SVGTCCU Ltd. 44th AGM Report

Celebrating 44 years

Celebrating 44 years CREDIT UNION SONG
Brothers in Co-operation
CREDIT UNION PRAYER Men and Women of the nation,
Prayer of St. Francis of Assisi
Join us in co-operation
Lord, make me an instrument of For our social elevation
thy peace
Hasten to the call.
Where there is hatred The present is the time for action,
Let me sow love
Let no selfish class or faction
Where there is injury, Pardon Here among you spread distraction,
Where there is doubt, Faith
Where there is despair, Hope Come on one and all.
Where there is darkness, Light Refrain:
And where there is sadness, Joy
Hand in hand on pressing,
Oh, Divine Master All our wrongs redressing,
Grant that I may not so much seek Work and we right soon shall see
Wide scattered many a blessing
To be consoled, as to console Earnest true co-operation
To be understood, as to understand Be our glorious aspiration
Till we see among the nation,
To be loved, as to love
For it is in giving that we receive Love for one and all
Be our efforts never tiring,
It is in pardoning Each success a new inspiring,
That we are pardoned Here’s a cause your aid requiring

And it is dying Here’s work for you.
That we are born to eternal life Come and make each man a brother,
Bless, O Lord our deliberations If you’re strong come help another,
and grant that whatever we may Strong and weak can aid each other
say and do will have thy blessings
and guidance through Jesus Christ If their hearts be true
See the banner waving o’er us,
our Lord. Hear the men, who’ve gone before us,
Amen. Sending back the shouting chorus

Keep the flag unfurled,
Theirs the seed that now up-springing,

Hope to many a heart is bringing
All our moans we’ll change to singing

Aye, throughout the world.

Celebrating 44 years

St. Vincent & the Grenadines
Teachers Cooperative Credit Union Ltd.

44th

Annual General Meeting

Theme:
“Preserving confidence and trust in
a challenging financial environment”

SVGTCCU Headquarters
Second Floor

Hybrid Annual General Meeting
Tuesday, October 4, 2022
2:00 p.m.

Digital Copy of the Report

Celebrating 44 years

Vision Statement

To be the premier
non-bank financial

institution,
delivering the highest

quality services.

Mission Statement

To provide opportunities
and quality services to our
members and other stake-

holders

Strategies

¨ Membership expansion and reactivation;
¨ Full compliance with national, regional and international standards and pro-

cedures;
¨ Ensuring financial profitability, stability and sustainability;
¨ Systematic marketing, promotions and enhancement of public image;
¨ Provision of quality, competitive products and services to satisfy members’

needs;
¨ Enhancing governance, operational efficiencies and effectiveness.
¨ Improving the quality, retaining and motivating current staff and attracting

more trained personnel;
¨ Expanding and enhancing information communication technology

Celebrating 44 years

Corporate Profile

BOARD OF DIRECTORS BSc. Management Studies, Cert Gender Studies, Cert. Teacher Ed.
Sis. Miriam Roache B.Ed. (Hons.), Cert. in Audio/Visual Media Communication
Bro. Cecil Charles (JP) BSc. Management & Accounting (Hons), PGD Teaching
Bro. Artillon Hamilton FCCA, BSc. Management and Accounting
Bro. Gilbert Frederick MSc. Education Leadership, BSc. School Leadership, Cert. Teacher Training
Bro. Ronald Clarke PGD in Business Administration, PMP Project Management, BSc. Economics
Sis. Chanda Davis MA Early Years Education, B.Ed. Early Childhood Care and Education,
Sis. Wendy Bynoe Cert. Teacher Education (Primary Level)

CHIEF EXECUTIVE OFFICER
Sis. Jasmine Huggins-Daly PGD Project Management, BSc. Accounting (Hons.)

CREDIT COMMITTEE ACCA
Sis. Michelle Richardson
Bro. Dwane Allen BSc. Geology and Geography
Sis. Gwenette Cambridge B.Ed.
Sis. Ayana Okolo John—Patrick MSc. International Trade, BSc. Economics, Cert. Business Administration
Sis. Thelma Charles BA Leadership & Mgmt. Cert Ed, Cert Bible & Theology

SUPERVISORY AND COMPLIANCE COMMITTEE
Bro. Randy Boucher MA Theology, BA Geography, Cert. Teaching

Sis. Janeil Henry– Rose PGC Project Planning, Appraisal and Management, BSc. Management Studies
and International Relations, Cert. Teacher Education
Sis. Tammie Walters BA Major Accounting & Minor Banking and Financial Services
Sis. Attica Allen BSc. Accounting (Hons.)
Sis. Doris Charles PhD Law, LLM Law, LLB Law, Dip. Legal Secretaries, Cert. Youth Work,
Public Administration, Teacher Education

EDUCATION AND MARKETING COMMITTEE
Sis. Saline Barbour MSc. Management Studies (Dist.) BSc. Management and Sports,
Cert. Business Administration
Sis. Sherron Morgan-Peters MA. Ed, B. Ed, Cert. Teacher Ed.
Sis. Roxanne John PGC Project Planning, Appraisal & Management, M.A. Economics,

BSc. Economics (Hons.), Cert. Business Administration

Bro. Roderick McKree MSc. Psychology, BSc. Psychology, EdD. Educational Leadership, Dip.
Spanish and Foundation Course Psychology, Cert. Teacher Education
Bro. Kimani Robertson BSc. Management Studies
Sis. Tera Samuel BSc. Management Studies (In progress)
Bro. Johnny Straker Certificates in Youth Work, Broadcasting for Radio and Television,
Presentation, Copywriting and Advertising, Peer Counselling.

REGISTERED OFFICE BANKERS SOLICITORS AUDITORS
P.O. Box 1527 BOSVG Ronald R.C. Jack BDO Eastern Caribbean
St. James Place First Caribbean Int’l Bank Cecil “Blazer” Williams
Pauls Avenue Ranelle Roberts—Williams
Kingstown

Celebrating 44 years

TABLE OF CONTENTS

National Anthem
Notice ……………………………………………………………………………..1
Standing Orders……………………………………………………………….2-3
Minutes …..…………………………………………………………………..4-11
President’s Message ………………………………………………………….12
Board of Directors Report ……………………………………………..13-30
Education and Marketing
Committee’s Report……………………………………………………...32-34
Treasurer’s Report ……………………………………………………….36-38
PEARLS Ratios……………………………………………………………..39-40
Auditors’ Report
Financial Statements …………………………………………………...41-88
Supervisory and Compliance
Committee’s Report ……………………………………………………..89-91
Credit Committee Report ……………………………………….…...92-95
Appendix I: Attendance Record ………………………………………....96
Appendix II: Movement Statistics ……………………………………….97
Staff Profile ……………………………………………………………………..98
Staff Photo ………………………………………………………………………99
Management & Senior Staff Photos …………………………………...100
Photo Highlights …………………………………………………………...101

Acknowledgements Addison Edwards - Addi Designs & Artwork
Cover Seymour Hinds
Photos Jozell Byron and Annesha Richards
Typesetting & Layout

Celebrating 44 years

The National Anthem of
St. Vincent & the Grenadines

St. Vincent, Land so beautiful
With Joyful hearts we pledge to thee

Our loyalty and love and vow
To keep you ever free.

Refrain:

What e’er the future brings
Our faith will see us through
May peace reign from shore to shore
And God bless and keep us true.

Hairoun our fair and blessed Isles
Your mountains high so clear and green

Are home to me though I may stray
A haven calm serene.

Our little sister Islands are
Those gems, the lovely Grenadines
Upon their seas and golden Sands

The sunshine ever beams.

Words: Phyllis Punnett
Music: Joel Miguel

Celebrating 44 years

NOTICE OF THE
44th ANNUAL GENERAL MEETING

September 19, 2022
Dear Members,
Notice is hereby given that the 44th Annual General Meeting of the SVG Teachers Cooperative Credit Union
Ltd. is scheduled to be held as a hybrid meeting on Tuesday, October 4, 2022, at the SVG Teachers Coopera-
tive Credit Union’s Headquarters, Second Floor, commencing at 2:00 p.m. Members are asked to make a spe-
cial effort to attend.
The meeting is called to:
1. Approve the Minutes of the 43rd Annual General Meeting.
2. Accept Reports from the Board of Directors and other Committees.
3. Accept the Treasurer’s and Auditors’ Reports.
4. Elect Officers and appoint Auditors for the new financial year.
The Agenda read:
1. Call to Order
2. Welcome and Opening Remarks
3. Credit Union Prayer and Song and National Anthem
4. Ascertainment of Quorum
5. Apologies for Absences
6. Greetings
7. Presentation on Advanced Protector Insurance—CUNA Caribbean
8. President’s Remarks
9. Adoption of Standing Orders
10. Moment of Silence for Departed Members
11. Minutes of the 43rd Annual General Meeting

a) Amendments and Confirmation
b) Matters Arising
13. Reports and Election of Officers:
a) Board of Directors
b) Education Committee
c) Treasurer’s and Auditors’
d) Credit Committee
e) Supervisory and Compliance Committee
14. Unfinished Business
15. New Business
16. Adjournment

Artillon Hamilton
SECRETARY
BOARD OF DIRECTORS

1 Preserving Confidence and Trust In A Challenging Financial Environment

Celebrating 44 years

STANDING ORDERS

1. (a) A member shall stand when addressing the Chair and shall identify himself/herself.
(b) Speeches shall be clear and relevant to the subject before the meeting.

2. A member shall address the meeting when called upon by the Chairman to do so, after
which, he shall immediately take his seat.

3. No member shall address the meeting except through the Chairman.
4. A member may not speak twice on the same subject, except:

(a) The mover of the motion – who has a right to reply
(b) He/she rises to object or to explain (with the permission of the Chair).
5. No speeches shall be made after a subject has been put and carried or rejected.
6. The mover of a “procedural Motion” (Adjournment, lay on the table motion to postpone)
shall have no right of reply.
7. A member rising on a “point of order” shall state the point concisely (A point of order
must have relevance to the standing orders).
8. (a) A member shall not “call” another member “to order” but may draw the attention
of the Chair to a “breach of order”.
(b) On no account can a member call the Chair “to order”.
9. Only one amendment shall be before the meeting at any given time.
10. When a motion is withdrawn, any amendment to it falls.
11. The Chairman shall have the right to an original and a casting vote.
12. If there is an equality of votes on an amendment, and if the Chairman does not exercise
his casting vote, the amendment is lost.
13. Provision shall be made for protection of the Chairman from vilification (personal
abuse).
14. No member shall impute improper motives against another member.

Preserving Confidence and Trust In A Challenging Financial Environment 2

Celebrating 44 years

Standing Orders for Virtual Meeting

1. Members’ microphones will be automatically muted upon entry in the meeting.
2. Members are encouraged to turn on their cameras for the duration of the meeting, espe-

cially when making contributions.
3. Members are encouraged to be in a quiet environment with little or no distractions or

background noises.
4. Members must be properly attired with suitable backgrounds.
5. Members shall use the “Raise Hand” feature on the Zoom Platform to ask questions.

When acknowledged by the Chair, a request to unmute your microphone will be sent.
6. Hands will remain raised until acknowledged by the chair with the exception of when a

seconder is required, in which case all “raised hands” would be taken down so that the
seconder can be easily identified.
7. Questions relating to the meeting agenda will not be acknowledged from the Chat Box.
8. Members are asked to utilize the chat box to share any issues they may be experiencing so
that the team can troubleshoot during the session with minimal interruptions.
9. A Poll will be launched to ascertain all in favour, all against and abstentions when a
motion is moved.
10. Members are reminded to conduct themselves in a professional manner. Please refrain
from sharing any explicit, violent or inappropriate content.

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Celebrating 44 years

MINUTES OF THE
43rd ANNUAL GENERAL MEETING
HELD ON TUESDAY, NOVEMBER 9, 2021

VIA ZOOM PLATFORM

THEME: “EXCELLENCE THROUGH RESILIENCE, DEDICATED TO MEMBERS SUCCESS”

OPENING SESSION

1. CALL TO ORDER
The 43rd Annual General Meeting (AGM) of the St Vincent and the Grenadines Teachers Cooperative
Credit Union Ltd. (SVGTCCU) was called to order at 2:20 p.m. by the Chairman, Vice President Bro.
Cecil Charles.

2. WELCOME AND OPENING REMARKS
Bro. Cecil Charles welcomed the members to the 43rd AGM held under the theme: “Excellence through
Resilience, Dedicated to Members Success”. He encouraged the membership to participate and contribute
to the meeting while wishing everyone a productive and successful Annual General Meeting.

3. CREDIT UNION SONG AND PRAYER
The Credit Union Prayer as well as the Song was recited and sung by all present.

4. NATIONAL ANTHEM
The National Anthem was played by ITFX Digital Solutions.

5. ASCERTAINMENT OF QUORUM
Bro. Cecil Charles confirmed that the meeting was quorate and was duly constituted, hence the
proceedings could begin.

6. APOLOGIES FOR ABSENCE
The Chairman advised the meeting that no apologies for absence were received.

7. GREETINGS FROM FRATERNAL ORGANISATIONS
Greetings and congratulations on the achievement of the Organisation’s 43rd AGM were received from:
Bro. Bernard John - Kingstown Cooperative Credit Union Ltd. (KCCU)
Bro. Brenton Smith – Police Cooperative Credit Union (PCCU)
Bro. Eardley Martin – SVG Automotive Cooperative Society (SACS)
Bro. Harold Lewis – St Vincent Cooperative League
Bro. J-Lany Williams - General Employees’ Co-operative Credit Union Ltd (GECCU)
Bro. Oswald Robinson – St Vincent and the Grenadines Teachers’ Union (SVGTU)
Sis. Neva Phillips-Cordice – Financial Services Authority (FSA)
Bro. Cecil Charles thanked everyone for bringing fraternal greetings.

8. PRESIDENT’S REMARKS
The President, Sis. Miriam Roache warmly welcomed members to the 43rd AGM. She said that the AGM
was being held for the second year, several months beyond the prescribed regulatory period and under
controlled conditions. She mentioned that several adjustments that had to be made to accommodate the
complications associated with COVID-19 coupled with the La Soufriere explosive volcanic eruptions.

Sis. Roache noted that the 43rd AGM was an historic moment as it was the first virtual AGM in the history
of the Credit Union. She reminded the meeting that in less than two (2) years, SVGTCCU would be
celebrating its 45th anniversary and then its 50th anniversary which would be a milestone worthy of
celebration. She further acknowledged the loyalty of members and the dedicated service rendered by

Preserving Confidence and Trust In A Challenging Financial Environment 4

Celebrating 44 years

volunteers and staff over the past forty–three (43) years.
Sis. Roache reminded the meeting that despite the challenges of COVID-19, the SVGTCCU has worked
tirelessly to mitigate the negative impacts brought to bear on the institution’s operations and its members. As a
result, the SVGTCCU has become more creative in its decision making and has found innovative ways of
conducting business. She highlighted that the Credit Union has:

à Became more diligent and responsive to individual members’ needs.
à Redefined its work ethics.
à Increased use of technology to market the Credit Union’s products and services including the online

services for the Supplies Outlet.
à Met and worked remotely; a change that has shown how effective technology is now and in the future.
à Made the necessary physical adjustments to the Headquarters in Kingstown and at the four (4)

branches to ensure the safety of members, staff, volunteers and customers.
à Continued to update members’ information so as to use technology more effectively in

communicating with the membership.
The President stated that at the end of the financial year, SVGTCCU experienced a steady growth in
membership through the five (5) units located in Kingstown, Barrouallie, Bequia, Canouan and Union Island,
achieving a growth in members of 12,079. She further said that SVGTCCU’s assets grew by $9m attributable
to significant inflow into the institution. Additionally, ordinary savings and other deposits increased by 8%
while the members' shares reflected a continuous upward movement of 13% higher than 2019. She mentioned
that the reserve showed a positive growth of 19.6% and by the end of the year liquidity was 32%, 17% above
the regulatory standard.
Notwithstanding the positive growth in some major performance indicators, Sis. Roache stated that
unemployment and its associated fall out due to reduction in economic activity resulted in a rise in
delinquency. Additionally, there was reduced borrowing and decreased interest income in comparison to
2019 because of the negative impact of the pandemic over the period.
9. ADOPTION OF STANDING ORDERS
The Chairman, Bro. Cecil Charles read the Online Etiquette and Standing Orders for the AGM. This was
adopted on a motion moved by Sis. Tisha Allen-Jack and was seconded by Bro. Roderick Jones. A vote was
cast, 98% of those present voted for the adoption and 2% voted against. There was no abstention. The motion
was carried.
10. CREDIT UNION GIVEAWAYS
Bro. Cecil Charles informed the meeting that there would be gift packages, compliments SVGTCCU, for the
first five (5) members who registered for the AGM and five (5) members who answered trivia questions
correctly.
The first five (5) members who registered were: Philbert May, Cheyne Lynch, Ranelle Roberts, Arifa Ryan-
Charles, and Elise Prescod-Quashie.
11. MOMENT OF SILENCE FOR DEPARTED MEMBERS
The Chairman, Bro. Cecil Charles requested a moment of silence in respect of members who passed away
during the year 2020.

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Celebrating 44 years

BUSINESS SESSION

The business session commenced with the adoption of the Standing Orders.
12. MINUTES OF THE 42ND ANNUAL GENERAL MEETING

a. Amendments and Confirmation
On a motion moved by Bro. Philbert John and seconded by Sis. Roxanne John, the minutes of the 41st
AGM were adopted. The motion was put to a vote and carried. 62 out of 67 attendees voted for, 0 against,
and 5 abstentions.

b. Matters Arising from Minutes:
There were no matters arising out of the minutes.

13. REPORTS AND ELECTION OF OFFICERS
A. BOARD OF DIRECTORS (BOD) Report
On a motion moved by Bro. Philbert “Pee” John and seconded by Sis. Harriet Tucker-DaSilva, the
BOD report was taken as read.

Functioning
Bro. Philbert “Pee” John inquired about the significance of having the Credit Union represented on the
General Council (GC) of SVGTU. He mentioned the changing times and nature of the relationship
between both entities. The President noted that it was historical and that the Credit Union was being
represented by Bro. Rawle Caine, who gave reports.
Bro. Junior Bacchus congratulated the President on the BOD’s report. In response to Bro. John’s
question, he felt there was a need for representation on the GC and made a call for it to be used as an
opportunity to encourage new members of the SVGTU to join the Credit Union. Sis. Roache stated that
SVGTCCU’s Marketing Manager had been a guest on the SVGTU Teachers’ Talk radio programme.

Credit Union Sector Performance
Bro. Philbert “Pee” John raised concerns about the lack of growth in membership and suggested that
more needed to be done to facilitate an increase in membership. With regards to the regulations, Bro.
John asked what was being done and what could be done to put pressure on the authorities. Bro. Junior
Bacchus then asked for an update on the regulations.
The President responded that a broad-based committee was set up and a unified response was submitted
by SVGTCCU and SVG Cooperative League. As a result of the proposed amendments, the regulations
were postponed to a later date. She said that the Cooperative Societies Act #12 of 2012 was being
reviewed but she anticipated it was going to take some time. She mentioned too that the By-Laws were
not in tandem with the Cooperative Societies Act.

Compliance and Risk Management
Annual Compliance Assessment
Sis. Attica Allen enquired about the Annual Compliance Assessment, what it entailed, and how the
Credit Union deals with political and legal persons. The Chief Executive Officer (CEO), Sis. Jasmine
Daly-Huggins responded that the Financial Intelligence Unit (FIU) had been monitoring compliance.
Sis. Allen noted that she had recognized an increase in online activity and inquired how the Credit
Union is working to mitigate against the risks involved in online activities. Sis. Huggins responded that
the Credit Union had upgraded firewalls and segmented the network for greater protection during the
past year.

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Celebrating 44 years

Ensuring Financial Profitability, Stability, and Sustainability
Sale of Lands
Bro. Philbert “Pee” John asked what factors impinged on the selling of lands and if the Credit Union
could enlist the services of a third party to help in the sale of lands. The President stated that SVGTCCU
had a real estate agent helping with the sale of lands and delinquent mortgages. She said that issues
related to the location of lands and a sluggish market had hampered sales. Bro. Ronald Clarke added that
another issue that was affecting the sale of lands was the cost. He noted that SVGTCCU was not in a
position to reduce the cost and hoped that over time the sales would be better.
Surplus Distribution
Bro. Junior Bacchus supported SVGTCCU offering dividends.

Delinquency
Bro. Junior Bacchus commended the management, staff and the BOD for keeping delinquency at a
manageable level given the circumstances and in comparison, to the reports from other credit unions.
The President, in turn, shared the commendation with the Loans Manager and Loans Officers.

Marketing Promotion and Public Image and Community Outreach
Commendations were further received by the BOD from Bro. Philbert “Pee” John for the social media
presence and the tremendous amount of work being done in this department.

Quality, Competitive Products and Services to Satisfy Members’ Needs
Sis. Attica Allen commended the SVGTCCU for the Online Supplies Outlet. The President told the
meeting that the Supplies Outlet had commenced layaway and payment plans and those orders could be
done via WhatsApp for pick-up. The CEO stated that the Credit Union was working tirelessly to
establish a website exclusively for the Supplies Outlet.

Direct Wire Transfer
Bro. Lindon Rawlins asked how SVGTCCU can address the direct wire transfer. The CEO, Sis. Jasmine
Huggins, responded that the Credit Union was unable to offer that service since the Credit Union works
through the Bank of SVG as it is not allowed to conduct third party transactions. The prohibition is as a
result of having to work through a commercial bank because of de-risking. This was due to risks
associated with money laundering.

Governance, Operational Efficiencies and Effectiveness
Human Resource Management
Bro. Philbert “Pee” John commended SVGTCCU for the COVID-19 protocols that were put in place.
He asked if the SVGTCCU had taken any position about COVID-19 vaccination. The President
responded that most BOD, management and staff had been vaccinated but such decisions were based on
personal choices. She noted that the Credit Union had no policy on mandatory vaccination.
Bro. Junior Bacchus highlighted the Credit Union’s philosophy which promotes each one support one.
He felt that in order for the country to have some level of normalcy, members should be encouraged to
be vaccinated. He further commended the leadership for setting the example.
7 Preserving Confidence and Trust In A Challenging Financial Environment

Celebrating 44 years

Bro. Roderick Jones supported the BOD’s position on vaccination which he regarded as a contentious
issue. He stated that vaccination ought to be a personal choice and that if the BOD was to take a definitive
stance, it must seek guidance from the membership.
Bro. Alston Anderson supported Bro. Roderick Jones’ view and stated that he was not against vaccination
but did not support mandatory vaccination. He felt that if someone did not want to take the vaccine then
he/she should be tested regularly.

Sis. Roache acknowledged all viewpoints.

Academic Achievements
The President congratulated those members of staff who had completed their studies with first-class
honours. Bro. Junior Bacchus joined in congratulating them.

Bro. Philbert “Pee” John commended the management and staff of the Barrouallie Branch for a great job.
He singled out Sis. Tamara Bishop-Jones for high commendation.

Training and Development
Sis. Attica Allen expressed appreciation for the training offered by the SVG Cooperative League, noting
that it was one way of empowering staff.

Bros. Philbert “Pee” John and Junior Bacchus congratulated the President, BOD, management and staff on
a successful year, the presentation of the report, the Credit Union’s performance, the delinquency rate and
how it had managed its expenses. Bro. Junior Bacchus recognized the females who held leadership
positions.

The BOD’s report was adopted by a motion moved by Bro. Pee John and seconded by Sis. Harriet Tucker-
Da Silva; sixty seven (67) members voted for, one (1) against, and three (3) abstentions. The motion was
carried.

B. EDUCATION COMMITTEE REPORT

The report was presented by its Chairperson, Sis Wendy Bynoe. She highlighted the activities that were
undertaken by the Committee during the period January to December 2020 which included the School
Bands Showcase, publication of three (3) Savers, COVID-19 Web Series, New Members’ Seminar,
Scholarships and Book Vouchers ceremony and a Health Symposium.
The Committee engaged in the following activities during the year under review:

à Collaborated with the IT Department to edit the content of the SVGTCCU’s website
à Liaised with the Marketing Department to market and promote the Credit Union through school

visits;
à Promote the Supplies Outlet’s initiative to have a “contactless” shopping experience;
à Sponsorship of the CPL Cricket Tournament;
à Repackaging and advertising of the Revolving Loan;
à Promotion of E-Services.
à Partnered with Digicel in its “Ease the Squeeze” promotion
à Worked together with the SVG Teachers’ Union via its radio programme to market the Credit

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Celebrating 44 years

Union.
Donations were made to three (3) secondary schools namely, Georgetown Secondary School Cricket
Team, Thomas Saunders Secondary School and St. Vincent Grammar School to assist their athletes in
attending the Penn Relays;
The Credit Union also assisted a member and her family whose house had been damaged by fire in 2019.
The digital marketing efforts of the Credit Union were boosted through its social media platforms -
Facebook, Twitter, Instagram and YouTube.
The report was very well received and was accepted on a motion by Bro. David Arthur. It was seconded
by Sis. Thelma Charles and accepted by the meeting with a 95% vote.

C. TREASURER’S AND AUDITOR’S REPORT
Treasurer’s Report
The Treasurer’s report was presented by the Treasurer, Bro. Gilbert Frederick. Bro Gilbert highlighted the
pinch that is being felt financially by all as a result of the COVID-19 pandemic. He indicated that the
Credit Union was impacted in the areas of IFRS provisioning, interest income and surplus, However, the
Credit Union was able to help its members in spite of the challenges. Most importantly, the Credit Union
was able to realise a profit despite these adversities. In conclusion, he encouraged the membership to
press forward with the same level of vigilance of 2020 since conditions related to the pandemic still
persisted.
Bro. Junior Bacchus highlighted there was no need for the adoption of the Education Committee’s report
since it was similar to the Treasurer’s report and forms part of the BOD’s report.
The Auditor’s report was presented by Mr. Reuben John. He introduced the financial statements by
highlighting the Firm’s opinion, the basis for the opinion and its responsibility for the audit of the
financial statement and information relating to the responsibility of management and those charged with
governance.
There were no questions or comments on both reports. These reports were accepted on a motion by Bro.
Earl Bennett and seconded by Bro. Junior Bacchus. The meeting accepted the reports on a 97% vote.
Sis. Doris Charles congratulated the membership on its 43rd Annual General Meeting and commended the
President and the Board of Directors for a job well done during the financial year.

Election of Officers - Board of Directors

The entire election of Officers process was conducted by Mr. Jimmy Black of the Financial Services
Authority.

The election of officers to serve on the Board was due to the retirement of Bros. Brenford Findlay, Cecil
Charles and Sis. Miriam Roache. Bro. Findlay was not eligible for re-election as he had served two
consecutive terms. Bro. Charles and Sis. Roache were both eligible for re-election and were nominated by
the Nominations Committee along with Sis. Doris Charles.

Sis Wendy Bynoe was nominated by Bro. Junior Bacchus and seconded by Bro. Philbert “Pee” John. Bro.
Roderick Mc Kree was nominated by Sis. Nazina McLean and seconded by Sis. Juanita Joseph.
Nominations were then closed on a motion by Bro. Philbert “Pee” John and seconded by Bro. Ronald
Clarke with a 75% vote from the meeting.

The results were as follows: 65
Miriam Roache 61
Cecil Charles 44
Wendy Bynoe

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Celebrating 44 years

Doris Charles 39
Roderick Mc Kree 37

Sis. Miriam Roache and Bro. Cecil Charles were re-elected and Sis Wendy Bynoe was elected to serve on
the Board of Directors.

Nomination for BDO as Auditor
BDO was elected as the Auditor for the Credit Union based on a 90% voters' acceptance. 4% voted
against.

D. CREDIT COMMITTEE REPORT
The Chairperson, Bro. Alston Anderson presented the report. He reported that the main challenge in the
Loans Department was as a result of the pandemic. There was a slight increase in the delinquency rate
and a shortfall in the expected income from loan products. Despite the challenges, the Credit Union
remained resilient and assisted its members by offering moratoria. Although this offer could not be
sustained, it provided a positive result for all parties. Bro. Anderson also highlighted that an analysis of
our loan activities showed that there was a marginal decrease in personal, vehicle, education (National
Student Loans) and debt consolidation loan categories. In conclusion, he encouraged the membership to
continue to persevere despite the challenges we are facing as a result of the COVID-19 pandemic.
There were no questions or comments. The report was adopted on a motion moved by Bro. Ronald Clarke
and seconded by Sis. Chanda Davis. The poll revealed a 98% acceptance of the report.
Election of Officers - Credit Committee
The election for the officers to serve on the Credit Committee resulted from the retirement of Bros. Alston
Anderson and Rupert Nash. Both served for two consecutive terms and were not eligible for re-
election. The Nominations Committee nominated Sis. Attica Allen and Bro. Dwane Allen. Further
nominations were made for Sis. Thelma Charles, nominated by Sis. Francille Richardson and seconded by
Sis. Monica Malcolm.
Bro. Cecil Charles moved a motion that nomination be closed for the election of officers to serve on the
Credit Committee. It was seconded by Bro. Gilbert Frederick. A poll was launched for nominations to be
closed and had sixty-eight (68) persons voting to end the nominations, two (2) voting against the closure
and one (1) person abstained. The closure was carried. A poll was launched to elect members to the
Credit Committee.
The results are as follows:
Attica Allen 39
Dwane Allen 62
Thelma Charles 65
Sis. Thelma Charles and Bro. Dwane Allen were elected to serve on the Credit Committee.

E. SUPERVISORY AND COMPLIANCE COMMITTEE REPORT
The report of the Supervisory and Compliance Committee was presented by its Chairperson, Bro. Calvin
Herbert. He highlighted that the onset of the COVID-19 pandemic during the latter part of the first
quarter in 2020 posed a challenge to the Committee to execute and complete some of its duties. He
reported on the scope of the Committee in accordance with the SVG Cooperative Societies Act No. 12 of
2012 and the Bye Laws of SVGTCCU. As it relates to operation and control, Bro. Herbert indicated that
the Committee was satisfied that the Credit Union was in compliance with the relevant Acts and
Regulations although it grappled with slow implementation of some decisions.
Bro. Junior Bacchus, in commenting on the report, highlighted that the report lacked clarity about its role
and its operations. He questioned to what extent the Board was slow in its implementation with some
decisions and whether the action was deliberate. Nevertheless, he commended the Committee for its
work, in particular, with the dormant accounts ensuring that there were no fraudulent activities. He
strongly commended the Education and Marketing Committee for promoting the philosophy and
operations of the Credit Union. In conclusion, he challenged the Committee to go beyond what is

Preserving Confidence and Trust In A Challenging Financial Environment 10

Celebrating 44 years

regularly presented in the reports, to address the question of Equity Shares and to be more engaged not
only in supervision but also in compliance. Bro. Herbert agreed with Bro. Bacchus, and encouraged the
Committee to take note.

The report was adopted on a motion by Bro. Earl Bennett and seconded by Sis. Sally-Ann Butler. The
result of the poll revealed that 97% accepted the report.

Election of Officers - Supervisory and Compliance Committee
The election for the officers to serve on the Supervisory and Compliance Committee resulted from the
retirement of Bros. Calvin Herbert and Dixton Findlay. Both served for two consecutive terms and were
not eligible for re-election; however, they can be elected after a one-year break. The Nominations
Committee nominated Bro. Kimani Robertson and Sis. Janeil Henry - Rose. Further nominations were
made from the floor: Sis. Doris Charles, nominated by Sis. Neva Phillips-Cordice and seconded by Sis.
Miriam Roache; Sis. Attica Allen nominated by Sis. Chanda Davis and seconded by Sis. Jasmine Huggins
-Daly and Sis. Saline Barbour was nominated by Sis. Vilma Ollivierre and seconded by Bro. Brenford
Findlay.

Nominations were closed on a motion by Bro. Ronald Clarke and seconded by Sis. Jasmine Huggins
Daly. The poll revealed an agreement of the membership with the motion. A poll was launched to elect
members to the Supervisory and Compliance Committee.

The results were as follows:

Kimani Robertson 21
Janeil Henry-Rose 39
Doris Charles 38
Attica Allen 39
Saline Barbour 36

Sisters Janeil Henry-Rose and Attica Allen were elected to serve on the Supervisory and Compliance
Committee and will serve a three (3) year tenure.

14. UNFINISHED BUSINESS
There was no unfinished business.

15. NEW BUSINESS
There was no new business.

16. ADJOURNMENT
The meeting ended at 6:49 p.m. on a motion by Sis. Miriam Roache. A poll was launched for the
acceptance of the adjournment, thirty-seven (37) persons voted in agreement of the adjournment; one (1)
voted against and one (1) abstained.

CONFIRMATION ON THIS……….DAY OF………………………….2022 ON A MOTION MOVED
BY……………….AND SECONDED BY………………………………..

………………………………. …………………………...
Bro. Artillon Hamilton Sis. Miriam Roache
SECRETARY PRESIDENT

11 Preserving Confidence and Trust In A Challenging Financial Environment

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PRESIDENT’S MESSAGE

Brothers and Sisters,
There is no doubt that the challenges experienced in 2021 tested our resolve. The unprecedented and
unimaginable consequences imposed on the financial sector of our country and on our people during this period,
is evidence of how fragile and unstable our economy has become. It is a reminder of how important it is for
organizations such as ours to be flexible under abnormal circumstances.
My message to this 44th Annual General Meeting, follows the recent La Soufriere eruptions and the worst of
COVID-19’s impact on our society. We were able to contemplatively assess the effects of these challenges which
led us to be more creative in how we do business; reassess the strategic path for the Credit Union; and to be
deliberate in determining the way forward.
The Board of Directors is more aware of its role in visioning innovative and transformative ways to engage in the
recovery of the financial sector of SVG through our own organization.
As we adapt and transition into the future, we have reviewed and updated the strategic plan to take account of the
lessons learnt over the period and to enhance those activities that worked well. In so doing, we have taken a
broader outlook of the sector and the institution. The SVGTCCU is:

à Placing a greater focus on social responsibility by using novel approaches so we can be more responsive
in addressing the needs of the Vincentian community.

à Positioning itself for expansion and growth. There is commitment to move forward with an agenda that
identifies and creates sustainable, affordable products and services that are accessible to all members and
can result in the growth of the Credit Union.

à Strengthening its human resource management capacity so there is reciprocity in the relationships that
benefit membership, management, staff and the wider society. We continue to hold fast to our members
first philosophy- People Helping People.

à Using technology in all its applications to improve service delivery, maintain relevance to members and
especially to provide increased online access. This is twinned with improved security to ensure greater
protection of members’ personal data.

à Committed to good governance and improved compliance.
à Placing greater attention to risk prevention and mitigation - an issue that has become even more critical

post the 2021 catastrophes.

It is with a sense of gratitude that I acknowledge the forbearance, commitment and intuitiveness of the Board of
Directors for ably guiding the Credit Union during the difficult period. Its “efforts have redound to a surplus and
the opportunity to reward the membership for Preserving Confidence and Trust in a Challenging Financial
Environment”.

Sis. Miriam Roache
President
12 Preserving Confidence and Trust In A Challenging Financial Environment

Celebrating 44 years

BOARD OF DIRECTORS

Bro. Cecil Charles Bro. Artillon Hamilton
Vice President Secretary

Bro. Gilbert Frederick Sis. Miriam Roache Bro. Ronald Clarke
Treasurer President Asst. Secretary/Treasurer

Sis. Chanda Davis Sis. Wendy Bynoe
Director Director

Preserving Confidence and Trust In A Challenging Financial Environment 13

Celebrating 44 years

BOARD OF DIRECTORS’ REPORT
FOR THE YEAR ENDING DECEMBER 31, 2021

1. INTRODUCTION
The Board of Directors presents its report for the period January 1- December 31, 2021. The year under
review saw the Board executing its duties under very unusual and trying circumstances which arose from the
continuing effects of COVID-19 doubled with the disruptions caused by the eruptions of the La Soufriere
Volcano. Their combined effects and simultaneous impact tested the resolve of the organization.
This report represents the efforts of the Board to employ innovative ways to strategically respond to the
challenges that occurred during the year. The Board has been mindful of avoiding unnecessary risks and pri-
oritizing services offered to the members. Therefore, in 2021 the SVGTCCU placed greater emphasis on:
à Improving the human resource capacity in order to respond adequately and with greater alacrity to the
needs of members,
à Granting moratoria for affected members,
à Launching of a new product to respond to the financial difficulties faced by members,
à Enhancing technological support and infrastructural development,
à Continuing improvements in compliance in most areas of operation.
à Diversifying by renovating and creating rental spaces as a means of attracting new income,
à Reviewing the Strategic Plan 2018-2021 and established an updated plan with the inclusion of two
new priorities: human resources and technology. This plan is refashioned around strategies to respond
to and counter the challenging environment. It will guide the operations of the Credit Union up to
2024.
Due in part to the challenges faced during the year, delinquency increased, growth in interest income
lessened, and the loan portfolio declined. Nevertheless, the year ended with the Credit Union maintaining:
à Growth in assets
à Improved liquidity
à Stable investments
à Increased rental income
à Growth in reserves
The report demonstrates that the Board functioned above and beyond the call of duty, ensuring that the
institution remained steady during the unprecedented occurrences of the year. It is therefore our pleasure to
report that in spite of the travails of the period, the Credit Union has realized a surplus and is able to provide
returns to members through dividends, rebate, reasonable savings rates, improved services and lowered
interest rates. The indisputable fact is that all this could only have been accomplished because you the
members remained resolute in Preserving Confidence and Trust in SVGTCCU, in this Challenging Financial
Environment.

2. FUNCTIONING
During 2021, the Board of Directors functioned creditably in meeting its obligations to the Credit Union.
Monthly meetings continued uninterrupted using a blend of face to face and online via a virtual platform as
the medium. A total of ten (10) regular meetings and three (3) special meetings were held.
During the year under review, the Board essentially:
à Continued to monitor the impact of COVID-19 on the performance of the Credit Union and in so do-
ing paid special attention to those members who were most affected.
à Reviewed compliance issues, management’s performance and risks.
à Approved and updated relevant policies.
à Concluded the Compensation Review Process and updated the Strategic Plan.
à Monitored the functioning of the branches, the Supplies Outlet and the rental properties.
à Completed the renovations of phase one (1) of the Uptown (Wimpy’s) building, and continued up-

14 Preserving Confidence and Trust In A Challenging Financial Environment

Celebrating 44 years

grades to the conference facility at headquarters.

3. BOARD COMPOSITION AND REPRESENTATION
The 43rd Annual General Meeting was held on Tuesday, 9th November, 2021, making this an unusually long
year of service. All officers had prolonged tenure and Bro. Brenford Findlay concluded his two-term tenure
at this AGM.

Brother Cecil Charles and Sister Miriam Roache were reelected to serve a second term. Sister Wendy Bynoe
was elected to serve a three-year term.

The first meeting of the BOD was held on November 12th, 2021 and officers were elected to serve as follows:

Sis. Miriam Roache - President
Bro. Cecil Charles - Vice President
Bro. Artillon Hamilton - Secretary
Bro. Gilbert Frederick - Treasurer
Bro. Ronald Clarke - Assistant Secretary/Treasurer
Sis. Chanda Davis - Director
Sis. Wendy Bynoe - Director

4. APPOINTMENT OF COMMITTEES
The members of each of the following Committees were appointed by the Board to serve for 2021 to 2022.

Education and Marketing Committee
Sis. Saline Barbour - Chairperson
Sis. Tera Samuel - Secretary
Sis. Roxanne John
Sis. Sherron Morgan-Peters
Bro. Johnny P. Straker
Bro. Kimani Robertson
Bro. Roderick Mc Kree
Sis. Wendy Bynoe, Director, served as the Board’s Liaison to this Committee.

Human Resources Committee
Bro. Cecil Charles - Chairperson
Bro. Artillon Hamilton Ex- Officio
Sis. Chanda Davis Ex- Officio
Sis. Michelle Thomas
Sis. Miriam Roache -
Sis. Jasmine Huggins-Daly -

Building Committee
The members of this committee remained for 2021:
Bro. Dwight Lewis - Chairperson
Bro. Paul Creese
Bro. Shelford Stowe
Bro. Brenford Findlay
Sis. Jasmine Huggins-Daly

Investment Committee
Bro. Gilbert Frederick - Chairperson
Sis. Roxanne John Ex- Officio
Sis. Nekeisha Adams
Sis. Shari Hooper-Scott
Sis. Jasmine Huggins-Daly
Sis. Miriam Roache -

Preserving Confidence and Trust In A Challenging Financial Environment 15

Celebrating 44 years

Equity Shares/Death Benefit Committee

Bro. Junior Bacchus - Chairman
Bro. Cecil “Blazer” Williams
Bro. Calvin Herbert
Sis. Miriam Roache
Sis. Nekeisha Adams

Barrouallie Branch Strategic Committee
Bro. Brenford Findlay - Chairman
Bro. Alston Anderson
Bro. Dixton Findlay
Sis. Melissa Nicholls - Marketing Manager
Sis. Saline Barbour - Education Committee Liaison
Bro. Gilbert Frederick - Board of Directors Liaison

Bye Laws Committee
New proposed amendments to the Cooperative Societies Act have stymied the passing of the long awaited
Regulations to the Act. Revision of the Bye Laws must await the amendment of the Act and the revision and
passing of the Regulations.

SVG Teachers’ Union Representative
Bro. Rawle Caine continued to serve as the Credit Union’s representative on the General Council of the St.
Vincent and the Grenadines Teachers’ Union.

League Delegates and Alternate Delegates
The following persons were selected as League Delegates and Alternate Delegates:

League Delegates Alternate Delegates
Sis. Miriam Roache Bro. Ronald Clarke
Sis. Chanda Davis Sis. Wendy Bynoe
Bro. Cecil Charles Sis. Roxanne John
Bro. Artillon Hamilton Sis. Michelle Richardson
Bro. Gilbert Frederick Bro. Randy Boucher

5. CREDIT UNION SECTOR PERFORMANCE
Compared to 2020, SVGTCCU experienced growth in membership, total assets and deposits. However, there
was a reduction in loans.
The table below shows the comparative figures for the SVGTCCU for 2020 and 2021. It also highlights the
performance of the sector in the related areas and indicates SVGTCCU’s market share relative to other Credit
Unions.

ALL CREDIT UNIONS SVGTCCU

Dec-21 Dec-20 Change Dec-21 Dec-20 Change SVGTCCU
Market Share
130,434,627
Deposits 549,851,653 500,512,803 9.90% 86,884,956 122,670,052 6.33% 23.72%
Loans 363,587,699 353,368,556 2.90% 157,045,605
Total Assets 603,966,821 575,945,166 4.90% 87,421,719 -0.60% 23.90%
12,429
151,601,325 3.60% 26.00%

Membership 79,565 86,266 -7.80% 12,179 2.20% 15.50%

16 Preserving Confidence and Trust In A Challenging Financial Environment

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6. STRATEGIC PRIORITIES
A synopsis on the performance under each strategic priority is stated below:
i) Financial Profitability, Stability and Sustainability
Given the adversities previously mentioned, it was imperative to manage spending and increase in come
and investments while assisting the members who were affected by the catastrophes. Special attention
was given to those displaced by the eruption.

The financial year also saw the institution reallocating resources and preparing for the eruption of the
volcano, by analyzing the assets located in those vulnerable areas (red and orange zones) and making
sure that these assets were insured.
In addition, the Credit Union was challenged by growing competition from other financial institutions
with lower borrowing rates and the greater presence of non-traditional finance companies offering easi-
er access to cash. The Board’s strategy was to diversify, reduce interest rates and engage members
through dialogue to find appropriate ways to help them withstand the difficulties they faced.
Investments
The increase in cash flow experienced during the year was utilized to maintain the profitability and sub-
sequent sustainability of the Credit Union. In this regard, investment opportunities were sought to en-
sure growth.
The unattractive rate on investments locally presented a challenge in finding lucrative investment secu-
rities, therefore investment opportunities were sought regionally. The investment portfolio moved from
$7.22m in 2020 to $9.17m in 2021 mainly due to the increase in cash inflows.
Rental Income
The increase in rental income was significant compared to 2020. This is directly related to the income
received from the rental of the renovated Uptown (Wimpy’s) building.
Sale of lands
Despite our best efforts to market the Cedars Development Project, Brighton and Nutmeg Grove, at
home and in the Diaspora, we continue to experience a slow market for these lands. The statistics indi-
cate that due to the economic circumstances, members were conservative and more reluctant to spend.
However, five (5) lots were sold in 2021; this was an increase over 2020. We will continue to market
these lands in anticipation of improved sales in the ensuing year.
The table below represents the sale realized throughout the year compared to 2020.

Initial available lots Phase 1 Phase 2
No. of remaining lots in 2020
Total lots sold in 2020 25 48
Total lots sold in 2021 5 41
2 0
No. of lots remaining 1 4

2 37

Loans
The macroeconomic challenges resulted in a reduction in the loan levels in 2021 and impacted the loan
interest income. The loan interest income increased from $7.05m to $7.25m.
Meeting the needs of the members was the number one priority of the Credit Union. Hence, the
organization continued to offer moratoria and restructured loans to enable members to afford the
repayment amounts. At the end of the financial year, the Credit Union granted 166 moratoria to the value

Preserving Confidence and Trust In A Challenging Financial Environment 17

Celebrating 44 years

of $11,819,283.04. Unfortunately, some loans became delinquent due to the continued unemployment,
underemployment, government policies, and diversion of funds by borrowers to other functions.
Delinquency
For the financial year, the delinquency ratio stood at 8% with the PEARLS ratio standard set at 5% or
less. This was an increase of 1% from the prior year which stood at 7%. The Credit Committee report pro
vides details on delinquency.

Loan Delinquency Summary
As at December 31st, 2021

With Comparative Figures for 2020

Surplus Distribution
The financial year ended with a surplus of $1.89 million approximately $600,000 greater than the 2020
financial year.
The Board is recommending the following:

Proposed Actual
% Distribution % Distribution
for 2021 for 2020

Dividend on Equity Shares 4% $ 356,582.36 1.82% $ 192,629.00
1% $ 77,622.00
Rebate 1.05% $ 78,417.64 $ 30,000.00
$ 10,000.00
Development Fund $ 100,000.00 $ 10,000.00
$-
Education Fund $ 10,000.00 $ 348,287.00

Disaster Relief $ 20,000.00

Building Reserve $ 60,000.00

Statutory Reserve $ 179,408.00

ii) Governance, Operational Efficiencies and Effectiveness
One cannot overstate the role of the Board of Directors during difficult economic times. It was imperative
that during this challenging year to maintain fiscal responsibility that was vital to economic stability. The
focus was on continued protection (for members, staff, management, volunteers, public) and improved cus-
tomer service especially, cushioning the effects on membership, carefully monitoring the bottom line and
planning effectively for the medium and long term.
Strategic Planning
Importantly, the Board was always mindful of the critical factors that could inevitably influence the long-
term success of the Credit Union. It therefore guided and assisted the management with ongoing adjust-
ments to the strategic direction of the organization. Additionally, the Board of Directors continued to peri-
odically evaluate the progress of the Strategic Plan to ascertain its effective implementation and to address
any challenges encountered.

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The Strategic Plan was extended and the review was completed by the end of 2021. Two new strategic
priorities, human resources and information technology have been added. The Board of Directors and
other volunteers, management, staff and representatives of the general membership were involved in the
review process. The plan will expire in 2024.
Policies
The Board of Directors continued its focus on the strengthening of the governance structure of the
organisation. As such, several policies were developed or reviewed to ensure compliance with the
Cooperative Societies Act #12 of 2012, the Financial Services Authority Act #33 of 2011, Corporate
Governance Guidelines and the Code of Ethics. These facilitated greater effectiveness and efficiency in
response to recommendations made by the regulators and auditors - both internally and externally.

The following are the policies that were developed and or reviewed:
à AML/CFT Policy
à Petty Cash Policy
à Loan Policy
à Signature Policy
à Credit Card Policy
à Delinquency Policy
à IT/Security Policy
à Employment Regulations

Annual General Meeting and All Committees
The Board successfully executed the 43rd Annual General Meeting on Tuesday, 9th November, 2021.
Due to the pandemic, the meeting was conducted hybrid and was fully supported by the Financial Ser-
vices Authority. This was the first AGM in the history of the Credit Union that was broadcast virtually.
The Board also ensured that All Committee meetings were convened as mandated.

Equity Shares Resolution update
The Credit Union successfully passed a resolution to regularize its equity shareholding of the
membership at its 42nd Annual General Meeting. This strategic move was to ensure all members of the
Credit Union invest towards the capital structure to ensure the soundness of the organization.
Immediately following the resolution, the business environment experienced a dynamic change and
some adjustments towards compliance had to be made. The intention was to update each member's
equity from his/her regular shares or savings account. However, with the global economic changes this
had to be done on a smaller scale. Management had to re-strategize and implement the resolution in
phases.
The implementation of the resolution on the capitalization of the SVGTCCU based on adequate
Qualifying and Equity Shares was prioritized as part of the business continuity plan. There was a steady
increase in the number of members achieving the minimum required standard of equity shares. As a
result of the resolution, there was an increase in the number of members in compliance with the Equity
Shares Resolution from 2,803 in 2020 to 7,442 at December 31, 2021. The Credit Union is mindful that
all members ought to comply with the resolution and continues to work assiduously to achieve 100%
compliance.

Barrouallie Branch Strategic Committee
Following the 43rd Annual General Meeting, the Barrouallie Branch Strategic Committee was estab-
lished to investigate the difficulties faced by the Branch and to make recommendations for improve-
ment. The Committee has functioned creditably and has presented its recommendations. The recommen-
dations have been infused into the revised Strategic Plan.

Preserving Confidence and Trust In A Challenging Financial Environment 19

Celebrating 44 years

Corporate Social Responsibility
High on the Credit Union’s agenda is always its responsibility to its members and the service to the
citizenry of the country. The Board and Management prioritized assistance to cushion the effects of the
pandemic and respond to the disruptions of the eruptions of the La Soufriere Volcano.

iii) Compliance and Risk Management
Policies/Procedures/Guidelines
Throughout the year, the Board deliberated on several old and new policies and procedures to strength
en the Credit Union’s governance structure. Consequently, this significantly improved external and in
ternal regulatory compliance, and ensured relevance to current and future operations of the institution.
Essentially, there was general adherence to the policies, procedures and guidelines including those new
and revised reflected under “Governance”.
AML/CFT Risk Analysis
According to Section 23 (1) of the Anti-Money Laundering and Terrorist Financing Code No. 24 of 2017: a
service provider shall carry out and document a risk assessment for the purpose of: assessing the money
laundering and terrorist financing risks that it faces; determining how to best manage those risks and de
signing, establishing, maintaining and implementing AML/CFT policies, procedures, systems and controls
that will comply with the requirements of the Regulations and this Code and that are appropriate for the
risks that it faces.
The Credit Union’s AML/CFT risk assessment was conducted throughout the reporting period. Areas in-
cluded, but not limited to four (4) categories: members, products and services, geographic location, and de
livery channels.
FIU Compliance Assessment Programme
The Financial Intelligence Unit (FIU) has a seven stage Compliance Assessment Programme that as-
sesses financial institutions on their level of compliance.
In 2021, the Credit Union completed stages 6 & 7 of the programme. For both stages, the Credit Union
was rated as Largely Compliant i.e. There are only minor shortcomings, with a large majority of the
essential criteria for a functional AML/CFT Know Your Customer/Customer Due Diligence programme
being fully met. There is still a need for greater Customer Due Diligence in some areas.
The FIU congratulated the Credit Union on completing all stages of the programme and has advised
that they (FIU) have transferred the review of any future AML/CFT programme requirements to the
Financial Services Authority.
The Credit Union will continue to review and amend the AML/CFT Policy as is necessary as we assess
the risks and vulnerabilities of the Credit Union and any changes in national and international laws and
regulations.

iv) Membership Expansion and Activation
The growth in membership indicates confidence in the management and leadership of the institu-
tion. As at December 31, 2021, the SVGTCCU had a total of 12,429 members. During the period, four
hundred and seventy six (476) persons became members. During the period 77 members died while 49
withdrew their membership. This resulted in a net membership increase of 2.85% (353 members) over
the year 2020. The age range of these new members can be seen in the table below.

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There were two aspects to membership expansion and activation that were embarked on during the
period:

à Transfer of persons who have attained the age of 14 years from a Junior Saver to full membership
and;

à Updating of members’ personal data.
The benefit of accurate and current data will enable the institution to easily disseminate information to
each member in a timely manner. Members are therefore encouraged to update their personal
information by filling a Personal Data Form if they have not done so within the last 2 years or if their
personal information has changed (e.g. address or contact).

The Credit Union also conducted a review on the dormant members and developed a program to reacti-
vate their membership. Membership growth will be an area of focus during the ensuing period.

v) Marketing Promotion and Public Image and Community Outreach
Another priority of the Credit Union is aggressive marketing and promotion and enhancement of its
image. This was done using multiple promotions and marketing strategies to bring greater attention to
the products and services offered to members and the public. The Education and Marketing Committee
in collaboration with the Marketing Manager were tasked with this responsibility. The following were
achieved:

à Advertised the Christmas Loan and the associated raffle via in-branch posters, email blast, social
media and radio advertisements. The winners and their prizes were as follows:

· Jillian Pierre - 3rd place
· Linda Miller - 2nd place
· Romeo Small - 1st place

à Donated food and personal care items to nine (9) shelters in response to the needs that arose
from the eruption of the La Soufriere Volcano. These shelters were at the C.W. Prescod Primary
and Lodge Village Government Schools, Bishops College Kingstown and six (6) shelters within
the community of Barrouallie. Similarly, donations were made to several members of staff and
their families, other members and the general public.

à Collaborated with the General Employees’ Cooperative Credit Union (GECCU), Bank of St.
Vincent and the Grenadines (BOSVG), Police Cooperative Credit Union (PCCU), Kingstown
Cooperative Credit Union (KCCU) and SVG Automotive Co-operative Society to host a Health
Care Workers’ Appreciation Day on May 19, 2021. This was an initiative to recognize the
health care workers for their hard work and commitment to providing care to the people of St.
Vincent & the Grenadines during the Dengue Fever outbreak and the COVID-19 Pandemic. The
donations made were highlighted in traditional and social media.

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Celebrating 44 years

à Launched a Member Satisfaction Survey during the month of June. This survey was undertaken to
assess members’ satisfaction with the Credit Union via questions that focused on customer service,
loans and ATM/online banking services.

à Made an oral presentation to twenty (20) students of the SVGCC Division of Nursing Education on
the benefits of being a member of the Credit Union and other services that are offered.

à Conducted a survey on the operations at the Barrouallie Branch from August 2021 to September
2021. The survey was an activity of the Barrouallie Branch Committee. The target audience was
members residing from Layou to Chateaubelair. Seventy-two (72) responses were collected from
which data was utilised to support the work of the Committee.

à Awarded four (4) scholarships on September 28th, 2021. The recipients were Jaydon Martin, Jai’nya
Matthews, Johnique Jordan, Jahzara Ollivierre.

à Awarded five (5) bursaries to members at a ceremony held on October 22nd. The awardees were
Lorson Lewis, Kinda John-Matthias, Keron Peters, Kelorn Samuel, and Kellisha Stewart.

à Coordinated a second distribution of relief items to eighteen (18) members in communities where
branches are located on October 21st and 28th. The distribution was part of the celebration to
commemorate Credit Union week.

à Observed International Credit Union Day on October 21st, 2021, under the theme "Building Fi-
nancial Health for a Brighter Tomorrow". To mark the day, members of the Credit Union were
given branded tokens (notebooks, and pens) when they conducted business at each of the branches.

à Held a panel discussion on Mental Health on October 28th, 2022. The event was held virtually; the
panelists were Dr. Jozelle Miller and Mrs. Andrea Gaymes - Mohess. The symposium was promot-
ed to members and the public via email blast, and social media advertisement. The attendees com-
mended the Credit Union for an informative session and registered their satisfaction with the infor-
mation presented.

à Sponsored the Avenues United Female Football Team. SVGTCCU is now the title sponsor for this
team. A press release on the sponsorship was featured in the local newspapers, Credit Union’s
website and social media pages.

Promotion
à Advertisements focused on the online banking and ATM services; encouraging members to sign up
for these services to avoid standing in lines and risking possible exposure to the virus. At Decem-
ber 31, 2021 there were 1,463 online banking users and 3,692 ATM services card holders. Mem-
bers are encouraged to participate in these services.
à Advertised loans for disaster preparedness, back-to-school shopping and for Christmas
shopping. Members responded favourably.
à Continued the ordering of books from the Supplies Outlet via Whatsapp. The promotion for this
service was done via the Supplies Outlet social media pages and the Credit Union’s website. This
initiative was an effort to increase efficiency and reduce the number of persons in store. New per-
sons are continuously being introduced to the Supplies Outlet Services.
à Initiated the Supplies Outlet e-commerce site in December 2021 and the site should be completed
and launched during 2022.
à Partnered with Digicel on the “Ease the squeeze” promotion for a second year by purchasing gift
vouchers and promoting SVGTCCU via its social media platforms.

22 Preserving Confidence and Trust In A Challenging Financial Environment

Celebrating 44 years

à Promotions were done for the 2021 Christmas loan special using print and electronic media. Posters
were also placed at the branches. There were three (3) winners for the raffle which was held for the
successful loan applicants and a monthly draw for grocery vouchers.

à At the end of 2021, there was a 4.55% increase in Facebook friends, a 15.86% increase in Facebook
followers and a 51.06% increase in our Instagram followers. The Facebook page that was created in
2020 for the Supplies Outlet achieved an increase of 24.03% over the previous year. The table below
indicates the movement via social media.

The Education and Marketing Committee was specifically responsible for spearheading the following:
à A New Members’ seminar was held on March 17th, via Zoom.
à A Small Business Seminar on May 4th, 2021 which was marketed to both members and potential
members of the Credit Union, via email blast and social media advertisements.
à A Financial Literacy workshop on June 9th, 2021.
à Members’ Appreciation Day which was held on December 20th, 2021
à The production of three (3) issues of the Saver newsletters

vi) Quality, Competitive Products and Services to Satisfy Members’ Needs
Members are the reason we exist. The core of this institution is the belief that the very best for our mem-
bers is the catalyst to the very best for our beloved country. Therefore, the Credit Union has designed and
promoted some very innovative, affordable, relevant and high-quality products and services to drive the
development of members and wider population.
“Every Member Has Special Value” is a philosophy that guides the creation of the variety of products to
meet the needs of all categories of membership:
à The offering of a Retirement Savings Plan which helps members save towards their retirement con-
tinues to be highly patronized.
à Our Supplies Outlet continues to lead in the “Book Service” industry with layaway and payment
plan services to our members.
à The newest addition for 2021, the Bundled Loan Product, eases the financial burden of members
with multiple loan facilities thereby improving their disposable income to meet every day needs.
à The offering of a competitive package of E-Services has moved us into the future of financial ser-
vices. This includes ATM and online banking services. Work has commenced on the delivery of a
Mobile App that will revolutionize the way we do business

Preserving Confidence and Trust In A Challenging Financial Environment 23

Celebrating 44 years

vii) Human Resource Management
The Human Resource Committee supports Management in carrying out the human resource functions of
the Credit Union. During the period the following main activities were:
à Reviewed the Performance Evaluation instrument;
à Compensation review which was an initiative of the Credit Union. The assignment commenced on
March 22, 2021 and was completed on June 15, 2021. The compensation plan was designed to regu-
larize the HR inconsistencies, to measure performance more accurately, and to motivate employees
at the organizational, departmental, and individual levels. Further, the process exposed management
to the application of best practices. The plan provided Management and Board with a blueprint to
guide future compensation reviews.
Appointments, Resignations and Retirement
The SVGTCCU welcomed the following new employees to the organisation:
à Sis. Annesia Williams - Teller - August 3, 2021
à Bro. Rohan Murray - IT Manager – September 17, 2021
à Bro. Jave Martin - Customer Service Representative - August 3, 2021
We bid farewell to the following employees who left to pursue other goals:
à Sis. Jevorn Bobb - Customer Service Representative – October 29, 2021
à Bro. Jaime Simmons - Teller/Customer Service Representative – November 12, 2021
à Bro. Voltan Richardson retired in October 2021. He was the IT Manager for the period Septem-
ber 15, 2014 to October 2021. The Credit Union thanks him for his service and wishes him a
happy retirement.
We thank each employee for his/her contribution to the Credit Union and wish them the very best in their
future endeavours.
Training and Development
Employees and volunteers participated in a blend of face-to-face and virtual training. These sessions
helped participants to develop the necessary knowledge and skills required to dispense their individual
duties effectively and efficiently. This will eventually ensure that the Credit Union’s vision of
being “the premier non-bank financial institution” is maintained.
The following training programs and activities were provided:

24 Preserving Confidence and Trust In A Challenging Financial Environment

Celebrating 44 years

TRAINING PARTICIPANTS TRAINING INSTITUTION/
Credit Analysis Basics Loans Department Staff DATES FACILITATOR

04-Jan-21 CU Webinars

AML/CFT Supervisory & Compliance 16-Jan-21 Sis. Jozell Byron
Committee

Three Key Risk Assessments in Your Sis. Janelle Forde-Seales 18-Mar-21 CU Webinars
ERM Program - ERM, IT, and Internal
Controls IT staff 24-Mar-21 Co-operative League
Shared Branching Managers SHARETEC
All members of staff
Volcano Awareness and Preparedness 08-Apr-21 Major St. Clair Leacock

Strategic Performance Management Plan- All managers and supervi- 24-Apr-21 Joachim & Associates
ning sors

AML/CFT Administration Department 27-May-21 Sis. Jozell Byron
D-Cash Training
Tellers, 15-Jun-21
Customer Service Reps IT
Assistant to Eastern Caribbean Cen-
Supervisors tral Bank (ECCB)

23-Jun-21

Essential Skills for the Supervisory and Sis. Jozell Byron 03-Jun-21
Compliance Committee Members Sis. Tammie Walters The Cipriani College of
Labour and

to Co-operative Studies

01-Jul-21

Sis Jasmine Huggins-Daly

Effective Corporate Governance in Finan- 22-Jul-21 Caribbean Confedera-
cial Institution tion of Credit Union
Sis. Shonella Llewellyn

Bro. Ivan Vaughan SVG Cooperative League:
Board of Directors
Coaching and Strategy for Credit Union 23-Jul-21 Alex Ihama Internation-
Executive Managers al School of Greatness
Supervisors

Value Based Digital Marketing Strategies Sis. Melissa Nicholl 28-30-July-
2021 Rhics Technology
Emortelle Training- New Employees Sis. Annesia Williams
Bro. Jave martin 27-Aug-21

02-Aug-21 Bro. Kariem Peters
Sis. Ankiah Forbes

Preserving Confidence and Trust In A Challenging Financial Environment 25

Celebrating 44 years

TRAINING PARTICIPANTS TRAINING INSTITUTION/
Sis. Jozell Byron DATES FACILITATOR
Improving STR/SAR Quality
The Egmont Centre of
23-24-Aug-21 FIU Excellence and

Leadership (ECOFEL)

Digital Risk Management Bro. Rohan Murray 7-24-Sept.-21 Rhics Technology

“Plugging Money Committee Members SVG Co-Operative
League
Laundering Vulnerabilities in the Credit Un- Managers 13-Oct-21 Mr. Tafawa Pierre
ion Movement”.

Supervisors

Preventing de-risking: The role of private- Sis. Jozell Byron World Bank
public partnerships 15-Nov-21 Financial Services Au-

AML/CFT Training Board of Directors thority
AML/CFT Training
AML/CFT Training All Staff 01-Dec-21 Sis. Jozell Byron
Supervisory & 09-Dec-21 Sis. Jozell Byron
Compliance Committee
16-Dec-21 Sis. Jozell Byron

Academic Achievements
Bro. Keshron King and Sis. Katisha Toussaint continued their undergraduate studies in Accounting and
Management Studies with the University of the West Indies.

7. BRANCH OPERATIONS
The Credit Union delivered valuable service to members who conducted business at the Branches. All
Branches contributed significantly to the growth of the organisation. Generally, the loss of employment
and underemployment income was significantly reduced for households causing members to withdraw
from Share Deposit to sustain their living expenses. Some members reallocated funds to other ac
counts.
The table below shows the performance with comparative figures for the period 2020 and 2021.

Services Barrouallie Bequia Canouan Union Island

Qualifying Shares 2021 2020 2021 2020 2021 2020 2021 2020
Equity Shares
Share-deposit 13,653.32 13,600 8,653.70 8,882 5,844.20 5,311 4,014.30 7,510
Bonus Deposit
Other Deposits 19,337.81 1,432 33,016.53 5,633 2,573 3,059 994 1,250
New Members
New Depositors 213,940.67 281,956 159,081.69 149,839 33,810.75 37,997 16,507.60 38,822
Online Banking
ATM 1,236,850.37 955,552 998,308.53 886,144 517,091.02 389,105 1,343,884.81 1,130,330

142,669.18 57,119 19,415 42,307 23,746.48 17,671 25,448 75,431

36 43 30 22 18 34 11 20

18 26 23 3 22 28 2 1

11 4 15 5 7 6 15 10

21 8 42 19 13 12 11 13

26 Preserving Confidence and Trust In A Challenging Financial Environment

Celebrating 44 years

There were increases in Qualifying Shares at all Branches except Union Island and Bequia. Collection
in Equity Shares also increased except for the Canouan and Union Island Branches.
Collections in Share Deposit decreased except for Bequia while there was an increase in the collection
of Bonus Deposits at all Branches. Other deposits which include Junior Savers, Adolescent Saving Plan
only showed increases at the Barrouallie and Canouan Branches.
With regards to new members, only the Bequia Branch recorded an increase in persons joining the
Credit Union when compared to 2020. New depositors showed a similar pattern of decrease except for
the Bequia and Union Island Branches.
There was a significant increase in the number of members who made applications for the On-line
Banking service at all Branches. The number of persons who applied for ATM cards increased except at
the Union Island Branch.

8. FRATERNAL RELATIONS
The SVGTCCU continued to maintain and foster good relations with other local, regional and
international organisations. At the local level, Brother Rawle Caine functioned as the Credit Union’s
Liaison Officer to the SVGTU and attended the Trade Union’s General Council Meetings. The
SVGTCCU stands in solidarity with our members and volunteers who lost their jobs as a result of the
COVID-19 vaccine mandate.
The bond of cooperation with the SVG Co-operative League remained strong. The SVGTCCU accessed
training for its staff and volunteers through programmes coordinated by the League. Additionally,
representatives of the Credit Union participated in a sector-wide discussion on the proposed amendment
to the Cooperative Societies Act #12 of 2012, which was spearheaded by the League.
The 63rd Annual CCCU Conference was held virtually for the first time ever, and ran for a four (4) day
period June 21st-24th, 2021 under the theme, “Building Resiliency through Self-Reliance”; a fitting
theme given the history and current circumstances in St Vincent and the Grenadines and the Caribbean
region by extension. There were eight (8) registered participants.

9. RETIRING OFFICERS

BOARD OF SUPERVISORY &
DIRECTORS COMPLIANCE COMMITTEE CREDIT COMMITTEE

(SCC)

Chanda Davis*** Randy Boucher*** Michelle Richardson*
Ronald Clarke***
Doris Charles**

* Not eligible for re-election

**Was co-opted to replace Sis. Vilma Ollivierre who resigned from the SCC
subsequent to the 2020 AGM

*** Eligible for re-election

Preserving Confidence and Trust In A Challenging Financial Environment 27

Celebrating 44 years

DECEASED MEMBERS

The following members died during the year 2021. We express condolences to their loved ones.

NAME ADDRESS NAME ADDRESS
ANDREA JOHNSON BARROUALLIE
ARNOLD DUNCAN KINGSTOWN PARK MORANDA M. WILLIAMS BEQUIA
BRIAN FERDINAND ROSE HALL
LOWMANS LEEWARD JESTINA POMPEY OVERLAND
CLYDE L. CLARKE BARROUALLIE
CORNIS JAMES BELAIR ALPHA PROVIDENCE LOWMANS LEEWARD
EDWIN BULLOCK NEW PROSPECT
UPPER VILLA,USA SHEFF OLLIVIERRE LA CROIX
ELMIN CASTELLO CHATEAUBELAIR
ELMORE, EARDLEY JOHN GEORGETOWN CLIFTON TITTLE COLONAIRE
ERROL HAMILTON NEW YORK
EUGINA BAILEY DIAMOND VILLAGE KEITH MATTHEWS PARK HILL
GREGGS
EZEKIEL BUTTLER OLD MONTROSE PETE NICHOLLS FOUNTAIN
HARVEY DICK-CAIN GEORGETOWN
ISOLA KEZIAH JACKSON DIAMOND VILLAGE MARCHA BOWENS-WILLIAMS FANCY
JAVELLE A. FRANK SION HILL
JEFFREY GLASGOW PARK HILL JEXOL SKINNER ARNOS VALE
JOHN GREENE UNION ISLAND
JOSEPH FOYE TROUMACA EVERTON ANDRE LEWIS CALDER VILLAGE
JULIA CORNWALL SANDY BAY
LEONARD DEROCHE EVESHAM LETHA A. MATTHEWS CAMPDEN PARK
LOLLY BYAM BARROUALLIE
LOUISE BRACKIN GORDON YARD LENNOX NICHOLLS ROSEAU
LEVEL GARDEN
MALLEN JOHN-DIAMOND EDINBORO RAMON THOMAS BELAIR
MARVA GUY PAGET FARM
MONTGOMERY CHAMBERS CHOPPINS SILMA ROBERTS BARROUALLIE
NORMA R. CAESAR NEW GROUND VILLAGE
ORINE KELLY REDEMPTION SHARPES PHILLIP ROBERTSON RILEY
ORTIE COMPTON BIABOU
RODNEY CADOUGAN WALVAROO VILLAGE RENA SAMUEL LAYOU
ROSEMENA GITTENS RICHMOND HILL
RUDOLPH HAYWOOD QUESTELLES DEXTER RICHARDS NEW YORK
SANDRA JAMES FITZ HUGHES
ST. CLAIR JAMES BARROUALLIE SILTA OTTLEY LODGE VILLAGE
STANLEY GONSALVES COULLS HILL
TOTT JEROME CHATEAUBELAIR ANNETTA PATTERSON CHATEAUBELIAR
VENOL CHANCE
VERONICA DERBY-FRANCIS KELVIN MC LEAN RICHMOND HILL
VERTILLE ALLEN
WEBSTER ISAACS JOANNE LEWIS PETIT BORDEL

REGINALD PETERS COULLS HILLS

CELITHA SIMON DIAMOND ESTATE

HINFORD OLLIVER GLEN

ARTIS NEVERSON CAMPDEN PARK

REYNOLD WILLIAMS GIBSON CORNER

VIBERT OLLIVIERRE BEQUIA

KAREN MOORE DASCENT COTTAGE

MARIO ROBERTSON ROSE HALL

JOY SOLOMON BARROUALLIE

KAYREN TOUSSAINT BARROUALLIE

CAMILLA WARREN OTTLEY HALL

MICHELLE SAMUEL DASCENT VILLAGE

KETTLINE WILLIAMS REDEMPTION SHARPES

EDWARD GREGG-OLLIVIERRE BEQUIA

HERMINA A, ROBERTS TRINIDAD

ESDRICK O. LAYNE NEW MONTROSE

VIOLA STEPHENS PARK HILL

ADINA WILSON CANE END

Preserving Confidence and Trust In A Challenging Financial Environment 28

Celebrating 44 years

10. FUTURE OUTLOOK
The past year has put into perspective the blunt reality of the environment in which the Credit Union will
have to operate in the future. Cognizant of the challenges ahead, the Board and Management have been
prudent in the execution of their duties and the administration of members’ finances.
We do perceive that the future of the financial sector and specifically the Credit Union will be challenged
by multiple issues. We anticipate therefore, that greater attention has to be paid to gauging the essentials
that will align the Credit Union in a satisfactory position to ensure its highest performance in the ensuing
period. In this regard, we have determined that through the strategic plan the Credit Union will prioritize
the following:
These strategies relate to:
à Financial sustainability - The financial sustainability of the Credit Union is one of the most important
mandates of the Board. Therefore, as part of the Credit Union’s thrust to remain financially sustaina-
ble, we will ensure all the assets of the Credit Union are properly utilized by maximizing all invest-
ment properties and rental spaces to attract greater income.
à Discussions will also commence on utilizing other forms of energy, in response to the rising energy
cost. This will ensure that administrative cost is contained.
à Enhancement of our service delivery - As the Credit Union focuses on improving its members’
experience. We will strive to achieve the same by providing financial literacy, more collaboration
within the communities and customized packages suitable for members’ needs.

à Additionally, the distribution of brochures and Saver Newsletter will be done digitally - Use of the
mobile app to allow members to conduct: online banking, request letters, transfer funds, bill payment
and making applications.

à Improve efficiency and the members’ experience through the use of technology - The Credit Union
will improve network infrastructure through reconfiguration; in an effort to be more compliant with
industry standards, reducing down time and resulting in higher availability of services to mem-
bers. The staffing relevant for the E-Services Unit to ensure highest quality service for the members
will also be reviewed.

à Upgrading of the Credit Union branches and their facilities - The intention of the Board is to ensure
all Branches are accessible; there is adequate space for members to conduct business comfortably and
privately and also the working environment is comparable to the headquarters. With this in mind, the
Credit Union will focus on improving the infrastructure at various locations.

In its thrust to preserve confidence and trust in a challenging financial environment, the Credit Union will work
in the best interest of its members and all stakeholders by providing the right suite of products and improved
services.
Acknowledgements
The Board of Directors on behalf of the entire SVGTCCU family recognizes the invaluable contribution of all of
those who have worked with and served us over the last year. We have built on the platform that was created by
our predecessors. Our collective efforts have continued to position the St. Vincent and the Grenadines Teachers
Cooperative Credit Union Ltd. to become the “Premier Non – Banking Financial Institution” in the country. We
have great appreciation for our committed and loyal members whose thrift and determination have caused a blos-
soming in this institution that hitherto appeared unachievable in the sector.

29 Preserving Confidence and Trust In A Challenging Financial Environment

Celebrating 44 years

The Board of Directors further recognizes the tremendous sacrifice and service of the Management and Staff
and All Committees. Your commitment and dedication to the task have seen not only advancement of the
SVGTCCU but also its progressive growth.
The Board of Directors expresses thanks to the following for their continued support and guidance:

· The SVG Cooperative League
· The Financial Services Authority
· The Auditors
· Other partners

Artillon Hamilton Miriam Roache
SECRETARY PRESIDENT
BOARD OF DIRECTORS BOARD OF DIRECTORS

Preserving Confidence and Trust In A Challenging Financial Environment 30

Celebrating 44 years

Celebrating 44 years

EDUCATION AND MARKETING COMMITTEE REPORT
FOR THE YEAR ENDED DECEMBER 31, 2021

From left to right: Roxanne John, Kimani Robertson, Saline Barbour, Sherron Morgan—Peters, Tera Samuel, Johnny P.
Straker. Missing: Roderick McKree

Introduction

The Education and Marketing Committee is pleased to submit to this 44th Annual General Meeting of the St.
Vincent and the Grenadines Teachers Co-operative Credit Union Ltd. the following report on activities for the
period under review.

Following the 42nd Annual General Meeting held on December 1, 2020 the Board of Directors appointed a new
Committee comprising the following:

Sis. Wendy Bynoe Chairperson
Bro. Dwane Allen Secretary
Sis. Roxanne John Member
Sis. Sherron Morgan-Peters Member
Sis. Saline Barbour Member
Sis. Janiel Henry-Rose Member
Bro. Sunel John Member
Sis. Melissa Yorke-Nicholls Staff Liaison
Bro. Ronald Clarke BOD Liaison

Following the 43rd Annual General Meeting held on November 9, 2021 the Board of Directors appointed a new
Committee comprising the following:

32 Preserving Confidence and Trust In A Challenging Financial Environment

Celebrating 44 years

Sis. Saline Barbour Chairperson
Sis. Tera Samuel Secretary
Sis. Roxanne John Member
Sis. Sherron Morgan-Peters Member
Bro. Kimani Robertson Member
Bro. Johnny P Straker Member
Bro. Roderick McKree Member
Sis. Melissa Yorke-Nicholls Staff Liaison
Sis. Wendy Bynoe BOD Liaison

Meeting Attendance
The Committee met twice monthly and submitted a monthly report to the Board of Directors and a monthly
report to the All Committee. Eighteen (18) meetings were held for the year.

The Role of the Education Committee
The purpose of the Education Committee is to assist the Board of Directors in developing and pursuing its objec-
tives while maximizing members’ engagement and satisfaction in the Credit Union. To carry out this function,
the Committee worked closely with the Marketing Department and engaged in several activities geared towards
promoting the Credit Union and uplifting the members. The activities undertaken from January – December
2021 were as follows:

· Saver
This newsletter is a publication designed to educate and inform members on the financial matters and activi-
ties of the Credit Union. Three (3) issues of the Saver Newsletter were produced by the Education and Mar-
keting Committee during 2021.

· Scholarship Holders’ Check In
The scholarship holders’ “Check In” was held on February 22nd via Zoom. Eleven (11) students partici-
pated. The purpose of this event was to connect with the scholarship holders to see how they were coping
and handling the changes brought about by the COVID-19 pandemic. Presentations were done by mem-
bers of the committee to the students to provide them with study tips and tips on taking exams. It was well
received by the students.

· New Members’ Seminar
A new members seminar was held on March 17th, via Zoom. Attendees were given information on the fol-
lowing topics:
à Navigating your Educational Journey – A look at our Adolescent Savings Plan (ASP), Junior Savers,
School Supply Savings Plan, and Education Loans.
à Becoming a Homeowner and Buying a car.
à Preparing for your Golden Years – Retiree Savings’ Plan and Health Insurance and Death Benefit
grant.
This approach was taken to highlight specific products and services of the Credit Union. Participants gave
their feedback indicating that some issues were clarified and that they also learned new things.

· Small Business Seminar
The Small Business Seminar was held on May 4th, 2021. The seminar had forty-nine (49) people attending
via the Zoom platform and ten (10) viewed on the SVGTCCU Facebook page. The programme for the Semi-
nar had welcome remarks by the President, Sis Miriam Roache and presentations as follows:

Preserving Confidence and Trust In A Challenging Financial Environment 33

Celebrating 44 years

à Essentials of Starting a Business – Ms. Keisha Phillips
à How to Legally start your Business – Mrs. Ranelle Roberts-Williams
à How to Market your Small Business – Mrs. Melissa Yorke Nicholls

· Financial Literacy Workshop
Financial Literacy Workshop was held on June 9th. The seminar had seventy-five (75) persons attending and
was presented under the theme “Plan. Save. Borrow”. The following topics were discussed:

à Earn – Understanding your paycheck presented by Bro. Dixton Findlay
à Plan & Save – Creating a budget and determining your financial goals presented by Bro. Gilbert

Frederick
à Borrow – Preparing for a loan /Understanding Credit presented by Sis. Kenisha Belgraves & Sis.

Gailene Peters
à Protect – Preventing Fraud presented by Ms. Hazel-Anne Sandy
à Protect - Buying Insurance presented by Mr. Royron Adams

The feedback received from attendees was that it was informative and they were very satisfied with the
information presented.

· Members’ Appreciation Day
Members’ Appreciation Day 2021 took place on December 20th. Due to safety concerns around COVID-19,
the appreciation day activities were scaled down. This year members received branded tokens and a snack
as they entered or left the branches. They also had the opportunity to win wines, or memorabilia packages.
A live link with the branches was done via NICE radio and members of the All Committee visited the vari-
ous branches, interacted with members and assisted with the distribution of care packages to members in
need within the community.

Members who won prizes during the virtual 2021 AGM for registering early or answering trivia questions,
also received their prizes on this day.

Due to the COVID-19 pandemic, the following annual events had to be postponed:

· Community Outreach
· Educational Tour
· Youth Symposium
· School Band Showcase
· School Visits

Conclusion
The Education Committee takes this opportunity to thank the Board of Directors for the opportunity to serve.
We also thank other Committees, Management and Staff for their continued support and guidance. Special
thanks to Sis. Melissa Yorke-Nicholls for her assistance during the year.

…………………………. ……………………………...
Sis. Saline Barbour Sis. Tera Samuel
Chairperson Secretary

34 Preserving Confidence and Trust In A Challenging Financial Environment

Celebrating 44 years

Preserving Confidence and Trust In A Challenging Financial Environment 35

Celebrating 44 years

TREASURER’S REPORT
FOR THE YEAR ENDED DECEMBER 31, 2021

INTRODUCTION
I am happy to report to you our brothers and sisters the financial performance of the Credit Union for the year
ended December 31 2021. With COVID-19 as a consistent backdrop, having started in 2020 and continuing into
2021, the Credit Union was able to show sustainability through constant reviewing of its financial performance
and matching it against the budgetary targets and the industry standards of the PEARLS Ratio. The Pandemic
and La Soufriere volcanic eruptions impacted negatively on the economy, our members, the communities in
which we operate and our employees. This was paramount for the Board throughout the year, but we were able to
witness the thriving of our members through this time of change through the resilience of our employees and
their remarkable ability to confront change with positive outcomes.

With those conditions defined, the Credit Union’s asset base grew by $5.4m dollars, which is 50% less than the
comparative growth in 2020. These areas are highlighted below, and further explanations provided for greater
clarity.

FINANCIAL RESULTS - SUMMARY

The following are key financial performance indicators for the year ended December 31, 2021 with comparison
to the years 2017-2021.

Table 1: Comparison of Assets from 2017 to 2021

2017 2018 2019 2020 2021
$000’s $ 000’s
109,984,128 $ 000’s $ 000’s $ 000’s 157,045,605

Total Assets 6,252,816 130,117,854 142,624,602 151,601,325 38,490,268
Cash and Cash Equivalents 7,987,634
Investment Securities 69,628,990 18,637,668 25,865,991 34,425,280 9,166,797
Loan to Members 6,333,010 86,884,956
Inventories 10,325,533 4,678,808 6,734,388 7,215,136 5,280,717
Property, Plant & Equipment 8,800,059 83,284,897 87,612,644 87,421,719 6,830,921
Investment properties 6,200,375 5,672,976
Other Assets 656,086 7,533,699 5,723,107 7,043,186 9,938,000
7,230,912 453,946
Members Deposits 84,413,811
Members share 12,735,945 9,001,000 9,001,000 9,150,013

1,159,004 456,560 673,015

99,153,177 113,857,991 122,670,052 130,434,627
12,549,335 9,545,350 10,752,425 13,021,248

There was an increase of 3.59% in the total assets in 2021 which was driven largely by growth in Cash and Cash
Equivalents which moved to 11.81%; Investment Securities up by 27.05% and investment properties up by
8.61%. Members demand for loans declined marginally by less than 1%. This was due to the adverse effects of
COVID-19 as members were forced to reschedule some of their loan arrangements.

36 Preserving Confidence and Trust In A Challenging Financial Environment

Celebrating 44 years

There was an increase of 3.59% in the total assets in 2021 which was driven largely by growth in Cash and Cash
Equivalents which moved to 11.81%; Investment Securities up by 27.05% and investment properties up by
8.61%. Members demand for loans declined marginally by less than 1%. This was due to the adverse effects of
COVID-19 as members were forced to reschedule some of their loan arrangements.
The vision of creating consistent growth through prudent investment strategies of our investment securities and
investment properties saw increases of 27.05% and 8.61%. (EC$1.951,661 & $787,987). The Credit Union’s
investment properties located in Kingstown (Uptown – Corner of Middle Street & James Street; and Downtown –
Grenville Street) were revalued on August 29, 2021. This revaluation resulted in a gain in the value of investment
properties of $714,400.
There was growth in the Credit Union’s capital and deposit levels. This reflected our members' continued belief
and commitment to the vision of upward growth. The ordinary savings and other deposits saw an increase of 6%
while the members' share reflected continuous upward trending by closing out at 21% higher than 2020.

Statement of Profit and Loss and Other Comprehensive Income
In the period 2021, interest income grew by 3.54% from $7.251m to $7.508m. This growth was mainly
attributable to mortgage, commercial loans and interest from investment securities. Other income for the year saw
an increase of 52.15%. This increase was largely obtainable to the growth in rental income. The movement in
interest expense was 7.23% this was a slight increase in the growth rate in this expense when compared to the
previous year’s movement.
The income from the Supplies Outlet decreased as there was a reduction in sales driven mainly by the disruption
in school operations, where classes were conducted via online platforms rather than face to face. The result was a
reduction in surplus of 57.68% over 2020.
The Credit Union continued to see an increase in volume of business from members, so to meet this demand
there was an increase of 0.91% in the General and Administrative expenses from $1.95m to $1.97m. This mar-
ginal increase was necessary to meet our targeted operational efficiency. There was an increase in the allowance
for loan loss expense for 2021 of 49.65% over 2020, as the Credit Union complied with IFRS 9 standard.
Additionally, increases were recorded in the allowance for loss on investment securities. In 2021, there was an
increase of over 1039% compared to 2020.

Preserving Confidence and Trust In A Challenging Financial Environment 37

Celebrating 44 years

Table 2: Shows the financial results for the period 2017 to 2021

Financial results 2017 2018 2019 2020 2021
$ 000,s $ 000,s $ 000,s $ 000,s $ 000,s
Total Income 7,545,126 9,205,414 8,679,147 8,198,742 9,289,752
Total Expense 9,716,857 8,030,069 7,028,756 6,891,902 7,395,701
Operating Surplus -2,171,731 1,175,345 1,650,391 1,306,840 1,894,051

The Credit Union recorded a surplus of approximately $600,000 representing an increase of 45% over 2020. The
result was due to a larger growth in total income as compared to total expense.

Liquidity
Managing liquidity is critical to ensure the stability and soundness of SVGTCCU, members’ confidence, and
earnings. Our policies and procedures ensure that we hold sufficient liquid assets on the balance sheet and have
contingent funding capacity to meet financial commitments in times of stress. As at December 31, 2021,
SVGTCCU’s liquidity ratio was 35%, about 3% greater than 2020, well above the minimum requirement of 15%
by the PEARLS Standard. SVGTCCU’s funding strategy follows a sustainable growth approach in that the fund-
ing of organic lending is primarily accomplished through organic deposit growth. The Credit Union maintains a
large and stable base of deposits that, along with our strong capital base, supports the maintenance of a sound
liquidity position.
Conclusion
The SVG Teachers Cooperative Credit Union was again able to realize a surplus for the year 2021, as is shown in
the financial statements. As we proceed into the next financial period, we urge our members to continue to add to
their shares as this will give impetus to the growth of the Credit Union. We must sustain this growth path and
each member has a real voice in foreseeing this vision.
Thanks to all the Volunteers, Management and staff for their diligent work. Thanks to all the regulatory bodies
that offered guidance and support in reaching our financial targets. We acknowledge all the confidence given to
the Credit Union by all of our members.

……………………………..
Bro. Gilbert Frederick
Treasurer
38 Preserving Confidence and Trust In A Challenging Financial Environment

Celebrating 44 years

PEARLS RATIO MONITORING SYSTEM

PEARLS is a financial monitoring tool used by Credit Unions and other financial institutions to monitor the
organisations progress towards achieving financial growth. It also seeks to compare and provide ranking for in-
stitution in an industry.
The Acronym PEARLS monitors:
P - Protection

The primary goal of evaluating Protection indicators is to ensure that the credit union provides members a
safe place to save money. It requires financial organisations to set aside earnings to cover loan losses and
ensure the protection of members’ savings.
E – Effective Financial Structure
Focuses on the institution’s sources and use of funds. An organisation has an effective financial structure
when assets financed by savings generates enough income to pay market rates on savings, cover operating
cost and maintain capital adequacy. The monitoring of financial structure is important since it has a direct
effect on efficiency and profitability.
A – Asset Quality
Affects institutional profitability, since a high percentage of loan delinquency and non-earning assets have
negative effects on credit union earnings. The ratio measure institutional weakness because if delinquency is
high, other key areas of the operation could be weak. Asset quality also monitors the percentage of non-
earning assets to total assets. It indicates that sources of funds with financial cost must be invested in pro-
ductive assets that will earn greater returns than the cost of funds.
R - Rates of Returns and Costs
Monitors the return earned on each type of asset and the cost of each type of liability. Yield and cost affect
the growth rates of an institution. Therefore, the intent is for institutions to pay attractive rates of returns on
shares and saving, charge rates on loans that recover all cost and pay competitive salaries for employees.
L - Liquidity
Is essential to financial institution. The goal is to maintain liquidity at a level to respond to member-client
withdrawal and disbursement demands.
S - Signs of Growth
Reflects members’ satisfaction, appropriateness of products and financial strength. Growth affects the organ-
isation’s financial structure and must be closely monitored in order to maintain a balance.
An institution which meets these international standards is said to have exhibited safety and soundness in its
operations.

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Celebrating 44 years

FINANCIAL RATIOS

PEARLS RATIOS Standard 2021 2020

P - Protection Min 110% 110% 109%
P6 Total Assets- (Total Liabilities –Total Savings)
70-80% 55% 58%
Total Shares + Total Savings Max 20% 6% 5%

E - Effective Financial Structure 70-80% 83% 81%
E1 Net Loans Min 10% 8% 7%
Min 10% 14% 12%
Total Assets

E2 Financial Investments
Total Assets

E5 Members Deposits Max 5% 8% 7%
E7 Total Assets Max 5% 27% 27%
E8
Member Share Capital
A - Asset Quality Total Assets
A1
Institutional Capital
Total Assets

Total Loan Delinquency
Gross Loan Portfolio

A2 Non Earning Assets
Total Assets

R - Rates of Return and Cost

R1 Loan Income Between 9-12% 6% 8%
Average Net Loan Portfolio 3%

R9 Total Operational Expenses Max 5% 3%
Average Total Assets

L - Liquidity Liquid Assets – ST Payables 15-20% 35% 32%
L1 Total Deposits 10% 4% 4%

L2 Liquidity Reserves
Deposits
S - Signs of Growth
S1 Loans E1 (0.61%) (0.22%)

40 Preserving Confidence and Trust In A Challenging Financial Environment

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Preserving Confidence and Trust In A Challenging Financial Environment 41

Celebrating 44 years

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LTD Page

Corporate Information 1
Independent Auditor’s Report 2-4
Statement of Financial Position 5
Statement of Profit or Loss and Other Comprehensive Income 6
Statement of Changes in Members’ Equity 7
Statement of Cash Flows 8
Notes to the Financial Statements 9-46

Preserving Confidence and Trust In A Challenging Financial Environment 42

Celebrating 44 years

ST. VINCENT AND THE GRENADINES TEACHERS CO-OPERATIVE CREDIT UNION LIMITED
CORPORATE INFORMATION

REGISTERED OFFICE
St. James Place

P.O. Box 1527 Kingstown

St. Vincent and the Grenadines

BOARD OF DIRECTORS

Sis. Miriam Roache - President
Bro. Cecil Charles - Vice President

Bro. Artillon Hamilton - Secretary

Bro. Gilbert Frederick - Treasurer

Bro. Ronald Clarke - Assistant Secretary/ Treasurer

Sis. Chanda Davis - Director
Sis. Wendy Bynoe - Director

CHIEF EXECUTIVE OFFICER
Jasmine Huggins-Daly

SOLICITORS
Mr. Ronald R.C Jack

Mr. Cecil B. Williams

FINANCIAL INSTITUTIONS
Bank of St. Vincent and the Grenadines
CIBC First Caribbean International Bank (Barbados) Limited

AUDITORS
BDO Eastern Caribbean
Chartered Accountants

The Financial Services Centre
Kingstown Park

St. Vincent and the Grenadines

1

43 Preserving Confidence and Trust In A Challenging Financial Environment