SVGTCCU Ltd. 43rd AGM REPORT

Celebrating 43 years

INDEPENDENT AUDITOR'S REPORT (CONT'D)

To: Members of
St. Vincent and the Grenadines Teachers Co-operative Credit Union Limited

Auditor's Responsibilities for the Audit of the Financial Statements (cont'd)

• Conclude on the appropriateness of management's use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Credit Union's ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor's report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditors' report. However, future events or conditions
may cause the Credit Union to cease to continue as a going concern.

• Evaluate the overall presentation, structure, and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.

We also provide those charged with governance a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and
other matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.

BOO Eastern Caribbean
Kingstown, St. Vincent and the Grenadines
October 15, 2021

4 42

Excellence through resilience, dedicated to members success

Celebrating 43 years Page 5

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION 2020 2019
LIMITED Statement of Profit or Loss and Other Comprehensive Income $ $
For the year ended December 31, 2020
(Expressed in Eastern Caribbean
Currency)

Notes

Assets 7 34,425,280 25,865,991
Cash and cash equivalents 8(i) 6,027,403 5,528,045
Investment securities at amortized cost 8(ii) 1,187,733 1,206,343
Investment securities at fair value 87,612,644
Loans to members 9 87,421,719 5,723,107
Inventories Other assets Invest- 10 5,672,976
ment properties 11 673,015 456,560
Property and equipment 12 9,150,013 9,001,000
Total assets 13 7,043,186 7,230,912

Liabilities 151,601,325 142,624,602
Accounts payable and accrued liabilities
Staff pension plan 14 1,740,139 1,497,704
Savings and other deposits 691,929 562,374
Fixed deposits Borrowings 15
Total liabilities 16 99,418,687 90,474,328
17 22,559,436 22,821,289
Members' equity Share capi- 8,266,310
tal Statutory reserve Develop- 18 5,977,641
ment fund Death benefit fund 19 123,622,005
Other reserves 20 130,387,832
Accumulated other comprehensive income 21
Retained earnings 22 10,752,425 9,545,350
Total Members' equity 23 4,360,847 4,012,560
102,258
Total liabilities and members’ equity 442,923 112,258
582,014 432,390
2,693,797 542,014
2,279,229 2,693,797
1,664,228
21,213,493
19,002,597

151,601,325 142,624,602
Page 5

The notes on pages 9 to 45 are an i ntegral part of these financial s tatements.
APPROVED BY:

Miriam Roache Gi lbert Frederick
Pres ide nt Treasure r

Artillon Hami lton
Secretary

43 Excellence through resilience, dedicated to members success

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION Celebrating 43 years
LIMITED Statement of Profit or Loss and Other Comprehensive Income Page 6

For the year ended December 31, 2020
(Expressed in Eastern Caribbean
Currency)

Interest income N ot es 202 0 2019
Interest expense 24 $ $
25
Net interest income 7,2 51 ,61 2 7,286,905
Administrative and commission income 26 (2 ,48 9,97 3) (2,189,190)

Increase in allowance for loan loss 9 4,76 1,6 39 5,097,715
35 6,1 37 409,335
Selling expenses 27
General and administrative expenses 28 5,11 7,7 76 5,507,050
Staff costs 29 (25 9,16 1) (147,268)
Income from supplies outlet – net 30
Operating profit 4,85 8,6 15 5,359,782
Other income 31 (3 06 ,82 3) (370,768)
Excess of contributions over death benefits paid 21 (1 ,955 ,04 1)
(1 ,880 ,90 4) (2,329,807)
Profit, being total comprehensive income for the year 13 6,1 31 (1,991,723)

85 1,9 78 289,239
41 2,7 28
956,723
42,134 654,608

1,3 06 ,84 0 39,060

1,650,391

The following expense is included in the foregoing:- 2 53 ,008 359,814
Depreciation

The accompanying notes on pages 9 to 45 form an integral part of these financial statements.

Excellence through resilience, dedicated to members success 44

Celebrating 43 years Page 7

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Financial Statements
For the year ended December 31, 2020

Balance as at January 1, 2019 Note Sha re Statutory Deve lopment Death Other Ac cumu lated Retained Total
Movement in share capital c apital rese rve fund benefi t reserves ot h er earnings $
Transferred to liability 18 $ $
18 $ fund $ comprehensive $ 20,376,601
12,549,335 4,010,035 142,258 $ 544,714 income 13,837 (1,503,985)
(1,503,985) - - $
422,625 - - (1,500,000)
(1,500,000) - - 2,693,797
- - -
-
-
-

Entrance fees 19 - 2,525 -- - - - 2,525
Payments from development fund - - - - (30,000
Payments from fund 20 - - (30,000) -
- - - 1,650,391 1,650,391
Profit for the year 22 - - --
Balance as at December 31, 2019 (2,700) - (2,700) -
4,012,560 -
Movement in share capital - 2,693,797 -- -
Payments from development fund
Transfer to statutory reserves 9,545,350 - 112,258 432,390
542,014 - 1,664,228 19,002,597
348,287
18 1,207,075 -- - - 1,207,075

20 - (30,000) - - - (30,000) T

- -- - (348,287) -

Transfer to statutory reserves - 348,287 - - - - (348,287) -
Transfer to development fund - - 20,000 - - -
Transfer to other reserves - - - 40,000 - (20,000) -
Dividend paid - - - - - -
Rebates paid - - - - - - (40,000) -
Profit for the year - - - - - -
- (207,965) (207,965)
Balance as at December 31, 2020 10,752,425 4,360,847 442,923 582,014 2,693,797
102,258 (75,587) (75,587)

1,306,840 1,306,840

2,279,229 21,213,493

45 Excellence through resilience, dedicated to members success

Celebrating 43 years

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED Page 8
Statement of Cash Flows

For the year ended December 31, 2020
(Expressed in Eastern Caribbean Currency

N ote 2020 2019
$ $

Operating activities 1,30 6,84 0 1,650,391
Profit for the year
359,814
Adjustments for 13 253,008 (7,088,771)
24 (7,054,524)
Depreciation 24 (197,088) (198,134)
Interest income from loans 27 (3,338) 29,121
Investment income (3,187) 47,445
Bad debts expense (recovery) on loans 30 5, 135 96,180
Bad debts expense (recovery) on supplies outlet receivables (70, 311)
28 (249,022)
Allowance for loss on investment securities 30 18 ,61 0 -
Allowance (recovery) for inventory obsolescence 26
Fair value loss in investment securities ( 5,744, 855) (5,352,976)
Net profit before changes in operating assets and liabilities 1 47,49 9 (4,356,868)
Decrease (increase) in loans to members
Decrease in inventories 120, 442 348,693
Decrease (increase) in other assets 654,999
Increase (decrease) in accounts payable and accrued liabilities (213,2 68) (391,338)
Increase in staff pension 134,594
Increase in savings and other deposits 24 2,43 5 12,834,109
Increase (decrease) in fixed deposits 1,736,111
Cash generated from operations 129 ,555 5,607,324
8,944 ,359 7,088,771
Interest income received 255,622
Investment income received (26 1,85 3) 12,951,717

Net cash generated from operating activities 3,3 64,3 14

7,1 01,2 88

1 71,7 33

10,637,335

Investing activities (1,552,620) (3,027,580)
Purchase of financial investments 1,073,482 818,332
Redemption of financial investments (57,027)
Additions to property and equipment (65,282) -
Additions to investment properties (149,013)
Net cash used in investing activities (2,266,275)
(693,433)
Financing activities Repayment
of borrowings Payments from (2,288,669) (432,724)
other reserves Payments from -
development fund Changes in (2,700)
share capital (30,000) (30,000)
Increase in death benefit fund 1,207,075 (3,003,985)
Entrance fees
Dividend paid 10,533 9,765
Rebates paid - 2,525
Net cash used in financing activities
(207,965) -
Net movement in cash equivalents (75,587) -
Cash and cash equivalents - beginning of year
Cash and cash equivalents - end of year (1,384,613) (3,457,119)

8 ,559 ,289 7, 228,3 23
25 ,865, 991 18, 637, 668
34,425,280
25,865,991
7

The accompanying notes on pages 9 to 45 form an integral part of these financial statements.

Excellence through resilience, dedicated to members success 46

Celebrating 43 years Page 9

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Financial Statements
For the year ended December 31, 2020

Nature of operations and summary of significant accounting policies
1. Legal status and governing le gislation

The St. Vincent Union of Teachers Co-operative Credit Union Limited was registered on May 24,
1978. The Credit Union name was subsequently changed to St. Vincent and the Grenadines
Teachers Co-operative Credit Union Limited. The activities of the credit union are governed by
the provision of the Co-operative Societies Act, 2012.

The registered office is situated at St. James Place, Kingstown, St. Vincent and the Grenadines.
The Credit Union’s financial reporting and regulatory matters are under the authority of the
Financial Services Authority (FSA).

2. Principal o bjectives

The princi pal objectives of the St. Vincent and the Grenadines Teachers Co-operative Credit
Union Limited are to promote thrift among its members, to receive the savings of its members
and make loans to its members exclusively for provident and productive purposes.

3. Summary of significant accounting policies

i. Statement of compliance

These financial statements have been prepared in accordance with the International
Financial Reporting Standards (IFRS) as issued by the International Accounting Standards
Board (IASB) as at December 31, 2020 (the reporting date).
These financial statements were approved by the Board of Directors and authorized
for issue on October 12, 2021.

ii. Basis of preparation

These financial statements have been prepared under the historical cost basis; except
for the following items, revaluation of investment properties, available-for-sale
investment securities and property and equipment.

iii. Significant accounting judgements estimates and assumptions
The preparation of financial statements in conformity with International Financial
Reporting Standards (IFRS) requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the reporting date and the reported amounts of
revenues and expenses during the period. Actual results could differ from those
estimates.

47 Excellence through resilience, dedicated to members success

Celebrating 43 years

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED Page 10
Notes to the Financial Statements
For the year ended December 31, 2020

Nature of operations and summary of significant accounting policies (con t’d)

4. New standards, in terpretations and amend ments that became effe ctive du rin g the year:

C erta in new , revised and am ended standa rds a nd interpreta tions a re ef fective for a nnual periods
beginning on or after Ja nuary 1 , 20 20 . Unless otherw ise state d, the follow ing standards,
interpreta tions and a m endments to interpreta tions a nd standards becam e ef fective and were
a dopted in the current yea r:

• Definition of a Business (Am endm ents to IF RS 3). The a mendm ents in Definition of a Business
(Am endm ents to IFRS 3 ) are cha nges to Appendix A Defined terms, the application guida nce,
and the i llustrative exam ples of IFRS 3 only. They:
? clarify that to be considered a business, an a cquired s et o f activiti es a nd assets m ust
inc lude, at a m ini mum , a n i nput a nd a substanti ve process that together significa ntly
contribute to the a bility to create outputs;
? narrow the definitions of a business and of outputs by focusing on goods and services
provi ded to custom ers a nd by rem oving the referenc e to a n a bility to reduce costs;
? add gu idance a nd i llustra tive exa mples to help entities assess whether a substa ntive
process has been acquired;
? rem ove the assessment of whether m arket partici pants are ca pa ble of repla cing a ny
mi ssing inputs or processes and continuing to produce outputs; and
? add an optional concentration test that permits a sim plified a ssessm ent of w hether an
acquired set of a ctivities and assets is not a business.

The am endm ent has no significa nt im pact in the Credit Union’s fina ncia l statements.

• Definition of M aterial (Amendm ents to IAS 1 and IAS 8) . The am endm ents in Definition of
Materi al (Am endm ents to IAS 1 and IAS 8) cla rify the definition of ‘m a teria l’ and alig n the
definition used in the Conceptua l F ra mework a nd the standa rds.

The am endm ent has no significa nt im pact in the Credit Union’s fina ncia l statements.

• Interest Ra te Benchm ark Reform (Amendm ents to IF RS 9 , IAS 39 and IFR S 7). T he
am endmen ts in Interest R ate Benchma rk Ref orm (A mendm ents to IF RS 9 , IAS 3 9 and IF RS 7 )
clarify tha t entities would continue to a pply certain hedge accou nting requirements assum ing
that the interest rate benchm ark on w hich the hedged cash f lows and cash flow s from the
hedging instrument a re based w ill not be a ltered as a result of interest ra te benchm ark
re for m.

The am endm ent has no significa nt im pact in the Credit Union’s fina ncia l statements.

• Classifica ti on of Lia bilities a s C urrent or Non-Current (Am endments to IAS 1 ). T he
am endmen ts aim to prom ote consistency in a pplying the requi rements by helping com panies
determine whether, in the statem ent of financia l position, debt a nd other liab ilities with an
uncerta in settlement date should be classified as current (due or potenti ally due to be
settled w ithin one year) or non-current.

• Property, Pla nt and Equipment — Proceeds before Intended Use (Am endments to I AS 16 ). T he
am endmen ts prohibit deducting from the cost of a n item of property, plant a nd equi pm ent
any procee ds from selling items pro duced while bringing tha t a sset to the location and
condition necessary for it to be ca pable of operating in the ma nner i ntended by
ma na gem ent. Instead, a n entity recog nises the proceeds from sel ling such items, and the
cost of produci ng those item s, in profit or loss.

The am endm ent has no significa nt im pact in the Credit Union’s fina ncia l statements.

Excellence through resilience, dedicated to members success 48

Celebrating 43 years

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED Page 11
Notes to the Financial Statements
For the year ended December 31, 2020

Nature of operations and summary of significant accounting policies (con t’d)

4. New standards, in terpretations and amend ments that became effe ctive du rin g the year
(c ont’d ):

• Annua l Improvem ents to IFRS Sta ndar ds 2018 –202 0. Makes amendments to the following
st an d ard s :
? IFRS 1 – The am endment permits a subsidiary tha t applies pa ragraph D16 (a) of IFR S 1 to
measure cumula ti ve translati on differences using the amounts reported by its parent,
based on the pa rent’s da te of transition to IF RSs.
? IFRS 9 – The a mendm ent clarifies which fees an entity includes when it a pplies the ‘10
per cent’ test in paragraph B3 .3.6 of IFRS 9 in assessing whether to derecognise a
financial liability. An entity includes only fees paid or received between the entity (the
borrower) and the lender, includi ng fees paid or received by either the entity or the
lender on the other’s behalf.
? IFRS 1 6 – The am endm ent to Illustrative Exa mple 13 accompa nying IFRS 16 removes f rom
the exam ple the illustration of the reimbursement of leasehold improvements by the
lessor i n order to resolve a ny potentia l conf usion rega rding the trea tment of lea se
incentives tha t m ight arise because of how lease incentives are i llustrated in that

ex ample.

IAS 4 1 – The a mendment removes the requirem ent i n paragra ph 22 of IAS 41 for entities to
exclude ta xation cash flow s when measuring the fai r value of a biologica l a sset using a
present value technique.

5. New standards, in terpretations, and amendments not yet effective

C ertain new, revised and amended standards and i nterpretati ons are effective for annua l periods
beginning after Janua ry 1 , 2020 and earlier a pplicati on is perm itted; however, the Credit U nion
has not early a dopted the new standards, interpretations, and a mendm ents in prepari ng these
f inancial statements. The Credit Union ha s assessed the relevanc e of all such new standa rds,
interpretations, a nd a mendments with respect to the Credit Union’s opera tions and has
determined that the following a re likely to have an effect on the fina ncial statements:

• Disclosure of Accounting Policies (Amendments to IAS 1 a nd IFRS Practice Statement 2)
• Definition of Accounting Estimates (Amendments to IAS 8 )

The Credit Uni on is currently assessing the impact of these new accounti ng standards and
a mendments.

6. Summary of significant ac counting policies

a. Cash and c ash e quivalents

Ca sh equivalents include highly liquid investments with insignificant interest rate risk and
original maturities of ninety (90 ) days or less a t the da te of purchase. Investments with
maturities between ninety (9 0) days and one year a t the date of purchase are considered
to be short-term investm ent securities. Short-term i nvestment securities consist primarily
of investment grade commercial paper, bankers’ acceptances, a nd certificates of
deposit.

49 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 12
For the year ended December 31, 2020

6 . Su m mary of sig nifica nt ac cou nting polic ies (c ont’d)
b. Investm ent secu rities

Investm ent securities in w hich the C redit Unio n does no t e xercise sign ifican t influ ence
are a cco unted for by th e cost method. An y im pa irm e nt to the ca rrying value, where
the de clin e of a n investm ent is oth er tha n te mpora ry, i s cha rge d aga inst o pera tio ns.
Investm ent Securiti es in which th e C re dit Unio n exercise s sign ificant inf luence a re
accou nted fo r by th e equ ity me thod.

c . Loan s to m em be rs and allowan ce for im pa irm ent

Loan s to mem bers a re initia lly recogn ised a t am ortized cost using the eff ective ra te
metho d. Subsequ ently loan s are carried a t am ortize d co st le ss a llo wa nce f or impa irm en t.

Interest income and expe nse
Interest i ncome an d expen se are recogni zed in the sta tem e nt o f co mprehe nsive in com e
for a ll instru ments m ea su red at a mo rtized co st u sing the a cc rua l m e th od, ex cept for
held-to- ma turity investm en ts, w hich used the effe ctive interest me thod.

The eff ective interest m etho d is a m etho d o f ca lculating the am orti zed cost of a financial
asset or a finan cial liability and o f alloca tin g the interest in com e or interest e xpense over
the rele va nt period.

The Credit Union reviews its Loa n Portfo lio to a ssess im pairm e nt at lea st annu ally. In
determi nin g whether a n im pa irm ent loss sho uld be recorde d i n th e sta tement o f
com pre he nsive inco m e, Th e Cre dit u nion ma kes ju dg em en ts as to w hethe r the re is
observa ble data i ndica tin g th at th ere is a m ea surable decrease in the estima ted future
cash flow s fro m a portfo lio of lo ans befo re the decrea se ca n be ide ntified with an
individua l loa n i n th e portfo lio .

d. Property and eq uipmen t

Pro pe rty and equ ipment a re state d a t historica l cost or reva lue d am oun t le ss
accumulate d depreciation . Historical cost inclu des e xpe nditure th at is directly
attribu table to the acquisitio n of the ite ms. D epreciati on is calcu lated o n the
stra ight-lin e m ethod a t ra tes estima te d to w rite dow n the cost or valu ation o f such
assets to their residual values over their estim ated useful lives at the follo wing a nnual
ra te s:

B uild in gs - 2%
Furniture a nd Equ ipm ent - 10% - 20%
Compu te r System s - 20%

Land is not depreciated.

Pro pe rty an d equ ipm ent a re periodica lly re view ed for im pairm ent. Wh en th e carrying
am ou nt of an a sset is g rea te r than its esti ma te d re cove rable am ount, it is written down
im media tely to its recove rable am o unt.

Ga ins an d losses on the dispo sal of pro perty and equipm en t are de te rm in ed by
com paring proce eds with carrying amo unt a nd are taken into accoun t in dete rm ining
ope ra tin g profit. Re pairs and re new als are cha rge d to the sta temen t of income during
the fin ancial perio d in which the expenditure is incurred.

Excellence through resilience, dedicated to members success 50

Celebrating 43 years Page 13

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Financial Statements
For the year ended December 31, 2020

6. Summ ary of significant ac counting policies (cont’d )
e. Inv estm ent properties

Investm en t pro perty is property he ld e ithe r to ea rn re ntal inco me or for capital
appre ciatio n or f or both, bu t n ot for sa le in the ordin ary course o f busin e ss, use in the
supply of se rvices or for a dm ini stra tive pu rpose s. In vestm e nt prope rty is in itia lly
me asu red a t co st an d su bse quen tly a t f air va lue, with a ny change there in re cogn ised i n
pro fit or loss within other i ncome.

An y ga in o r loss on di spo sal o f an inve stm ent pro perty (ca lcu late d as th e diffe ren ce
betwe en the ne t pro ceeds fro m disposa l an d th e carrying am ou n t of th e ite m) is
re cogn ise d in prof it or loss.

W he n th e use of a property ch an ges su ch tha t it is recla ssifi ed a s pro perty a nd
equipme nt, its fair va lu e at th e date of recla ssification become s its co st for su bse qu en t
ac c o un tin g.

f . O th er payables

Othe r paya ble s a re stated at th ei r no m ina l va lu es.

g. Borrowin gs

Borro wings are re cog nize d initially at fa ir valu e, n et of tra nsactio n co st incurred.
Borro wings are subseque n tly state d at am ortiz ed cost a nd an y di ffe re nce be twe en the
ne t proc ee ds a n d th e rede mptio n va lue is recognised in the stateme n t o f com pre h en sive
incom e o ver th e period of the borrowin gs u sing the e ffe ctive interest m e tho d.

h . Inv entories

Inventories a re valu ed at th e lo w er of co st an d n et re alisable va lue . In ge ne ra l,
cost is determin ed o n a first in, f irst ou t ba sis. In de term ini ng ne t re alisa ble value, due
allowa nce is m ade for th e co st of rea liza tion, slow mo vin g and o bso le te inventories.

i . Fin ancial ass ets

Th e Ban k cla ssifie s its f ina ncia l a sse ts in th e categorie s be lo w, depe n din g on the purpose
fo r w hich the asset wa s acquire d. Ma na gem e nt determi ne s the cla ssif ica tion o f its
investm ents at initia l reco gnitio n.

i) Amortised cost

Th ese a sse ts in corpo ra te fin an cial a ssets w he re th e objective is to ho ld th ese
a ssets in order to col lect con tractua l ca sh flo w s a nd th e co ntra ctu al cash flows
a re solely pa yments o f prin cipal and i nte rest. Th ey are initi ally re cognised at fair
va lue plus tran saction co sts tha t are directly a ttributable to the ir a cqu isiti on o r
issue , an d a re subsequ en tly ca rried at am o rti se d co st u sing th e effective inte re st
rate m e thod, less provisio n for im pa irm ent.

Inte re st o n inte re st-be aring lo an s are in cluded in th e sta te m en t o f incom e and is
repo rted as "intere st in com e ". I n the ca se o f im pairm en t, th e impa irm ent loss is
repo rted a s a dedu ctio n fro m the carryin g val ue o f lo an a nd receivable s a nd
reco gnised in the sta tem e nt of incom e .

51 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 14
For the year ended December 31, 2020

6. Su mmary of significant accou ntin g policie s (c on t’d)

i. Financial assets (con t’d )

ii) Fair value through profit or loss

This category com prises in-the-m oney derivati ves and out-of-money derivatives
where the time value off sets the nega tive intrinsic value. T hey a re ca rried in the
sta tem ent of financial position at fair va lue w ith changes in f air value recognised
in the statement of comprehensive incom e in the finance income or expense line.

The Bank does not ha ve any a ssets held for trading nor does it volunta ri ly classify
any financial assets as bei ng a t fair va lue through prof it or loss.

iii) Fair value through othe r comprehen sive income

The Bank has a number of strategic investm ents in listed and unlisted entities
which are not accounted for as subsidia ries, associates or jointly controlled
entities. F or those investments, the Bank has made a n irrevocable election to
cla ssify the investments at fair value through other com prehensive incom e rather
tha n through profit or loss as the Bank considers this m ea surem ent to be the
m ost representa tiv e of the business m odel for these assets. T hey a re ca rried a t
fa ir value w ith cha ng es i n f air va lue recognised in other comprehensive income
and accumula ted in the equity section. Upon disposal a ny balance within
accumula ted other com prehensive incom e reserve is reclassified directly to
retained earnings and is not reclassifi ed to profit or loss.

Dividends are recognised i n prof it or loss, unless the dividend clearly represents a
recovery of part of the cost of the investm ent, in which case the full or partia l
am ount of the divi dend is recorded a ga inst the as sociated investments carrying
am ount.

The Bank ha s debt securities whose objective is achieved by both holding these
securities in order to collect contractual cash flows and having the intention to
sell the debt securi ties before m aturity. T he contractua l terms of the debt
securities give rise to cash flows tha t are solely paym ents of principa l a nd
interest on the principal amount outsta nding. Upon disposal any balance within
fa ir va lue through other comprehensive income reserve is reclassified directly t o
profit or loss.

Purcha ses and sales of financi al assets measured a t fa ir value through other
comprehensive incom e a re recognised on settlement date with any change in fa ir
val ue between tra de date and settlement date being recognised in the
accumula ted other comprehensive incom e reserv e.

Excellence through resilience, dedicated to members success 52

Celebrating 43 years

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED Page 17
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 signific ant a ccounting policies (cont’d)

6. Su m mary of signi fica nt accou ntin g policie s (c ont’ d)

i. Fin anci al ass ets (c ont’d)

(v) Impairment of othe r financia l assets

Investmen t secu rities a nd Ca sh an d cas h equivalents

Th e Credit Un ion ’s cash at ban k an d in vestme n t secu ritie s a re deposi ts place d with
reputa ble institu tio ns an d countri es wh ere there h as been n o sign ifica nt defa u lt.
Th e C re dit Un ion the refo re conside rs th e risk of def au lt to be low. The E CLs o n
the se ins trum en ts w ere theref ore determ in ed to be ze ro.

R ec eiv ab le s and
prep ay m ents

Th e Credit Union’s re ceiva bles an d pre paym ents a re mo stly sh ort-term w ith m in im al
exposure to risk. The E C Ls on the se instrum e nts we re asse ssed o n an individua l
basis.

(vi) Write offs

Th e gross carryin g a mo un t of a fina ncia l asset is written off to th e exte nt th at the re
is n o re alistic pro spect o f reco very . This is g en e ra lly wh en the Credit Un io n
de term ines that th e bo rro we r doe s n ot h ave asse ts o r re so urce s of i nco me tha t
w ould ge nera te suff icien t cash flo ws to re pa y the a mo un t su bject to th e w rite -off.
However, the f ina n cial a sse ts co uld still be su bje ct to enfo rce m en t a ctivitie s in

order to comply wi th th e C redit Union ’s proce dures.

(vii) Derecognition of financial assets

The C redit Unio n dereco gnises a f ina ncia l asset o nly w hen the co ntra ctual rights to
the cash flo ws fro m th e a sse t expire, or wh en it tra nsfers th e fin an cial asset a nd
substan tia lly al l th e risks a nd rew a rds of o wn e rship o f th e a sse t to a no the r entity. If
the Credit U nio n n eith e r tran sfers n or re ta ins substa n tia lly al l th e risk s a nd re w ards

of ow ne rshi p a n d co ntinue s to control th e tra nsfe rred a sse t, the C redit Un ion
reco gnise s its retained inte rest in the a sset and an a ssociated l iability for amo unts it
m ay h ave to pay. If the C re dit U nio n re ta ins substan tially all the risk s an d re w ards
of ow ne rsh ip o f a tra ns f erred fin an cial asset, th e C redit Union con tinu e s to
reco gnise the fina n ci al a s set a nd a lso reco gnise s a colla te ra lised borro win g for the
pro ce eds re ceive d.

O n dere cognition of a fin a ncial as set m e asured at a mo rtised co st, th e diff erence
be tw een th e a ss et’s carrying am ou nt a nd th e sum of the conside ratio n rece ived an d
rece ivable is reco gnise d in profit or lo ss.

55 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 18
For the year ended December 31, 2020

Natu re of ope ration s a nd summ ary of si gnific ant accounting policies (cont’d)

6. Su m ma ry of significa nt accou ntin g policie s (c ont’ d)

j. Divid ends income

Dividend in come is re cog ni sed whe n the right to rece ive incom e is establish ed. D ividends
are presen te d in net trading inco me , net i ncome from o ther finan cial in strum ents at f air
va lue th ro ug h prof it or loss or o th er reven ue based on the underlying cla ssif ica tion of the
equi ty investme nt.

k. Divid end distributions

Dividen d distributions to the Cre dit Un ion ’s m em be rs a re re cognised a s a li ability in the
Cre dit Un ion’s f ina ncia l statem e nts in the pe rio d in w hich th e dividen ds are appro ved by
the m e mbers.

l. Fina ncia l liab ilities

W hen financial liabilities are recognised, they are m easured at fair value o f the
co nside ra tio n given plus transactions co sts directly a ttributabl e to the a cquisiti on o f the
liability. F inancial lia bil ities a re re -m ea sured at am ortised co st.

Finan ci al liabilities are derecogn ized wh en they are extin guish ed, that is w hen the
obliga tion speci fied i n the co ntra ct i s disch a rged, ca nce lle d, o r ex pired. The diffe re nce
be tw een th e ca rrying am oun t o f a finan cial lia bili ty extingu ished a nd the consideration
price is reco gnise d in the statem en t o f comprehe nsive incom e.

Trade and oth er payable s a nd long -term lo ans a re m ea su re d a t a m ortised cost.

Du ri ng the o rdina ry co urse of bu siness, the C redit Uni on issue s deposit contracts th at
expose the C re dit Union to fin a ncial risk. D epo sits are recognised in iti ally at fa ir value
an d a re subse que ntly sta te d at a mo rtised cost using the e ffective in te re st m ethod.

m. Share capi ta l an d reserv e

Sh are ca pital is de te rm in ed using th e nomi na l va lu e o f perma nent sha res t hat ha ve be en
i ss u ed .

Reva lua tio n reserve is the gain/loss ca rried on th e reval ua tion o f prope rty (o th er th a n
investm ent property).

Distributio n surplus – all other ne t g ain s and losses an d tra nsa ctio ns with o w ne rs n ot
recognised else whe re.

Excellence through resilience, dedicated to members success 56

Celebrating 43 years

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED Page 19
Notes to the Financial Statements
For the year ended December 31, 2020

Natu re of ope rat ion s a nd sum m ary of si gnific ant a ccounting polici es (cont’d)

6. Su m ma ry of signi fica nt accou ntin g policie s (c ont’ d)

n. Foreign currenc ies

The se fina ncial st ate me nts are expre sse d in E astern C aribbea n do lla rs, the C re dit Unio n’s
functio na l
cu rren cy.

Assets an d liabilities den om ina ted in foreign curre ncie s a re tran slat ed into Ea stern
Caribbe an C urre ncy a t th e ra te s of e xchan ge pre va iling a t th e re por tin g date.
Tran sactio ns arisin g du rin g the year in vo lving foreign curre ncies a re conve rted at th e
rates o f ex ch an ge pre va iling o n the dat es th e tran sa ctio ns o ccu r. Exch ang e gains or
losses a rising on se ttlem e nt o r co n versio n o f fo re ign cu rren cy de no m inate d bala nce s are
re cogni ze d in th e co m pre he nsive in com e .

o. Financial ins trum ents

The Cr edit Union recognises a f ina ncial a sse t o r f inancial liability o n its state m ent of
fina ncial po sition us ing t he se ttle me nt date me tho d. Acco rdingly, a fina ncia l asset
or a f ina ncial lia bility is recogn is ed on th e da te o f rece ipt o r de live ry to o r by th e
Cre dit Un ion . An y g ain s o r lo sse s a rising fro m price, in terest ra te , or curre ncy cha nges
be tw ee n t he trade dates, t he date th e Cr edit Unio n comm its to th e pu rch ase o r sa le of
an asset an d th e statem e nt of fina ncial posit ion da te are re covere d in curre nt o peratio ns.

The Cre dit Un ion’s fin ancia l ins tru me nts a re carrie d a t fair valu e . F air valu e is the
am ou nt f or wh ich an a ss et cou ld be e xcha ng e d, o r a li ability set tled betwe e n
kno wledgeable, wil ling pa rties in an arm ’s length tra nsaction. W here a n active m arket
exist s, ma rk et price is u sed a s t he best e viden ce of th e fa ir valu e o f a f in an cial

instrum ent. W here no m arket price is ava ilable, the fair va lues presented have been
estim ate d u si ng pres ent valu e or ot her est ima tio n a nd va lua tio n te chn iques ba sed on
ma rke t con dit io ns e xistin g at t h e re po rtin g date . Th e valu es derive d fro m app lyin g th ese
te chn iqu es a re sign ifica ntly af fecte d by th e unde rlyi ng a ssu mptio ns u sed co n ce rn ing bo th
th e am ou n ts an d tim in g o f fut ure ca sh flo ws a nd th e di sco un t r ate s. Th e f oll owi ng
me th ods an d assum ptio n s ha ve be e n u se d: -

• Th e f air val ue of liqu id a sse ts an d o th er a sse ts m atu rin g within o ne ye ar is a ss ume d
to a pproxim ate th eir carryin g am ou n t. Th is assu m ption is a pplie d to li qu id ass ets an d
the sho rt-te rm el em ents o f al l other fina ncia l assets a nd fi na ncia l liabilities;

• Th e fa ir va lu e o f variable- rate fin an cial in stru m en ts is assum e d to a pproxim at e th eir
carrying a mo unts.

Fin an cia l a sse ts an d fin an cial liabilitie s m e asured a t fair val ue in the Sta tem e nt of
Fin an ci al Po sitio n a re g ro upe d in to three levels of a fa ir value hie ra rch y. The thre e
leve ls are de fin e d ba s ed on the o bse rva bility o f sign ifican t in puts to th e me as u re m en t, a s
follows: -
• Leve l 1: qu o te d prices (u n adju ste d) in active m arke ts fo r iden ti cal assets o r liabilit ies
• Level 2 : input s o ther t ha n quo ted prices included within Level 1 tha t a re observa bl e

for th e ass et or liability, e ith er dire ctly o r in dire ctly
• Leve l 3: un obse rvable i npu ts fo r the asse t o r lia bilit y

The C redit U nio n’s financia l asset s and financial liabilities a s disclosed i n the sta tement
of fina ncia l po sitio n a ppr ox ima te the ir f air va lu e a nd a re classifie d as Le vel 3 .

57 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 20
For the year ended December 31, 2020

Nature of operations and summ ary of signif icant accounting pol icies (con t’d)

6. Summary of significa nt accounting policies (cont’d)

p. Im pai rmen t losses on loans

Impairm en t of assets carried at fa ir v alue
The Credit Union dete rm ine s that a vaila ble -for-sa le an d he ld fo r tra ding equity
investm en ts are im pa ire d whe n th ere has be en a sign ifica nt o r pro longed declin e in the
fa ir valu e belo w its cost. This determ ina tion of what is significant or prolong ed
requires judge m ent. In m akin g this judgem ent the credit Union eva lua tes other f acto rs
the no rm al vo latility in sh are price. In additi on, Impairme nt m ay be a ppropria te wh en
the re is evi den ce o f deteriora tion in the finan cial he alth of the inve ste e, industry
an d secto r performa nce , chan ges in tech nology a nd operati onal a nd fin ancing ca sh
flo ws.

q . Pen sion expense

Pensio n contributions attribu ta ble to services ren de re d, during the pe riod, by em ployees
are expensed i n th e sam e period. Pe nsion contributions a ttributable to pa st servi ces
rendered by em plo yee s a re systematically expensed o n a straight- line ba sis over th e
averag e period un til the benefits be com e vested.

r. Fees a nd other in come

Fe es an d other in come are gene ra lly re cogn ised on an accrua l basis wh en th e se rvice h as
been provi ded.

s. Impa irment of n on-finan cia l assets

Assets tha t hav e a n in def inite use fu l lif e a re n ot su bject to am ortisa tion an d are te ste d
an nu a lly for im pairm ent. Asse ts that a re subject to a mortisation are revie wed for
im pa irm en t wh ene ver e vents or change s in circum sta nce s indicate that th e carrying
am ou nt m ay no t be reco verable . An impa irm ent loss i s recognise d in the Sta te m en t o f
Comprehe nsive In come for the a m ount by wh ich the asset’s carrying am ou nt ex cee ds its
recovera ble a mo unt. The reco verable am o unt is th e high er of a n asset’s fair va lue less
costs to sell a nd its va lue in use.

t. Provisions

A provision is recognized if, a s a result of a past event, the Credit U nion h as a present
leg al or constru ctive obliga tio n tha t ca n be estima ted relia bly , a nd it is pro ba ble that an
ou tflow of e conom ic be nefits w ill be requ ire d to se ttle th e o bligation . Provisio ns a re
determi ned by discoun ti ng the e xpected fu ture ca sh f low s at a pre-tax ra te tha t refle cts

curren t m arke t asse ssm ents of the time value of m oney a n d the risks spe cifi c to th e
lia bility. Th e unw in ding of th e discount is reco gnize d a s fina nce cost.

7. Ca sh and c ash equivalen ts 22020 2019
$ $
Cash on hand
Current accounts 398,324 490,715
Deposits and special savings 32,3321,924 233,327,915
22,047,361
1, 705 ,032 255,865,991

34,425,2880

The Credit Union’s cash resources and balances with other banks are denominated in Eastern
Caribbean currency.

Excellence through resilience, dedicated to members success 58

Celebrating 43 years Page 21

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED 2020 2019
Notes to the Financial Statements $ $
For the year ended December 31, 2020
500,000 -
8. Investment securities 623,000 623,000
939,000 939,000
The Credit Union holds the follo wing financial investment: 483,436 479,380

(i) Debt securities at amortised cost 435,021 424,411
(a) Treasury bills 2,980,457 2,465,791
Go vernment of Antigua - 545-day treasury bills
Go vernment of Antigua - 365-day treasury bills 28,134 30,188
Go vernment of Antigua - 180-day treasury bills 250,002 321,430
Go vernment of St. Lucia - 365-day treasury bills 500,000
Go vernment of St. Vincent and the Grenadines - 365-day treasury - 500,000
bil ls -
1,000,000 -
(b) Bonds
Government of St. Kitts and Nevis - 20 -year bond 1,278,136 1,351,618
Government of St. Vincent and the Grena dines - 7-yea r
bond Government of St. Vincent and the Grenadines - 3-
year bond Governm ent of Antigua – 1.5 year fixed income
pape r Government of St. Vincent and the Grenadines – 3-
year bond

(c) Term deposits 501 501
St. Vincent Co-operative League - CFF deposit
St. Vincent Co-operative League - Term deposits 486,626 481,812
Bank of St. Vincent and the Grenadin es 20,444 20,142
General Employe es Co-operative Credit
Union Kingstown Co-operative Credit Union 261,844 241,039
St. Vincent Building and Loan Association 100,000 100,000
Eastern Caribbean Home Mortgage Bank 412,033 400,000
St. Vincent Sma ll and Micro -Finance Co-operative Limited 500,000 500,000
(COMFI) Colonial Life Insurance Company Limited (CLICO) 606,750 606,750
British Ame rican Insurance Company (BAICO) 468,805 468,805
370,956 370,956
Total debt se curities at amortised cost
Interest receivable 3,227,959 3,190,005
Expected credit loss
7,486,552 7,007,414
66,440 41,085

(1,525,589) (1,520,454)

6,027,403 5,528,045

The effe ctive yield o n de bt securities at re porting date was 2 .7% (2019: 2.3%).

As of reporting date , th e maturity distribu tio n of debt securities was as follows: 2 02 0 2 01 9
$ $
On e year
From 1 to 5 years 4,161,905 4,621,471
Over 5 years 1,850,002 909,244
1,474,645
1,476,699
7,486,552
7,007,414

British Am erican Insuran ce Company Lim ite d (BAICO) and Colonial Life In surance Limited (CLICO)

have defaulted on th eir an nuity policies and are under judicial managem ent. The Credit
Union’s investm ents in BAICO an d CLICO are considered to be fully impaired.

59 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 22
For the year ended December 31, 2020

8. Investment securities (cont’d) 2020 2019
$ $
(ii) Equity securities at fair value
(a) Designated as fair value through profit or loss 30,375 30,375
4,500 shares in Bank of St. Vincent and the Grena dines
10,000 shares in First Caribbean International Bank 20,000 38,610
(Barbados) Limited 50,375 68,985

(b) Designated as fair value through other comprehensive incom e 557,478
111,496 shares in St. Vincent and the Grenadines Co - 554,880
operative League 557,478
554,880 25,000
3,468 shares in East Caribbean Home Mortgage Bank
25,000
2,500 shares in East Caribbean Stock Exchange Ltd.
702,132 702,132
St. Vincent a nd the Grenadines Small and Micro-Finance 1,839,490 1,839,490
Co-operative Limited (COMFI)
(702,132) (702,132)
Total equity securities at fair va lue through other 1,137,358 1,137,358
comprehensive inco me

Allowance for impairment

Total investments at fair value 1,187,733 1,206,343

Fair value gain of nil (2019: nil) has been recognised in appreciation in securities at fair value
through other comprehensive income.

Excellence through resilience, dedicated to members success 60

Celebrating 43 years

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED Page 23
Notes to the Financial Statements Page 23
For the year ended December 31, 2020

9. Loans to members

Mortgage loans 220020 20199
Personal loans $ $$
Student loans
Commercial loans 5599,,235,,339988 5577,,334499,8,85588
2266,,540,,330011 2288,,779944,2,20088
Interest receivable 22,,996644,7,70022
22,,8833,330055
Allowance for loan losses 22,,1192,333377 11,,665500,7,70033

900,,880011,3,34411 9900,,775599,4,47711

332255,,667799 337722,4,44433

911,,112277,,002200 9911,,113311,9,91144

(33,,770055,3,30011) ) ((33,,551199,2,2770)0)

877,,442211,7,71199 8877,,661122,6,6444

As of reporting date, the Credit Union has assigned mortgages having a nominal value of
$8,266,310 (2019: $8,699,034) to the Bank of St. Vincent and the Grenadines and Eastern
Caribbean Home Mortgag e Bank Li mited (“the purchasers”). The agreement provides that the
Credit Union indemnify the purchasers from any default arisi ng from the assignments.

The effective interest yield during the year on loans to members was 7.9% (2019: 9.05%).

Loan loss an alysis

Loans to members are summarised as follows: 20220020 2021091 9
$$ $ $
Neither past due nor impaired 884,46,4694,97,87686 86,8266,42,6846,7867
Past due but not impaired 292,90,30939 6,767,677 6
Im p aire d
Gross 6,61,2122,25,15616 4,448,74,8872,8828
Interest receivable 909,038,20385120,,516374,,63917419 90,9705,97,5497,147 1
Less: allowance for impairment 3723,7424,344 3
(3(,37,0750,530,310) 1) (3,(531,95,1297,02)70)
878,74,2412,171,7919 87,8671,26,1624,4644

Allowance for loan loss

Balance, beginning of year 22002200 2021091 9
$$ $$
Increase in allowance for loan loss
Bad debts written off 3,,551199,,227700 3,33,7327,200,0202
Balance, end of year 225599,,116611 14174,72,62868
((7733,,113311)) --

3,,770055,,330000 3,35,1591,927,2070

61 Excellence through resilience, dedicated to members success

Celebrating 43 years

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED Page 24
Notes to the Financial Statements
For the year ended December 31, 2020

10. In ventori es

2022002 0 20129019
$$ $$

La nds held for sal e 4,49,5945,460,6202 5,05,70,85479,84 9
Supplies o utlet merchandise
71781,837,3474 6656,26558,25 8

5,56,7627,29,79676 5,752,37,12037,10 7

In ven tori es am ou n tin g to $1 ,41 4,35 4 (2 019 : $ 1,0 51,9 17 ) were cha rge d to prof it an d loss fo r
the year .

11. Other assets 22020020 20129019
$$ $$
A ccoun ts rece ivable
Rent r eceivable 49409,06,8608 0 2872,88074,804
Le ss: allowa nce f or do u btful de bts 18118,13,7387 8 1901,89906,896
Pre paym en ts 67627,20,5085 8 4784,7080,700
(5(95,92,0230)3 ) (62(,36920,)39 0)

61621,28,58555 4164,31160,310
606,01,61060 40,24500,250
4564,560,560
67637,30,1051 5

12. Inv estm en t prope rties K ingstown K in g sto w n Bequi a Total
property propert y property
Year en ded December 31 , 20 19 ( Uptown) $
C arrying va lue , beginn ing o f ye ar $ (Downtown) $
A pprecia tio n (de cline) in value $ 9 ,00 1,0 00
C arrying va lue , e nd o f ye ar 3 ,35 1,0 00 1 20 ,000 -
- 5 ,530 ,00 0 -
- 9 ,00 1,0 00
3 ,35 1,0 00 1 20 ,000
5 ,530 ,00 0

Year en ded December 31 , 20 20 3 ,35 1,0 00 5 ,530 ,00 0 1 20 ,000 9 ,00 1,0 00
C arrying va lue , beginn ing o f ye ar 14 9,0 13 - - 14 9,0 13
A dditions
C arrying va lue , e nd o f ye ar 3 ,50 0,0 13 5 ,530 ,00 0 1 20 ,000 9 ,15 0,0 13

A s o f reporti ng date, in ve stm en t pro pe rties com prise : 22002200 20201199
$$ $$
Pro pertie s h eld under ope rating le as es
Pro pertie s h eld for develo pme n t 99,,003300,01133 8,88811,,000000
11220,00000 12200,,000000

99,,115500,0,0131 3 99,,000011,,000000

A mo unts reco gnised in profit and l oss for investm ent c om prise: 202 0 2019
$ $
Renta l inco m e
D ire ct operating e xpen ses o n properties th a t ge nerat ed incom e 38 3,46 4 6 23 ,78 0
1 0,46 7 9 ,93 1

Excellence through resilience, dedicated to members success 62

Celebrating 43 years Page 25

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Financial Statements
For the year ended December 31, 2020

13. Property and equipment Land Buildings Furniture a nd Computer Construction Total
$ $ Equipment systems in progress $
Cost or valuation $ $ $
Balance at January 1, 2019 2,364,930
Additions - 4,419,357 1,405,964 427,155 10,620 8,628,026
Balance at December 31, 2019 - 19,264 37,763 - 57,027
2,364,930
4,419,357 1,425,228 464,918 10,620 8,685,053

Balance at January 1, 2020 2,364,930 4,419,357 1,425,228 464,918 10,620 8,685,053
Additions - - 31,777 33,505 - 65,282
Balance at December 31, 2020
2,364,930 4,419,357 1,457,005 498,423 10,620 8,750,335

Accumulated depreciation -- 853,854 240,473 - 1,094,327
Balance at January 1, 2019 - 167,249 125,849 66,716 - 359,814
Charge for year
- 167,249 979,703 307,189 - 1,454,141
Balance at December 31, 2019

Balance at January 1, 2020 - 167,249 979,703 307,189 - 1,454,141
Charge for year - 253,008
- 88,392 109,158 55,458
Balance at December 31, 2020 - 1,707,149
- 255,641 1,088,861 362,647

Net book values 2,364,930 4,419,357 552,110 186,682 10,620 7,533,699
Beginning of year - January 1, 2019 2,364,930 4,252,108 445,525 157,729 10,620 7,230,912
End of year - December 31, 2019 2,364,930 4,163,716 368,144 135,776 10,620 7,043,186

End of year - December 31, 2020

63 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 26
For the year ended December 31, 2020

14. Accounts payable and accrued liabilities 2020 2019
$ $
Accounts payables
Payable to deceased members 433,720 508,917
Security deposits – land at Cedars 600,084 318,338
Accrued liabilities 134,947
Rental deposits 143,654 456,658
472,365
15. Savings and other deposits 78,844
90,316
Ordinary saving accounts 1,740,139 1,497,704
Christmas savings
accounts Junior savers 2020 2019
accounts $ $
Staff gratuity
Members share deposits 35,227,113 29,717,610
Retirement savings plan 174,409 153,272
Adolescence savings plan 876,917
1,009,623 475,295
The effective interest rates on ordinary savings are as follows: 556,836
49,220,852
Ordinary saving accounts 51,316,198 9,403,971
Christmas savings accounts 10,319,744 626,411
Junior savers accounts
Staff gratuity 814,764 90,474,328
Members share deposits
Retirement savings plan 99,418,687
Adolescence savings plan
2020 2019
% %

2.50 2.50
2.50 2.50
4.50 4.50
2.50 2.50

1.50 1.50
4.00 4.00

5.00 5.00

Excellence through resilience, dedicated to members success 64

Celebrating 43 years

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UN ION LIMITED Page 27
Notes to the Financial Statements
20210$91$9
For the year ended December 31, 2020 2222,,337755,,44699

16. Fixed deposits 2200220$0$ 444455,,8820
Fi xed deposits 22,,111144,,331177 2222,,882211,,22899

Interest payable on fix ed deposits 444455,,111199

22,,555599,,443366

The effective interest rate on fixed deposits is 2.5% (20 19: 2.8%).
Fi xed deposits are denomi nated in Eastern Caribbean Currency.

17. Borrowings 2200202$0$ 22010$91$9
2,29,2982,80,20121 3,34,1411,158,5787
Bank of St. Vincent and the Grenadines 3,30,4094,96,26020 4,48,5845,472,7323
Eastern Caribbean Home Mortgage Bank 5,59,7977,76,46141 8,82,6266,631,3010

As disclosed in Note 9, the obligations in relation to these borrowi ngs are secured by the
assignment of ba sket of mortgages. The obligation is repayable on the basis of the repayment
terms of the respecti ve mortgages less an administrative fee.

18. Share capital 2020 202 0 20 19 20 19
No. of shares $
$ No. of shares

Qualifying shares

Authorised number of shares of $5 par value U nlimited Un limite d

Issued and fully paid 72 0,2 74 3,601 ,37 0 68 6,4 71 3,4 32,3 55
Balance, beg inning of year 3 3,52 9 16 7,64 5 3 6,3 38 181,6 90
Issued during the year - - (2,5 35) (12, 675)
Repurchased during the year
75 3,8 03 3,76 9,0 15 72 0,274 3, 601 ,37 0
Balance, end of year

Equity shares U nlimited Un limite d
Authorised number of shares of $5 par value

Issued and fully paid 1,18 8,7 96 5,943 ,98 0 1,823,396 9,116,980
Balance, beg inning of year 20 7,8 86 1,039 ,43 0
Issued during the year - 12 4,2 36 621 ,180
Transfer to liability - -
Repurchased during the year - (300,000) (1,500,000)
1,39 6,6 82
Balance, end of year 6,98 3,4 10 (458 ,83 6) (2,2 94,1 80)

1 ,18 8,7 96 5,943,980

Tota l share ca pital 2,150,485 10,752,425 1 ,90 9,0 70 9,545,350

65 Excellence through resilience, dedicated to members success

Celebrating 43 years

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED Page 28
Notes to the Financial Statements
For the year ended December 31, 2020

18. Sh are capital (c on t’d)

This consists of perma nent shares which represents a mem ber’s ow nership of, or equity in the
C redit Union. This a mount cannot be withdrawn while the person remains a member. Each
mem ber is entitled to one vote a nd any dividend duly decla red.

19. Statutory reserve 20220020 2012901 9
$$ $$
Balance, beg inning of year
Entra nce fees 4,40,1021,25,6506 0 4,041,00,10035,035
Transfer f rom retained earnings -- 2,525,52 5
Balance, end of year
34384,288,278 7 --

4,43,6306,084,874 7 4,041,20,51620,560

Pursua nt to the provisi ons of A rtic le XIX (1 ) of the By-La ws and Part VII section 124 of the C o-
opera tives Societies Act 20 12 , the C redit Union shall credit all entrance fees and fines collected

from m embers to the sta tutory reserv e. If at the end of eac h financial y ea r the am ounts
sta nding to sta tutory reserve and other institutional ca pital, before any decla ration of dividend,
is less than ten percent of total assets, the C redit U ni on sha ll transfer to statutory reserves to
ten percent of tota l assets.

20. Statutory de velopment fun d

22002200 2021091 9
$$ $$

Balance, beg inning of year 11122,2,52858 14124,225,82 58

Transfer f rom retained earnings 202,00,00000 --

Payment from f unds (3(30,00,0000)0) (30(3,000,000 )

Balance, end of year 10 2,25 8 ) 112,258
102,258 112,258

In ac corda nce w ith Article 1 25 of the Co-operative Societies Act 20 12 , the Credit U nion sha ll
mainta in, from annua l appropriations not exceeding ten percent of net profits, a development
fund, w hich shall be a dm inistered by the St. Vincent and the Grena di nes C o-operative L eag ue
Ltd. for the developm ent of registered societies.

Excellence through resilience, dedicated to members success 66

Celebrating 43 years Page 29

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Financial Statements
For the year ended December 31, 2020

21. Death benefit fund 4444313122020,,,22935,,00293352323093$0030$ 4423422922,,,7369202926,,10557609$621559$
44 2,9 23 432,390
Balance, beg inning of year
Transfer from excess of contribution over benefits paid
Balance, end of year

Each member is required to make an annual contribution thereto of $25.

Gain on death benefit

Contributions received 20220020 2200119
Benefits paid $$ $

Transfer to death benefit fund 245,620485,608 2182,1882,9829
(192,(914912),941 ) (17(01,7000,40)04)

52,66572,667 48,4882,5825
(10,5(3130), 533 ) (9,7(96,57)65)

42,13442,134 39,3096,0060

22. Other reserves

Specia l Education Enterprise Disaster Total
reserve fund
reserve fund $ $
$ $$
28 5,95 2 247,781 544,714
Balance at Decembe r 31, 2018 10,072 909 (2,700) (2,700)
Payments from fund - - -
28 5,95 2 245,081 542,014
Balance at Decembe r 31, 2019 10,072 909 20,000 40,000
Transfer from retained earnings - 2 0,0 00 -
Balance at Decembe r 31, 2020 28 5,95 2 3 0,0 72 265,081 582,014
909

Other reserves are used to assist needy members with severe illness, education, natural disasters,
and other emergencies.

67 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 30
For the year ended December 31, 2020

23. Accumulated other comprehensive inc ome RReevvaaluluaatitoionn UnUrneraeliazliezded ToTtaolt al
susruprlpulsusonon gagianinonon
Balance at January 1, 2019 pprorpoepretrietise s ses ecucruitrietiseasta t
Appreciation in va lue of investment s ecurities FVFOVCOIC I
Balance at December 31, 2019 $$ $ $ $ $
Appreciation in va lue of investment s ecurities
Balance at December 31, 2020 2,26,8608,03,1351 5 13,14382,-482- 2,629,36,9739,7797
- - 13,14382,-482- --
13,14382,482
2,26,8608,03,1351 5 2,629,36,9739,77-97-
- - 2,629,36,9739,7797

2,26,8608,03,1351 5

24. Interest inco me 2020 201 9
$ $
Mortgage loa ns
Personal loans 4, 612, 096 4,656 ,43 5
Student loa ns 2, 069, 180 2,091 ,70 6
C om me rcia l
lo an s 168, 894 18 1,63 1
Incom e from loans to m em bers 204, 354 15 8,99 9
Incom e from in vestm ent securities
Balance, end of year 7, 054, 524 7,088 ,77 1
197, 088 19 8,13 4

7 ,25 1,6 12 7,2 86 ,905

25. Interest expense 2020 201 9
$ $
Ordina ry saving accounts
C hristm as sa vings accounts 704, 766 55 8,14 2
Junior savers accounts 4, 196 3,93 2
Members sha re deposits
Reti rement saving s pla n 20, 478 19 ,18 3
A dolescence sa vings pla n 702, 593 64 5,69 8
Interest on m embers deposits 377, 083 33 7,22 6
Interest on fixed deposits
30, 058 25 ,02 6

1, 839, 174 1,589 ,20 7
650, 799 59 9,98 3

2 ,48 9,9 73 2,1 89 ,190

Excellence through resilience, dedicated to members success 68

Celebrating 43 years Page 31

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED 2021091 9
Notes to the Financial Statements $$
For the year ended December 31, 2020
22212,912,9626
26. Administrative and commission income 18178,470,4909

Administrative fee income 22002200 --
Commission income $$ 40490,393,3535

Fair value loss on investment securities 119922,,004477
118822,,770000
((1188,,661100) )
335566,,113377

27. Selling expenses 2022020 2201091 9
$$ $$
Advertising and promotions 2362,3366,536 5
Bad debts expense 2172,81878,8 88 522091,,,2561490290,,0131692
(recovered) Sponsorship and (314,293,,3761(80639)03,,633683 ) 1
donations Bursary 29,94120,7 00 3
Scholarship 306,82239,9 10
33,2118,940 0
306,823 370,73638,18 9

370,768

69 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 32
For the year ended December 31, 2020
28. General and administrative expenses

The following summaries administrative expenses on a functional basis:

Allowance for loss on investment securities 2020 2019
ATM expense $ $
Audit fee
Bank charges 5,1 35 96 ,18 0
27,4 28 16 ,07 5
Consultancy expense 35,0 03 37 ,70 0
Depreciation 45,2 88 50 ,77 4
Education and training 45,3 19 60 ,84 0
Electricity 23 8,5 28 344 ,215
Grenadines expense 12 ,11 7
Insurance – CUNA 951 160 ,651
Insurance – general 14 1,6 10 72 ,31 6
League dues 307 ,273
License and property tax 66,8 38 103 ,865
Meeting expense 38 4,0 00 52 ,00 0
Microstart expense 12 ,73 6
84,9 96 243 ,019
OECS summit 54,0 00
Office expense 310
Other operating expense 9,3 51 38 ,39 7
Postage 20 1,9 90 37 ,16 9
Printing and stationery 85 ,38 0
Repairs and maintenance -
Security - 829
Telephone, cable, and fax 23,0 72 124 ,125
Water and sewerage 53,5 25 108 ,072
1,2 36 213 ,339
74,5 05 145 ,133
11 0,1 02
19 3,0 00 7 ,292
14 6,6 30
12,5 34 2,329,807

1,955,041

Excellence through resilience, dedicated to members success 70

Celebrating 43 years Page 33

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Financial Statements
For the year ended December 31, 2020

29. Staff costs 22002200 2021091 9
$$ $$
Salaries, wages, and
bonus Education and 11,,442211,6,62323 1,15,6546,243,2636
training Gratuity 2244,5,51414 373,472,242 2
Medical insurance 8800,3,30505 757,157,817 8
National Insurance Services 3388,6,69797 313,318,238 2
Pension 7700,1,17070 717,910,290 2
Travel and subsistence 9933,1,16262 909,201,321 3
Uniforms
11,,81818148140110,11,,930,,,049039402194421 1,191,92911192,,731129,,3073-2930-
Supplies outlet (Note 30)
Salaries, wages, and bonuses 115566,2,23333 18128,720,7707
Medical insurance 5665,,729,,274468894498 57,,73857940,,673429442
National Insurance Services
Meals and entertainment 169,199868 196,64980 6
169,198 196,649
22,,005500,1,01202
2,21,8188,387,2372

At reporting date, the number of employees were 48 (2019: 47).

71 Excellence through resilience, dedicated to members success

Celebrating 43 years

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED Page 34
Notes to the Financial Statements
For the year ended December 31, 2020

30. Income from supplies outlet – net

Sales 202020 201 92019
Cost of sales $$ $$
Gross profit
Other income (expense) 1, 7312,,743921,491 1,4191,0,44149,044
Recovery (allowance) of inventory obsolescence (1,4(114,4,1345,43)54) (1,0 5(11,905117,)917)
Gain on foreign exchange
Commission 31 83,1183,7137 367 ,13267,127
Interest
70,37101,311 249,022429,022
(4,(042,40)24) (7,66(72,)662)
499 499
2 50250 5 ,3075, 307
7,872,8828
614 ,269143,293
3 923,5920,2502

Less: selling, administrative and general expenses 6,8 66,7867 2,02 82, 028
Advertising 6, 1767,177 5,60 05, 600
Audit fee (3 ,1(38,71)87) 4 7,44457,445
Bad debt expenses 9,41099,,6047966 8,081218,,408123
(recovered) Bank charges 10,0147,6480 1 1,41135,598
Commissions and fees 14,4 80350 15,598 300
Depreciation
Donations 3185,0361 30103,947
Electricity 13,947 250
License 18,361 -
Office expense 25 05, 200
Postage 6,-403 5,200 106
Repairs and maintenance
Security Staff 6,4 01,3114 10 66, 523
costs Supplies 6,523 40
Transportatio 1,1 13,4505
n Telephone 3,5 05,5253 14960,649
Total administrative expense 51,2695,3198 1946,,561429461,,,521151210
Net income 22329,,,48461872341
169,1 6,21 1
3,1
1,15 0
2,6 73
32352,50,05544
2,4 81
28298,92,23399
225566,,337711

113366,,113311

Excellence through resilience, dedicated to members success 72

Celebrating 43 years Page 35

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED 2019
Notes to the Financial Statements $
For the year ended December 31, 2020
62 3,78 0
31. Other income 2020 3 0,82 8
$
Rental income -
Profit on sale of lands 38 3,4 64 645,608
Donations 29,264
-

412,728

32. Income tax
In accordance with Section 25(1) of the Income Tax Act 1979 and Section 241(2) of the Co -
operative Societies Act 2012, the Credit Union is exempt from the payment of income tax.

33. Contingencies

a) Undrawn loan commitments and other related obligations
As of reporting date, the Credit Union had contractual amounts of off-statement of financial
position financial instruments that commit it to extend credit to customers as follows:-

Undrawn loan commitments 2020 2 019
$ $

2,31 5,9 12 3,19 6,46 4

b) Eastern Caribbean Home Mortgage Bank and Bank of St. Vincent and the Grenadines
Indemnit
y

Under the terms of the purchase agreement, the Credit Union remains obligated to identify
ECHMB and BOSVG for any instances of default loss or title deficiency occurring over the
lifetime of any mortgage sold.

73 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 36
For the year ended December 31, 2020

34. Finan cial in stru m ents a nd fi nan cial risk mana gement

Th e Credit Union ’s a ctivities expose it to a variety of fin ancial risks and those a ctivities involve
the an alysis, eva luation, acceptance, a nd m ana gem e nt o f som e degree of risk or com bina tio n of
ri sks. Ta king risk is core to th e fina ncia l bu sin ess, and the o perationa l risks a re an inevitable
conseque nce of being in business. The C re dit U nio n’s a im is th erefore to a chieve an appropriate
bala nce betw ee n risk and retu rn a nd m inimise pote ntial adve rse e ff ec ts on the C redit Unio n’s

financial perform an ce.

Th e Credit Union ’s ma na ge m ent poli cie s are designed to iden tif y and anal yse these risks, to set
appropria te risk limits a nd controls, a nd to m on itor the risks a nd adherence to li mits by m ea ns of
re lia bl e and up-to-date inf orma tion system s. T he C redit Union regula rly reviews, its risk
m an agem ent policies a nd systems to reflect cha nge s in m arkets, products, a nd em erg ing be st
pra ctice .

Risk ma na gem e nt is carried out by the Ma na ge ment Comm itte e unde r policies a ppro ve d by the
Bo ard of
D irectors.

(a ) Credit
risk

The C redit Union m axim um credit risk exposure is deta iled below : 2021091 9
202200 $$
Deposits at bank a nd other institu tions $$
2255,3,7357,52,7267 6
3344,,002266,,995566 66,7,3743,43,83888

Investm en ts 77,,221155,,113366 8877,6,1621,26,4644 4
45465,65,65060
Loans to m em bers 8877,,442211,,771199
112200,1,7187,88,68868
Other a ssets 667733,,001155

112299,,333366,,882266

Credit risk in respect of loa ns and a dva nces is limite d as this ba lan ce show n is n et of
impairment l osses on loans a nd a dvan ces.

Credit risk is the risk of suf fering finan cial lo ss should any of the C re dit Unio n’s
custo m ers, clients or m arket cou nterparts fa il to fulfill their contractua l obligations to
the Cre dit Union. C redit risk arise s ma inly ca sh a nd cash e quiva lents, investment
securities, loa ns to m em bers and a ccoun t re ceiva bles.

Credit risk from f ina ncia l assets is m inim ised th rough adva ncing loans on ly af ter carefu l
asse ssm ent of th e borrow er, o bta ining collateral before a dva ncing loans. The risk
accepted i n rela tion to on e bo rrower is re stricted to 10 % of the sh arehol der’s equity.
Exposure to credit risk is a lso ma nage d in part by obtaining collate ra l an d g ua ra ntees for
loa ns receiva bl e. The co lla te ra l m ay consist of real esta te, m em ber deposits an d shares,
equi pm ent, or vehicl es. The credit quality of ea ch in dividua l i nvestm en t is interna lly
asse ssed ba se d on the fin ancial stren gth, reputa tion a nd m ark et position of the issuin g
com pany a nd the a bility of that compa ny to service the de bt. The Cre dit U nio n’s
balances with banks a re held w ith reputa ble fin ancia l i nstitutions and as a result thei r
credit risk is deem e d m inim al. The C redit U nion lim its its exposure to credit risk f ro m
trade receiva ble s by e stablishing a m axim um paymen t period of one to two mo nth s for
individua l an d corpora te cu stomers. Th e Credit unio n lim its its e xposu re to credit risk by
inve sting on ly i n inve stm ent securities w ith counterparties that are reputa bl e a nd
fina ncia lly sound.

Excellence through resilience, dedicated to members success 74

Celebrating 43 years Page 37

ST. V INC ENT AND THE GR ENADINES TEAC H ERS CO -O PERATIV E CREDIT UN ION LIM IT ED
Notes to the Financial Statements
For the year ended December 31, 2020
34. Financial instru me nts a nd finan cial risk mana gement (cont’d)

(a) Credit risk (c on t’d)

A financial asset is pa st due w hen a co unterpa rty has fa iled to m ake paym ents w hen
contractua lly due. The Credit Union is mo st exposed to the risk of pa st due assets with
respect to its loa ns a nd adva nce s to m embers.

Loa ns and advances to m em b ers a re sum m arized a s f ollow s: -

Loans to members - impairment analysis 22002200 20199
$$ $$
Neithe r past due nor im pa ired
Pa st due but not im paired 8844,,66449,78866 8866,26644,,886677
Impaired 2299,,003399 66,7,77766
G r os s
Less: allow ance for im pairment 66,,1122,51166 44,48877,,882288

Interest receiva ble 90,880011,,334411 900,,775599,4,47711
(3,70055,,330011)) (33,,551199,2,2707)0 )
87,009966,,004400 877,,224400,2,20101

332255,,667799 337722,4,44433

87,442211,,771199 877,,661122,6,6444

Industry sector
The Credit U nion’ s concentration of loans is given to private househ olds for consumer
purposes. As se en below , the m ajority of the Credit U nion’ s loan a re for persona l use.
Private households wou ld include persona l, va cation and travel, housing, vehicle
purch ases a nd m edica l purposes.

Priva te Loan sectors E duca tio n T o ta l
households W holesale and $ $

$ retail trade
$

Gross balance as at December 31, 2019 86,144,066 1,650,703 2,964,702
90,759,471 85,775,699 2,192,337 2,833,305
Gross balance as at December 31, 2020
90,801,341

(b) Liquidity risk

Liquidity risk is the exposure that the Credit Union may encounter difficulty in
meeting obligations associated with its financial liabilities. Liquidity risk also arises
when excess funds accumulate resulting in the loss of opportunity to increase
investment returns.

The contractual maturities of assets and liabilities, and the ability of the Credit Union
to meet payment obligations associated with financial liabilities when they fall due
and to replace funds when they are withdrawn, are important factors in assessing
the liquidity of the Credit Union.

Projections and examination of the Credit Union’s asset and liability maturity
structure to facilitate the matching of asset and liability maturity dates as far as
possible and providing for any shortfall or excess cash situations is a fundamental
part of the Credit Union’s liquidity risk management.

75 Excellence through resilience, dedicated to members success

Celebrating 43 years

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED Page 38
Notes to the Financial Statements
For the year ended December 31, 2020
34. Financial instrume nts and financial risk management (cont’d)

(b) Liquidity risk (cont’d)

Management undertakes continuous review of cash inflows and outflows and seeks to
maintain an adequate loans-to-savings ratio. For this ratio savings include deposits from
members and shareholder balances.

The table below presents the cash flows payable by the Credit Union for financial
liabilities by remaining contractual maturity dates at the reporting date. The amounts
disclosed in the table are the contractual undiscounted cash flows.

1 year 1 and 5 After 5 Total
$ years years $
$
$

As at December 31, 2020 1,7 40 ,13 9 - - 1,7 40 ,13 9
Accounts payable and accrued li abilities 6 91 ,930 - - 6 91 ,930
Staff pension plan - -
Savings and other deposits 9 9,4 18 ,68 7 - 5,2 00 ,000 99,4 18 ,68 7
Fixed deposits 1 7,3 59 ,436 1 ,730 ,896 3,814 ,02 1 22,5 59 ,436
B orr ow in gs 5,97 7,6 41
43 2,72 4

119,642,916 1,730,896 9,014,021 130,387,833

1 year 1 and 5 After 5 Total
years years

As at December 31, 2019 1,4 97 ,70 4 - - 1,497,704
Accounts payable and accrued li abilities - 562,374
Staff Pension Plan 5 62,3 74 - -
Savings and other deposits 9 0,4 74 ,328 - 5,2 00 ,000 9 0,4 74, 328
Fixed deposits 1 7,6 21,2 89 - 2 2,8 21, 289
6,102 ,69 0
Borr ow in gs 432,724 1,730,896 8,2 66,3 10
1 1,3 02 ,690
110,558,419 1,730,896 123 ,62 2,0 05

The Credit Union holds a diverse portfolio of cash and investments to support payment
obligation. Assets held for managing li quidity comprises cash and balances with banks,
certificates of deposit and government bonds that are readily acceptable. The Credit
Union would also be able to meet unexpected cash flows by selling investment securities
and accessing additional funding.

Excellence through resilience, dedicated to members success 76

Celebrating 43 years Page 39

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Financial Statements
For the year ended December 31, 2020

34. Financial instruments and financial risk management (cont’d)
(c) Market risk

The Credit Union’s activities expose it to a variety of financial risks and those activities
involve the analysis, evaluation, acceptance, and management of some degree of risk or
combination of risks. Taking risk is core to the financial business, and the operational
risks are an inevitable consequence of being in business. The Credit Union’s aim is
therefore to achieve an appropriate balance between risk and return and minimize
potential adverse effects on the Credit Union’s performance. The most important
types of risk are credit risk, market risk and operational risk. Material risk includes
currency risk and interest rate risk.

(d) Currency risk

The Credit Union operations are conducted in Eastern Caribbean currency. The Credit
Union takes on exposure to effects of fluctuations in the prevailing foreign currency
exchange rates on its financial position and cash flows. Management believes that
exposure to currency risk is minimal since transactions in foreign currencies are primarily
in United States Dollars (US$) which has been formally pegged at EC$2.70 since July 1976.

77 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
For the year ended December 31, 2020 Page 40

34. Financial instruments and financial risk management (cont’d) Page 40

(e) Interest rate risk

The Credit Union is exposed to interest rate risk, which arises when a change in market interest rate affects the current or
future yields of financial assets and financial liabilities. The occurrence of an increase in interest rates on financial lia bilities
may result in financial loss to the Credit Union.

Interest on loans and advances to members and deposits from members is fixed to maturity.

The table below summarises the exposures to interest rate risks of the Credit Union’s financial assets and financial liabilit ies.
Amounts are stated at carrying amounts, categorised by the earlier of contractual re -pricing or maturity dates.

Up to 1 to 3 3 to 12 1 to 5 Over 5 Non-in terest Total
1 month months months Years years bearing $
$
$ $ $ $ $

As at December 31, 2020 - - 1,705,032 - - 32,720,248 34,425,280
Financial assets
- - 4,736,300 1,040,641 250,462 1,187,733 7,215,136
Cash
Investment securities - - 3,021,757 33,927,238 50,472,724 - 87,421,719
Loans to members
Other assets -- - - - 673,015 673,015

Financial liabilities - - 9,463,089 34,967,879 50,723,186 34,580,996 129,735,150
Accounts payable and accrued
liabilities -- - - - 1,740,139 1,740,139
Staff pension plan - - 691,929 - - - 691,929
Savings and other deposits
Borrow ing s - - 99,418,687 - - - 99,418,687
Fixed deposits
- - 432,724 1,730,896 3,814,021 - 5,977,641
Total interest sensitivity gap
- - 22,559,436 - - - 22,559,436

- - 123,102,776 1,730,896 3,814,021 1,740,139 130,387,832

- - (113,639,687) 33,236,983 46,909,165 32,840,857 (652,682)

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ST. VINCENT AND THE GRENADINESTEACHERSCO-OPERATIVE CREDIT UNION LIMITED
Notes to the Financial Statements
For the year ended December 31, 2020

34. Financial instruments and financial risk management (cont’d)

(e) Interest rate risk (cont’d)

Up to 1 to 3 3 to 12 1 to 5 Over 5 Non-interest Total
1 month months months Years years bearing $

$ $ $ $ $ $

As at December 31, 2019 - - 2,047,361 - - 23,818,630 25,865,991
Financial assets -
Cash - - 4,089,632 1,086,334 352,079 1,206,343 6,734,388
Investment securities -
Loans to members - - 2,979,887 33,927,238 50,705,519 - 87,612,644
Other assets
- - - - - 456,560 456,560
Financial liabilities -
Accounts payable and accrued - - 9,116,880 35,013,572 51,057,598 25,481,533 120,669,583
liabilities -
Staff pension plan - -- - - 1,497,704 1,497,704
Savings and other deposits - - 562,374 - - - 562,374
Borrowings - - 90,474,328 - - -
Fixed deposits - 432,724 1,730,896 6,102,690 - 90,474,328
- 22,821,289 - - - 8,266,310
Total interest sensitivity gap 22,821,289
- 114,290,715 1,730,896 6,102,690 1,497,704
123,622,005
- (105,173,835) 33,282,676 44,954,908 23,983,829
(2,952,422)

79 Excellence through resilience, dedicated to members success

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ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED Page 42
Notes to the Financial Statements
For the year ended December 31, 2020

34. Financial instruments and financial risk management (cont’d)

(e) Inte rest rate risk (cont’d)

At the reporting date, the carrying values of the Credit Union’s interest-bearing,
fixed-rate financial instruments were: -

2200220 0 20210919

$$ $ $

Financial assets

Cash at bank - savings accounts only 11,7,70055,0,30232 2,204,074,376,1361
Investment securities 77,5,50088,4,24727 7,70,0070,471,4414
9900,8,80011,3,4314 1 909,075,795,497,1471
Loans and advances to members

110000,,001144,8,8000 999,98,1841,244,2646

Financial liabilities

Savings and other 9999,,441188,6,68787 909,04,7447,342,3828

deposits Fixed deposits 2222,,555599,4,43636 222,28,2812,218,2989

112211,,997788,1,12323 11131,329,259,651,6717

35. Related party transactions

(a) Definition of related party

A related party is a person or entity that is related to the Credit Union.

(i) A person or a close member of that person's family is related to the Credit Union if
that person:
1) has control or joint control of the Credit Union;
2) has significant influence over the Credit Union; or
3) is a member of the key management personnel of the Credit Union or of a parent
of the Credit Union.

(ii) An entity is related to the Credit Union if any of the following conditions applies:
1) The entity and the Credit Union are members of the same group (which means
that each parent, subsidiary and fellow subsidiary is related to the others).
2) One entity is an associate or joint venture of the other entity (or an associate or
joint v enture of a member of a group of which the other entity is a member).
3) Both entities are joint ventures of the same third party.
4) One entity is a joint venture of a third entity and the other entity is an associate
of the third entity.
5) The entity is a post-employment benefit plan for the benefit of employees of
either the reporting entity or an entity related to the reporting entity.
6) The entity is controlled or jointly controlled by a person identified in (a).
7) A person identified in (a)(i) has significant influence over the entity or is a
member of the key management personnel of the entity (or of a parent of the
entity).
8) The entity, or any member of a group of which it is a part, provides key
management personnel services to the Credit Union or to the parent of the Credit
Uni on .

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ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED Page 43
Notes to the Financial Statements
For the year ended December 31, 2020
35. Related party transactions (cont’d)

(a) Definition of related party (cont’d)

(ii) (cont’d)

Close members of the family of a person are those family members who may be
expected to influence, or be influenced by, that person in their dealings with the
entity and include:

• that person's children and spouse or domestic partner;
• children of that person's spouse or domestic partner; and

• dependents of that person or that person's spouse or domestic partner.

(b) Identity of related parties

The Credit Union has a related party relationship with its Directors.

(c) Related party transactions and balances

A number of transactions have been entered into with related parties in the normal
course of business. These transactions were conducted at market rates, on commercial
terms and conditions.

Directors, committee members and management staff of St. Vincent and the Grenadines
Teachers Co-operative Credit Union Limited are considered as related parties.

a. Loans and advances 22002200 22001199
$$ $$
Directors and key management personnel (and their
families) 992244,0,07755 776677,9,99988
Committee members 441133,4,4777 441122,6,65500
1,,333377,5,5522 1,118800,,664488

b. Deposits and other liabilities 2020 2019
$ $
Directors and key management personnel (and their
families) 8 75 ,109 7 84 ,079
Committee members 7 32 ,909 6 13 ,909
1,608,018 1,397,988

c. Interest income 2020 2019
$ $
Directors and key management personnel (and their
families) 1 26 ,098 1 04 ,612
1 26 ,098 1 04 ,612

81 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 44
For the year ended December 31, 2020

Page 44

35. Related party transactions (cont’d) 22002200 22001199
(c) Related party transact ions and balances (cont’d) $$ $$
d. Inte rest expenses
2222,3,2322 2 2288,9,98877
Di rectors and key management personnel (and their 2222,3,2322 2 2288,9,98877
families)

No specific provisions have been recognised in respect to leans to related parties.

e. Key management compensation 2020 201 9
Key manag ement compensation $ $

706 ,08 0 653,136

No provisions have been recognized in respect to loans given to related parti es.

36 Impact of the COVID-19 pandemic

On March 11, 2020, the World Health Organization declared the outbreak of a novel corona virus
(“COVID-19”) as a global pandemic. The global impact of the outbreak has been rapidly evolving
and resulted in many countries instituting quarantines and restrictions on travel and limiting
hours of operations for non-essential offices. Such actions have resulted in disruption in global
supply chains and is adversely impacting a number of industries in which the Credit Union’
stakeholders operate. This situation has presented material uncertainty and risk if the g lobal
response to contain COVID-19 escalates. The extent of COVID-19’s effect on the Credit Union’s
operational and financial performance wi ll depend on future developments, including the
duration, spread and intensity of the pandemic, all of which are uncertain and difficult to predict
considering the rapidly evolving landscape. Nevertheless, the Credit Union could experience
adverse effect on its business, financial condition, results of operations and cash flows, which
may be due to negative impacts to occupancy of its p roperties, customers, and investees inability
to fulfill their financial commitments, decrease in values of its investment portfolio, changes in
law and/or regulation, and uncertainty regarding government and regulatory policy. The Credit
Union is currently unable to reasonably estimate the overall impact of COVID-19 on its business
and financial results.

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Celebrating 43 years Page 45

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Financial Statements
For the year ended December 31, 2020

37. Events after the reporting period

La Soufrière volcano

The La Soufrière volcano began an effusive eruption on December 27, 2020. On April 9, 2021,
after the Credit Union’s financial reporting date, it started to have continuous explosive
eruptions. Due to the eruptions, services such as electricity and water were severely affected.
Emitted ash and sulfur dioxide gas has also affected businesses and the entire population of St.
Vincent in general. Volcanic ashfall has led to temporary shutdown of business operations, and
has caused physical damage to buildings, equipment, co mputers, machinery, vehicles,
inventory, and supplies. Explosive eruptions over a period of weeks to months can result in
repeated ashfalls that require costly cleanup operations after each event. The Credit Union is
currently unable to reasonably estimate the overall impact of the volcano eruption on its
business and financial results.

Dividends

After reporting date, a total dividend payout of $275,000 was proposed by the Board of Directors,
inclusive of 1% rebate of $77,622. The dividends and rebates have not been recognized as liabilities

83 Excellence through resilience, dedicated to members success

Celebrating 43 years

Credit Committee’s Report
for the year ended December 31, 2020

From L-R: Rupert Nash, Okolo John—Patrick , Michelle Richardson, Alston Anderson, Gwenette Cambridge

Introduction
Guided by the Saint Vincent and the Grenadines Co-operatives Societies Act No. 12 of 2012, the Credit
Committee is pleased to present its report on loan activities for the year 2020. The Committee carried out its
duties and responsibilities in a professional and ethical manner and in accordance with the Loan Policy. In our
assessment of loan applications, we ensured that the components of credit risk were thoroughly analyzed, and that
recommendations and decisions made, were determined based on the tenets of the Loan Policy and confirmed to
our charter of being a Credit Union.

Credit Committee members for the period under review were:

Bro. Alston Anderson - Chairperson
Rupert Nash - Deputy Chairperson
- Secretary
Sis. Michelle Richardson - Committee Member
Beverly Neptune - Committee Member
Cordelia Franklyn

Sis. Gwenette Cambridge - Committee Member
Okolo John-Patrick - Committee Member

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Functioning
During the period 2020, the Credit Union encountered several challenges that impacted the smooth functioning of
its credit administration process. The main challenge was the impact of the COVID-19 Pandemic; which resulted
in an increase in delinquency and a shortfall in the expected income from loan products. Moreover, the Credit
Union engaged in the issuing of Moratoria as a response to our social responsibility due to our members. This
resulted in the Credit Union being unable to achieve its projected income. However, for the Credit Union to
remain a going concern, the continued granting of moratoria is not sustainable, and efforts must be made to assist
our members in ways that provide a “win-win” situation for all parties.

Notwithstanding, the Credit Committee was able to convene at least two (2) meetings per month. Periodic site
visits were made to verify information submitted on properties held or offered as collateral for loans.

The Credit Committee collaborated with the Recoveries Unit in collecting data to prepare monthly reports which
were submitted to the Board. These reports were reviewed primarily to determine the value, age, number and
percentage of delinquent loans and to ascertain the effectiveness of the strategies that were implemented to
recover these problem loans.

In accordance with recommendations from the Financial Services Authority, the Credit Committee reviewed the
existing Loans Policy, in order to promote efficiency of loans services prudent.

Analysis of Loan Activities
Table 1 shows a comparison of loan applications processed in 2019 and 2020. A total of 2,945 loan applications
were processed of which 2,914 or 98.95% were approved. The total value of the loan applications submitted was
$21.58 million; of this amount the value approved was $18.80 million or 87.10%. The value of loans approved
decreased by $7.5 million in 2020 compared to the previous period (2019) this represents a decrease of 28.52%.

Table 1: A comparison of loan applications processed

Year Number Number Value of Value of
Received Approved
2019 Applications Applications
2020 Received Approved
Decrease
3,118 3,042 $30.2M $26.3M

2,945 2,914 $21.6M $18.8M

-5.55% -4.21% -28.48% -28.52%

The following categories correspond to the areas where demand was greatest:

Categories % Approved
Revolving Loan 21.34
Land / Property Purchase 19.27
Refinance / Debt Consolidation 16.66
Vehicle Repairs / Purchase 12.32
Construction / Renovation 11.11

85 Excellence through resilience, dedicated to members success

Celebrating 43 years

Delinquency
As at the end of the financial period, the rate of delinquency stood at 7%, compared with 5% in 2019. The
principal loan value for 2020 on delinquent accounts amounted to $6, 224,685.40, with the number of loans being
228. When compared to 2019, the principal value amounted to $4, 494,603.75 while the number of loans was
127. The areas of increased delinquency were: Education, Business and Debt Consolidation. These three (3)
categories represented approximately 35% (16%, 9% & 10% respectively) of the delinquent loans portfolio.

One hundred and twenty eight (128) accounts were with the Bailiff as at the reporting date; with the view of
recovering outstanding amounts. Seventy one (71) of these were transferred in 2020. Eleven (11) mortgaged
properties were placed on the real estate market of which three (3) were sold. Seven (7) vehicles were
repossessed and sold within a turnaround time of less than six (6) weeks.

The Tourism and Hospitality sectors were largely affected by the COVID-19 pandemic, whereby scores of
Sailors, Oil Rig employees, Hotel Workers and Taxi Operators would have lost their jobs. Many persons in these
categories had large Mortgages. In other cases many companies downsized, some were forced out of operations,
while some workers had to accept a reduced income from their employers; thereby increasing the delinquency
level.

Every effort was made to assist our members who were unable to honour their monthly loan commitments
because of factors relating to loss of or reduced income. As a result moratoria were granted to these members.
While the granting of loans is the main income generating activity, it exposes the Credit Union to various risks.
Poor asset quality can have adverse effects on the financial health of the institution due to under performance and
large loan loss provisioning. Hence, it is vital that we make every effort to ensure that we keep our rate of
delinquency within the acceptable standard. Again, we take this opportunity to remind our members that having
good credit credentials is essential.

The Credit Committee is committed to working with the Recoveries Unit to reduce and maintain an acceptable
rate of delinquency.

Related Party Loans
As at December 31st, 2020, loans to staff and committee members amounted to $4,474,196.92 in the following
categories:

Education $ 30,548.40
Consumer $ 597,087.94
Mortgage $3,846,560.58
Vehicle $ 167,416.34

Conclusion
The Credit Union has experienced one of its most challenging years having encountered a .528% reduction in the
overall loan portfolio. There was a marginal decrease in the Personal, Vehicle, Education (National Student
Loans) and Debt Consolidation loan categories. Albeit, growth occurred in the Mortgage and Business loan
categories.

As noted, the Credit Union has seen an increase in delinquency and given the uncertainty which characterizes the
present economic environment, it is unsure as to when some form of ‘normalcy’ will resume. The impact of
COVID-19 on the global economy has created an unsystematic shock within the financial sector. Consequently,

it has caused the Credit Union to re-strategize to cope with both the health and fiscal threats. Furthermore, the
provision of Moratoria to members, created the double edged impact of increase in delinquency outside of the

PEARLS Standard and reduced income; thereby diminishing the overall profitability of the Credit Union.

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Celebrating 43 years

Despite the threats and unpredictable nature of the financial environment, we hold steadfast to our vision and re-
main true to our Mission Statement; ‘To provide opportunities and quality services to our members and other
stakeholders’. Members are therefore encouraged to remain committed to honoring all obligations with the Credit
Union.

Finally, we take this opportunity to express appreciation to you, our members, for granting us the opportunity to
serve. As your Credit Union grows, so too does your investment with us!

Bro. Alston Anderson Sis. Michelle Richardson
CHAIRPERSON SECRETARY

87 Excellence through resilience, dedicated to members success

Celebrating 43 years

LOANS REQUESTED AND APPROVED BY CATEGORIES

Category No. Requested Amount No. Approved Total Amount Percent
Agriculture Requested ($)
Approved ($) Approved

7 32,525 7 32,525 0.17%

Vehicle Repairs/Purchase 135 2,490,859 130 2,315,759 12.32%

Business 32 875,342 32 863,342 4.59%
Christmas 170 1,147,347 166 1,102,347 5.86%
Construction/Renovation 113 2,420,743 109 2,087,743 11.11%

Refinance/Debt Consolidation 133 3,693,421 129 3,131,621 16.66%

Education 59 697,157 57 547,157 2.91%
Household 30 154,880 30 154,880 0.82%
Legal 4 13,958 4 13,958 0.07%
Pre-approved 3 66,500 3 66,500 0.35%
Land/Property Purchase 61 5,128,842 53 3,621,309 19.27%
Medical 38 124,858 38 124,858 0.66%
Travel 10 67,650 10 67,650 0.36%
Revolving Loan 1972 4,011,688 1972 4,011,688 21.34%

Other 153 655,545 153 655,545 3.49%
TOTAL 2,920 21,581,314 2,893 18,796,882 100%

PERCENTAGE OF LOANS APPROVED

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LOAN PORTFOLIO GROWTH

YEARS

2020 2019 2018 2017 2016
$87,421,719
Loan Value $87,612,644 $83,284,897 $71,583,242 $62,577,603
Growth Rate (0.21%)
5% 16% 14% 7%

89 Excellence through resilience, dedicated to members success

Celebrating 43 years

Supervisory and Compliance Committee’s Report
for the year ended December 31, 2020

From L-R: Dixton Findlay, Calvin Herbert, Vilma Ollivierre, Randy Boucher, Tammie Walters

Introduction

The Supervisory and Compliance Committee (SCC) remained unchanged following the election of officers at the
42nd Annual General Meeting held at the Russell’s Auditorium on 1st December 2020. Sisters Vilma Ollivierre
and Tammie Walters were reelected unopposed. The rest of the Committee comprised Bros. Calvin Herbert,
Dixton Findlay and Randy Boucher.

At the first meeting of the Committee held after the AGM, Bro. Calvin Herbert and Sis. Tammie Walters were
both re-elected to serve as Chairperson and Secretary respectively. Sis. Jozell Byron, the Compliance Officer, was
reassigned as our Liaison Officer.

The Committee met every first and third Thursdays of each month to check the records of the Credit Union in its
quest to ascertain whether the policies and procedures are followed and to ensure compliance with requisite
regulations. We also met quarterly with the Board of Directors to discuss issues related to the operations of the
Credit Union.

The onset of the COVID-19 pandemic in the latter part of the first quarter 2020 continued to pose a challenge for
the Committee to execute and complete some of its duties. This was because the protocols implemented to
prevent the spread of the virus discouraged as much as possible in-house meetings. This necessitated virtual
meetings, but it did not deter the Committee from accomplishing the mandate for which it was duly elected.

Excellence through resilience, dedicated to members success 90

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prevent the spread of the virus discouraged as much as possible in-house meetings. This necessitated virtual
meetings, but it did not deter the Committee from accomplishing the mandate for which it was duly elected.

Scope of Work
In accordance with its mandate as outlined by the SVG Cooperative Societies Act No. 12 of 2012 and the Bye
Laws of SVGTCCU, the Supervisory and Compliance Committee’s scope of work for 2020 included;

· Perusal of Board of Directors’ Minutes and other related documents;
· Review of Quarterly reports to the FSA;
· Review of Dormant Accounts;
· Systems check of Board and All Committee members accounts;
· Meeting with the Board;
· Visit to the Barrouallie Branch;
· Visit to Cedars and Brighton Projects.

Operations and Control
The SCC was satisfied that the Credit Union was in compliance with the relevant Acts and Regulations. However,
the Credit Union grappled with slow implementation of some decisions.

Perusal of Board Minutes and Other Relevant Reports and Meetings with the Board
The SCC continued to check these Minutes and Reports to be up to date with the matters that are brought before
the Board and policy decisions that were made. The perusal of these Minutes and Reports constituted the greater
part of our activities because of the mode of our meetings. As mandated by the Cooperatives Societies Act, the
SCC met once per quarter with the Board of Directors to seek answers or to clarify issues pertaining to the opera-
tions of the Credit Union. The SCC commends the Board for their cooperation.

Review of Quarterly Reports to FSA
The SCC checked the quarterly reports submitted by the Credit Union to the FSA periodically to ascertain their
completion, accuracy and timely submission. The SCC was satisfied that the Credit Union was adhering to the
requirements as outlined by the FSA.

Review of Dormant Accounts
Dormant accounts have the potential to allow for fraudulent acts to be committed and go unnoticed. As such, the
SCC ensured that they were checked periodically. We were satisfied that they were free from fraudulent activi-
ties.

Systems Check of All Board and Committee Members
The SCC held the view that persons who volunteered to serve must meet the criteria of an outstanding member of
the Credit Union as stipulated in the regulations. In light of this all volunteers' accounts were checked. Two per-
sons were found to be below the level required. The information was forwarded to the Board and the SCC was
satisfied that they were dealt with in a timely and appropriate manner.

91 Excellence through resilience, dedicated to members success

Celebrating 43 years

Visit to the Branches
During the last quarter of 2020, the SCC scheduled visits to the Branches, however, due to the COVID-19
pandemic, the Committee only visited the Barrouallie Branch on November 26, 2020. A few issues were
identified and were reported to the Board. These were taken seriously and corrective measures were put in place
to rectify the problems.

Visit to Cedars Development Project and the lands at Brighton
The SCC along with the Marketing Manager and Compliance Officer visited the Cedars Development Project and
the lands at Brighton. Due to the slow sale of lands, the Committee is of the opinion that marketing needs to be
more aggressive. Sale of the lands at Brighton continues to be a challenge owing to the poor condition of the
access road, the cost and exposure to sea blast.

Conclusion
The SCC thanks the Board and Management for its cooperation in the execution of its duties and is looking
forward to a continued good working relationship.

Bro. Calvin Herbert Sis. Tammie Walters
Chairperson Secretary

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Appendix I

ATTENDANCE RECORD OF MEETINGS

Regular Meetings Special Meetings All Committee Meetings

Board of Directors 10/10 8/9 4/4
Miriam Roache 10/10 9/9 4/4
Cecil Charles 10/10 7/9 3/4
Artillon Hamilton 10/10 9/9 4/4
Gilbert Frederick 10/10 9/9 4/4
Brenford Findlay 9/10 8/9 3/4
Chanda Davis 10/10 8/9 4/4
Ronald Clarke

Supervisory & Compliance Committee 12/13 3/3 4/4
Calvin Herbert 13/13 3/3 3/4
Tammie Walters 10/13 3/3 3/4
Vilma Ollivierre 13/13 3/3 4/4
Randy Boucher 13/13 2/3 2/4
Dixton Findlay

Credit Committee 19/19 5/5 3/4
Alston Anderson 19/19 4/5 4/4
Rupert Nash 16/19 1/5 3/4
Michelle Richardson 19/19 2/5 4/4
Gwenette Cambridge 17/19 2/5 4/4
Okolo John—Patrick

Education Committee 17/17 4/4
Wendy Bynoe 15/17 1/4
Sherron Morgan-Peters 17/17 4/4
Saline Barbour 15/17 4/4
Roxanne John 4/17 -
Sunel John 17/17 3/4
Janeil Henry—Rose 15/17 4/4
Dwane Allen

93 Excellence through resilience, dedicated to members success