Celebrating 43 years
Celebrating 43 years CREDIT UNION SONG
CREDIT UNION PRAYER Brothers in Co-operation
Prayer of St. Francis of Assisi Men and Women of the nation,
Join us in co-operation
Lord, make me an instrument of For our social elevation
thy peace Hasten to the call.
Where there is hatred The present is the time for action,
Let me sow love Let no selfish class or faction
Where there is injury, Pardon Here among you spread distraction,
Where there is doubt, Faith Come on one and all.
Where there is despair, Hope
Where there is darkness, Light Refrain:
And where there is sadness, Joy Hand in hand on pressing,
All our wrongs redressing,
Oh, Divine Master Work and we right soon shall see
Grant that I may not so much seek Wide scattered many a blessing
Earnest true co-operation
To be consoled, as to console Be our glorious aspiration
To be understood, as to understand Till we see among the nation,
To be loved, as to love Love for one and all
For it is in giving that we receive Be our efforts never tiring,
It is in pardoning Each success a new inspiring,
Here’s a cause your aid requiring
That we are pardoned
And it is dying Here’s work for you.
Come and make each man a brother,
That we are born to eternal life If you’re strong come help another,
Strong and weak can aid each other
Bless, O Lord our deliberations
and grant that whatever we may If their hearts be true
say and do will have thy blessings
and guidance through Jesus Christ See the banner waving o’er us,
Hear the men, who’ve gone before us,
our Lord.
Sending back the shouting chorus
Amen. Keep the flag unfurled,
Theirs the seed that now up-springing,
Hope to many a heart is bringing
All our moans we’ll change to singing
Aye, throughout the world.
Celebrating 43 years
St. Vincent & the Grenadines
Teachers Co-operative Credit Union Ltd.
43rd
Annual General Meeting
Theme: Excellence Through Resilience, Dedicated to Members Success
SVGTCCU Headquarters
Second Floor
Hybrid Annual General Meeting
Tuesday, November 9, 2021
2:00 p.m.
Celebrating 43 years
Vision
To be the premier
non-bank financial
institution,
delivering the highest
quality services.
Mission Statement
To provide opportunities
and quality services to our
members and other stake-
holders
Strategies
¨ Membership expansion and activation;
¨ Full compliance with national, regional and international standards and
procedures;
¨ Ensuring financial profitability, stability and sustainability;
¨ Aggressive marketing, promotions and enhancement of public image;
¨ Provision of quality, competitive products and services to satisfy members’
needs;
¨ Enhancing governance, operational efficiencies and effectiveness.
Celebrating 43 years
Corporate Profile
BOARD OF DIRECTORS BSc. Management Studies, Cert Gender Studies, Cert. Teacher Ed.
Sis. Miriam Roache B.Ed. (Hons.), Cert. in Audio/Visual Media Communication
Bro. Cecil Charles (JP) BSc. Management & Accounting
Bro. Artillon Hamilton FCCA, BSc. Management and Accounting
Bro. Gilbert Frederick Msc. Education Leadership, BSc. School Leadership, Cert. Teacher Training
Bro. Ronald Clarke PGD in Business Administration, PMP Project Management, BSc. Economics
Sis. Chanda Davis Diploma Animal Health Technology
Bro. Brenford Findlay
CHIEF EXECUTIVE OFFICER
Sis. Jasmine Huggins-Daly PGD Project Management, BSc. Accounting (Hons.)
CREDIT COMMITTEE
Bro. Alston Anderson Dip. Electrical, Engineering & Electronics, Cert. Adv. Welding Electronics
Bro. Rupert Nash BA History & Government, Cert Teacher Ed.
Sis. Michelle Richardson ACCA
Sis. Gwenette Cambridge B.Ed. (UWI)
Sis. Ayana Okolo John—Patrick MSc. International Trade, BSc. Economics, Cert. Business Administration
SUPERVISORY AND COMPLIANCE COMMITTEE
Bro. Calvin Herbert PGD Ed. Mgmt., BSc. Accounting, Dip Integrated Science,
Cert Teacher Ed.
Sis. Tammie Walters BA Major Accounting & Minor Banking and Financial Services
Bro. Dixton Findlay MA Policy Studies in Education; BSc. Economics and Accounting
Sis. Vilma Ollivierre FCCA, MA, BSc. Accounting & Economic., Cert. LP, Cert Teacher Ed.
Bro. Randy Boucher MA Theology, BA Geography, Cert. Teaching
EDUCATION AND MARKETING COMMITTEE
Sis. Sherron Morgan-Peters MA. Ed, B. Ed, Cert. Teacher Ed.
Sis. Wendy Bynoe MA Early Years Education, B.Ed. Early Childhood Care and Education
Sis. Roxanne John PGC Project Planning, Appraisal & Management, M.A. Economics,
BSc. Economics (Hons.), Cert. Business Administration
Sis. Saline Barbour BSc. Management and Sports, Cert. Business Administration
Bro. Sunel John AS Information Technology. Microsoft Certified Systems Engineer
Sis. Janeil Henry– Rose PGC Project Planning, Appraisal and Management, BSc. Management Studies
and International Relations, Cert. Teacher Education
Bro. Dwane Allen BSc. Geology and Geography
REGISTERED OFFICE BANKERS SOLICITORS AUDITORS
P.O. Box 1527
St. James Place BOSVG Ronald R.C. Jack BDO Eastern Caribbean
Pauls Avenue First Caribbean Int’l Bank
Cecil Blazer Williams
Ranelle Roberts—Williams
Celebrating 43 years
TABLE OF CONTENTS
National Anthem ..................................................1.. i
Notice .................................................................. 1
Standing Orders ................................................... 2
Minutes ............................................................ 3-10
President’s Message .............................................11
Board of Directors Report .................................12-26
Education and Marketing Committee’s Report..27-31
Treasurer’s Report ............................................32-36
Auditors’ Report Financial Statements .............37-83
Credit Committee Report .................................84-89
Supervisory and Compliance
Committee’s Report............................84-89
Appendix I: Attendance Record .............................93
Appendix II: Movement Statistics ..........................94
Staff Profile …………………………………………………...95
Staff Photo …………………………………………………….96
Management & Senior Staff Photos …………………...97
Photo Highlights …………………………………………….98
Acknowledgements
Photos: Seymour Hinds
Cover: Addison Edwards - Addi Designs & Artwork
Typesetting & Layout: Jozell Byron and Annesha Richards
Celebrating 43 years
The National Anthem of
St. Vincent & the Grenadines
St. Vincent, Land so beautiful
With Joyful hearts we pledge to thee
Our loyalty and love and vow
To keep you ever free.
What e’er the future brings
Our faith will see us through
May peace reign from shore to shore
And God bless and keep us true.
Hairoun our fair and blessed Isles
Your mountains high so clear and green
Are home to me though I may stray
A haven calm serene.
Our little sister Islands are
Those gems, the lovely Grenadines
Upon their seas and golden Sands
The sunshine ever beams.
Words: Phyllis Punnett
Music: Joel Miguel
Celebrating 43 years
NOTICE OF THE
43rd ANNUAL GENERAL MEETING
October 25, 2021
Dear Members,
Notice is hereby given that 43rd Annual General Meeting of the SVG Teachers Cooperative Credit Union Ltd. is
scheduled to be held as a hybrid meeting on Tuesday, November 9, 2021, at the SVGTCCU Headquarters, sec-
ond floor, Kingstown, commencing at 2:00 p.m. Members are asked to make a special effort to attend.
The meeting is called to:
1. Approve the Minutes of the 42nd Annual General Meeting.
2. Accept Reports from the Board of Directors and other Committees.
3. Accept the Treasurer’s and Auditors’ Reports.
4. Elect Officers and appoint Auditors for the new financial year.
The Agenda read:
1. Call to Order
2. Welcome and Opening Remarks
3. Credit Union Prayer & Song and National Anthem
4. Ascertainment of Quorum
5. Apologies for Absences
6. Greetings
7. President Remarks
8. Adoption of Standing Orders
9. Moment of Silence for Departed Members
10. Minutes of the 42nd Annual General Meeting
a) Amendments and Confirmation
b) Matters Arising
11. Reports & Election of Officers:
a) Board of Directors
b) Education Committee
c) Treasurer’s and Auditors
d) Credit Committee
e) Supervisory and Compliance Committee
12. Unfinished Business
13. New Business
14. Adjournment
SECRETARY
BOARD OF DIRECTORS
1 Excellence through resilience, dedicated to members success
Celebrating 43 years
STANDING ORDERS
1. (a) A member shall stand when addressing the Chair and shall identify himself/herself.
(b) Speeches shall be clear and relevant to the subject before the meeting.
2. A member shall address the meeting when called upon by the Chairman to do so, after
which, he shall immediately take his seat.
3. No member shall address the meeting except through the Chairman.
4. A member may not speak twice on the same subject, except:
(a) The mover of the motion – who has a right to reply
(b) He/she rises to object or to explain (with the permission of the Chair).
5. No speeches shall be made after a subject has been put and carried or rejected.
6. The mover of a “procedural Motion” (Adjournment, lay on the table motion to postpone)
shall have no right of reply.
7. A member rising on a “point of order” shall state the point concisely (A point of order
must have relevance to the standing orders).
8. (a) A member shall not “call” another member “to order” but may draw the attention
of the Chair to a “breach of order”.
(b) On no account can a member call the Chair “to order”.
9. Only one amendment shall be before the meeting at any given time.
10. When a motion is withdrawn, any amendment to it falls.
11. The Chairman shall have the right to an original and a casting vote.
12. If there is an equality of votes on an amendment, and if the Chairman does not exercise
his casting vote, the amendment is lost.
13. Provision shall be made for protection of the Chairman from vilification (personal
abuse).
14. No member shall impute improper motives against another member.
Excellence through resilience, dedicated to members success 2
Celebrating 43 years
MINUTES OF THE
42nd ANNUAL GENERAL MEETING
HELD ON TUESDAY, DECEMBER 01, 2020
THEME: “EMPOWERING OUR POSSIBILITIES AND FUELING OUR
DREAMS”
OPENING SESSION
1. CALL TO ORDER
The 42nd Annual General Meeting (AGM) of the St Vincent and the Grenadines Teachers Cooperative
Credit Union Limited was called to order at 2:34 p.m. by the Vice President, Bro. Cecil Charles.
2. WELCOME AND OPENING REMARKS
Bro. Cecil Charles welcomed the members to the 42nd AGM held under the theme: “Empowering our
possibilities and fueling our dreams”. He encouraged the membership to make meaningful contributions and
wished everyone a productive and successful Annual General Meeting.
3. CREDIT UNION SONG AND PRAYER
The Credit Union Prayer was recited by all present and Sis. Cordelia Findlay led the members in singing the
Credit Union Song.
4. NATIONAL ANTHEM
The Members sang the National Anthem.
5. ASCERTAINMENT OF QUORUM
Bro. Cecil Charles confirmed that the meeting was quorated and accordingly could proceed since it was duly
constituted.
6. APOLOGIES FOR ABSENCES
An apology was tendered for Sis. Gwenette Cambridge, who was late.
7. GREETINGS FROM FRATERNAL ORGANISATIONS
Bro. Errone Evans Kingstown Cooperative Credit Union Ltd. (KCCU)
Bro. Oswald Robinson St. Vincent and the Grenadines Teachers’ Union (SVGTU)
Bro. Rohan Stowe General Employees’ Co-operative Credit Union Ltd. (GECCU)
Bro. Eardley Martin SVG Automotive Cooperative Society
Mrs. Nyasha Browne Financial Services Authority (FSA)
Sis. Susan Clarke St. Vincent and the Grenadines Cooperative League
8. MOTION
Bro. Cecil Charles requested that a motion be moved to amend the agenda for the Resolution to be read and
discussed after the Treasurer’s Report. Bro. Clive Scott objected to this. However, Bro. Philbert John moved
a motion for Item 16 (Resolutions) to be moved to Item 11d and this was seconded by Bro. Junior Bacchus.
A total of 34 members voted in favour; none voted against.
3 Excellence through resilience, dedicated to members success
Celebrating 43 years
9. PRESIDENT’S REMARKS
The President, Sis. Miriam Roache, warmly welcomed members to the 42nd AGM under the theme:
“Empowering Our Possibilities and Fueling Our Dreams”. Sis. Roache noted that the AGM was being held at
an unusual time of the year and fell outside the regulatory timeframe due to the extraordinary circumstances
brought on by the COVID 19 pandemic. She further encouraged members to follow the protocols to ensure
their safety and saluted the stalwarts of the St. Vincent Union of Teachers who had the vision and the strength
of character to create the St. Vincent and the Grenadines Teachers Cooperative Credit Union (SVGTCCU).
Sis. Roache highlighted the economic challenges faced by the Credit Union movement. She also emphasized
that Credit Unions continue to contend with a more stringent regulatory framework and demands for greater
compliance and adherence to standards, procedures and policies alongside the provisions of the Cooperative
Societies Act #12 of 2012. She noted that in order to deal with the changes, SVGTCCU had developed new
policies, revised existing ones and put in place a Disaster Response Plan. The President concluded that
SVGTCCU had registered satisfactory performances and experienced growth in three important areas: re-
tained earnings, liquidity and membership.
BUSINESS SESSION
The business session commenced with the adoption of the Standing Orders.
10. ADOPTION OF STANDING ORDERS
The standing orders were taken as read and unanimously adopted on a motion moved by Bro. Philbert John
and seconded by Bro. Dwight Lewis. This was carried.
11. MOMENT OF SILENCE FOR DEPARTED MEMBERS
The Chairman, Bro. Cecil Charles requested a moment of silence in honour of members who passed away
during the year 2019.
12. MINUTES OF THE 41ST ANNUAL GENERAL MEETING
a. Amendments and Confirmation
Page 4 under Board of Directors: use lower case letters for human resources instead of uppercase H and R.
Page 4 under Board of Directors: delete “it qualified” on line 5.
Page 5 under Dividends: insert “Union” after Credit on line 5.
Page 5 under Dividends: replace “where dividends had been paid inappropriately” with “without due
prudence”.
Page 8 last sentence – insert “a state of” between “in” and “flux”.
Page 9 delete “At this point” from last sentence under Supervisory and Compliance Committee’s
Discussion. Then add the sentence under the Election of Credit Committee Members.
b. Matters Arising from Minutes
Page 5 – Branch Operations
Bro. Clyde Robinson inquired whether the Supplies Outlet at the Barrouallie Branch was neglected. The
President asked the reason for his question and Bro. Robinson explained that he had visited on several oc-
casions and claimed that the Supplies Outlet lacked basic items. Bro. Philbert John responded that he had a
different experience at the Supplies Outlet, emphasizing that he was a regular visitor.
Excellence through resilience, dedicated to members success 4
Celebrating 43 years
Page 5 – Dividends
Bro. Clyde Robinson questioned whether the directives issued by the Financial Services Authority (FSA)
were legal and whether the Credit Union had lost control to this entity. The President then reminded Bro.
Robinson of the structure of the organization and the power of the FSA. Bro. Cecil “Pa” Jack stood in support
of Bro. Robinson by referencing the final sentence in the minutes under Dividends which read “Sis. Lanel
Black opined that the democratic control of the SVGTCCU was in jeopardy”.
Bro. Cleve Scott was of the view that the Board of Directors (BOD) should have greater authority over the
operations of the SVGTCCU as opposed to the FSA. He advised the BOD to lobby for change. He also raised
concerns about the reporting period from May to December. Additionally, he felt that there should have been
a communique to members to explain why the AGM was being held on that date. The President noted his
concerns.
Bro. Philbert John also spoke to the issue and referred to a comment he made in the first sentence on Page 6 of
the AGM Minutes, “thanked the speaker for edifying the members about the FSA’s position and further asked
the FSA to point him to the Act”. He reiterated that whatever the FSA does must be done within the ambit of
the regulations.
Bro. Junior Bacchus referenced Section 5 of SVG FSA Act No. 33 of 2011. He also quoted from Section 10
(1) of the said Act on Functions of the Authority. He stated that the FSA’s role is to issue guidelines and that
the FSA has the overall authority for the financial sector in consultation with the BOD. Furthermore, in
response to Bro. Cleve Scott on the issue of the meeting date, Bro. Junior Bacchus said that the reason had
been mentioned by the President, namely the onset of COVID-19 and clarified that the FSA had granted
permission. He stated that the AGM has to make decisions that are in keeping with the regulations.
Page 7 – Bro. Earl “Cabba” Bennett asked about the status of the Strategic Plan. In her response, the
President explained that the Strategic Plan will come to an end this year (2020) and the Board’s Report was
crafted around the Strategic Plan interventions. Bro. Bennett was referred to the BOD’s report on Page 13.
Page 10 – The last paragraph under Any Other Business - Sis. Marcelle Burgin asked if any attempt was
made to convene the special meeting. The President indicated that the COVID-19 situation did not allow
such.
On a motion made by Bro. Philbert John and seconded by Sis. Roxanne John, the Minutes of the 41st AGM
was adopted. The motion was put to a vote and carried unanimously.
13. REPORTS
A. BOARD OF DIRECTORS (BOD)
The President, Sis. Miriam Roache prefaced her report by outlining the composition of Board members and the
different Committees. Sis. Roache made particular reference to the passing of Board Member, Bro. Trelson
Mapp who held the position of Assistant Secretary/Treasurer. The President noted that his passing would leave
a void in the Credit Union and asked that we keep his memory alive in our hearts.
Sis. Roache further mentioned that the SVGTCCU had retained Bro. Rawle Caine as the representative to the
Teachers’ Union.
Further, the President noted that there had been forty (40) Board meetings for the period under review. She
made reference to the en-captioned Membership Expansion and Activation, and noted that the SVGTCCU had
grown in all sectors. She made special mention of the efforts made by the Marketing Department and the
Education and Marketing Committee which had organized for Dr. Wendy Richardson to conduct a survey
ascertaining the public’s perception of the SVGTCCU.
5 Empowering our possibilities and fuelling our dreams
Celebrating 43 years
In an effort to ensure full compliance, President Roache mentioned that the BOD had approved several
policies; she noted especially the improvement of the Loan Policy. Sis. Roache underscored the
organization’s attention to ensure its financial profitability, stability and sustainability through investments.
President Roache stated that as part of the Credit Union’s corporate social responsibility, the SVGTCCU had
provided financial support and sponsorship to various institutions and individuals. Sis. Roache highlighted
the initiatives used by the SVGTCCU Supplies Outlet through its Layaway Plan. Members were also able to
order books via WhatsApp. She commended Bro. Ezekiel Richards for the work in that Department. She
informed the membership that the first audit of the Staff Pension Plan was still in progress.
The President acknowledged that while there were some concerns about the Canouan Branch operations, it
had recorded growth for the period under review.
Sis. Roache reported that the attendance of a team to the Caribbean Confederation of Credit Union
Conference in the Bahamas spoke to the SVGTCCU commitment to maintaining fraternal relationships with
our Caribbean brothers and sisters. She further stated that the participation of the SVGTCCU in the OECS
Credit Union Summit held in St. Lucia was educational; she made particular mention of a session facilitated
by the Governor of the Eastern Caribbean Central Bank, Dr. Timothy Antoine.
Sis. Roache highlighted that the SVGTCCU had conducted a number of training sessions and listed the names
of the Officers who were retiring and those who were eligible for re-election. The President concluded that in-
spite of the challenges, she was optimistic about the future of the SVGTCCU. Sis. Roache then thanked
everyone who had contributed to the stability of the organization.
Discussion
Bro. Cleve Scott raised concerns about whether the SVGTCCU had been paying attention to customers’ and
members’ satisfaction. Bro. Scott further mentioned that the celebration of the 40th Anniversary of the
SVGTCCU was lackluster and proposed that funds be set aside for the 50th anniversary to recognize veterans
of the SVGTCCU as the history of the Credit Union should be recorded. Further, Bro. Scott pointed out that
no mention had been made in the Board’s Report about performance management and ways to develop the
staff. He questioned the level at which the SVGTCCU was satisfied with its staff performance and asked
whether the performance would be reviewed in the future. Bro. Scott further spoke about the overemphasis
on the role of the FSA and that not enough mention had been made of refashioning, redevelopment and
growth of the SVGTCCU.
In response, the President acknowledged that membership satisfaction was a priority area. Sis. Roache also
agreed with the proposal that funds should be allocated for the 50th Anniversary Celebration. According to
her, the overemphasis on the FSA was not intentional and she informed the membership that the FSA’s onsite
visit to the Credit Union was to ensure compliance.
At this point, Bro. Philbert “Pee” John indicated that he had made an observation that Board Members had
been placed in almost every Committee. He suggested that the BOD utilize the skills and abilities of other
members on these Committees.
Sis. Roache responded by explaining that Board Members were not actual members of the Committees but
Liaison Officers. She said, however, that she had taken note of the suggestion for future reference.
Bro. Gilbert Frederick queried the disparity between the increase of deposits and the low increase in
membership. The President explained that existing members generally do not withdraw money from the
Credit Union but continuously make deposits.
Excellence through resilience, dedicated to members success 6
Celebrating 43 years
Sis. Janeil Henry-Rose claimed that membership of the SVGTCCU was stagnant and asked what was being
done to increase membership. Sis. Henry-Rose further asked what was being done to ensure financial
profitability and how were investments performing.
The President answered Sis. Henry-Rose’s query by listing a number of activities in which SVGTCCU had
engaged, such as: an increase in advertisements; more community work; sponsorship; promotional drives;
survey, revamping of the website and improved online data as evidence of efforts that were being used to
increase membership and sensitize the general public of the work of the SVGTCCU.
Bro. Cecil “Pa” Jack questioned the investments of the SVGTCCU, asking what had been done. He
questioned whether the Credit Union League or the Building Committee had submitted any report. The
President pointed to the Board Report and the Strategic Intervention Plans.
Bro. Lennox Cunningham asked about the Equity Shares and Death Benefit Plan. Sis. Roache responded that
the Board had met and that the outcome of the resolution later that evening would give direction as to the way
forward.
Bro. Philbert “Pee” John made reference to the Equity and By-Laws Committee and the new regulations that
were to come into effect in 2021. He also questioned the age group (14-16 years) of the new
members. Further, he discussed the impact of Politically Exposed Persons.
Sis. Roache indicated that the draft Regulations had been circulated in two meetings held at the level of the
SVG Cooperative League. She mentioned that the final draft of the Regulations was with the Authorities and
the new Regulations were slated to be legislated in 2021. She asserted that the 14-16 age group was correct
and informed the Brother that the policies could be made available. In addition, President Roache shared that
it was important for members of the Board to express their relationships and the extent to which members
could be influenced.
Bro. Elton David inquired about plans for the lands at Brighton, Nutmeg Grove and the Uptown Building. He
stated that he had not seen any promotions.
In her response, Sis. Roache explained that the lot at Nutmeg Grove was landlocked, an aerial view had been
done at Cedars as means of promotions, the lands at Brighton were put on the market for sale as a single lot
and that the SVGTCCU had participated in advertisement with GECCU. In regards to the Uptown (Wimpy’s)
Building there were two options namely to renovate or to demolish and rebuild. However, Sis. Roache
informed the Meeting that the building had been power washed and painted and that there were available
spaces for renting on the upstairs.
Bro. Ronald Clarke added that a mirror had been installed at Cedars with the help of the Police, to enhance
visibility of the traffic on the main road. This should serve as an added attraction to the sale of the lands.
On another note, Bro. Philbert “Pee” John inquired about whether the FSA had given approval for Surplus
Distribution. In her response, the President assured the Brother that the FSA had offered guidelines. Sis.
Roache further asserted that the SVGTCCU had done well with liquidity, that there was an increase of
moratorium and a competent financial credit rating.
Bro. Earl “Cabba” Bennett and Sis. Joy Matthews gave commendations to the Board for fulfilling its
Corporate Social Responsibility and for the policies which were derived. Sis. Joy Matthews suggested a
strategy to deal with risks. The idea was welcomed by the President who underscored the importance of risk
management.
Sis. Roxanne Williams questioned the performance of the other branches of the SVGTCCU apart from
7 Excellence through resilience, dedicated to members success
Celebrating 43 years
Canouan. In her response, Sis. Roache explained that Canouan was highlighted because it was newly
established.
Sis. Degra Scanlan mentioned that she observed that the Bequia Branch had gained only five new members
for the year 2019. She deemed this as unacceptable. Sis. Scanlan recommended that new measures for
targeting growth in membership be implemented.
Sis. Janeil Henry-Rose described the rate of staff turn-over as high and queried about succession
planning. Madam President affirmed that the staff was stable.
Bro. Philbert “Pee” John commended the Board for the staff training that was conducted and gave special
recognition to Sis. Jozell Byron.
Further, Bro. Byron Wilson expressed his dissatisfaction in regards to the omission of Bro. Trelson Mapp’s
name from the list of deceased members who died while in service. Bro. Junior Bacchus concurred with Bro.
Wilson. The President stated that while Bro. Wilson’s point had merit, the SVGTCCU had composed a
special tribute for the late Bro. Trelson Mapp which had been printed in the local newspapers and that the
Credit Union had made available a condolences book for placing messages of remembrance of the Brother at
the Main Office.
Subsequently, Bro. Philbert “Pee” John commended the Board on a good report and moved the motion for its
adoption. The motion was seconded by Sis. Roxanne John and then unanimously voted for acceptance by the
Meeting.
B. EDUCATION COMMITTEE REPORT
The report was presented by its Chairperson, Sis. Gwenette Cambridge. Sis. Cambridge highlighted the
following: The Committee convened a total of twenty-five (25) meetings. She noted the role of the Education
and Marketing Committee and listed the number of activities in which the Committee engaged during the year
under review. Worthy of note was the SVGTCCU continued sponsorship of the School Bands
Showcase. Further highlighted was the Youth Symposium using the theme “Finding the Real You”, as well
as the Community Outreach and the Health Symposium. The Education and Marketing Committee also
offered support to the Board in the selection and approval of recipients for the Education Bursary Awards and
the Scholarship Awards Ceremony. Three publications of the Saver were done and an Educational Tour for
the students who form part of the SVGTCCU youth group.
Discussion
Following the presentation of the Report, Bro. Philbert “Pee” John suggested that all reports should be taken
as read; he then expressed that the absence of activities by the Youth Group was a significant omission and
queried if there had not been a New Members’ Seminar. Sis. Gwenette Cambridge acknowledged that there
had been a New Members’ Seminar and apologized for its omission in the Report. Bro. Philbert “Pee” John
then commended the Education and Marketing Committee on the number of activities undertaken.
The motion to adopt the Education and Marketing Committee report was moved by Bro. Philbert “Pee” John
and seconded by Bro. Vibert Lampkin.
C. TREASURER’S AND AUDITOR’S REPORT
The Treasurer’s Report was presented by Bro. Artillon Hamilton. He noted that while COVID-19 had
severely depleted our reserves, growth occurred through our internal processes of utilizing our resources
prudently rather than outside the Credit Union. The Auditor’s Report was presented by Mr. Reuben John. The
Opinion Paragraph formed the introduction of Mr. John’s presentation.
Mr. John emphasized that the Financial Statement had been audited by another auditing firm and as such the
Excellence through resilience, dedicated to members success 8
Celebrating 43 years
report could not express “any form of assurance” of the “unmodified opinion on the financial statement” for
the year under review. Nevertheless, the report was unqualified since it had met the International Financial
Reporting Standards (IFRS) but he cautioned that the uncertainty of the COVID-19 Pandemic would likely
impact the financial statements. According to Mr. John, Management’s responsibility was imperative.
Discussion
Bro. Gilbert Frederick pinpointed the increase in the number of loans and referred to the comparison between
the interest and the income. In responding, the Treasurer referenced the statement of mortgages. Bro.
Hamilton added that the liquidity challenge will limit disbursement and there would have to be adjustments
particularly in interest rates.
Bro. Junior Bacchus inquired about the impact of moratorium on the life of the loan. Mr. John then explained
that based on historical performance, the IFRS 9 has been measured on an expected loan loss basis or model.
Accordingly, the advent of the COVID 19 Pandemic had changed the trajectory.
Bro. Cleve Scott then enquired about the Investment portfolio and sought for clarity in relation to the
Retirement Savings plan. Bro. Scott recommended that the SVGTCCU Ltd. employ the services of a
reputable investment firm to work with the Investment Committee. The Treasurer responded that there is an
existing Investment Committee comprising persons of diverse backgrounds, and that security is the initial
basis for investment. Auditor, Mr. Reuben John, contributing to the explanation of investment, stated that 5.8
must be borne in mind and that the figure is divided by 2.7. Mr. John asserted that erosion would occur and
that the Investment portfolio is insignificant.
Moreover Bro. Cleve Scott questioned the issue of BAICO and CLICO. In his response, Mr. John expressed
that it was risk-free as the impairment provision remains.
Following this, Bro. Junior Bacchus commended the Board of Director and its team; particularly the
President, Sis. Miriam Roache. He then moved the motion to adopt the Treasurer’s and Auditor’s
Reports. The motion was seconded by Bro. Philbert “Pee” John and a majority voted in favour of its
adoption.
Elections for the Board of Directors
Sis. Neva Cordice of the FSA was invited to conduct the elections.
The Nominees for the Board were Brothers Artillon Hamilton and Gilbert Frederick. Bro. Dixton Findlay
nominated Bro. Byron Wilson, but he declined the nomination. There was one abstention. The motion to
close nominations was moved by Bro. Philbert “Pee” John and seconded by Bro. Cecil ‘Pa’ Jack. Both
nominees were unanimously elected.
Elections for the Auditor
The motion for the nomination of an Auditor revealed BDO was nominated by Bro. Junior Bacchus and
seconded by Bro. Philbert “Pee” John. The motion to close the nominations was moved by Bro. Byron
Wilson and seconded by Bro. Cecil ‘Pa’ Jack. The auditing firm of BDO was elected unopposed as the
auditor for financial year 2020.
D. RESOLUTION
An invitation was extended to Bro. Junior Bacchus to present a motion. Bro. Bacchus then presented a
motion for Equity Shares to replace Permanent Shares. The motion was seconded by Bro. Cecil ‘Blazer’
Williams.
During the discussion, Bro. Byron Wilson stated that the sum of $500.00 was being proposed. The President
9 Excellence through resilience, dedicated to members success
Celebrating 43 years
informed the meeting that institutional capital should not fall below ten percent of its assets and therefore the
sum proposed was sufficient.
The following were the results of the vote on the resolution: fifty-one members voted in favour, three voted
against and eight abstained. The resolution was therefore passed.
E. CREDIT COMMITTEE REPORT
The meeting heard the Report of the Credit Committee from its Chairperson - Bro. Alston Anderson.
Following his presentation, Bro. Philbert “Pee” John enquired as to the necessity for abandoning the Loan
Analysis. Bro. Alston Anderson stated that considering the circumstances of vehicle loan 2018, the decision
was taken to forego big promotions. He cautioned that the SVGTCCU Ltd. should avoid the adverse effects
of reduced liquidity and monitor the number of loans that are approved.
A motion to adopt the report was moved by Bro. Junior Bacchus and seconded by Bro. Cecil ‘Blazer’
Williams after which the majority voted in favour of its adoption.
Elections for the Credit Committee
The nominees by the Nominations Committee were Sisters Attica Allen, and Okolo John-Patrick. Sis.
Gwenette Cambridge and Bro. Dwane Allen were nominated from the floor. The motion to close nominations
was moved by Bro. Cecil Charles and seconded by Bro. Byron Wilson. Sisters Okolo John-Patrick and
Gwenette Cambridge were elected to the Credit Committee.
F. SUPERVISORY AND COMPLIANCE COMMITTEE REPORT
The Report of the Supervisory and Compliance Committee was presented by Chairperson - Bro. Calvin
Herbert. A brief discussion ensued then the motion to adopt the report was moved by Bro. Philbert John and
seconded by Bro. Glasley Lewis. It was unanimously adopted.
Elections for the Supervisory and Compliance Committee
Sisters Vilma Ollivierre and Tammie Walters were nominated by the Nominations Committee. Both
members were returned unopposed.
14. NEW BUSINESS
Bro. Philbert “Pee” John complimented the Staff of the SVGTCCU Ltd. on the application of the COVID-19
Protocols. The Chief Executive Officer, Sis. Jasmine Huggins-Daly provided a short statement in regard to
the protocols for entrance to the SVGTCCU Ltd. Main Office and Branches.
15. ADJOURNMENT
The meeting ended at 8:10 p.m. on a motion by Sis. Marcelle Burgin, seconded by Bro. Junior Bacchus and
carried by an unanimous vote.
Sis. Chanda Davis Sis. Miriam Roache
SECRETARY PRESIDENT
CONFIRMED ON THIS…….DAY OF………………………….2021 ON A MOTION BY ……………….
AND SECONDED BY…………………………………….
Excellence through resilience, dedicated to members success 10
Celebrating 43 years
PRESIDENT’S REMARKS
Brothers and Sisters, I have the pleasure of welcoming you to OUR Credit Union’s 43rd Annual General Meet-
ing. This AGM is being held outside of the prescribed regulatory period and within a ten (10) month period of
Our Annual General Meeting for the 2019 which took place on December 2, 2020 almost to the end of the period
for which we are now reporting. The extended year and the several adjustments to accommodate the myriad of
complications associated with the COVID-19 Pandemic, pending volcanic eruption alongside the evolving gov-
ernance requirements serve as a reminder of how disruptive and onerous the 2019 through 2020 period has been.
It is impossible, therefore, to reflect on 2019-2020 without taking into account the negative impact of the global
public health and economic crisis. The COVID-19 pandemic dominated in this regard and affected every sector of
society. This underscores the vulnerability of the economic sector and how harshly it can be affected by crises –
whether they are health or natural disaster -related.
As the challenges continued to mount, fellow directors and I, in conjunction with management, worked assidu-
ously to maintain our Credit Union in a reasonably good position. Our priority has been to concentrate our atten-
tion on steadying the reins while meeting the needs of members. I am happy to report that we have done this with
measurable success. This achievement reflects very well on the staff, volunteers, management and the Board of
Directors who have played a substantial role in keeping the Credit Union strong through the difficult times.
It became imperative, during this period, for the Board to encourage resilience and set a new course to address the
diverse challenges that presented themselves. With a clear plan and well defined strategies, SVGTCCU Ltd. has
emerged better equipped to face this dynamic and challenging financial market. With great care, we have identi-
fied, investigated and invested in well-thought-out opportunities and thus are better prepared for the future.
In spite of all the difficulties that presented themselves, the SVGTCCU Ltd. remains a viable entity and the Board
determinedly persists in its quest to make SVGTCCU Ltd. the financial institution of your choice. We remain at
your service and at this 43rd Annual General Meeting we will incorporate your ideas to ensure that we take the
widest range of views into account when we decide on the way forward for Our Credit Union.
Our heartfelt thanks to all for affording us the opportunity to serve.
Sis. Miriam Roache Excellence through resilience, dedicated to members success
PRESIDENT
11
Celebrating 43 years
BOARD OF DIRECTORS
Sis. Miriam Roache
President
Bro. Cecil Charles Bro. Artillon Hamilton Bro. Gilbert Frederick
Vice President Secretary Treasurer
Bro. Ronald Clarke Bro. Brenford Findlay Sis. Chanda Davis
Asst. Secretary/Treasurer Director Director
Excellence through resilience, dedicated to members success 12
Celebrating 43 years
Board of Directors’ Report
for the year ended December 31, 2020
INTRODUCTION
The Board of Directors’ report to the 43rd Annual General Meeting presents the progress of the organization for
the past year under the theme Excellence Through Resilience, Dedicated to Members Success. It replicates the
format introduced in 2019, thereby giving detailed information on each of the six strategic priorities. The Report
is a reflection of the combined efforts of the management and staff in the execution of all the strategies and also
takes into account the functioning of the Board of Directors.
Throughout the year, the COVID-19 Pandemic remained a real and consistent threat to the operations of the or-
ganization. The attending challenges and difficulties were met with sober, thoughtful considerations as we delib-
erated on:
· Attracting new members and retaining existing ones.
· Designing and adjusting special programmes to meet the growing and changing needs of members.
· Facilitating the increasing demands for support to members who were at greatest risk from the economic
and social circumstances of the period.
· Marketing the Credit Union in various ways, especially via social media platforms.
· Being compliant with all statutes, standards and policies.
· Improving functioning throughout all areas of the organization, especially that of Branches.
· Protecting our members, staff, volunteers and management by continuous observance of the health proto-
cols advised by the Ministry of Health and the Environment.
· Employing strategies to negate effects of COVID-19 on the profitability and stability of the Credit Un-
ion.
Although COVID-19 impacted negatively on the operations of the organization, it became a motivational force
which allowed us to be innovative. It pushed us towards greater utilization of technology and becoming more
versatile in our approaches to addressing members’ needs. We placed greater commitment on prudent spending
and risk management. Through it all, the Board remained resolute in building a stronger organization that contin-
ued to reflect the core Credit Union philosophies; enhancing its human resources and ensuring its viability for
successive generations.
FUNCTIONING
The Board of Directors served from June 3, 2019 to December 1, 2020 and met regularly each month. While the
COVID-19 pandemic did not allow for regular face to face interactions, Directors used virtual platforms to expe-
dite the affairs of the Credit Union. A total of 19 meetings were held. These included meetings to oversee pro-
grammes of the Credit Union, manage risks, review compliance and management’s performance. Meetings were
also held to review and update policies; also the implementation of the strategic plan was monitored and evalu-
ated. Greater attention was paid to monitoring the impact of the COVID-19 pandemic on the performance of the
Credit Union as well as its direct effects on members’ economic status.
Visits were made to property sites to make assessments for strategic decisions. Visits were also made to Branches
to assess operations and provide guidance for greater effectiveness. The Board of Directors conducted its first re-
view of the Credit Union’s Staff Supplemental Benefit Plan. Preparatory discussions commenced on the Com-
pensation Review Process and the Strategic Plan for the period 2021-2024.
The ill health and subsequent death of Brother Trelson Mapp, while he was a sitting member of the Board of Di-
rectors, left a void within the organization. He was an outstanding member of the Board and served as Treasurer
and Assistant Secretary/Treasurer. His contribution to SVGTCCU was invaluable. We acknowledge and thank
13 Excellence through resilience, dedicated to members success
Celebrating 43 years
him for his contribution posthumously and we will miss his guidance.
Bro. Brenford Findlay will demit office at this 43rd AGM after serving six consecutive years as a Director. He
served in the capacity of Secretary for two years. We benefited from his long years of experience, commitment
and candor.
Sister Miriam Roache and Brother Cecil Charles have completed their first term and are eligible for re-election.
BOARD COMPOSITION AND REPRESENTATION
The Annual General Meeting was held on December 2, 2020, making this an unusually long year of
service. Following the AGM, the Board of Directors met for its first meeting held on December 7, 2020 and the
following Officers were elected:
Sis. Miriam Roache - President
Bro. Cecil Charles - Vice President
Bro. Artillon Hamilton - Secretary
Bro. Gilbert Frederick - Treasurer
Bro. Ronald Clarke - Assistant Secretary/Treasurer
Bro. Brenford Findlay - Director
Sis. Chanda Davis - Director
Appointment of Committees
The members of each of the following Committees were appointed by the Board to serve for 2020 to 2021.
Education and Marketing Committee
Sis. Wendy Bynoe
Sis. Sherron Morgan-Peters
Sis. Saline Barbour
Sis. Roxanne John
Sis. Janiel Henry-Rose
Bro. Sunel John
Bro. Dwane Allen
Building Committee
Bro. Dwight Lewis
Bro. Paul Creese
Bro. Shelford Stowe
Bro. Brent Bailey
Bro. Brenford Findlay
Sis. Jasmine Huggins-Daly—Ex-Officio
SVG Teachers’ Union Representative
Bro. Rawle Caine continued to serve as the Credit Union’s representative on the General Council of the St.
Vincent and the Grenadines Teachers’ Union.
Excellence through resilience, dedicated to members success 14
Celebrating 43 years
League Delegates and Alternate Delegates
The following persons were selected as League Delegates and Alternate Delegates:
League Delegates Alternate Delegates
Sis. Miriam Roache Bro. Ronald Clarke
Sis. Chanda Davis Bro. Gilbert Frederick
Bro. Cecil Charles Bro. Calvin Herbert
Bro. Artillon Hamilton Sis. Roxanne John
Bro. Brenford Findlay Bro. Alston Anderson
Equity Shares/Death Benefit Committee
The Board established this Committee in 2019 to effectively respond to the recommendations made in the actuar-
ial review on the Death Benefit plan and to chart the way forward for Equity Shares as mandated by the Coopera-
tive Societies Act #12 of 2012. In 2020, the Committee spearheaded the preparation of a Resolution to regularize
the Equity Shares to bring it into compliance with Part V, Section 96 subsection 1 and 2 of the Cooperative Socie-
ties Act No. 12 of 2012. This Resolution was passed at the 42nd AGM on December 1, 2020. The Committee
was chaired by Bro. Junior Bacchus.
Other members of the committee were:
Bro. Cecil “Blazer” Williams
Bro. Calvin Herbert
Sis. Miriam Roache
Sis. Nekeisha Adams
By Laws Committee
The functioning of this Committee was stymied because of the non-existence of the Regulations to the Coopera-
tive Societies Act #12 of 2012. The draft Regulations have been circulated and members of the Committee par-
ticipated in the dialogue held by the SVG Cooperative League on the proposed Regulations. The meeting was
facilitated by the League’s Legal Counsel, Bro. Cecil ‘Blazer’ Williams. The Committee is still awaiting the pass-
ing of the Regulations to the Act to update the Credit Union’s By-laws.
CREDIT UNION SECTOR PERFORMANCE
In 2020, the Credit Union sector in St. Vincent and the Grenadines experienced growth in deposits, loans, total
assets and membership. The SVGTCCU experienced growth in deposits, total assets and membership, however,
we experienced a decrease in loans.
The table below highlights the comparative figures for 2019 and 2020 for the SVGTCCU and also shows how it
compares to other Credit Unions in the country.
ALL CREDIT UNIONS SVGTCCU
Dec-20 Dec-19 Change Dec-20 Dec-19 Change SVGTCCU
Market Share
Deposits 500,512,803 463,630,673 8% 122,674,521 114,086,439 8%
Loans 348,167,638 1% 87,421,719 87,612,644 -0.2% 24.5%
Total Assets 353,368,556 540,973,072 6% 151,601,325 142,624,602 6.29% 24.6%
Membership 575,945,166 20% 3.95% 26.2%
72,033 12079 11620 13.9%
86,266
15 Excellence through resilience, dedicated to members success
Celebrating 43 years
STRATEGIC PRIORITIES
The Board presents a synopsis on the performance under each of the Strategic Priorities as follows:
1. Membership Expansion and Activation
As at December 31, 2020, there were a total of 12,079 members. During the year, 459 individuals became full
members. The following table represents a breakdown of individuals by age range who became full members
during 2020:
Age Number of Persons Percentage
Range
99 22
14-25 138 30
26-35 108 24
74 16
36-45 35 7
45-55
51
56-65 459 100
66– over
T ota l
The table below represents the new members by sex:
Sex Number Percentage
Male 223 49
Female 236 51
Total 459 100
2. Compliance and Risk Management
The regulatory framework in which Credit Unions must now operate mandates that we continually improve
the Credit Union’s standards, operating procedures, and policies to remain compliant.
Several policies were developed and approved while others were revised. These policies and procedures
would provide an overview, awareness, and ensure compliance with statutes and regulations. The Anti-
Money Laundering and Counter Financing of Terrorism (AML/CFT) policy was amended to include the rec-
ommendations from the Financial Intelligence Unit (FIU) and submitted on May 12, 2020. The Credit Union
will develop a risk management policy and revise its By-laws and IT Security policy during the ensuing pe-
riod.
Annual Compliance Assessment
The Financial Intelligence Unit (FIU) has a seven (7) stage Compliance Programme Assessment that assesses
financial institutions on their level of compliance. In 2017, the Credit Union was at Stage 2 of this assess-
ment. With the establishment of an Anti-Money Laundering and Counter Financing of Terrorism (AML/
CFT) Policy in 2019, the Credit Union moved from Stage 2 to Stage 5 of the assessment programme. On De-
cember 8, 2020, the Credit Union was informed by the FIU that it had qualified as Largely Compliant in re-
spect of Stage 5 of the assessment programme. Further, the FIU invited the Credit Union to proceed to Stage
6 of the process.
Excellence through resilience, dedicated to members success 16
Celebrating 43 years
AML/CFT Training
The Supervisory and Compliance Committee, Board of Directors and staff have received training on AML/
CFT during 2020. This training has prepared staff and volunteers to perform their compliance roles more ef-
fectively.
Financial Services Authority (FSA)
All mandatory reports to the FSA are submitted within the stipulated time. In 2020 the FSA relaxed on its
directives imposed on the Credit Union since 2018.
Risk
With the increase in online activity, the Credit Union is aware of the associated risks and is working to being
more vigilant to protect you and your investments.
3. Ensuring Financial Profitability, Stability and Sustainability
The SVGTCCU was able to survive the turbulent times that stemmed from the arrival of COVID-19 to our
shores. The Board recognized that our survival was hinged on prudent financial spending and the selection of
the best investment mix, so that we can grow our income base, while at the same time containing the delin-
quency levels. We identified three (3) specific areas of our income which became the driving force through-
out the year, those being investments, loans and rental income.
Investments
Against the backdrop of a sluggish local and regional investment market, coupled with stringent local regula-
tions, we were able to move our investment levels from $5.528M to $6.027M, primarily through regional
Treasury Bills. The investment matrix allowed us to take advantage of earning practically the same amount of
income on these securities as in 2019.
Loans
The Credit Union worked tirelessly to maintain its loan levels, as the economy experienced disruptions due to
COVID-19 restrictions. While our mortgage portfolio increased substantially, there was a decline in other
loan categories. This resulted in us remaining constant in our loan levels.
Rental Income
Rental income from the Business Complex, the Uptown Building and the conference space on the second
floor of the Credit Union’s headquarters contributed to the income. A sum of $383,464.00 was collected dur-
ing the period.
Sale of lands
Significant effort was placed on marketing the lands so that much-needed income could have been achieved
through land sales. These lands are the Cedars Land Development, land at Brighton, and the Nutmeg
Grove. Unfortunately, the sale of lands did not generate the expected income in 2020. The table below repre-
sents land sales realized throughout the year.
Initial available lots Phase 1 Phase 2
No of Remaining Lots 2019 25 48
Total lot sold for 2020 5 41
No of Remaining Lots 2020 20
3 41
17 Excellence through resilience, dedicated to members success
Celebrating 43 years
Surplus Distribution Proposed % Actual 2019
The Board recommends the following: 2020 1.75% $207,965.00
% $275,000.00
Dividend on Equity Shares 1.82%
Rebate 1% 77,621.81 1% 75,587.00
Development Fund
30,000.00 20,000.00
Education Bursary 10,000.00 20,000.00
Disaster Relief Fund 10,000.00 20,000.00
Delinquency
The financial hardships experienced by borrowers during the COVID 19 pandemic were significant. The
Credit Union implemented several strategies to work with borrowers. By doing this, we appropriately
matched the borrower’s needs and the degree of hardship. These various adjustment strategies ranged from
new loans, refinancing and moratoria. These strategies for working with borrowers factored in the current fi-
nancial impact that the prior adjustment would have had on the Credit Union and its ability to serve all mem-
bers. We recognized that we needed to stabilize the situation by maintaining adequate loan levels. In doing
so we tried our best to avoid the areas that were high risk for lending activities. We maintained safe and sound
lending practices to comply with regulatory reporting requirements.
For the financial year December 31st, 2020 the delinquency ratio stood at 7%, 2% higher than the PEARLS
ratio. This was an increase of 2% over 2019. The number of delinquent loans was almost twice the number of
the prior year reflecting an increase of about $1.7M. It must be noted that due to significant work by the staff
to arrest this situation the issue could have been far worse. We must continue to be vigilant in this area.
Additional details on delinquency can be found in the Credit Committee’s report.
Loan Delinquency Summary
As at December 31, 2020 with comparative figures for 2019
2020 2019
Period No of Period No of
Months Loans
% Amount % Months Loans % Amount %
01-03 8 $6,775.51 0.15
3.51 $29,039.42 0.47 01-03 4 3.15 24.28
04-12 130 $1,091,301.72 75.57
57.02 $1,827,984.17 29.37 04-12 73 57.48 $3,396,526.52 100
Over 12 90 $4,494,603.75
228 39.47 $4,367,661.81 70.17 Over 12 50 39.37
100 $6,224,685.40 100 127 100
Excellence through resilience, dedicated to members success 18
Celebrating 43 years
4. Marketing Promotion and Public Image and Community Outreach
Throughout the period under review, marketing and promotion improved. The Credit Union continued to use
traditional media (press and radio) to promote its products and services. However, concentrated efforts were
placed on utilizing electronic media for a wider reach. In this regard, E-Services (Online Banking and ATM),
Facebook, Instagram and Twitter were given greater attention. Listed are some of the activities which were
done during the period.
i. Updated the billboards to capture the products and services such as the “Access 365” online banking prod-
uct and replaced the sign on the Bequia Express ferry.
ii. Installed a mirror at the gap of the Cedars Development project to aid with the visibility of the oncoming
traffic. This was also to make the lands in that area more attractive to prospective buyers.
iii. Distributed gifts to members who completed construction with mortgages in 2020.
iv. Placed several posters with information related to COVID-19 around Kingstown and along the Leeward
and Windward Highways.
v. Produced three (3) “Savers”.
vi. Hosted a YouTube Web Series on “Coping with COVID-19 with SVGTCCU”.
vii. Hosted a New Members’ Orientation Seminar.
viii.Awarded three (3) students scholarships under the Secondary School Scholarship Programme bringing
our total current scholarships recipients to twenty five.
ix. Awarded sixteen (16) Education Bursaries (Tertiary).
x. Held a second Health Symposium.
Details of all activities numbered vi - x are found in the Education and Marketing Committee’s Report.
5. Quality, competitive products and services to satisfy members’ needs
The St. Vincent and the Grenadines Teachers Cooperative Credit Union Ltd is a member-driven institution. At
the heart of this institution is the belief that “if the lives of our members are better – the country will be bet-
ter”. To achieve this goal, the Credit Union sought to improve the lives of our members, along with the com-
munities in which they live by offering sterling services and products.
· Our Supplies Outlet continues to be the pioneer in the “Book Service” industry by offering “layaway”
and “payment plans” to our members. The Supplies Outlet will take its services to another level with its
online service.
· Our Credit Union was the first to offer a Retirement Savings Plan to members. This demonstrates our
commitment to ensuring “The Lives of our Members are Better”.
· We continue to offer several loan products, financial counseling, Death Benefit, E-Services (ATM,
Online Banking), and Health Insurance services.
6. Governance, operational efficiencies and effectiveness
In keeping with our vision “to be the premier non-banking financial institution in St. Vincent and the
Grenadines”, the Board of Directors concentrated its efforts on enhancing the governance structure of the
Credit Union. As a result, we reviewed and approved various policies to ensure compliance with the Coop
erative Societies Act #12 of 2012, to respond to directives by the regulators, and recommendations made by
the internal and external Auditors and staff. The following are new and revised policies approved during
the period:
- Code of Conduct and Ethics
- AML/CFT Policy
- Signature Policy
All policies of the Credit Union will be revised on an annual basis.
19 Excellence through resilience, dedicated to members success
Celebrating 43 years
The Board of Directors continued to monitor and evaluate the progress of the Strategic Plan 2018-2020
through the quarterly review of the work plans of various departments. This was to ensure the successful im-
plementation of the Plan and provide guidance for challenges encountered and reformulation of strategies and
interventions.
The process for compensation review commenced in 2020 with a series of staff sensitization on what compen-
sation review entails. The goal of the Compensation Review Exercise is to provide an Annual Incentive Bonus
Plan and Base Compensation Plan.
Human Resource Management
During the year, the Credit Union had to implement stringent measures to assist with the containment of the
spread of COVID-19 to protect members and staff. The SVGTCCU was able to adjust its operations while
offering a high level of service to our members.
To minimize the impact and the spread of COVID-19 in the work environment, we erected sneeze bars at
all the tellers and front desk stations. Tents were also erected on the outside of the Headquarters. This was
done to maintain the required distance between customers waiting for service. Automatic sanitizing dispensers
were purchased and installed at the Headquarters and Barrouallie Branch, along with handwashing stations.
Furthermore, social/physical distancing and mandatory mask-wearing were implemented for staff and mem
bers.
During periods of increased positive COVID-19 cases in St. Vincent and the Grenadines, additional meas
ures were implemented to limit exposure to the virus. A shift system was employed, thus reducing the num
ber of employees within shared spaces at any one time. Online scheduling of loan appointments, restriction
on visits to offices and loan interviews were conducted via telephone to protect both staff and members.
Staffing
During the period under review, three members of staff ended their tenure with the Credit Union for various
personal reasons:
Bro. Fenton John - Senior Loans Officer
Sis. Ingrid Samuel - Loans Officer
Bro. Michael St. Hilaire - Teller
We take this opportunity to express our gratitude to them for their contribution to the Credit Union and wish
them all the best in their future endeavours.
Appointments
The following persons were welcomed to the staff of the SVGTCCU Ltd:
Bro. Gillon Frederick was employed as the Accountant on 17th February, 2020.
Bro. Ivan Vaughan was employed as the Credit Union’s first Assistant Loans Manager on 17th August,
2020.
Training and Development
Although faced with many challenges, the Credit Union remained committed to the professional development
of our employees and volunteers through education, training, and capacity building. Therefore, the following
staff development activities were provided:
Excellence through resilience, dedicated to members success 20
Celebrating 43 years
Training Participants Training Dates Institution/ Facilitator
Customer Service/Member Experience All members of Staff 15-Jan-20 Sis. Miriam Roache
AML/CFT Supervisory & Compliance 16-Jan-20 Sis. Jozell Byron
AML/CFT (Credit Unions) Committee FIU
Jozell Byron 25-Feb-20
Tamara Bishop - Jones
AML/CFT (Money Service Busi- Jozell Byron 26-Feb-20 FIU
nesses) Tamara Bishop - Jones
Digital Transformation Strategies Melissa Nicholls March 11-13, Rhics Technology
2020
Supervisory Management Kenisha Dunbar June-September UWI Open Campus
2020
Loan Processing Lindell Tittle 15-Jul-20 Sis. Nekeisha Adams
AML/CFT Board of Directors 21-Jul-20 Sis. Jozell Byron
Enterprise Risk Management Board, Committee and Staff July - August Ancin Cooley ( SVG
2020 ( 3 ses- Co-op League)
sions)
Loan Processing and Customer Loans Department and 6-Aug-20 Cerlian Russell
Branches Compliance Aid (SVG
Co-op League)
Services
Anti-Money Laundering and Counter Staff and Committee 27-Aug-20
Financing of Terrorism Members
Executive Assistant Training Roneisha Williams 19-Sep-20 Angie Jackson
Strategic Planning for Credit Unions Jasmine Huggins 20-Oct-20 CU Webinars
Effective Debt Collections Jovan Carrington October 13-14, Jamaica Institute of
AML/CFT for Directors
Microsoft Excel Level 1 2020 Financial Services
AML/CFT
Board of Directors 19-Nov-20 Compliance Aid (SVG
Co-op League)
Charlene Hadaway, Vanaza 18-Nov NTCI
Hazell, Noella Mckie
IT, Accounts and Loans De- 2-Dec-20 Hitachi Systems Inc
(SVG Co-Op League)
partments, Compliance
Officer, Internal Auditor
AML/CFT All Staff 10-Dec-20 Sis. Jozell Byron
Academic Achievements
We take this opportunity to congratulate Sisters Shada Burgin and Shonella Llewellyn for attaining a BSc.
Accounting with first-class honours at the University of the West Indies. Bro. Keshron King and Sis. Katisha
Toussaint are currently pursuing undergraduate studies with the University of the West Indies in Accounting
and Management Studies respectively.
21 Excellence through resilience, dedicated to members success
Celebrating 43 years
BRANCH OPERATIONS
All Branches continued to contribute to the growth of the organization. The table below shows the performance
of the Branches, with comparative figures for business activities for the period 2019 and 2020.
Qualifying Shares
Barrouallie had an increase of $150 (1.12%) over 2019. Bequia had an increase of $2,716 (44.05%). Canouan had
a decrease of $8,839 (62.5%). Union Island had an increase of $2,620 (53.6%).
Equity Shares
Barrouallie had a decrease of $528 (26.94%) when compared to 2019. Bequia had a decrease of $6,829 (54.80%).
Canouan had an increase of $2,159 (239.89%). Union Island had a decrease of $2,602 (67.55%).
Barrouallie Bequia Canouan Union Island
2020 2019 2020 2019 2020 2019 2020 2019
Qualifying Shares $ 13,600 $ 13,450 $ 8,882 $ 6,166 $ 5,311 $ 14,150 $ 7,510 $ 4,890
$ 3,852
Permanent Shares $ 1,432 $ 1,960 $ 5,633 $ 12,462 $ 3,059 $ 900 $ 1,250
Share Deposit $ 281,956 $ 252,689 $ 149,839 $ 147,281 $ 37,997 $ 38,621 $ 38,822 $ 49,631
Bonus Deposit $ 955,552 $ 885,364 $ 886,144 $ 1,008,132 $ 389,105 $ 334,299 $ 1,130,330 $ 789,268
$ 27,934
Other Deposits $ 57,119 $ 64,184 $ 42,307 $ 27,397 $ 17,671 $ 31,769 $ 75,431
New Members 43 41 22 5 34 39 20 20
26 22 3 2 28 63 1 15
New Depositors 4 3 5 3 65 10 6
8 11 19 7 12 17 13 11
Online Banking Applicants
ATM Applicants
NB: Other deposits include Adolescent saving plan, Juniors Savers and Retirement Saving
Share Deposit
Barrouallie had an increase of $29,267 (11.57%). Bequia had an increase of $2,558 (1.74%). Canouan had a
decrease of $624 (1.62%). Union Island had a decrease of $10,809 (21.78%).
Bonus Deposit
Barrouallie had an increase of $70,188 (7.93%). Bequia had a decrease of $121,988 (12.10%). Canouan had an
increase of $54,806 (16.4%). Union Island had an increase of $341 062 (43.21%).
Other Deposits
Barrouallie had a decrease of $7,065 (11.01%) Bequia had an increase of $14,910 (54.42%). Canouan had a
decrease of $4,098 (44.38%). Union Island had an increase of $47,497 (170.03 %)
New Members
Barrouallie had 2 more, Bequia had 17 more, Canouan 5 less and Union Island had no change in membership
when compared to 2019.
New Depositors
Barrouallie had 4 more, Bequia had 1 more , Canouan 35 less and Union Island had 14 less new depositor when
compared to 2019.
Online Banking Applicant
Barrouallie had 1 more, Bequia had 2 more, Canouan 1 more and Union Island 4 more applicants when compared
to 2019.
ATM Applicants 22
Barrouallie had 3 less, Bequia 12 more, Canouan 5 less and Union Island 2 more when compared to 2019.
Excellence through resilience, dedicated to members success
Celebrating 43 years
FRATERNAL RELATIONS
The SVGTCCU and the SVGTU maintained their good relationship with Brother Rawle Cain serving as the
Credit Union’s liaison officer to the SVGTU General Council. Sis. Melissa Yorke-Nicholls, SVGTCCU’s
Marketing Manager was a guest on one of the SVGTU’s radio programmes to market the Credit Union and its
services offered to the general public. The SVGTCCU takes this opportunity to congratulate President Oswald
Robinson and the new Executive Board on their elections to the office and we wish them a successful term. The
SVGTCCU continues to foster relationships with other local, regional, and international organizations.
The bonds of cooperation with the SVG Co-operative League remained strong. This was further strengthened by
the election of Sis. Miriam Roache and Bro. Cecil Charles as Vice-President and Director, respectively, to the
League’s Board. Volunteers and Staff members of the SVGTCCU were offered training opportunities via the
League’s training programme.
The 2020 edition of the Caribbean Confederation of Credit Unions (CCCU) conference was cancelled due to the
COVID-19 pandemic. The Conference was rescheduled. Similarly, the World Council of Credit Unions
(WOCCU) 2020 did not meet during the period, as was customary.
RETIRING OFFICERS
The table below represents the Directors and Committee members who are retiring.
Board of Directors Supervisory & Com- Credit Committee
pliance Committee
Brenford Findlay Calvin Herbert Alston Anderson
Miriam Roache* Dixton Findlay Rupert Nash
Cecil Charles*
*Eligible for re-election
23 Excellence through resilience, dedicated to members success
Celebrating 43 years
DECEASED MEMBERS
The following members died during the year 2020.
We express condolences to their loved ones.
NAME ADDRESS NAME ADDRESS
Colin Haywood North Union Kishorn Lavia Barrouallie
Agnes Collis Campden Park Kurt Mc Donald Campden Park
Ancia Williams Dauphine Kyron Jeffrey Barrouallie
Anne Layne Barrouallie Lavern Keil Barrouallie
Anthony Jack Sally Spring Lester Davis Evesham
Bertran Gurley New Prospect Levi Robinson Byrea
Brenda Riley Adelphi Luenda Baptiste-Llewellyn Sion Hill
Burkley Lavia Petit Bordel Luke James Chateaubelair
Calbert Ragguette Bequia Lyra Ollivierre Bequia
Carlitha Cato Fountain Margaret Charles-Daniel Ottley Hall
Carmen Gurley-Victory Gomea Mark Hale Arnos Vale
Carmen Quammie Glamorgan Village Marva Chance Chateaubelair
Dahlia Hanson-
Ollivierre Bequia Moses Lewis Mc Carthy
David S. John Glen Philbert Chambers Barrouallie
Delon Edwards Glamorgan Philbert Hackshaw Redemption Sharpes
Denesia Corridon-
DaSilva Belmont Raymond Mc Dowall Layou
Edward Butler South Rivers Roxtanne Marshall Arnos Vale
Elliott Straker Bequia Shafina Cupid New Grounds
Elsa Boucher Bequia Shamath Keil Barrouallie
Eric Adams Largo Height Soetnofa King Bequia
Esther Davis Arnos Vale Sydney Perreira Park Hill
Francelo Wyllie Rose Hall Trelson Mapp Barrouallie
Francilia Stowe Bequia Tyrone Jack Level Gardens
George Delecia Cedars Urias Doyle Stubbs
Gerald Hadaway Ribishi Ursula Richards-Sutherland North Union
Gleason Lewis U.S.A. Veronica Goodluck Calliaquia
Gloria Adams Upper Edinboro Winston Henville Bequia
Ivan MC Nolly Bynoe Bequia Yvonne Gaymes Dauphine
Jeva Toney Byrea Zimran Fraser Barrouallie
Joanne Layne Canouan Kelvin Anderson-Pierre Barrouallie
Kimron Hannaway Old Montrose
Celebrating 43 years
FUTURE OUTLOOK
The future of the SVGTCCU Ltd looks positive despite the challenges brought about during the fiscal year
2020. The Credit Union readily adapted to the conditions brought on by COVID-19 (conducting meetings virtu-
ally and loan interviews via the telephone). New strategies were developed to maintain the provision of quality
service. Through teamwork and resilience the Credit Union has demonstrated our commitment to the year’s
theme “Excellence through Resilience, Dedicated to Members Success”.
In the face of adversity, new opportunities emerged and for 2021 and beyond the Credit Union envisaged techno-
logical, economic and regulatory changes. With the expansion of the E-Services, members will have greater
flexibility in accessing their current account information and carry out transactions online. Our strategy will
strengthen our focus to improve efficiency and members’ experience through the use of technology, ensuring that
our loan products are competitive, expanding our risk management framework and the regular revision of poli-
cies.
The disruption brought about by the pandemic has impacted the Credit Union’s operations such that loan applica-
tion interviews were conducted via the telephone. The Credit Union will procure a new Telephone PBX that will
enable better communication with members. Also, SVGTCCU will be working to improve its members’ online
experience and remain relevant by installing its Mobile App which will complement the established Online
Banking service ‘Access 365’ and allow members to access their account information via any mobile device.
Further, the Credit Union will work on the expansion of the online banking platform to perform transactions such
as bill payments. The functionality of the website will be expanded to allow prospective members to fill applica-
tion forms online; we are also endeavouring to entertain live chats to assist members. With the proposed expan-
sion and increased use of the Online Banking service, the Credit Union will work to ensure there is an enhanced
network security to protect members’ data.
The strategic path created to guide the Credit Union’s operations into 2024 aims to enhance information technol-
ogy, human resources and to increase membership and membership experience. Further, in an effort to remain
competitive and to ensure members receive affordable rates, the Credit Union will continue to review interest
rates and develop products to enable our members to achieve a better standard of living.
ACKNOWLEDGEMENT
The Board of Directors, on behalf of the entire SVGTCCU family, recognizes the contribution of those who have
laboured in this very special vineyard before us. It is on the solid foundation that they have built that we now
continue to build. We have great appreciation for our committed and loyal members whose thrift and loyalty have
resulted in the exponential growth of this institution throughout its existence. All of our efforts have undoubtedly
made the St. Vincent and the Grenadines Teachers Cooperative Credit Union Ltd. the “Premier Non – Banking
Financial Institution” in the country.
The Board of Directors also recognizes the tremendous sacrifice and unwavering support of the Management,
Staff and All Committees. Their commitment and dedication to the task have seen not only the continued exis-
tence of the SVGTCCU but also its growth in spite of the varied challenges.
The Board of Directors is also thankful to the following for their continued support and guidance:
· The SVG Cooperative League
· The Financial Services Authority
· The Auditors
25 Excellence through resilience, dedicated to members success
Celebrating 43 years
CONCLUSION
The COVID-19 Pandemic has exacerbated an already challenging economic environment in St Vincent and the
Grenadines. However, we are pleased with the overall financial performance of the Credit Union and look
forward to its continued success. Our membership has been well represented, with a diligent, committed Board of
Directors and All Committee members who provide sound judgment and oversight throughout the year. As
reported last year, we devoted significant time and effort in 2019 and 2020 to ensuring that governance was well
embedded in our Credit Union, giving a robust framework for decision making, risk mitigation, financial
oversight and appropriate member account treatments. As a result, we were well prepared for the regulatory
requirements.
As we close the book of an unforgettable year, our hope is that everyone in the Credit Union family stays healthy
and that we can all return to some sense of “normalcy” as soon as possible. As usual, we will be here to help
members navigate all financial challenges while maintaining the integrity and viability of the Credit Union.
Employees, Management, the Board of Directors, and All-Committee members collectively continue to work
cooperatively and efficiently within our highly regulated framework in providing our members, with a financially
strong Credit Union. We continue to look forward to serving you in new and exciting ways with innovative
products and services.
We wish to thank you, our membership, for your continued support, patronage and loyalty. We are proud of you
for embracing the new mode of operation during the COVID-19 pandemic and for your endorsement of all of our
safety measures.
Thanks to our valued staff whose dedication and efforts have resulted in a positive and successful year for your
SVGTCCU.
Bro. Artillon Hamilton Sis. Miriam Roache
SECRETARY PRESIDENT
Excellence through resilience, dedicated to members success 26
Celebrating 43 years
Education and Marketing Committee’s Report
for the year ended December 31, 2020
L-R standing: Janiel Henry-Rose, Dwane Allen, Wendy Bynoe, Sherron Morgan-Peters; L-R sitting: Roxanne Williams, Saline Barbour
Introduction
The Education and Marketing Committee is pleased to submit to this 43rd Annual General Meeting of the St.
Vincent and the Grenadines Teachers Co-operative Credit Union Ltd. the following report on activities for the
period under review.
Committee
During this time (June 2019 - November 2020) the following persons were members of the Committee who were
appointed by the Board:
Sis Gwennette Cambridge
Sis. Sherron Morgan-Peters
Sis. Wendy Bynoe
Sis. Saline Barbour
Sis. Roxanne John
Bro. Sunel John
Bro. Gideon Nash
27 Excellence through resilience, dedicated to members success
Celebrating 43 years
Following the 42nd Annual General Meeting held on December 1, 2020, the Board of Directors appointed a new
Committee comprising the following:
Sis. Wendy Bynoe - Chairperson
Secretary
Bro. Dwane Allen -
Sis. Janiel Henry - Rose
Sis. Saline Barbour
Sis. Sherron Morgan-Peters
Sis. Roxanne John
Bro. Sunel John
Meeting Attendance
The Committee met twice monthly and submitted a monthly report to the Board of Directors and a quarterly
report to the All Committee. Fifteen (15) meetings were held for the year.
The Role of the Education Committee
The purpose of the Education Committee is to assist the Board of Directors in developing and pursuing its
objectives while maximizing members’ engagement and satisfaction in the Credit Union.
To carry out this function, the Committee worked closely with the Marketing Department and engaged in several
activities geared towards promoting the Credit Union and uplifting the members. The activities undertaken from
January - December 2020 were as follows:
School Bands Showcase
The National Secondary Schools’ Bands Showcase, for which the Credit Union is the title sponsor, did not
occur during this period due to the COVID-19 pandemic and closure of schools throughout St. Vincent and
the Grenadines. However, a series of workshops were held with the various bands, providing an opportunity
for the Marketing Department to promote the Credit Union’s services, particularly the Adolescence Saving
Plan and Junior Savers account to members of the bands.
Saver
This newsletter is a publication designed to educate and inform members on the financial matters and
activities of the Credit Union. Three (3) publications were completed and made available to members in both
digital and printed formats.
COVID-19 Web Series
The Committee, collaborating with the Marketing Department, produced a web series for the Credit Union
which was aired on its YouTube channel to highlight issues and to provide support for members and the
general public during the COVID-19 pandemic. The web series, dubbed “Coping during COVID-19 with
SVGTCCU”, featured five (5) episodes which covered the following topics:
1. E-Learning – Presented by Sis. Wendy Bynoe
2. Managing Finances – Created by Sis. Roxanne John & presented by Sis. Shada Burgin
3. Managing Anxiety/Stress – Dr. Alicia Alves
4. Marketing yourself for Employment Success – Sis. Michelle Thomas
5. Cyber Security – Bro. Voltan Richardson
Website
The Education Committee collaborated with both the I.T. and Marketing Departments with the editing of the
re-launched SVGTCCU Ltd. website www.tccusvg.com. The website was updated during the second half of
2020, in an effort to make the site more user friendly. Members can now download application forms,
schedule loan appointments and receive updates on the Credit Union activities.
Excellence through resilience, dedicated to members success 28
Celebrating 43 years
Members’ Appreciation Day
The Education and Marketing Committee participated in the SVGTCCU’s annual Members’ Appreciation
Day which took place on December 17th, 2020. The event, which occurred at all five (5) branches of
SVGTCCU, comprised:
i. Distribution of SVGTCCU Ltd. branded memorabilia
ii. Distribution of refreshments
iii. Blood pressure, Blood sugar and Cholesterol checks were conducted. The headquarters collaborated
with the National Diabetic and Hypertensive Association, while the other branches worked along with
community nurses. Cholesterol checks were done at the Headquarters by a team from the Ministry of
Health.
iv. Prizes were awarded to persons conducting transactions at all branches and those who answered trivia
questions about SVGTCCU.
v. Live radio broadcast via NICE Radio.
vi. The Headquarters also featured a display and sale of goods by members with small businesses. They
were Carlos Williams (drinks and seasoning), and Cassandra Farrell (local wine).
vii. The Supplies Outlet displayed products they had available for sale, such as games, coloring books,
etcetera.
viii. While our community service project for the year normally occurs during October in observance of
International Day of Co-operatives, this year food hampers were distributed on Members’ Appreciation
day. A total of eight (8) persons received food hampers:
- one person each in Bequia, Canouan, and Union Island respectively
- two persons in Barrouallie
- one person in Chateaubelair
- two persons in Paul’s Avenue
The recipients were all grateful for the donations made.
Further, several members of the All Committee made visits to the branches; other members made visits to the
Headquarters throughout the day.
New Members’ Seminar
A New Members’ Seminar was held on 28th January 2020 at the SVG TCCU Headquarters. Bro. Philbert
“Pee John” John gave an overview and history of the Credit Union movement and SVGTCCU Ltd. As he
ended his presentation, he shared his personal experience of how he benefited as a member of
SVGTCCU. Sis. Ankiah Forbes then spoke on the different types of savings, services and the benefits that
the Credit Union provides for its members, Sis. Shada Burgin provided information on the E-Services (ATM
and online banking). Sis. Nekeisha Adams outlined in detail the loan products that are offered by the Credit
Union. The session culminated with a personal testimony from Bro. Asif Dover on how being a member of
SVGTCCU Ltd. positively impacted his life.
Scholarships and Book Vouchers Ceremony
The 2020 Scholarships and Book Vouchers Award Ceremony was held on August 26th. Three (3) students
received scholarships: Juricia Solomon, Rohsean Haynes and Azjanae Gurley. A total of 67 persons received
book vouchers. This year an initiative was introduced, which had new Junior Saver accounts being opened for
both scholarship and book voucher recipients who did not have an account with SVGTCCU.
Remarks were delivered by Mrs. Kay Martin-Jack, Senior Education Officer, Bro. Cecil Charles, Vice
President of the BOD and Sis. Gwenette Cambridge, Chairperson of the Education Committee. The
ceremony was covered by the media.
29 Excellence through resilience, dedicated to members success
Celebrating 43 years
Bursary Award Ceremony
The 2020 Bursary Award Ceremony was held on September 29th. Financial assistance was given to sixteen
(16) members to assist them in pursuing their university education. Remarks were given by Bro. Dixton
Findlay, Deputy Chief Education Officer, Sis. Wendy Bynoe, member of the Selection & Education
Committees. Sis. Nekeisha Adams, Deputy CEO & Loans Manager presented cheques to the following
recipients:
Zaviann Antoine Zerry Morgan
Lenore Bonadie Kezian Patrick
Francis Billingy Racquel Peniston
Shameka Duncan Godfrey Harry
Andrea Durrant Sophia Henry
Paula Paul-Hackshaw Tera Samuel
Tonisia Haynes Ann-Marie Francis-Thomas
Damaris Maloney Janille Sandy
Health Symposium
The 2nd annual Health Symposium was held under the theme “Building Healthy Role Models: Prostate
Cancer Awareness”. The Committee sought to highlight medical issues affecting men by engaging in
discussions about Prostate cancer using medical professionals and a survivor of Prostate cancer.
Dr. Rohan Deshong gave a comprehensive overview of the disease, emphasizing its symptoms. the need for
early testing and the treatments that are available. Mr. Bassy Alexander, a survivor of Prostate cancer, shared
his experience battling the disease and reiterated the importance of testing regularly. Dr. Jozelle Miller, shared
tips on how to deal emotionally with a cancer diagnosis.
Marketing and Promotion
During the period, the Committee in conjunction with the Marketing Department conducted several activities
to enhance and promote the SVGTCCU brand. These activities included:
i. Visits to Schools: Sandy Bay Secondary School, Georgetown Secondary School, North Union Secondary
School, Troumaca Secondary School, Central Leeward Secondary School and Bethel High School.
ii. Promotion of the Supplies Outlet’s “contactless” shopping - This initiative, done via Whatsapp messaging,
was geared at reducing the number of persons in store due to COVID-19 pandemic, while increasing sales
for the new school term.
iii. Sponsorship of the CPL Cricket tournament broadcast on VC3 - This marked our third year of sponsor-
ship. Both the Supplies Outlet and the Cedars Development project were promoted.
iv. The Revolving loan was repackaged and advertised as an Easter loan for camps, minor renovations and
travel. It was also advertised as a way to facilitate “back to school shopping”.
v. Promotion of the E-Services - Due to the COVID-19 pandemic, and in an effort to lessen the exposure of
staff and members to the virus, emphasis was placed on promoting the E-Services of the Credit Union.
vi. SVGTCCU Ltd. partnered with Digicel on the “Ease the Squeeze” Promotion. The Credit Union was
offered two (2) $50.00 gift vouchers from the Supplies Outlet to distribute as prizes to winners. In turn,
they purchased gift vouchers from the bookshop and provided promotion of SVGTCCU via their social
media platforms.
vii.Collaboration with the SVG Teachers’ Union - In an effort to market the SVGTCCU products and
services, the SVG Teachers’ Union held a discussion via its radio program hosted on NBC radio about the
benefits of becoming a member.
viii.Financial Support - The Education Committee assisted the Board of Directors by making donations to
three (3) secondary schools, namely, the Georgetown Secondary School Cricket team, Thomas Saunders
Secondary School and the St. Vincent Grammar School that received assistance for their athletes attending
Excellence through resilience, dedicated to members success 30
Celebrating 43 years
the Penn Relays.
ix. A donation was made to one of our members Mrs. Gwenette Dennie-Ashton and her family, whose home
was damaged by fire in November 2019. The donation of $3,500.00 will go towards assisting her to repair
the roof of her home.
Social Media
The SVGTCCU Ltd boosted its digital marketing efforts via its presence on the social media platforms -
Facebook, Twitter, Instagram and YouTube. Members of the Credit Union are consistently updated on prod-
ucts, services and special promotions through these medium. At the end of 2020 the Credit Union’s Face-
book friends increased by 69% while there was a 41.4% increase in Facebook followers and a 65.6% increase
in Instagram followers. A separate Facebook page was created to specifically advertise the Supplies Outlet.
Facebook Friends 2020 2019
Facebook Followers 4745 2750
Instagram Followers 1759 1226
Supplies Outlet Facebook Followers 337
609
0
233
Conclusion
The Education Committee takes this opportunity to thank the Board of Directors for the opportunity to serve. We
also thank other Committees, Management and Staff for their continued support and guidance. Special thanks to
Sis. Melissa Yorke-Nicholls for her assistance during the year.
Sis. Wendy Bynoe Bro. Dwane Allen
Chairperson Secretary
31 Excellence through resilience, dedicated to members success
Celebrating 43 years
Treasurer’s Report
for the year ended December 31, 2020
Introduction
I am happy to report to you Brothers and Sisters, the financial performance of the Credit Union for the financial
year ended December 31sts 2020. This performance is against a backdrop of weak economic growth within the
country exacerbated by the far-reaching impact of the COVID-19 pandemic. The uncertainties associated with
COVID-19 would have impacted the IFRS 9 provisioning for 2020, the interest income and eventually the
surplus.
The ongoing pandemic has had a deleterious impact on every sector and economic factor including businesses. It
is expected that private sector firms including Credit Unions will continue to experience significant hardship in
the unforeseeable future. At the same time, it is recognized that businesses will have to play a central role in
driving economic recovery. Nevertheless, the Credit Union was able to navigate through these turbulent times to
provide support to its members.
Despite those conditions, the Credit Union was able to maintain a surplus in 2020. Its asset base grew by nine
million dollars and this was mainly attributable to significant inflows into the institution. These areas are
highlighted below and further explanations provided for greater clarity to members.
Summary of Financial Results
The following are the key financial performance indicators for the financial year ended December 31, 2020 with
comparison to the years 2016 to 2019 financial year.
Table 1: Showing comparison of assets from 2016 to 2019
Total Assets 2016 2017 2018 2019 2020
Cash and Cash Equivalents $ 000,s $ 000,s $ 000,s $ 000,s $ 000,s
Investment Securities 114,062,641 109,984,128 130,117,854 142,624,602 151,601,325
Loan to Members 20,564,606 6,252,816 18,637,668 25,865,991 34,425,280
Inventories 5,523,855 7,987,634 4,678,808 6,734,388 7,215,136
Property, Plant & Equipment 55,557,603 69,628,990 83,284,897 87,612,644 87,421,719
Investment Properties 5,067,320 6,333,010 6,200,375 5,723,107 5,672,976
Other Assets 10,402,956 10,325,533 7,533,699 7,230,912 7,043,186
8,800,059 8,800,059 9,001,000 9,001,000 9,150,013
1,126,242 1,159,004
656,086 456,560 673,015
Members Deposits 83,578,676 84,413,811 99,153,177 113,857,991 122,670,052
Members Share 12,866,555 12,735,945 12,549,335 9,545,350 10,752,425
There was an increase of 6% in the total assets in 2020 which was driven largely by growth in Cash and Cash
Equivalents up 33.09%; Investment Securities up 7.14% and Other Assets up by 47.41%. The struggle throughout
2020 was to find quality and stable investments to generate returns for the Credit Union.
Loans to members remained flat when compared to that of 2019 due to stagnant demand brought about by the
disruptive effects of COVID-19.
Excellence through resilience, dedicated to members success 32
Celebrating 43 years
Table II: Shows the asset over the period 2016 to 2020.
The Credit Union grew in all major areas of financing. The Ordinary Savings and Other Deposits saw an increase
of 8% while the Members Shares reflected continuous upward trend by closing out at 13% higher than 2019.
Statement of Profit and Loss and Other Comprehensive Income
Table III: Shows the financial results for the period 2016 to 2020
Financial Results 2016 2017 2018 2019 2020
$ 000,s $ 000,s $ 000,s $ 000,s $ 000,s
Total Income 7,183,775 7,545,126 9,205,414 8,679,147 8,198,742
Total Expense 8,027,737 9,716,857 8,030,069 7,028,756 6,891,902
Operating Surplus (843,962) (2,171,731) 1,175,345 1,650,391
1,306,840
In 2020, Interest Income accounts for 88% of the total income. It fell by 0.48% from $7.286 million dollars to
$7.251 million dollars. Moratoria on loans were the major contributor to the reduction of interest on loans during
the year.
The movement in Interest Expense was 13.79% higher due to an increase in the Members’ Deposit accounts
(Savings Accounts, Retirement Savings Plan and Fixed Deposit) which required higher payouts in interests.
Prudent financial management led to a 16.01% decrease in the General and Administrative Expenses from $2.33
million dollars to $1.96 million dollars. The Credit Union realized that stringent adherence to the budget while
understanding the current financial situation was essential to contain costs.
The allowance for Loan Loss increased by $111,893 to $259,161 representing a 75.98% increase over 2019. This
increase is attributable to the economic impact of COVID-19, and directly affected the Credit Union’s surplus.
The overall effect was a surplus of $1.30 million dollars, a decrease of 20.82% moving from $1.65 million dollars
in 2019.
33 Excellence through resilience, dedicated to members success
Celebrating 43 years
Table IV: Shows the total income for the period 2016 to 2020.
Total Income
10,000,000 Total Income
8,000,000
6,000,000
4,000,000
2,000,000
0
2016 2017 2018 2019 2020
Liquidity
The Credit Union’s liquidity position stood at 32% at the end of December 2020. This represents 16% above the
Pearls Standard and mirrors the increase in 2019 of 5%. The cash overflow evidenced by the data is an indicator
that we need to find safe investments for these funds so as to improve our income level.
Conclusion
The SVG Teachers Cooperative Credit Union was able to realize a profit for the year 2020 as is shown in the
financial statements presented.
This year was unlike any other in our history, as we faced many relentless and daunting challenges. However, it
remained a fairly successful year. We must continue to press forward with the same level of vigilance as we did
in 2020 because the challenges ahead seem continuous and incessant.
Our financial performance would not have been possible without the support of the many loyal members of the
SVG Teachers Cooperative Credit Union Ltd. Through all of the challenges we faced in 2020, the strength of the
human spirit emerged through the staff, management, the various Committees and the Board of Directors. We
look forward to better days as we strive to support our membership and community in 2021.
Thank you for your continued support going forward!
Gilbert Frederick
TREASURER
Excellence through resilience, dedicated to members success 34
Celebrating 43 years
PEARLS RATIO MONITORING SYSTEM
PEARLS is a financial monitoring tool used by Credit Unions and other financial institutions to monitor the
organisations progress towards achieving financial growth. It also seeks to compare and provide ranking for in-
stitution in an industry.
The Acronym PEARLS monitors:
P - Protection
The primary goal of evaluating Protection indicators is to ensure that the credit union provides members a
safe place to save money. It requires financial organisations to set aside earnings to cover loan losses and
ensure the protection of members’ savings.
E – Effective Financial Structure
Focuses on the institution’s sources and use of funds. An organisation has an effective financial structure
when assets financed by savings generates enough income to pay market rates on savings, cover operating
cost and maintain capital adequacy. The monitoring of financial structure is important since it has a direct
effect on efficiency and profitability.
A – Asset Quality
Affects institutional profitability, since a high percentage of loan delinquency and non-earning assets have
negative effects on credit union earnings. The ratio measure institutional weakness because if delinquency is
high, other key areas of the operation could be weak. Asset quality also monitors the percentage of non-
earning assets to total assets. It indicates that sources of funds with financial cost must be invested in pro-
ductive assets that will earn greater returns than the cost of funds.
R - Rates of Returns and Costs
Monitors the return earned on each type of asset and the cost of each type of liability. Yield and cost affect
the growth rates of an institution. Therefore, the intent is for institutions to pay attractive rates of returns on
shares and saving, charge rates on loans that recover all cost and pay competitive salaries for employees.
L - Liquidity
Is essential to financial institution. The goal is to maintain liquidity at a level to respond to member-client
withdrawal and disbursement demands.
S - Signs of Growth
Reflects members’ satisfaction, appropriateness of products and financial strength. Growth affects the or-
ganisation’s financial structure and must be closely monitored in order to maintain a balance.
An institution which meets these international standards is said to have exhibited safety and soundness in its
operations.
35 Excellence through resilience, dedicated to members success
Celebrating 43 years
FINANCIAL RATIOS
PEARLS RATIOS Standard 2020 2019
P - Protection Min 100% 109% 110%
P6 Total Assets- (Total Liabilities –Total Savings)
70-80% 58% 61%
Total Shares + Total Savings Max 20% 5% 5%
E - Effective Financial Structure 70-80% 81% 80%
E1 Net Loans Min 10% 7% 7%
Min 10% 12% 11%
Total Assets
Max 5% 7% 5%
E2 Financial Investments Max 5% 27% 22%
Total Assets
Between 9-12% 8% 8%
E5 Members Deposits Max 5% 3% 3%
Total Assets
15-20% 32% 26%
E7 Member Share Capital 10% 4% 6%
Total Assets
E1 (0.22%) 5%
E8 Institutional Capital
Total Assets
A - Asset Quality
A1 Total Loan Delinquency
Gross Loan Portfolio
A2 Non Earning Assets
Total Assets
R - Rates of Return and Cost
R1 Loan Income
Average Net Loan Portfolio
R9 Total Operational Expenses
Average Total Assets
L - Liquidity
L1 Liquid Assets – ST Payables
Total Deposits
L2 Liquidity Reserves
Deposits
S - Signs of Growth
S1 Loans
Excellence through resilience, dedicated to members success 36
Celebrating 43 years
ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT
UNION LIMITED
Financial statements
For the year ended December 31, 2020
IBDO
37 Excellence through resilience, dedicated to members success
Celebrating 43 years
ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED
Page
Corporate Information 1
Independent Auditor’s Report 2-4
Statement of Financial Position 5
Statement of Profit or Loss and Other Comprehensive Income 6
Statement of Changes in Members’ Equity 7
Statement of Cash Flows 8
Notes to the Financial Statements 9-45
Excellence through resilience, dedicated to members success 38
Celebrating 43 years Page 15
ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Financial Statements
For the year ended December 31, 2020
Natu re of ope ration s a nd sum m a ry of si gnific ant a ccounting polici es (cont’d)
6. Su mmary of signi ficant accou ntin g policie s (c ont’ d)
i. Fi nan cial a ssets (c on t’d)
(iv) Impairment
Im pairm en t of financial
a ssets
In relation to th e im p airm ent of fin a ncia l a ssets, IF RS 9 re quires an ex pecte d cred it
loss (E CL) mo del a s opposed to a n in curred credit loss m od el un der IAS 39 . The
e xpected c redit loss m ode l requires th e Cred it U nion to accoun t fo r expecte d credit
losse s a nd ch anges in those exp ected credi t lo ss es a t ea ch re porting d ate to reflect
ch anges i n cre di t risk since initia l recog nition of the finan cial a sse ts. T herefore , it is
n o longer ne cessary fo r a cred it e vent to ha ve o ccurred before cred it losse s are
r ec o gnis e d .
E CLs are base d o n th e d iff ere nce be tw e en the contra ctua l cash flo ws due in
a ccorda nce with th e con tra ct and a ll the ca sh f low s th at the C re dit Union expects to
receive, discounted at an a pproxim a tion of the origin al e ff ective interest rate. The
e xpected cash flows w ill inclu de ca sh flows from the sale of col lateral he ld o r o ther
cre dit e nha ncem e nts th at a re integ ral to th e con tractua l term s.
E CLs are recognised in three sta ges. For cred it e xpo su res f or which th ere ha s not
b een a sign ifican t incre ase in cred it risk since initia l recogni tion, ECLs are provid ed
for cred it losses tha t resu lt from defa ult e vents that a re p ossible within the n ext 12 -
m onths (a 1 2 -mo nth E CL). F or tho se cred it e xposures wh ich are cre dit im p aired or
for w hic h the re h as been a significan t incre ase i n credit risk since initia l recogni tion,
a loss a llow ance is req uire d for c redit losses exp ected o ver the rem ain ing life of the
e xposure, irresp ective of th e tim ing of the d efault ( a lifetime ECL ).
The C redit Un ion con sid ers a financial asse t in defa u lt w hen con tractua l paym ents
a re 9 0 days p ast due. However, in certai n cases, the Cre dit Union m ay al so co nsi der
a f ina ncial asset to be in defa ult w h en interna l or exte rnal inf orma tion indicates
tha t the Cre dit Union is u nlik ely to re ceive th e outstan ding co ntra ctual am ounts in
full before takin g into accoun t a ny cred it enh ancements hel d by th e C redi t Un io n.
Ba sed on th e above process, th e C red it U nio n classifies its EC Ls into Stage 1, Stag e 2
a nd Stage 3 .
Sta ge
1
W h en f ina ncia l a ssets are first recogn ise d, the Credit U nion recogni ses an allowa n ce
b ased o n 12 m onths ECLs. Sta ge 1 fin ancia l a ssets also inc lud e fa cilities w he re the
cre dit risk h as im p ro ved a nd th e fi na ncia l assets ha ve been reclassified from Stage
2
.
Sta ge
2
W h en fin ancial assets ha ve show n a signi ficant increa se in credit ri sk since
o riginatio n, the C redit Un io n records a n allo wa nce fo r the Lifetim e EC Ls. Stage 2
a lso inc lud e fa cilities, where the credit risk h as imp ro ved, an d f ina ncia l a ssets ha ve
b een recla ssified from Sta ge 3 .
Sta ge
3
F ina ncia l assets considered credit-im pa ired. H ere the C redit Union records an
a llowan ce for th e Lif etim e E CLs.
53 Excellence through resilience, dedicated to members success
ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED Celebrating 43 years
Notes to the Financial Statements Page 16
For the year ended December 31, 2020
Natu re of ope ration s and summary of si gnific ant accounting policies (cont’d)
6. Su mmary of signi ficant accou ntin g policie s (c ont’d)
i. Financial assets (cont’d)
(iv) Impairment (cont’d)
The m echanics of the ECL calculations are outlined below and the key elem ents
a re, as follows:
PD The Probability of Defa ul t is an estima te of the likelihood of default over
a given period of tim e. A defa ult ma y only happen at a certain tim e over
the asserted period, if the facility ha s not been previously derecognised
a nd is sti ll in the portfolio.
EAD The Exposure at Default is an estima te of the exposure at a future defa ult
date, taking into account expected cha nges in the exposure after the
reporting da te including repayments of principal and interest, whether
scheduled by contract or otherwise.
LGD The Loss G iven Defa ult is a n estima te of the loss a rising in the case where
a default occurs a t a given time. It is based on the d ifference between the
contractual cash flow s due and the cash flows expec ted to be received. It
is usua lly expressed as a percenta ge of the EAD.
The ma ximum period for which the credit losses are determined is the contractual
life of a financia l instrument.
Calc ulation of
E C Ls
Sta ge
1
The ECL is ca lculated as the portion of lif etime ECLs that represent the EC Ls tha t
result from defa ult events on a financia l instrument that are possible w ithin the 12
m onths after the reporting date. T he Credit Union calculates the 12 mECL
a llow ance based on the expecta tion of a def ault occurring in the 12 months
following the reporti ng date. These ex pected 1 2-month defa ult probabilities are
a ppli ed to a f orecast EAD a nd m ultiplied by the expected LGD.
Sta ge
2
When financial assets have shown a significant increase i n credit risk
s in ce
origination, the Credit U nion records an a llowance for the lifetim e EC Ls. The
m echanics are si mi lar to those explained a bove, but PDs a nd LGDs a re
estim ated over the lifetime of the loa n.
Sta ge
3
F or financial assets considered credit-im paired, the Credit Union recognises the
lifetime expected credit l osses for these financial assets. The method is similar to
tha t for Stage 2 a ssets.
Excellence through resilience, dedicated to members success 54
Celebrating 43 years
ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED
CORPORATE INFORM ATION
REGISTERED OF FICE
St. James Place
P.O. Box 1527 Kingstown
St. Vincent and the Grenadines
BOARD OF DIRECTORS
Sis. Miriam Roache - President
Bro. Cecil Charles - Vice President
Bro. Artillon Hamilton - Secretary
Bro. Gilbert Frederick - Treasurer
Bro. Ronald Clarke - Assistant Secretary/ Treasurer
Bro. Brenford Findlay - Director
Sis. Chanda Davis - Director
CHIEF EXECUTIVE OFFICER
Jasmine Hugg ins-Daly
SOL ICIT ORS
Mr. Ronald R.C Jack
Mr. Cecil B. Williams
FINANCIAL IN STITU TIONS
Bank of St. Vincent and the Grenadines
CIBC First Caribbean International Bank (Barbados) Limited
A UD IT O RS
BDO Eastern Caribbean
Chartered Accountants
The Financial Services Centre
Kingstown Park
St. Vincent and the Grenadines
1
39 Excellence through resilience, dedicated to members success
IBDO Tel: 784-456-2669 Celebrating 43 years
Tel: 784-456-1644
INDE PENDENT AUDITOR'S REPORT The Financial Services Centre
Fax: 784-456-1576 P.O. Box 561
www.bdoecc.com Kmgstown Park
St. Vincent and the Grenadines
To: Members of
St. Vincent and the Grenadines Teachers Co-operative Credit Union Lim ited
Report on the Audit of the Fina ncialStatements
Opinion
We have audited the financial statements of St. Vincent and the Grenadines Teachers Co-operative
Credit Union Limited ("the Credit Union") , which comprise the statement of financial position as at
December 31, 2020, the statements of profit or loss and other comprehensive income, changes in
equity and cash flows for the year then ended, and notes to the financial statements including a
summary of significant accounting policies.
In our opinion, the accompanying financial statements present fairly, in all material respects, the
financial position of the Credit Union as at December 31, 2020, and its financial perfo rmance and its
cash flows for the year then ended in accordance with Internatio nal Financial Reporting Standards
(IFRSs).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor's Responsibilities for the
Audit of the Financial Statements section of our report. W e are independent of the Credit Union in
accordance with the International Ethics Standards Board for Accountants Code of Ethics for
Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our
audit of the financia l statements in St. Vincent and the Grenadines, and we have fulfilled our other
ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Other information
Management is responsible for the information included in the Credit Union's 2020 Annual
Report, other than the financial statements and our auditor's report thereon. The Credit Union's
Annual Report is expected to be made available to us after the date of this auditor's report.
Our o pinion on the financialstatements does not cover the other information and we w ill not express
any form of assurance conclusion thereon.
In connection with our audit of the fina ncial statem ents, our responsibility is to read the oth er
information identified above when it becomes available and, in doing so, consider wh ether the other
information is materially inconsistent with the financial statements or our knowledge obtaine d in
the audit or otherwise appears to be materially misstated.
2 40
BOO f< !>tc>rn CanbbeJI 1 network of fum!:rcg1stered m Angu1Utl, Ant1gua and B1rbuda. St LuCia. St Vmcent and the Grenadmes and GrenadJ. IS a member of
BOO lutt>rn,lllJO<ll L1m1ted. a UK comp:mv llmlt<'d by guarantee c1nd forms part lH the InternatiOnal BOO network of mdependent member tlrms.
Excellence through resilience, dedicated to members success
Celebrating 43 years
INDEPENDENT AUDITOR'S REPORT (CONT'D)
To: Members of
St. Vincent and the Grenadines Teachers Co-operati ve Credit Union Lim ited
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of financial statements in
accordance with IFRS, and for such internal control as management de te rmine s is necessary to enable the
p rep ara tion of financia l sta tements that are free from material misstatement, whether due to f raud
or erro r.
In preparing the financial statements, management is responsible for assessing the Credit Union's
ability to contin ue as a going concern, disclosing, as applicable, matte rs rel ated to going concern and
using the going concern basis of accounting unless management either intends to liquidate the Credit
Union or to cease operations, or has no re alistic alternative but to do so.
Those charged with governance are responsible for overseeing the Credit Union's finan cial rep orting
process.
Auditor 's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor 's re port that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit con du cted in accordance with ISAs will always detect a ma terial misstate ment when it exi sts.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional skepticism thro ug ho ut the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perfo rm audit procedures responsi ve to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
dete cting a material misstatement resulting from fraud is higher than for one resulting from e rror , as
fraud may invo lve collusion, forgery, intentional omi ssions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Credit Union's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
3
41 Excellence through resilience, dedicated to members success
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SVGTCCU Ltd. 43rd AGM REPORT
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