and its cash ows for the year then ended in accordance with Internaonal Financial Reporng Standards.

Port-of-Spain 15 March 2013


49
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Statement of Financial Posion

50

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Statement of Comprehensive Income

51

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Statement of Appropriated Funds and Undivided Earnings

52

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Statement of Appropriated Funds and Undivided Earnings (contd)

53

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Statement of Cash Flows

54

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Notes to the Financial Statements


1. Registraon and Objecves: The Society is registered under the Co-operave Sociees Act Ch: 81: 03. Its objecves are to promote the economic welfare of its members, encouraging the spirit and pracce of thri, self-help and co-operaon and to promote the development of co-operave ideas. The Societys Bye Laws were amended in 2000. The name of the Society was changed from Trinidad Disllers Credit Union Co-operave Society Limited to Angostura Group Employees Credit Union Co-operave Society Limited under the amended Bye-Laws. These amended Bye-Laws were approved by the Commissioner for Co-operave Development on 13 November 2000. 2. Signicant Accounng Policies: a) Basis of nancial statements preparaon These nancial statements are prepared in accordance with Internaonal Financial Reporng Standards (IFRS), and are stated in Trinidad and Tobago dollars. These nancial statements are stated on the historical cost basis, except for the measurement at fair value of available-for-sale investments and certain other nancial instruments. b) Use of esmates The preparaon of nancial statements in conformity with IFRSs requires the use of certain crical accounng esmates and requires management to exercise its judgment in the process of applying the Societys accounng policies. It also requires the use of assumpons that aect the reported amounts of assets and liabilies and disclosure of conngent assets and liabilies at the date of the nancial statements and the reported amounts of income and expenditure during the reporng period. Although these esmates are based on managements best knowledge of current events and acons, actual results may ulmately dier from those esmates. New Accounng Standards and Interpretaons i) The Society has not applied the following revised standard, which became eecve during the current year, as it does not apply to the acvies of the Society: IAS 12 Income Taxes Limited scope amendment (recovery of underlying assets) ii) The Society has not applied the following standards, revised standards and interpretaons that have been issued but are not yet eecve as they either do not apply to the acvies of the Society or have no material impact on its nancial statements, except for IFRS 9 Financial Instruments: IFRS 1 First-me Adopon of Internaonal Financial Reporng Standards Replacement of xed dates for certain excepons with the date of transion to IFRSs (eecve for accounng periods beginning on or aer 1 July 2011). First-me Adopon of Internaonal Financial Reporng Standards

c)

IFRS 1
55

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Notes to the Financial Statements (contd)


Addional exempon for enes ceasing to suer from hyperinaon (eecve for accounng periods beginning on or aer 1 July 2011). IFRS 1 First-me Adopon of Internaonal Financial Reporng Standards Government Loans (eecve for accounng periods beginning on or aer 1 January 2013). Financial Instruments: Disclosure Amendments enhancing disclosure about transfers of nancial assets (eecve for accounng periods beginning on or aer 1 July 2011). Financial Instruments: Classicaon and Measurement (eecve for accounng periods beginning on or aer 1 January 2015). Financial Instruments: Accounng for Financial Liabilies and De-recognion (eecve for accounng periods beginning on or aer 1 January 2015).

IFRS 7

IFRS 9

IFRS 9

IFRS 10 Consolidated Financial Statements (eecve for accounng periods beginning on or aer 1 January 2013). IFRS 11 Joint Arrangements (eecve for accounng periods beginning on or aer 1 January 2013). IFRS 12 Disclosure of Interest in Other Enes (eecve for accounng periods beginning on or aer 1 January 2013). IFRS 13 Fair Value Measurement (eecve for accounng periods beginning on or aer 1 January 2013). IAS 1 Presentaon of Financial Statements Amendments to revise the way other comprehensive income is presented (eecve for accounng periods beginning on or aer 1 July 2012). Employee Benets Amended standard resulng from the PostEmployment Benets and Terminaon Benets projects (eecve for accounng periods beginning on or aer 1 January 2013). Consolidated and Separate Financial Statements Reissued as IAS 27 Separate Financial Statements (eecve for accounng periods beginning on or aer 1 January 2013). Investments in Associates Reissued as IAS 28 Investments in Associates and Joint Ventures (eecve for accounng periods beginning on or aer 1 January 2013).

IAS 19

IAS 27

IAS 28

56

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Notes to the Financial Statements (contd)


IAS 32 Financial Instruments; Presentaon Amendments to applicaon guidance on the oseng of nancial assets and nancial liabilies (eecve for accounng periods beginning on or aer 1 January 2014).

IFRIC 20 Stripping Costs in the Producon Phase of a Surface Mine (eecve for accounng periods beginning on or aer 1 January 2013). The adopon of IFRS 9 Financial Instruments may result in signicant changes in the Societys classicaon and presentaon of nancial instruments. d) Fixed assets Property, plant and equipment are stated at historical cost less accumulated depreciaon. Depreciaon is provided using both the reducing balance method and the straight-line method. The following rates are considered appropriate to write-o the assets over their esmated useful lives are applied: Oce furniture and equipment - 12 % Computer hardware - 15% Computer soware - 12 % No depreciaon is provided on freehold land or capital work-in-progress. The assets residual values and useful lives are reviewed at each Statement of Financial Posion date, and adjusted as appropriate. An assets carrying amount is wrien down immediately to its recoverable amount if the assets carrying amount is greater than its esmated recoverable amount. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income. The Credit Union purchased a parcel of land situated at Lot #257 Old St. Joseph Road, Lavenlle in the year 2004. In accordance with IAS #16, freehold land is not depreciated. e) Investments The Societys investments are classied as available-for-sale. Available-for-sale These securies are intended to be held for an indenite period of me but may be sold in response to the needs for liquidity or changes in interest rates, exchange rates or equity prices. Aer inial recognion, available-for-sale investments are measured at fair value with unrealised gains or losses recognised in the
57
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Notes to the Financial Statements (contd)


Investment Re-measurement Reserve. For acvely traded investments, fair value is determined by reference to the Stock Exchange quoted market prices at the Statement of Financial Posion date, adjusted for transacon costs necessary to realise the investment. For investments where there is no quoted market price, the carrying value is deemed to approximate fair value. f) Financial instruments Financial instruments are contracts that give rise to a nancial asset of one enty and a nancial liability or equity instrument of another enty. Financial assets and nancial liabilies are recognised on the Societys Statement of Financial Posion when the Society becomes a party to the contractual provisions of the instrument. Financial assets All regular way purchases and sales of nancial assets are recognised or derecognised on the trade date, that is, the date on which the Society commits itself to purchase or sell an asset. A regular way purchase and sale of nancial assets is a purchase or sale of an asset under a contract whose terms require delivery of the asset within the meframe established generally by regulaon or convenon in the marketplace concerned. When nancial assets are recognised inially, they are measured at fair value of the consideraon given plus transacon costs directly aributable to the acquision of the asset. Financial assets are derecognised when the contractual rights to receive the cash ows expire or where the risks and rewards of ownership of the assets have been transferred. Impairment of nancial assets The Society assesses at each Statement of Financial Posion date whether there is objecve evidence that a nancial asset or group of nancial assets is impaired. A nancial asset or group of nancial assets is impaired and impairment losses are incurred if and only if, there is objecve evidence of impairment as a result of one or more events that occurred aer the inial recognion of the asset (a loss event) and that event (or events) has an impact on the esmated future cash ows of the nancial asset or group of nancial assets that can be reliably esmated. Objecve evidence that a nancial assets or group of nancial assets is impaired includes
58
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Notes to the Financial Statements (contd)


observable data that comes to the aenon of the Society about the following loss events: i) Signicant nancial diculty of the issuer or obligor. ii) A breach of contract, such as default or delinquency in interest or principal payments. iii) It becoming probable that the borrower will enter in bankruptcy or other nancial reorganizaon. iv) The disappearance of an acve market for that nancial asset because of nancial dicules. v) Observable data indicang that there is a measurable decrease in the esated cash-ows from a group of nancial assets since the inial recognion of those assets, although the decrease cannot yet be idened with individual nancial assets in the group, including adverse changes in the payment status of borrowers in the Society or naonal or economic condions that correlate with defaults on assets in the Society. The Society rst assesses whether objecve evidence of impairment exists individually for nancial assets that are individually signicant. If the Society determines that no objecve evidence of impairment exists for an individually assessed nancial asset, it includes the asset in a group of nancial assets with similar credit risk characteriscs and collecvely assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is or connues to be recognised are not included in a collecve assessment of impairment. Impairment losses are recorded in an allowance account and are measured and recognised as follows: i) Financial assets measured at amorsed cost The dierence between the assets carrying amount and the present value of the esmated future cash ows discounted at the nancial assets original eecve interest rate is recognised in the Statement of Comprehensive Income. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objecvely to an event occurring aer the impairment was recognised (such as improvement in the debtors credit rang), the previously recognised loss is reversed to the extent that the carrying amount of the nancial asset does not exceed what the amorsed cost would have been had the impairment not been recognised at the date that the impairment is reversed. The amount of the reversal in recognised in the Statement of Comprehensive Income. ii) Financial assets measured at cost

59

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Notes to the Financial Statements (contd)


The dierence between the assets carrying amount and the present value of the esmated future cash ows (excluding future credit losses that have not been incurred) discounted at the current markets rate of return for similar nancial assets is recognised in the Statement of Comprehensive Income. These losses are not reversed. Financial liabilies When nancial liabilies are recognised inially, they are measured at fair value of the consideraon given plus transacon costs directly aributable to the acquision of the liability. Financial liabilies are re-measured at amorsed cost using the eecve interest method. Financial liabilies are derecognised when they are exnguished, that is, when the obligaon specied in the contract is discharged, cancelled or expired. The dierence between the carrying amount of a nancial liability exnguished and the consideraon paid is recognised in the Statement of Comprehensive Income. Cash and cash equivalents Cash and cash equivalents consist of highly liquid investments with original maturies of three months or less and are carried at cost, which approximates market value. Accounts receivable Accounts receivable are measured at cost. Appropriate allowances for esmated irrecoverable amounts are recognised in Statement of Comprehensive Income when there is objecve evidence that the asset is impaired. Loans to members Loans to members are stated at principal amounts outstanding net of allowances for loan losses. Specic provisions are made for potenal losses on nonperforming loans on the basis of net realisable value. Periodic porolio reviews are conducted during the course of each year to determine the adequacy of provisions. Loans are secured by various forms of collateral, including charges over tangible assets, cercates of deposit, and assignment of funds held with other nancial instuons. Accounts payable Accounts payable are inially measured at fair value, and are subsequently measured at amorsed cost, using the eecve interest rate method. Members deposits Members deposits are stated at the principal amounts invested by members to60
-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Notes to the Financial Statements (contd)


gether with any capitalised interest. Members deposits bear interest at rates that are not signicantly dierent from current market rates and are assumed to have discounted cash ow values which approximate carrying values. Members shares Members shares are classied as equity and stated at fair value. In accordance with the Societys bye-laws, shareholdings comprise of the following:a) Secon 6 (b) requires every member, not being a minor, to purchase four (4) special shares valued at twenty-ve dollars ($25.00) each; and b) Secon 7 requires that every member shall purchase at least one (1) ordinary share valued at ve dollars ($5.00) each. g) Revenue recognion Loan Interest Interest charged on all loans to members is calculated at 1% per month on the outstanding balance at the end of each month in accordance with Secon 48 (a) of the Bye-laws. Loan interest is accounted for on the accrual basis. Interest on non-performing loans is not accrued or taken into income on an ongoing basis because there is doubt as to the recoverability of the loans. Income from non-performing loans is taken into income on a cash basis, but only aer specic provisions for losses have been made. For non-performing loans, specic provisions are made for the unsecured poron of the loan. The amount of the provision is dependent upon the extent of the delinquency. Investment Income Income from investments is accounted for on the accruals basis except for dividends, which are accounted for on a cash basis, consistent with Internaonal Accounng Standard (IAS) #18. h) Dividends payable to members Dividends are computed on the basis of the average value of shares held throughout the year, the average being determined on the basis of the value of shares held at the end of each day. Dividends that are proposed and declared aer the Statement of Financial Posion date are not shown as a liability in accordance with IAS #10 but are disclosed as a note to the nancial statements. Foreign currency Monetary assets and liabilies denominated in foreign currencies are expressed in Trinidad and Tobago dollars at rates of exchange ruling at the Statement of Financial Posion date. All revenue and expenditure transacons denominated in for-

i)

61

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Notes to the Financial Statements (contd)


eign currencies are translated at the average rate and the resulng prots and losses on exchange from these trading acvies are recorded in the Statement of Comprehensive Income. j) Provisions Provisions are recognised when the Society has a present legal or construcve obligaon as a result of past events, it is more likely than not that an oulow of resources will be required to sele the obligaon and the amount has been reliably esmated. The amount recognised as a provision is the best esmate of the consideraon required to sele the present obligaon at the Statement of Financial Posion date, taking into account the risks and uncertaines surrounding the obligaon. Where a provision is measured using the cash ows esmated to sele the present obligaon, its carrying amount is the present value of those cash ows. Comparave gures Certain changes in the presentaon have been made during the year and comparave gures have been restated accordingly. These changes have no impact on the surplus reported for the previous year.

k)

3.

Financial Risk Management: Financial Instruments The following table summarizes the carrying amounts and fair values of the Societys nancial assets and liabilies:

62

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Notes to the Financial Statements (contd)

Financial risk factors The Society is exposed to interest rate risk, credit risk, liquidity risk, currency risk, operaonal risk, compliance risk and reputaon risk arising from the nancial instruments that it holds. The risk management policies employed by the Society to manage these risks are discussed below: a) Interest rate risk Interest rate risk is the risk that the fair value or future cash ows of a nancial instrument will uctuate because of changes in market interest rates. The Society is exposed to interest rate risk through the eect of uctuaons in the prevailing levels of interest rates on interest bearing nancial assets and liabilies, including investments in bonds, loans, customer deposits and other funding instruments. The exposure is managed through the matching of funding products with nancial services and monitoring market condions and yields. i) Bonds The Society invests mainly in medium term bonds consisng of xed rate instruments. The market values of the xed rate bonds are not very sensive to changes in interest rates. The market values of the oang rate bonds are sensive to changes in interest rates. The longer the maturity of the bonds, the greater is the sensivity to changes in interest rates. Because these assets are being held to maturity and are not traded, any changes in market values will not impact the Statement of Income.

63

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Notes to the Financial Statements (contd)


Loans
The Society generally invests in xed rate loans to members not exceeding ten years. These are funded mainly from member deposits and shares.

Interest rate sensivity analysis The Societys exposure to interest rate risk is summarized in the table below, which analyses assets and liabilies at their carrying amounts categorized according to their maturity dates.

64

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Notes to the Financial Statements (contd)


b) Credit risk Credit risk arises when a failure by counter pares to discharge their obligaons could reduce the amount of future cash inows from nancial assets on hand at the Statement of Financial Posion date. The Society relies heavily on a wrien Loan Policy Manual, which sets out in detail the current policies governing the lending funcon and provides a comprehensive framework for prudent risk management of the credit funcon. Adherence to these guidelines is expected to communicate the Societys lending philosophy; provide policy guidelines to team members involve in lending; establish minimum standards for credit analysis, documentaon, decision making and post disbursement administraon; as well as create the foundaon for a sound credit porolio. The Societys loan porolio is managed and consistently monitored by the Credit Commiee and is adequately secured by collateral and where necessary, provisions have been established for potenal credit losses on delinquent accounts. Cash balances are held with high credit quality nancial instuons and the Society has policies to limit the amount of exposure to any single nancial instuon. The Society also acvely monitors global economic developments and government policies that may aect the growth rate of the local economy. c) Liquidity risk Liquidity risk is the risk that arises when the maturity dates of assets and liabilies do not match. An unmatched posion potenally enhances protability, but can also increase the risk of losses. The Society has procedures with the object of minimising such losses such as maintaining sucient cash and other highly liquid current assets and by having available an adequate amount of commied credit facilies. The Society is able to make daily calls on its available cash resources to sele nancial and other liabilies. i) Risk management The matching and controlled mismatching of the maturies and interest rates of assets and liabilies are fundamental to the management of the Society. The Society employs various asset/liability techniques to manage liquidity gaps. Liquidity gaps are migated by the marketable nature of a substanal segment of the Societys assets as well as generang sucient cash from new and renewed members deposits and shares. To manage and reduce liquidity risk the Societys management acvely seeks to match cash inows with liability requirements. ii) Liquidity gap The Societys exposure to liquidity risk is summarised in the table below which analyses assets and liabilies based on the remaining period from

65

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Notes to the Financial Statements (contd)


the Statement of Financial Posion date to the contractual maturity date.

d)

Currency risk Currency risk is the risk that the value of nancial instruments will uctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transacons and recognised assets and liabilies are denominated in a currency that is not the Societys measurement currency. The Society is exposed to foreign exchange risk arising from various currency exposures primarily with respect to the United States Dollar. The Societys management monitors the exchange rate uctuaons on a connuous basis and acts accordingly. Operaonal risk Operaonal risk is the risk derived from deciencies relang to the Societys infor-

e)

66

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Notes to the Financial Statements (contd)


maon technology and control systems, as well as the risk of human error and natural disasters. The Societys systems are evaluated, maintained and upgraded connuously. Supervisory controls are installed to minimise human error. Addionally, sta is oen rotated and trained on an on-going basis. f) Compliance risk Compliance risk is the risk of nancial loss, including nes and other penales, which arise from non-compliance with laws and regulaons of the state. The risk is limited to a signicant extent due to the supervision applied by the Inspector of Financial Instuons at the Central Bank of Trinidad and Tobago, as well as by the monitoring controls applied by the Society. Reputaon risk The risk of loss of reputaon arising from the negave publicity relang to the Societys operaons (whether true or false) may result in a reducon of its clientele, reducon in revenue and legal cases against the Society. The Society engages in public social endeavours to engender trust and minimize this risk.

g)

4.

Crical Accounng Esmates and Judgments: The preparaon of nancial statements in accordance with Internaonal Financial Reporng Standards requires management to make judgements, esmates and assumpons in the process of applying the Societys accounng policies. See Note 2 (b). Esmates and judgments are connually evaluated and are based on historical experience and other factors, including expectaons of future events, that are believed to be reasonable under the circumstances. The Society makes esmates and assumpons concerning the future. However, actual results could dier from those esmates as the resulng accounng esmates will, by denion, seldom equal the related actual results. The esmates and assumpons that have a signicant risk of causing a material adjustment to the carrying amounts of assets and liabilies within the next nancial year are discussed below: Changes in accounng esmates are recognised in the Statement of Comprehensive Income in the period in which the esmate is changed, if the change aects that period only, or in the period of the change and future periods if the change aects both current and future periods. The crical judgements, apart from those involving esmaons, which have the most signicant eect on the amounts recognised in the nancial statements, are as follows: i) Whether investments are classied as held-to-maturity investments, available-for -sale or loans and receivables. Whether leases are classied as operang leases or nance leases.

ii)

67

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Notes to the Financial Statements (contd)


iii) Which depreciaon method for plant and equipment is used. The key assumpons concerning the future and other key sources of esmaon uncertainty at the Statement of Financial Posion date (requiring managements most dicult, subjecve or complex judgements) that have a signicant risk of causing a material adjustment to the carrying amounts of assets and liabilies within the next nancial year are as follows: i) Impairment of assets Management assesses at each Statement of Financial Posion date whether assets are impaired. An asset is impaired when the carrying value is greater than its recoverable amount and there is objecve evidence of impairment. Recoverable amount is the present value of the future cash ows. Provisions are made for the excess of the carrying value over its recoverable amount. ii) Plant and equipment Management exercises judgement in determining whether future economic benets can be derived from expenditures to be capitalised and in esmang the useful lives and residual values of these assets. 5. Cash and Cash Equivalent:

6.

Accounts Receivable and Prepayments:

68

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Notes to the Financial Statements (contd)


7. Investments:

Long-Term Investments : On 30 January 2009, the Ministry of Finance (MOF) and the Central Bank of Trinidad and Tobago announced that the Government of the Republic of Trinidad and Tobago (GORTT) had reached an agreement with CL Financial Limited Group for the provision of a package of nancial support for the Groups nancial services companies. These companies included Colonial Life Insurance Company Limited (CLICO), Caribbean Money Market Brokers Limited (CMMB) and Brish American Company (Trinidad) Limited (BAT). Subsequent to this, the Minister of Finance stated that GORTT would repay local investors of Short Term Investment Products (STIPS) in CLICO and BAT, their principal balances, that is, the capital sum as at the issue date or last renewal date, minus any capital withdrawals or loans made prior to 8 September 2010. A similar guarantee was not made for interest accrued on the principal balances. On 26 September 2011, the GORTT revised its oer to Credit Unions and Trade Unions that y percent (50%) of the principal balance as shown on the EFPA II policy to be paid immediately across the RTGS into their bank account, and the remaining y percent (50%) will be paid similarly within twelve (12) months of the date of execuon of a signed Deed of Assignment and Declaraon of Trust unto the GORTT.

69

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Notes to the Financial Statements (contd)


8. Loans to Members: a) Loans to members are stated at principal outstanding net of a provision for loan losses. The provision for loan losses is based on managements evaluaon of the performance of the loan porolio under current economic condions and past loan loss experience.

b)

Provision for loan losses:

70

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Notes to the Financial Statements (contd)

9.

Fixed Assets:

10. 11.

Accounts Payable and Accruals: Members Shares: According to the Bye-Laws of Angostura Group Employees Credit Union Co-operave Society Limited (Secon 16), the capital of the Society may be composed of an unlimited number of shares of $5 each.

71

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Notes to the Financial Statements (contd)


12. Reserve Fund: In accordance with the Co-operave Sociees Act, 1971, Secon 47 (2) and By-Law 52 of the Credit Union, at least 10% of the annual net surplus of the Society is charged to the Reserve Fund. Educaon Fund: In accordance with Bye-Law 33 of the Credit Union, an amount not exceeding 5% of the net surplus for the year is transferred to an Educaon Fund. This fund is to be used for educaonal purposes. Building Fund: 5% of the net surplus is transferred annually to a Building Fund. Investment Re-measurement Reserve: In accordance with IAS #39, the Board of Directors has created an investment remeasurement reserve which includes the following: i) Unrealised gains/losses on available-for-sale investments. ii) Transfers from Retained Earnings. Dividend and Interest Rebate: The Board of Directors has proposed a dividend of % for the year ended 31 December 2012 which is esmated at . The Board of Directors has also proposed a 2% interest rebate for the year ended 31 December 2012 which is esmated at . This is subject to approval by the membership at the Annual General Meeng and is not recorded as a liability in these nancial statements in accordance with IAS #10. Related Party Transacons:

13.

14.

15.

16.

17.

72

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Notes to the Financial Statements (contd)


Pares are considered to be related if one party has the ability to control the other party or exercise signicant inuence over the other party in making nancial decisions. Key management personnel are those persons having the authority and responsibility for planning, direcng and controlling the acvies of the Society. A number of transacons are entered into with related pares in the normal course of business. These transacons were carried out on commercial terms at market rates. Balances and transacon with related pares and key management personnel during the year were as follows: Fair Values: Fair value is the amount for which an asset could be exchanged, or a liability seled between knowledgeable, willing pares in an arms length transacon. The existence of published price quotaon in an acve market is the best evidence of fair value. Where market prices are not available, fair values are esmated using various valuaon techniques, including using recent arms length market transacons between knowledgeable, willing pares, if available, current fair value of another nancial instrument that is substanally the same and discounted cash ow analysis. The following methods have been used to esmate the fair values of various classes of nancial assets and liabilies: a) Current assets and liabilies The carrying amounts of current assets and liabilies are a reasonable approximaon of the fair values because of their short-term nature. Members loans Loans are net of specic provisions for losses. These assets result from transacons conducted under typical market condions and their values are not adversely aected by unusual terms. The inherent rates of interest in the porolio approximate market condions and yield discounted cash ow values which are substanally in accordance with nancial statement amounts. Investments The fair values of investments are determined on the basis of market prices available at 31 December 2012. Members deposits Members deposits bear interest at rates that are not signicantly dierent from current rates and are assumed to have discounted cash ow values which approximate carrying values.

18.

b)

c)

d)

73

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

Schedules to the Financial Statements


1. Administrave Expenses:

2.

Personnel Costs:

74

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

75

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

76

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

77

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

78

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

79

-38th Annual General Meeng

Angostura Group Employees Credit Union Co-operave Society Ltd. - Annual Report 2012

80

-38th Annual General Meeng

You might also like