The National Anthem
by: Patrick S Castagne
Forged from the love of liberty
in the fires of hope and prayer,
With boundless faith in our destiny We solemnly declare…
Side by side we stand
Islands of the blue Caribbean Sea, this our native land
we pledge our lives to thee
Here every creed and race
find an equal place
and may God bless our nation
Here every creed and race
find an equal place
and may God bless our nation.
Credit Union Prayer
[Prayer of St Francis of Assisi]
Lord, make me an instrument of thy peace Where there is hatred, let me sow Love Where there is injury, Pardon
Where there is doubt, Faith
Where there is despair, Hope
Where there is darkness, Light
And where there is sadness, Joy
O DIVINE MASTER
Grant that I may not so much seek To be consoled as to console
To be understood as to understand To be loved as to love
For it is in giving that we receive
It is in pardoning that we are pardoned And it is in dying that we are born to
ETERNAL LIFE
Notice OF 70TH ANNUAL GENERAL MEETING
Then & Now a Journey of 70 Years
NOTICE is hereby given that the 70th Annual General Meeting (AGM) of AMGECU Credit Union Co Operative Society Limited will be held on Saturday May23, 2026 at the Radisson Hotel Trinidad, Festival Ball Room, Wrightson Road, Port of Spain at 2:00 p.m.
AGENDA
1. Call to Order – National Anthem, Invocation and Minute of Silence
2. Notice Convening Meeting
3. President’s Address
4. Confirmation of Minutes of the 69th Annual General Meeting held on Saturday May 17, 2025 5. Business Arising from the Minutes
6. Acceptance of Reports for 2025
7. Elections of Officers
8. Auditor’s Report and Financial Statements for year ended December 31, 2025 9. Resolutions
10. Review of Budget for year ending December 31, 2026
11. 70th Anniversary Tribute
12. General Business
13. Vote of Thanks and Formal Closure
BY ORDER OF THE BOARD OF DIRECTORS
_________________________
Beverly Young
Secretary
May 8, 2026
Note:
- Registration begins at 1:00 p.m. on the day of the AGM.
- Non-members will not be allowed to attend the AGM.
- Members are required to present proper identification when registering.
2025 ANNUAL REPORT 4
Standing Orders
Then & Now a Journey of 70 Years
1. (a) A member shall stand when addressing the chair and identify himself/herself (b) Speeches are to be clear and relevant to the subject before the meeting
2. A member shall only address the meeting when called upon by the Chair to do so, after which, he/she shall immediately take his/her seat.
3. No member shall address the meeting except through the Chair.
4. A member may not speak twice on the same subject except:
(a) The Mover of a motion / who has the right to reply
(b) He/she rises to object or to explain (with the permission of the Chair)
5. The Mover of a “Procedural Motion” (Adjournment, Lay on the table, Motion to postpone) shall have no right of reply
6. No speeches are to be made after the “Question” has been put and carried or negated
7. A member rising on a “Point of Order” shall state the point clearly and concisely (A “Point of Order must have relevance to the “Standing Orders”)
8. (a) A member shall not “call” another member “to order” / but may draw attention of the Chair to a “breach of order”
(b) In no event can a member call the Chair “to order”
9. Only one amendment shall be before the meeting at one and the same time 10. When a motion is withdrawn, any amendment to it falls
11. The Chair shall have the right to a “casting vote”
12. If there is an equality of voting on an amendment and if the Chair does not exercise his/her casting vote, the Amendment is lost
13. Provision is to be made for protection by the Chair from vilification (personal abuse) 14. No member shall impute improper motives against another member
2025 ANNUAL REPORT 5
Guidelines for Nominees
A member offering himself/herself for office in AMGECU • Must not be bankrupt or an applicant for bankruptcy • Must be of sound mind
• Must not be an employee of AMGECU
Then & Now a Journey of 70 Years
• Must not have been convicted of an offence involving dishonesty and fiduciary nature • Not be delinquent in repaying his/her loan
• Must have an updated their records (Know Your Member Form, proof of address, proof of income) with AMGECU within the last year.
ADDITIONALLY, IF ELECTED, A MEMBER MUST BE PREPARED TO GIVE GENEROUSLY OF HIS/HER TIME TO:
• Attend Board and Committee meetings
• Attend seminars and training courses
• Attend other meetings and event of Credit Union movement
PLEASE NOTE THAT:
• Regular Board of Directors’ meetings are held on the last Wednesday of every month commencing at 5:00pm
• The Credit Committee must meet at least weekly. The newly elected Committee will determine its meeting day and time
• The Supervisory Committee will determine its meeting day and method of operations
GUIDELINES FOR NOMINATION
A member offering himself / herself for office in AMGECU Credit Union Co-operative Society Limited must:
I. Have sufficient knowledge and understanding of the business of a Credit union; II. Be an individual no less than 18 years old;
III. Not be an employee of AMGECU;
IV. Never have been a Director, Officer or Manager of a Credit Union whose license was revoked during his tenure in office, unless the revocation was due to voluntary winding up or voluntary amalgamation with another Credit Union;
V. Be a citizen of Trinidad and Tobago or a person lawfully admitted for permanent residency who is ordinarily a resident of Trinidad & Tobago;
VI. Be of sound mind and not have been found by any court to be of unsound mind; VII. Not be delinquent in repaying his/her loan;
VIII. Never have been convicted by a court for an offence involving violence, fraud, or any form of dishonesty;
IX. Never have adjudicated bankrupt by a court in any jurisdiction;
X. Meet the fit and proper criteria.
2025 ANNUAL REPORT 6
FIT AND PROPER CRITERIA
Then & Now a Journey of 70 Years
A member of the Board of Directors and Officers must meet and, where relevant, maintain the following Fit and Proper criteria:
a. Honesty, integrity, fairness and reputation;
b. Competence, diligence, capability, soundness of judgment;
c. Financial soundness, that is, the member should demonstrate prudence in the management of his/her own financial affairs;
d. With regard to the previous conduct, business activities and financial matters of the person, there is no evidence that he/she has:
i. Committed and offence involving fraud, violence or other dishonesty; ii. Engaged in business practices that appear to be deceitful, oppressive or improper (whether lawful or not) or which otherwise reflect discredit on his/her method of conducting business;
iii. An employment record which shows that he/she carried out an act of impropriety in the handling of his employer’s business;
iv. Engaged in or been associated with any other business practices or otherwise conduct himself/herself in such a way as to cast doubt on his/her competence and soundness of judgment.
VACANT POSITION
Board of Directors
The Board shall consist of twelve (12) members to be elected at the Annual General Meeting in accordance with Bye-Law 28:
1. By rotation annually, there shall be four (4) vacancies.
2. In accordance with (a) (i) members elected to fill the vacancies shall serve for a term of three (3) years.
3. Other vacancies arising on the Board whether by resignation, death or disqualification shall be filled at the next Annual General Meeting for the unexpired term.
4. Not more than one (1) member of any family shall be eligible to serve on the Board and any one (1) committee of the Society.
5. No member of the Board may serve for more than three (3) consecutive terms.
Supervisory Committee (Bye-Law 38)
1. The Supervisory Committee shall consist of three (3) members to be elected annually by the members at each Annual General Meeting, none of whom shall be eligible for service on the Board or the Credit Committee.
2. No member shall serve for more than three (3) consecutive terms.
Credit Committee (Bye-Law 39)
1. The Committee shall consist of five (5) members elected by the members at each Annual General Meeting.
2. No member may serve for more than five (5) consecutive terms.
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SCREENING EXERCISE
A screening exercise will be conducted for all candidates. ORIENTATION
Then & Now a Journey of 70 Years
An Orientation programme on the business of a Credit Union will be held for all candidates before the Annual General Meeting
NOMINATION SYSTEM
1. Applications
• Applications for nomination of candidates to the Board of Directors, Supervisory Committee and Credit Committee shall be in writing on a form approved by the Nominations Committee. Also it must be signed by the candidate and two (2) AMGECU members – a “PROPOSER” and a “SECONDER”, and should be accompanied by the candidate’s resume (on the attached form).
• All nomination applications must be sent to the Nominations Committee no later than February 28, 2025.
• Nomination forms are available at the Credit Union office and also from Liaison Officers within each ANSA McAL Group Company or Affiliate Companies.
2. The candidates will be notified of the dates of the “Screen Exercise” and ‘Orientation Programme’.
3. The complete list of applicants and their resumes, together with the recommendations of the Nominations Committee, shall be made available to the Board of Directors in time to be reviewed at the board’s meeting in the month of MARCH 2025. The complete list of ALL nominees shall be made available to the Annual General Meeting.
4. Members who have been nominated for office are expected to be present at theAnnual General Meeting. If a Nominee is unable to attend the Annual General Meeting, such Nominee must submit in writing his/ her acceptance of the nomination PRIOR to voting.
5. Outgoing members on ‘elected’ committees are required to submit a Nomination form if they wish to serve for another term, on or before February 28, 2025.
2025 ANNUAL REPORT 8
President’s Address Then and Now – A Journey of 70 Years
Then & Now a Journey of 70 Years
Dear Members, distinguished guests, past and present leaders, Committees, Staff and all stakeholders of AMGECU Credit Union.
Today, we gather not just for an Annual General Meeting, but for a celebration of history, legacy, and a vision fulfilled. Seventy years ago, in 1956, a small group of determined individuals came together with a powerful belief, that together, they could build something greater than themselves. • They did not have modern systems.
• They did not have vast resources.
- But they had courage.
- They had unity.
- And they had faith in the Co-operative spirit.
We honour this afternoon, our “founding fathers” - H V de Gannes, Irvin Johnson, Felix Clark, Cecil Gerold , Randolph De Silva, our first “Book-Keeper, all of whom have left us now, and Mr Terry Vieira, whose early efforts sparked the Alstons Directors to start the Credit Union. A special shout out to our 1st Female President – Jeanne Pollonais, 2nd - Jennifer Francis-Taylor. It was indeed an honor to follow in your footsteps. Their leadership was not about titles, it was about service. It was about sacrifice. It was about creating access, opportunity, and dignity for members who needed it most.
Also, all the members on the ground who continue to recommend the services of the Credit Union to their co-workers and family. Also, all others who were instrumental in the birth of AMGECU Credit Union, formerly known as Alstons Credit Union/ Mc Enearney Alstons Credit Union/Ansa McAl Group Employees Credit Union.
When we look back to 1956, we see humble beginnings, handwritten records, small meetings, careful decisions made around tables filled with hope. Every dollar saved, every loan approved, every policy established was a brick laid in the foundation of what we proudly stand on today. And look at us now.
From those modest beginnings, AMGECU has grown into a strong, resilient, and forward-thinking institution with an Asset Base of $213,165,078. We have embraced innovation. We have expanded our services to include online banking. We have strengthened our lending potential by introducing Risk Based lending. But through all the changes, one thing has remained constant: our commitment to our members.
Our theme, “Then and Now – A Journey of 70 Years,” reminds us that progress does not happen by accident. It happens because generation after generation chooses responsibility over convenience, stewardship over self-interest, and vision over fear.
2025 ANNUAL REPORT 9
To our past leaders - thank you for lighting the torch.
Then & Now a Journey of 70 Years
To our present Board, management, and staff - thank you for carrying it with integrity and dedication. To our future leaders - the torch will soon be in your hands. May you carry it boldly, wisely, and faithfully.
And to our members - you are the reason we exist. This Credit Union belongs to you. Your trust over seventy years is our greatest achievement.
Seventy years is more than a number. It is seventy years of dreams financed, homes built, children educated, businesses supported, and lives transformed.
As we stand at this milestone, let us not simply celebrate the past, let us recommit to the future. Let us ensure that seventy years from now, another generation will gather and speak proudly of the legacy we chose to build today.
Before I close this afternoon, I ask you to pause for a moment… and imagine 1956. • Imagine the faith it took.
• Imagine the uncertainty.
• Imagine the courage of those first leaders who dared to believe that ordinary people, united by purpose, could build something extraordinary.
“Then and Now - a journey of 70 years.”
And with unity, faith, and vision, the journey continues.
Thank you, and may AMGECU Credit Union continue to grow from strength to strength.
_______________________
Cynthia Carr-Hosten
President
AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED
2025 ANNUAL REPORT 10
Then & Now
a Journey of 70 Years
Minutes OF THE 69TH ANNUAL GENERAL MEETING OF
AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED HELD ON SATURDAY MAY 17TH 2025, AT THE ERIC WILLIAMS AUDITORIUM, LA JOYA COMPLEX, EASTERN MAIN ROAD, ST JOSEPH.
PRESENT WERE:
BOARD OF DIRECTORS:
Cynthia Carr Hosten - President
Arkiebah Peters-Alexander - Director
Anthony Alleng - Director
Claudine Allert - Director
Garth Bowen - Director
Tenika Cordner - Director
Jennifer Norton - Director
Ria Jamurath - Director
Cheryl Lutchman - Director
Cuthbert Tracey - Director
CREDIT COMMITTEE: SUPERVISORY COMMITTEE:
Kevin Jeremiah Anderson Abraham
Justin Ayoung Salisha Hosein
Marissa Blackman Donaldson Charles
Michelle Hayde-Gopee
Jason Marcano
INVITED GUESTS:
Susan Adams - Co-operative Officer
Ministry of Youth Development & National Service Co-operative Development
Division
Natalie Phillips - Co-operative Officer
Ministry of Youth Development & National Service Co-operative
Development Division
Dianne Joseph & Team - Returning Officer
Co-operative Credit Union League of T&T
Kimberly Stripp - Auditor - Baker Tilly International Limited
Chartered Accountants and Business Advisors
Tony Raj - Account Executive - CUNA Caribbean Insurance
2025 ANNUAL REPORT 11
Then & Now
a Journey of 70 Years
OF THE 69TH Minutes ANNUAL GENERAL MEETING (continued)
AMGECU STAFF
Beverly Williams-Young General Manager/Secretary
Dionne Peters Accountant
Felicia Reviero Administrative Officer
Chitra Vidya Ramsawak Credit Manager
Tisha Mark Operations Officer
Esha Ann Daniel Operations Manager
Dinelle Cipriani Daisy Marketing Officer
Nicole Hernandez Loans Officer 2
Crystal Dyer Administrative Assistant
Ronald Contaste General Services Assistant
Jesus Badal Courier
Sheldon John Recoveries Officers
1.0 CREDENTIAL COMMITTEE REPORT 1
1.1 QUORUM: In accordance with the Bye-Laws a quorum for the meeting would constitute fifty persons. The Credential Report indicated that at 2:05 p.m., there were eighty-five (85) members present and having met the quorum criteria the meeting was declared open.
1.2 HSE ANNOUNCEMENT: The HSE Management Team at EPL Properties, assisted by Dynamic Audio Visual played a pre-recorded message, which outlined the protocols in place in the event of an emergency. The message also contained the location of emergency exits.
1.3 NOTABLY ABSENTEES: The President informed the membership that two directors had sent their regrets for not being able to attend the meeting, Vice President Steve Woodley, was currently out of the country on official business and Russell Gulston.
2.0 CALL TO ORDER
2.1 The 69th Annual General Meeting of the AMGECU Credit Union commenced with the President – Cynthia Carr Hosten calling the meeting to order at 2:05 p.m.
2.2 She invited all to stand for the playing of an instrumental version of the National Anthem of Trinidad and Tobago assisted by Dynamic Audio Visual.
3.0 INVOCATION
3.1 The President – Cynthia Carr Hosten led in reciting of the Credit Union Prayer contained on page 2 of the 2024 Annual Report.
2025 ANNUAL REPORT 12
Then & Now
a Journey of 70 Years
OF THE 69TH Minutes ANNUAL GENERAL MEETING (continued)
4.0 MINUTE OF SILENCE
4.1 One (1) minute silence was observed for all members who passed away in 2024.
5.0 WELCOME SPECIALLY INVITED GUESTS
5.1 The President acknowledged the specially invited guests, who included: Susan Adams and Natalie Phillips from the Ministry of Youth Development and National Service Co-operative Development Division; Dianne Joseph and Team, Returning Officer from the Cooperative Credit Union League of T&T; Kimberly Stripp, representing the Auditors Baker Tilly Chartered Accountants and Business Advisors; and Tony Raj from CUNA Caribbean Insurance.
She also extended a whole-hearted welcome to the membership present, including AMGECU Staff, Former Directors and Pensioners, members of the Credit and Supervisory Committees as well as the Board of Directors.
6.0 GENERAL INFORMATION
6.1 The President shared with the membership the following general information: 6.2 The location of the washroom facilities and water stations.
6.3 The chits given at the registration desk entitled the general membership as well as the Credit Union’s staff, to door prizes and a to-go boxed meal after the meeting.
6.4 The Know Your Member Form, where members who had not updated their information for more than two years was available at the Registration Desk.
7.0 ADOPTION OF STANDING ORDERS
7.1 The President brought to the attention of the meeting the Standing Orders on Page 5 of the 2024 Annual Report that would rule throughout the meeting.
7.2 On a Motion moved by Mr. Garth Bowen the Standing Orders numbered 1-14 contained on Page 5 were adopted by all those present in favour of the Motion, zero (0) against and zero (0) members abstaining. The motion was carried.
8.0 NOTICE CONVENING THE MEETING
8.1 The President introduced Mrs. Beverly Young, General Manager/Secretary, who read the notice convening the 69th Annual General Meeting as well as the Agenda contained on Page 4 of the 2024 Annual Report.
2025 ANNUAL REPORT 13
Then & Now
a Journey of 70 Years
OF THE 69TH Minutes ANNUAL GENERAL MEETING (continued)
9.0 PRESIDENT’S ADDRESS
9.1 The President, Mrs. Cynthia Carr Hosten then read her message contained on Pages 9 and 10 of the Annual Report.
10.0 SPECIAL PRESENTATION
10.1 Dynamic Audio Visual played the video launch of AMGECU Connect - AMGECU Connect is an App. It is the Credit Union’s secure and convenient online banking platform, designed to give members 24/7 access to their accounts from anywhere and from any device. Members would be able to check account balance, transfer funds between their accounts, make loan payments, request and download statements or update information. AMGECU Connect makes managing your finances easy and hassle-free.
11.0 CREDENTIAL COMMITTEE REPORT 2
11.1 At 2:22 p.m. there were one hundred and twelve (112) members present at the meeting.
12.0 ANNUAL REPORT 2024 CORRECTIONS /OMISSIONS
12.1 The President identified the following corrections to be made in the Annual Report. • Page 17 16.0 Election - Under 6.3 Credit Committee
• Change Item No. 5 Colleen Caseman to No. 6
• Change No. 6 Donna Persad to No. 7
• Insert under No. 5 Marissa Blackman, Company WASA Votes 83
13.0 CONFIRMATION OF MINUTES OF THE 68TH AGM
13.1 Motion for Minutes to be taken as read
13.1.2 The Minutes of the 68th Annual General Meeting convened on Saturday April 13th 2024 were taken as read on a Motion moved by Mrs Margaret Ann Toussaint and seconded by Mr Kevin Jeremiah.
13.1.3 Having been so moved, the President put the motion to a vote and members present voted in favour by a show of hands. No members abstained or voted against the motion.
13.1.4 The President confirmed that the motion was carried.
13.2 Subject to the corrections on the errata sheet, the minutes were confirmed on a motion moved by Mr Emmanuel Downes and seconded by Mrs Salisha Hosein.
13.3 Members present voted in favour by a show of hands. No members abstained or voted against the motion. The President confirmed that the motion was carried.
2025 ANNUAL REPORT 14
Then & Now
a Journey of 70 Years
OF THE 69TH Minutes ANNUAL GENERAL MEETING (continued)
14.0 BUSINESS ARISING FROM THE MINUTES OF THE 68TH AGM 2024 14.1 The President reported that there was no business arising from the minutes of the 68th Annual General Meeting held on Saturday 13th April, 2024. She invited the membership to ask any questions regarding the minutes, however, no questions or comments were forthcoming.
15.0 REPORTS FOR 2024
15.1 The President called for a motion that the Reports (Board, Credit, Supervisory, Nominations) contained on pages 26-49 were then accepted as having been read by the meeting on a motion moved by Mr. Anthony Alleng and seconded by Mr. Ria Jamurath.
15.2. Having been so moved, the motion was put to the vote and approved. No members abstained or voted against the motion.
15.3 The President declared the motion as carried.
16.0 QUESTIONS/COMMENTS ON REPORTS
16.1 The President opened the floor to the membership for questions or if they needed any clarification from the respective Committee Chairpersons on the reports of the Board, Credit, Supervisory or Nominations Committees contained in the 2024 Annual Report.
16.2 QUESTIONS ON THE REPORTS
16.2.1 Denise Douglas asked the following questions:
a. With reference to the Board of Directors Report Page 26 sub-heading Overview of Financial Table “Shares increased by 1% to $169,471,178 from $169,136,152” and wanted to know what accounted for the share increase?
The President replied that it was an error that was amended.
b. Board of Directors Report Page 36 sub-heading Loans. “In 2024, Members’ Loans decreased to $102,833,347 compared to $103,916,265 in 2023. ” She wanted to know the reason for the decline and whether there were any plans to increase the loan portfolio, as in her estimation it did not seem to be a core focus of the Credit Union.
Beverly Young replied that the Credit Union along with the hiring of the Marketing Officer, had been working towards increasing its Loan Portfolio. With the introduction of new initiatives e.g. Flexi loan and a Debt consolidation product, the Credit Union was hoping to see some traction in 2025. The Credit Union is contemplating Risk-based lending as opposed to share based lending, which presently exist. Risk-based lending involves pricing loans based on the level of risk a lender perceives with each borrower. The Credit Union would be able to assess risk factors like credit scores and income and then offer different interest rates and terms to reflect the varying degrees of risk
2025 ANNUAL REPORT 15
Then & Now
a Journey of 70 Years
OF THE 69TH Minutes ANNUAL GENERAL MEETING (continued)
associated with different borrowers. Higher-risk borrowers often face higher interest rates, while lower-risk borrowers may receive more favourable terms. It is hoped that the Credit Union would move towards risk-based lending in 2025.
c. Liaison Officer in CDC Limited, Anand Ramkay, through Ms. Douglas mentioned that to date bi-annual statements had only been received by CBL employees and not CDC employees who were upset and wanted to know the status and if it would be rectified by the following week?
Beverly Young responded that all statements had been printed and delivered, and they would check with the courier to ascertain where it was delivered. She assured that if it cannot be located, they will be reprinted and resent to the CDC members.
The President asked Ms. Douglas to convey the Credit Union’s apologies to Mr Ramkay for the inconvenience caused.
16.2.2 Ms. Sasonel Felix mentioned that the Youth Committee listed under the Board of Directors Report on Page 35 sub-heading Youth Committee Members was incorrect, as this was the 2023 committee. She confirmed that the 2024 Youth Committee comprised the following members: Sasonel Felix (Chair), Chelsea Edwards (Secretary), Jerel Baird, Tisha Mark, Claudine Allert, and Jennifer Norton.
16.2.3 Mrs. Margaret Toussaint referred to the Board of Directors report Page 26 sub-heading Overview “Membership grew by 29%” kindly elaborate? Is AMGECU moving towards becoming an open Credit Union?
The President replied that with the on boarding of a new Marketing Officer and assisted by the Credit Union Directors, AMGECU had been reaching out to associate and group companies, targeting employees to become members of the Credit Union. She also encouraged members to “tell a friend, a sister or brother” to join the Credit Union.
AMGECU would be willing to enter negotiations with any company as they had done with Brix & Marriott employees once a company has a payroll department.
16.2.4 Melissa Norton (family member) under Board of Directors Report Page 34 sub-headingActivities, enquired whether any of these seminars, Digital Transformation and the ABC of Financials had been completed?
The President replied that neither of the seminars had materialized due to unforeseen circumstances, but it will be completed in 2025.
16.2.5 All questions from the Reports from the floor having been asked and answered, the President requested that the reports be confirmed en bloc.
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Then & Now
a Journey of 70 Years
OF THE 69TH Minutes ANNUAL GENERAL MEETING (continued)
17.0 CONFIRMATION OF REPORTS EN-BLOC
17.1 Ms. Cheryl Lutchman moved a motion that the reports from pages 26-42 of the 2024 Annual Report be confirmed en-bloc.
17.2 Ms. Debra Ann Prince (Retiree) seconded the motion.
17.3 Members present voted in favour by a show of hands. No members abstained or voted against the motion.
17.4 The President declared the motion carried and the reports confirmed.
18.0 CREDENTIAL REPORT 3
18.1 At 2:48pm there were one hundred and thirty eight (138) members present.
19.0 ELECTION OF OFFICERS 2025/2026 TERM
19.1 ELECTION OFFICER and TEAM INTRODUCTION: The President introduced Dianne Joseph of the Cooperative Credit Union League of Trinidad and Tobago, as the Returning Officer, for the Election Process. Accompanying Ms. Joseph were Esha-Ann Daniel, the Electronic Ballot Machine Operator, and other Election Assistants from the Co-operative Credit Union League of
Trinidad & Tobago, who offered support for the process. She emphasized that the voting process would be done electronically.
19.2 Ms. Joseph thanked Ms Carr Hosten and the Credit Union for the invitation to again assist with the Credit Union’s Election Process. She highlighted Bye-Law 33, which would govern the guidelines for the election. The Returning Officer called for the playing of the video explaining the voting process.
19.3 Ms. Joseph then declared all seats vacant for the following:
(a) Directors whose term of office was completed.
(b) Members of the Supervisory Committee
(c) Members of the Credit Committee
19.4 Nominations were declared opened for additional members from the floor for the Credit Committee. The following member, Margaret Toussaint was nominated from the floor by Sterling Toussaint and seconded by Dave Boodoo and accepted upon completion of due diligence.
19.5 Mr Cuthbert Tracey moved a motion that nominations from the floor cease which Stacy Richards seconded. The motion was carried.
2025 ANNUAL REPORT 17
Then & Now
a Journey of 70 Years
OF THE 69TH Minutes ANNUAL GENERAL MEETING (continued)
19.6 Ms. Joseph confirmed the following:
19.6.1 There were now eight candidates to fill the positions of members of the Credit Committee, with five (5) members required to form the committee with two alternates.
19.6.2 There were five (5) members submitted by the Nomination Committee to fill three vacant posts on the Supervisory Committee
19.6.3 The Nominations Committee had submitted ten (10) prospective candidates to fill four vacant Board positions for the next three years.
19.6.4 All the candidates’ profiles were displayed on the screens, while members were encouraged to vote.
20.0 ELECTION RESULTS OF OFFICERS 2025/2026 TERM
20.1 Dianne Joseph declared the Election of Officers concluded and that the following persons were elected to the Board of Directors, the Credit Committee and the Supervisory Committee:
20.2 SUPERVISORY COMMITTEE
Nos NAME COMPANY VOTES
1 Chelsea Edwards Hove & Associates 140
2 Anderson Abraham GML 126
3 Salisha Hosein-Khan MASSY Wood Group Ltd 124
4 Bernadette Millien-Williams GML 66 (1st Alternate)
5 Pearl Yatali-Gonzales Retiree 52 (2nd Alternate)
20.3 CREDIT COMMITTEE
Nos NAME COMPANY VOTES
1 Justin Ayoung Retiree – AMCO 111
2 Donna Persad Retiree 92
3 Jason Marcano TATIL 87
4 Kevin Jeremiah T&T Mortgage Bank 85
5 Anntonette Noel Best ABS Building Solutions 71
6 Margaret Toussaint Family Member 68 (1st Alternate)
7 Colleen Caseman ANSA Coatings Limited 62 (2nd Alternate)
8 Debra Alleyne Retiree 61
2025 ANNUAL REPORT 18
Then & Now
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OF THE 69TH Minutes ANNUAL GENERAL MEETING (continued)
20.4 BOARD OF DIRECTORS
Nos NAME COMPANY VOTES
1 Cynthia Carr-Hosten TATIL 90*
2 Denise Douglas CDC 74*
3 Arnim Phillips Retiree 59*
4 Nekeido Ivan Gittens TTDF 53*
5 Tenika Cordner Ministry of National Security 49 (1st Alternate)
6 Sasonel Felix Office of Prime Minister 46 (2nd Alternate)
7 Ria Jamurath Fujitsu Caribbean (T’dad) Ltd 45
8 Karen Gonzales Attorney at Law 41
9 Leisel Francis TATIL 34
10 Melissa Lamont IQOR Trinidad Limited 15
* These elected Board members are to serve for a three-year term.
20.5 DESTRUCTION OF BALLOTS
20.5.1 Ms. Joseph called for a motion for the destruction of the ballot papers. 20.5.2 Mr. Denzil Parris moved the motion for the destruction of the ballots and Mr. Fitzroy Dove seconded the motion.
20.5.3 Members present voted in favour by a show of hands. No members abstained or voted against the motion. Ms. Joseph declared the motion as carried.
20.6 AFFIRMATION OF OFFICE
20.6.1 Ms. Joseph invited the newly elected members to come forward and take the affirmation of office. The Credit Union staff distributed the affirmation forms to all elected members and after taking the affirmation, they signed, dated and returned the document to the Credit Union.
20.6.2 Ms. Joseph extended her personal congratulations to all the newly elected members and wished them a successful 2025-2026 term in office as they continue to serve AMGECU Credit Union. She also apologised for the delay in the counting of the ballots as the ballot counter machine was non-operational hence the count had to be done manually.
20.6.3 The President, resumed the chair of the meeting and thanked Ms. Joseph and her Team for facilitating the Election Process.
21.0 INDEPENDENT AUDITOR’S REPORT
21.1 The President invited Ms. Kimberly Stripp, Auditor at Baker Tilly International Limited, to present the Independent Auditor’s Report as contained on Pages 56-57.
2025 ANNUAL REPORT 19
Then & Now
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OF THE 69TH Minutes ANNUAL GENERAL MEETING (continued)
21.2 Ms Stipp expressed the opinion: “We have audited the financial statements of AMGECU Credit Union Co-operative Society Limited (the “Society”), present fairly, in all material respects, the financial position of AMGECU Credit Union Co-operative Society Limited as at 31 December 2024, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards “IFRS” and the Cooperative Societies Act Chapter 81:03.”
She further stated that the basis for the Auditor’s opinion was in accordance with their responsibilities under the international standards of auditing. “We are independent of the Society in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants, (IESBA Code), together with the ethical requirements that are relevant to our audit of the financial statements in Trinidad and Tobago, and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.”
21.3 There were no questions or comments from the membership on the Auditor’s Report and the President thanked Ms Stripp.
22.0 COMMENTS ON FINANCIAL STATEMENTS
22.1 The President called for a motion that the financial statements for the year ended 31st December 2024 be adopted.
22.2 Ms. Jennifer Norton moved the motion for the adoption of the Financial Statements for the year ended 31st December 2024, (including the Financial Position, Comprehensive Income, Changes in Equity, Cash Flow, Notes) contained on Pages 58-102 of the 2024 Annual Report.
22.3 Members present voted in favour by a show of hands. No members abstained or voted against the motion. The President declared the motion as carried.
23.0 CREDENTIAL COMMITTEE REPORT 4
23.1 At 3:33 p.m. there were one hundred and fifty four (154) members present.
24.0 PRESENTATION OF RESOLUTIONS
24.1 The President tabled the following Resolutions for consideration:
24.2 Resolution 1- DIVIDEND ON SHAREHOLDINGS:
BE IT RESOLVED that in accordance with Bye-law #19 (b) a Dividend of four percent (4%) be approved and paid to members on their shareholdings for the period 2024, and that such dividend be credited to Loan/Interest Account of those members whose Loan Accounts have become delinquent.
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OF THE 69TH Minutes ANNUAL GENERAL MEETING (continued)
24.2.1 Ms. Ria Jamurath moved this motion and Ms.Tenika Cordner seconded the motion. 24.2.2 The motion was put to the vote and members voted unanimously in favour by a show of hands. No members abstained or voted against the motion.
24.2.3 The President declared the resolution duly carried.
24.3 Resolution 2- APPOINTMENT OF AUDITORS:
BE IT RESOLVED that the firm Baker Tilly International Limited be appointed Auditors for the AMGECU Credit Union Co-operative Society Limited for the year ending 31st December, 2025. 24.3.1 Mr. Anthony Alleng moved this motion and Mrs. Arkiebah Peters Alexander seconded the motion.
24.3.2 The motion was put to the vote and members voted unanimously in favour by a show of hands. No members abstained or voted against the motion.
24.3.3 The President declared the resolution duly carried.
24.4 Resolution 3- HONORARIUM:
BE IT RESOLVED that an honorarium of $205,032.18 be declared being approximately 2.5% of the net surplus to be shared among the Board of Directors, Elected and Appointed Committees. 24.4.1 Mr. Cuthbert Tracey moved this motion and Ms. Jennifer Norton seconded. 24.4.2 The motion was put to the vote and members voted unanimously in favour by a show of hands. No members abstained or voted against the motion.
24.4.3 The President declared the resolution duly carried.
25.0 PAYMENT OF DIVIDEND
25.1 The President announced that Dividends will be paid on or before May 31st 2025.
26.0 CREDENTIAL COMMITTEE REPORT 5
26.1 At 3:38 p.m. there were one hundred and fifty-four (154) members present.
27.0 BUDGET PROJECTIONS
27.1 The President invited questions from the floor on Budget Projections (Review of Income and Expenditure Estimates for the year 2025) as contained on pages 107-108 of the 2024 Annual Report.
27.1.2 Mr. Emmanuel Downes referred to Page 107 Budget Projections Income, and sought clarification where the Property Lease in 2024 was $68,876 but for 2025 was decreased to $22,000?
He also referred to Page 107 Budget Projections Expenses – Electricity & Water Rates for 2024 was $55,675 but for 2025 the budgeted figure was $49, 599 and wanted to know if the Credit Union expected a reduction in rates.
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OF THE 69TH Minutes ANNUAL GENERAL MEETING (continued)
Ms. Dionne Peters, AMGECU Accountant stated that SBCS had terminated their lease and from last year’s report there was also a reduction. The figure this year was an expected recovery amount. She added that no rate change was expected but because of the sewer changes that were done at the Credit Union, those expenses would not be applicable to this year, hence the reduced expense.
27.1.3 Ms. Denise Douglas asked the following under Budget Projections:
(a) With the end of the SBCS lease, what was the status on the sale of the property? (b) There was no allocation stated for the Education Committee expenses, is there a surplus from the original budget?
(c) There was a non-budgeted expense for Staff Uniforms for 2025 and she sought clarity.
Ms. Peters responded that
(a) some buyers had expressed an interest, but no firm offer had been received to date. (b) The Education Committee expenses was not supposed to be stated there, as it was part of an Education Fund allocated $200,000 yearly and not an expense.
(c) Staff uniforms are not supplied yearly but every 18 months, so this expense would be for next year’s budget.
27.1.4 Mrs. Margaret Toussaint – referred to Pg. 107 Budget Projections Income - Increase– what would prompt an increase on Financial Investment from $2.9M to $3.5M?
Ms. Peters responded that it was an increase in Bond investment as opposed to equity investment.
27.1.5 Ms. Charmaine Theodore – raised the proposed difference in the projected increase income of $1.5M on interest on personal loans (Vehicle, Special etc), and questioned what strategic plan was in place to achieve this goal contained under Budget Projections Income Page 107?
‘ The President replied that with the hiring of the Marketing Officer, it is anticipated that with her working towards increased visibility alongside the strategic plan, this will assist the Credit Union achieve the projected increased income for 2025.
27.1.6 There being no further questions on the budget projections for the year 2025, the President called for a motion for the adoption of same. Ms. Stacy Richards moved the motion.
27.1.7 Members present voted in favour by a show of hands. No members abstained or voted against the motion.
27.1.8 The President declared the motion for the adoption of the Budget Projections as carried.
28.0 DOOR PRIZES
28.1 Throughout the duration of the meeting, the following door prizes were drawn and won by the following members:
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OF THE 69TH Minutes ANNUAL GENERAL MEETING (continued)
PRIZE DONOR Ticket No Winner TYPE
1st AMGECU 99 Jesus Badal Staff Member
2nd AMGECU 117 Noreen Hinkson Retiree
3rd AMCO 116 Alison Mathias Family Member
4th AMGECU 147 Terrence Blake CBL
5th AMGECU 27 Ryan Gobin Member
6th CUNA 77 Lenny Delochan Member
29.0 GENERAL BUSINESS / OPEN FORUM FOR QUESTIONS
29.1 The President then opened the floor to general business, comments orsuggestionsthe membership wished to share.
29.2 Ms. Margaret Toussaint, member suggested in observance of Investor Education Month, the Credit Union partner with other financial institutions e.g. Central Bank, to educate and inform schools, or outreach centres targeting the youth as sometimes these were overlooked.
The President thanked Ms. Toussaint for her suggestion and referred her to the Marketing Officer, with whom she can share her insights and information.
29.3 Mr Lenny Delochan asked what process was in place to assist beneficiaries whose family members had passed on? He suggested that an itemised document containing all requirements be made available to members, so that they can be reliably informed thus avoiding undue stress as sometimes even attorneys are involved to ensure the beneficiaries obtain their owed benefits.
The President replied that the Credit Union was aware of this situation.
29.4 Mr. Emmanuel Downes questioned the increase in Family Indemnity Plan (FIP) rates and why? The President called upon Mr. Tony Raj of CUNA Caribbean to reply to the member.
Mr Raj, Accounts Executive with CUNA Caribbean, confirmed that there has been a rate adjustment in the Family Indemnity Plan. He mentioned that there had been no rate adjustment or increase for the last fifteen years especially after COVID. However, with these new rates, members on the plan had access to additional benefits. He cited that for members diagnosed with a terminal illness under the double indemnity plan, the benefit would be doubled and paid in advance. The same would apply for the accidental death benefit. He added that children and up to nine persons can be added on the plan.
29.5 Youth Update: Ms. Sasonel Felix, Chair of the Youth Committee gave a synopsis of the Youth Committees plans for 2025. These included AMGECU children’s Christmas party, an awareness seminar on getting to know AMGECU and the Board members, Youth Mentorship and for Carnival 2026 a fitness campaign.
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OF THE 69TH Minutes ANNUAL GENERAL MEETING (continued)
The President encouraged the young members to be part of the youth initiative and get involved.
29.6 A member requested that wherever the AGM is held that consideration be given to members who did not know the area. The notice should have given clear directions on getting to the venue including the parking facilities, as she was from San Fernando and the journey to the venue was more difficult than anticipated due to limited parking.
The President indicated that initially when the venue was booked, they were not told that one of the carparks would be unavailable. She apologised for the difficulties experienced by some members.
29.7 Mr. Dave Woodley, a member for 40 years, enquired about the different types of Credit Union accounts and whether he had to go into the Credit Union to withdraw money or was the membership being provided with a fast service facility with the new AMGECU Connect App?
The President replied that monies can be requested through the online system, and it will be credited directly to your bank account.
29.8 Mr. Cuthbert Tracey stated that there are many types of accounts in the Credit Union. He asked about the possibility of transferring funds between accounts e.g. from shares to loans? Can I assign my salary to the Credit Union? Can the App facilitate salary deductions in the system?
The President replied that salaries are already assigned to the Credit Union through various organizations. The transfer of funds between accounts e.g. shares to loans can be facilitated.
Additionally, in response to Mr. Tracey’s enquiry, Ms.Ria Jamurath stated that the online banking facility allows you to view your account, do certain transactions or make requests but not assignment of salary. This function originates from your organization and must be done through your employer. The Credit Union does not have the facility to pay external vendors through the AMGECU Connect APP.
29.9 Ms. Douglas expressed her view that she was not receiving regular updates from the Credit Union. She felt that constant communication would strengthen the membership.
Ms Cipriani, Marketing Officer, stated that there were regular updates on multiple platforms, including email blasts, WhatsApp status and members were encouraged to follow their social media presence whether Instagram or Facebook. In this way members can keep abreast of everything that is happening in the Credit Union. She urged members to update their email address, and telephone contact numbers if they had been changed.
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OF THE 69TH Minutes ANNUAL GENERAL MEETING (continued)
29.10 Mr. Nicholas Joseph of CBL stated that although the Payroll Department make immediate salary deductions, it takes about three (3) weeks to be credited to the Credit Union member account.
The President responded that AMGECU was aware of the situation and was working to improve this situation and ensure that members were not penalized.
29.11 A member asked the President to share the requirements to become a member of the Credit Union.
The President replied that the requirements to join AMGECU Credit Union are: Two forms of identification, a Utility bill in your name and a current Job Letter or Salary advice.
29.12 Mr. Newton Chai-Hong congratulated the Credit Union on sending out WhatsApp blasts. In the past he had a problem and through using that medium was able to have it resolved. He encouraged the Credit Union to keep up the great work.
29.13 Mr.AnthonyAlleng informed the meeting that, annually, the Credit Union—through its Education Committee—provides grants or bursaries to deserving students who have successfully completed SEA, CAPE, CSEC, or university examinations. However, he noted that many parents are not eligible to benefit as they fail to maintain regular deposits into their children’s accounts after initially opening them. Mr. Alleng emphasized that the Credit Union’s mission is to promote saving for the future. As such, eligibility for bursaries requires the establishment of a consistent savings history, thereby ensuring that only student members with an active savings record can participate or benefit from the programme.
The President thanked the membership and asked everyone to encourage others to reach out to the Credit Union. The President stated that both Ms. Jamurath and herself had initially tested the AMGECU Connect App and confirmed that they had been successful. She encouraged members to do likewise and mentioned that some training will be available on the use of the online system.
She also advised the membership to encourage their family and friends to join the Credit Union. With increased membership the Credit Union would be able to grow its loan portfolio and ultimately pay more dividend as AMGECU is the key to your dreams.
The President then introduced the Board of Directors to the general membership and as so many questions had been about the new app, it was replayed.
30.0 UPCOMING EVENTS – RETIREES CLUB
30.1 The President asked Mr .Alleng to give an update on events taking place with the Credit Union’s Retirees Club.
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Mr Anthony Alleng, Director mentioned that the Retirees Club have two functions annually. This year 2025 the first will be held on May 31, a beach lime to Clifton Hill Beach Resort, Point Fortin with the second event being a Frolic Party to be held in November at Lions Cultural Centre. Flyers with the upcoming events were available to the membership at the registration desk. He added that any Credit Union member can invite family members or guests to attend.
31.0 CREDENTIAL COMMITTEE REPORT 6
31.1 At 4:50 p.m. there were one hundred and sixty-nine (169) members present.
32.0 EXPRESSION OF THANKS
32.1 The President invited Director Ms. Ria Jamurath to deliver the expression of thanks on behalf of the Board of Directors.
32.2 Ms. Jamurath expressed gratitude to Almighty God and extended appreciation to all members, AMGECU staff, and service providers for their presence and participation in the 69th Annual General Meeting of AMGECU Credit Union Society Cooperative Limited.
She specifically acknowledged the contributions and support of the following: • Management and Staff of the La Joya Complex
• Specially invited guests and co-operative officers
• Ms. Dianne Joseph and her team for their expertise in overseeing a smooth election process
• Ms. Kimberly Stripp of Baker Tilly International Limited for ensuring sound financial auditing practices
• Mr. Tony Raj of CUNA Caribbean Insurance
• Former Directors and Pensioners for their continued service and wisdom
• Current and Incoming Board and Committee Members for their dedication to serve • Management and Staff of AMGECU, led by Ms. Beverly Young, for their guidance and hard work in organizing the AGM
• The General Membership for their ongoing support, participation, and commitment to AMGECU’s success
Ms. Jamurath closed by reaffirming appreciation to all who contributed to making the 69th AGM a success.
33.0 CONCLUSION
33.1 There being no further business, the President declared the meeting officially concluded at 4:59 p.m.
2025 ANNUAL REPORT 26
Board of Directors REPORT
Then & Now a Journey of 70 Years
COMPOSITION OF THE BOARD OF DIRECTORS AND EXECUTIVE COMMITTEE The Board of Directors for 2025/2026 comprised the following persons:
• Cynthia Carr-Hosten
• Claudine Allert
• Jennifer Norton
• Garth Bowen
• Anthony Alleng
• Steve Woodley
• Cheryl Lutchman
• Arnim Phillips
• Cuthbert Tracey
• Arkiebah Peters-Alexander
• Nekeido Gittens
• Denise Douglas
• Russell Gulston ***
• Ria Jamurath ***
• Tenika Cordner ***
EXECUTIVE COMMITTEE
At the inaugural meeting of the Board of Directors held on 21st May, 2025 the following Directors were elected to serve on the Executive for the 2025/2026 term:
• Cynthia Carr-Hosten - President
• Claudine Allert - Vice President
• Garth Bowen - Member
• Anthony Alleng - Member
• Jennifer Norton - Member
MEETINGS OF THE DIRECTORS
Board of Directors held Twenty Six (26) meetings during the period February 2025 to January 2026 made up of Twelve (12) Statutory meetings and Fourteen (14) Special meeting.
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Board of Directors REPORT (continued)
BOARD MEMBER Statutory Special Excused
Russell Gulston *** 3 6 0
Anthony Alleng 11 13 2
Cuthbert Tracey 12 12 3
Tenika Cordner *** 3 5 1
Garth Bowen 9 13 5
Jennifer Norton 10 15 2
Ria Jamurath *** 3 6 0
Cynthia Carr-Hosten 12 14 1
Cheryl Lutchman 9 12 6
Steve Woodley 9 10 8
Claudine Allert 12 13 2
Arkiebah Peters-Alexander 12 15 0
Arnim Phillips 9 9 0
Denise Douglas 7 7 4
Nekeido Gittens 8 8 2
The Executive held Fifteen (15) meetings during the period February 2025 to January 2026. ***Represents Directors who served on the Board until May 2025.
OUT-GOING DIRECTORS
2023-2026 2024-2027 2025-2028
Cheryl Lutchman Arkiebah Peters-Alexander Cynthia Carr-Hosten
Jennifer Norton Claudine Allert Denise Douglas
Cuthbert Tracey Garth Bowen Nekeido Gittens
Anthony Alleng Steve Woodley Arnim Phillips
FINANCIAL REVIEW
OVERVIEW
In 2025, the global environment was defined by uncertainty with heightened geopolitical tensions, ongoing conflicts, and economic challenges shaped by shifting trade and monetary policies and stricter financial reporting standards.
According to the World Economic Forum, state-based armed conflict emerges as the top immediate risk for 2025, while the IMF described 2025 as a year of “profound transformation” in global economic frameworks, with sweeping policy shifts reshaping economies. At the same time compliance demands, for example IFRS9 standards required financial institutions to strengthen reporting and risk management.
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Board of Directors REPORT (continued)
Locally at the end of 2025, Trinidad and Tobago’s economy remained heavily dependent on the energy sector, but faced challenges from declining natural gas production, foreign exchange shortages, and the need for structural reforms. The Central Bank Monetary Policy Announcement dated December 31, 2025 stated that domestic inflation held firm at the lower end of single digits during the second half of 2025. Headline inflation measured point five (0.5) per cent (year-on-year) in November 2025 compared with 1.5 per cent in June 2025. While core inflation rose by 0.5 per cent, food inflation decelerated to 0.8 per cent.
The country’s economic outlook for 2026 is cautiously optimistic but remains constrained by energy sector volatility, foreign exchange shortages, and a projected fiscal deficit. The government’s 2026 budget emphasizes “Building Economic Fairness through Accountable Fiscal Policies,” with reforms aimed at strengthening tax compliance, modernizing institutions, and supporting social equity, while relying on oil
and gas price assumptions to sustain revenue.
AMGECU – 2025 FINANCIAL REVIEW
In 2025, the Board of Directors undertook a comprehensive review of the Strategic Plan and affirmed its continued relevance to the Credit Union’s long-term growth and sustainability. The strategic goals and objectives were revalidated through 2028, with a clear pathway established to strengthen our core lending operations and broaden our investment portfolio as a means of diversifying revenue streams.
Specific new business and refinancing loan targets were introduced to drive business expansion. To ensure accountability and transparency, monthly performance was monitored through newly implemented dashboards that captured both quantitative metrics and qualitative insights. Concurrently, the investment portfolio was strategically expanded, resulting in a measurable increase in investment income.
Through disciplined financial management and prudent governance, the Credit Union achieved sustained growth in its Net Surplus, reinforcing its resilience and positioning it for continued success in the years ahead.
SHARES AND DEPOSITS
As at 31 December 2025, Members’ Shares totalled $171,256,266, compared to $169,136,157 at year‑end 2024, reflecting a one percent (1.00%) increase. While this growth appears modest, it was a deliberate and controlled outcome of the Board of Directors’ policy to regulate share inflows through the imposition of deposit limits on members’ Share accounts. This measure has been in place for a few years but remains
relevant and prudent given that the core lending portfolio has exhibited limited expansion, thereby necessitating a balance between Shares growth and lending activity.
The controlled expansion of Shares is strategically significant, as dividend distribution rates are directly correlated with the size of the Shares portfolio. By moderating inflows, the Board ensures that dividend obligations remain sustainable relative to lending performance, thereby protecting both AMGECU’s financial stability and members’ long-term value.
In contrast, Members’ Deposits declined to $12,050,086 in 2025, down from $12,466,729 in 2024, representing a three percent (3.00%) decrease.
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Board of Directors REPORT (continued)
Overall, the trajectory of Members’ Shares and Deposits illustrates AMGECU’s measured and strategic financial stewardship, prioritizing sustainability, dividend integrity, and prudent liquidity management in a challenging economic environment.
LOANS
As at December 31st 2025, Members’ Loans totalled $101,604,129, reflecting a slight contraction from $102,838,039 in 2024. This demonstrated a more measured borrowing posture among members, consistent with evolving financial priorities and a cautious approach to debt management.
Loan approvals during the year amounted to 943, compared to 1,019 approvals in 2024, while the aggregate value of loans approved reached $22,012,455, marginally lower than $24,397,498 in the prior year. Notably, the average loan size increased, indicating a shift toward larger, more strategic financing needs, such as debt consolidation. This trend reflects a dual dynamic: on one hand, a moderation in overall loan demand, and on the other, a qualitative shift toward credit facilities that improves members liquidity and management
of their debts.
From a portfolio management perspective, this underscores:
• Prudent borrowing behavior among members, aligned with sustainable financial planning. • Opportunities to strengthen liquidity management, ensuring that loan disbursements are balanced against deposit inflows and dividend obligations.
• Resilience of the loan portfolio, with larger, more strategic loans potentially enhancing asset quality and long-term member value.
The Board and Management will continue to monitor lending patterns closely, calibrating credit policies to support members’ borrowing initiatives while safeguarding portfolio stability. This disciplined approach ensures that AMGECU remains well-positioned to sustain growth, manage risk, and deliver competitive returns to members.
INVESTMENTS AND CASH HOLDINGS
The Credit Union’s investment portfolio is comprised of Bonds, Equities, Fixed Deposits, and Mutual Funds.As at 31 December 2025, the portfolio was valued at $73,653,500, compared to $70,793,561 in 2024. This represents a net increase of $2,859,939 and a relative growth rate of 4.00% year‑on‑year, signalling continued strength in the Credit Union’s investment allocation strategy.
Investment income for 2025 totalled $4,035,863, up from $3,483,705 in 2024. This reflects a year‑on‑year increase of $552,158, equivalent to 16.00% growth. The increase in returns demonstrates effective portfolio management and favorable market conditions, contributing materially to the Credit Union’s overall profitability and financial resilience.
Cash holdings at year‑end 2025 amounted to $10,788,970, down from $11,341,850 in 2024. The reduction in cash reserves is directly attributable to the reallocation of funds into the investment portfolio, consistent with the Credit Union’s strategy of optimizing asset utilization to enhance returns.
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Board of Directors REPORT (continued)
The Investment and Cash Holdings Portfolio as at 31 December 2025 is presented in Table 1, supplemented by an accompanying graphical illustration. The table provides a detailed breakdown of portfolio components and percentage for 2025 and 2024 respectively, while the graph visually highlights the relative composition across asset classes.
This dual presentation format ensures clarity in both quantitative analysis and visual interpretation, enabling members to assess portfolio growth and liquidity movements in a comprehensive manner.
Table 1
ASSET MIX
As at December 31st 2025, AMGECU recorded Total Assets of $213,165,278, compared to $217,742,903 in 2024. This reflects a modest year-on-year decline of two point one (2.1%).
The principal factor contributing to this reduction was a non-cash write-down of $7,367,000 in Employee Benefit Assets. This adjustment was necessitated by changes in International Accounting Standards (IAS) reporting requirements, which mandated a revaluation of this long-term benefit obligations. Importantly, this was an accounting treatment rather than a cash outflow and therefore does not impact the Credit Union’s liquidity or its ability to serve members.
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Board of Directors REPORT (continued)
Despite this technical adjustment, AMGECU continues to maintain a strong Balance Sheet and a solid capital base. Our Asset portfolio remains well-diversified, and we are strategically positioned to pursue sustainable growth in the years ahead. The Board and Management remain committed to prudent financial stewardship, ensuring that members’ Shares and Savings are safeguarded while delivering competitive returns and innovative financial solutions.
This resilience underscores our ability to adapt to evolving financing reporting frameworks while staying true to our mission of unlocking socio-economic value for our members.
Financial Assets:As at December 31st 2025,AMGECU’s FinancialAssetsstood at $73,653,501, compared to $70,793,561 in 2024. This represents a year-over-year increase of 4.04%. This growth reflects the Credit Union’s continued focus on prudent financial management, member confidence, and the effectiveness of our investment strategies. The increase in Financial Assets demonstrates not only our ability to safeguard
members’ savings but also our capacity to generate sustainable returns in a dynamic and uncertain economic environment.
The upward trajectory of our Financial Assets is a testament to the resilience of the Credit Union and the trust placed in us by our members. It positions AMGECU to further expand innovative financial solutions, strengthen liquidity, and enhance our ability to respond to future opportunities and challenges.
Directors remain committed to building on this momentum ensuring that our asset growth translates into greater value, prosperity, and long-term stability for all members.
Fixed Assets and Investment Properties: At the close of 2025, AMGECU’s Fixed Assets and Investment Properties stood at $23,396,754, compared to $23,410,902 in 2024. This represents a very marginal decline of 0.06% year-over-year.
The slight reduction is primarily attributable to depreciation, a normal accounting process that reflects the gradual use of long-term assets over time. Importantly, this adjustment does not diminish the strength or utility of these assets, which continue to serve as a solid foundation for the Credit Union’s operations and future growth.
The prudent management of AMGECU’s fixed assets and investment properties ensures that these holdings continue to generate sustainable value, support operational efficiency, and reinforce additional revenue streams for the Credit Union. By applying disciplined asset management practice, including depreciation monitoring, ensure full occupancy of rental properties, we safeguard the integrity of our property portfolio while optimizing its contribution to overall financial performance.
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Board of Directors REPORT (continued)
Receivables and Prepayments:At the close of 2025, this Balance Sheet item stood at $3,655,925, compared to $1,925,551 in 2024. This represents a significant year-over-year increase of 89.86%. The increase was driven by three specific components:
• Accrued investment income, reflecting earnings recognized as per accounting standards but not yet received.
• A short-term investment maturing in 2026, which was recorded as part of current assets at year-end. • Member payroll obligations due at the end of 2025 but settled in early 2026.
While the increase appears substantial, it is largely attributable to timing differences and accounting recognition rather than structural changes in the asset base. These items highlight the importance of precise accrual accounting in capturing financial activity across reporting periods.
From a financial management perspective, the growth in this category underscores AMGECU’s ability to effectively manage investment income streams, short-term liquidity placements, and member-related obligations. Collectively, these assets contribute to the institution’s operational flexibility and reinforce the stability of its financial position heading into 2026.
Employee Benefits: At 31 December 2025, Employee Benefit Assets were valued at $66,000, compared to $7,433,000 in the prior year. While this represents a substantial reduction, the variance is attributable to a non‑cash actuarial adjustment performed in accordance with International Accounting Standards (IAS). This adjustment reflects changes in actuarial assumptions rather than any deterioration in the underlying financial strength of the Credit Union. The adjustment was made following the receipt of the actuarial valuation, which required a remeasurement of long‑term employee benefit obligations.
It is important to emphasize that this write‑down was driven by external accounting and actuarial factors, rather than internal management decisions. The reduction does not impact the actual benefits payable to employees upon retirement, nor does it compromise the Credit Union’s ability to meet its obligations. Instead, it reflects compliance with updated reporting requirements designed to ensure transparency and accuracy in financial disclosures.
While the decrease is material in scale, it is considered a one‑off adjustment and is not expected to recur in future reporting periods. The Board of Directors underscores that this accounting treatment does not diminish the Credit Union’s financial strength or its commitment to prudent resource management. On the contrary, it highlights AMGECU’s adherence to global reporting standards and its dedication to maintaining the highest levels of financial integrity.
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Board of Directors REPORT (continued)
Table 2 below highlights key asset categories in 2025 compared to 2024:
Table 2
SOURCE OF INCOME
For the year ending December 31st 2025, the Credit Union reported Total Income of $14,459,145, compared to $13,578,122 in 2024. This represents a year-over-year increase of $1,323,062, reflecting sustained revenue growth and reinforcing the Credit Union’s capacity to expand its income base.
Interest from Loans: Interest from loans contributed $9,571,665, accounting for 66.00% of Total Income. This reflects a marginal increase of less than 1% compared to 2024, demonstrating steady performance in the Credit Union’s core lending activities.
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Board of Directors REPORT (continued)
Income from Investments: In 2025, Investment Income totaled $4,035,863, representing 28.00% of Total Income. This strong contribution underscores the strategic role of the Credit Union’s investment portfolio in diversifying revenue streams and reinforcing financial flexibility. The consistent returns demonstrate disciplined portfolio management and prudent oversight by the Investment Committee.
Other Income: Other income amounted to $851,617 or six percent 6.00% of Total Income. While smaller in proportion, these revenues play a valuable role in supporting the Credit Union’s overall income growth. The stability in this category indicates reliable performance in our non-core activities.
The 2025 Income structure demonstrates a balanced and diversified revenue base, with significant contributionsfrom both Loan Interest and Investments. This diversification helps mitigate risks and provides a stable financial foundation for the Credit Union’s future growth.
Table 3 shows a comparison of the source of income between 2025 and 2024.
Table 3
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Board of Directors REPORT (continued)
NET SURPLUS
For the year ending December 31st 2025, AMGECU achieved a Net Surplus of $8,920,138, compared to $8,006,256 in 2024. This represents a robust year‑over‑year increase of eleven point four one percent (11.41%).
This performance is a clear testament to the prudent financial stewardship of the Board of Directors and Management, who navigated a competitive lending environment with discipline and foresight. Through astute expense management and the strategic optimization of investment income, AMGECU not only safeguarded stability but also delivered meaningful growth in surplus.
Beyond the numbers, this achievement reflects the strength of our cooperative model and the trust placed in us by our members. It demonstrates that even in challenging conditions, AMGECU continues to thrive, anchored by resilience, guided by sound governance, and driven by a commitment to our purpose, vision and mission.
Table 4 below shows the Net Surplus and graph representation between 2025 and 2024.
Table 4
MARKETING AND PRODUCT DEVELOPMENT
The members of the Marketing & Product Development Committee were:
• Russell Gulston (Chair)
• Cynthia Carr Hosten
• Garth Bowen
• Arnim Phillip
• Vidya Ramsawak
• Dinelle Cipriani-Daisy
2025 ANNUAL REPORT 36
Then & Now
a Journey of 70 Years
Board of Directors REPORT (continued)
The Marketing & Product Development Committee (MPDC) focused its 2025 efforts on strengthening membership growth, introducing relevant loan solutions, expanding digital adoption, and gaining deeper insight into member needs. The year was marked by both measurable progress and deliberate strategic learning, positioning the Credit Union for continued growth.
Membership Growth
Membership growth remained a key priority for the Committee. Year-to-date membership for 2025 reached 173, an improvement from our 2024 efforts. This growth was supported by targeted outreach initiatives, improved onboarding efforts, and increased engagement through member-focused campaigns.
Product Development & Lending Initiatives
In 2025, MPDC successfully launched two new loan products designed to meet evolving member needs: • Debt Consolidation Loan, aimed at helping members better manage existing obligations and improve cash flow.
• Flexi Credit, which allows members to access financing while keeping their shares intact, supporting both liquidity and savings growth.
These products were introduced to strengthen AMGECU’s competitiveness and encourage responsible borrowing.
Digital Transformation & Online Banking
A major milestone was achieved at the 2025 AGM with the official launch of AMGECU’s Online Banking platform. As at December 31st 2025, 750 members were successfully enrolled, reflecting steady adoption and growing member confidence in our digital services. This initiative represents a critical step towards improving convenience, efficiency, and service delivery.
Outreach To Net Savers
One of the most challenging segments identified continues to be net savers. In response, MPDC introduced a special interest rate loan tailored to encourage borrowing within this group. While the initiative did not yield the desired results, it provided valuable insight and reinforced that converting net savers remains a strategic priority moving forward.
Member Engagement & Insights
In July 2025, the Committee hosted a Member Engagement Series, which focused on: • Online banking enrolment
• FIP sign-ups
• New member enrolment
Additionally, MPDC conducted a Membership Needs Survey to assess whether existing products and services align with member expectations. The findingsfrom thissurvey will guide future product refinement and campaign development.
2025 ANNUAL REPORT 37
Then & Now
a Journey of 70 Years
Board of Directors REPORT (continued)
For the upcoming year, MPDC will remain focused on:
• Expanding the borrowing pool
• Accelerating digital transformation
• Growing and diversifying the membership base
These priorities will ensure AMGECU continues to respond effectively to members’ needs while strengthening its long-term sustainability.
INFORMATION TECHNOLOGY COMMITTEE
The members of the Information Technology (IT) Committee were:
• Arnim Phillips (Chair)
• Esha-Ann Daniel
• Steve Woodley
• Darvel Cordner
• Nekeido Gittens
The Information Technology (IT) committee was initially tasked with reviewing all existing IT Policy documents. These documents were the IT Policy, the Business Continuity/Disaster Recovery, and the IT Terms of Reference.
Being a committee that provides guidance and assistance to the Management on IT-related matters, we were also expected to assist the Marketing Field Officer (MFO) with the implementation of AMGECU Connect, the Website upgrade, and Digital Marketing.
IT Policy
The committee started working on revising the IT Policy document. The committee reviewed the document for correctness, but focused on the additional areas of concern and importance, like AMGECU Connect and Cybersecurity issues. A draft of cybersecurity policies is awaiting Board approval.
Business Continuity/Disaster Recovery
This is another area that is important to AMGECU is the issue of Business Continuity/Disaster Recovery. This was reviewed for functionality and would be tested during the next two months. We are also in the process of establishing and implementing a new “Cloud-Based Server” and once finalized, the existing document will be reviewed and updated to reflect the new procedures.
AMGECU Connect
The establishment of this feature was also another area that required IT input (planning, integration, and testing). With the implementation of AMGECU Connect members can now access their accounts on-line thereby bridging the communication gap between the membership and the Credit Union. The IT Policy document is being updated to reflect the necessary changes both in terms of Cybersecurity and data management.
2025 ANNUAL REPORT 38
Then & Now
a Journey of 70 Years
Board of Directors REPORT (continued)
Website upgrade:
The IT committee developed a Request For Proposal (RFP) for the upgrading/modernizing of the existing website. Four vendors submitted responses to the RFP, which was evaluated, and a recommendation was made for the preferred vendor. The upgrade of the current website would primarily be in support of better serving the members and stakeholders.
We are presently in discussions with the vendor to ensure that we get exactly what is required. The preferred vendor will be awarded this contract shortly.
Digital Marketing
Working with the Marketing Field Officer (MFO) in this area of activity, our primary role and responsibility is to ensure that we have the IT Policy document updated to reflect our thrust in this area and to ensure that all our Social Media Platforms e.g. Facebook and Instagram, are up and running. We are also expected to ensure that the required tools and security features are in place to support such activities.
Leave Management Solution
Currently, leave (both vacation and casual) is being managed using an Excel spreadsheet. In 2025, the Management highlighted many challenges in ensuring the correctness of the information presented. The IT committee was asked to implement an automated solution. After gathering the requirements, we are awaiting financial quotations from suppliers for its implementation.
EDUCATION COMMITTEE
The members of the Education Committee were:
• Arkiebah Peters-Alexander (Chair)
• Cheryl Lutchman
• Jennifer Norton
• Louann Sandiford
• Daniella Clarke
The Committee was guided by its Terms of Reference and the Bye-Laws of the Society. The Committee held six meetings both in person and virtually. The Committee leveraged technology by using WhatsApp and emails to share information. This meant that meetings held were efficient and focused on decision making.
Throughout the years, AMGECU has consistently recognized and rewarded its youth members for academic excellence and achievements at both the primary, secondary and tertiary levels. Awardees were honoured with bursaries, an inspirational address, motivational speech and a token.
The Committee continues to keep abreast of all requirements involving Anti-Money Laundering (AML) and Counter Terrorism Financing (CFT) by engaging in annual training. This aligns with our strong culture of compliance and ethical standards.
A targeted workshop was conducted by the credit union and Directors who served on the Education Committee benefitted immensely. This workshop emphasizing leadership psychology, emotional intelligence, and strategic influence in organizational decision-making.
2025 ANNUAL REPORT 39
Then & Now
a Journey of 70 Years
Board of Directors REPORT (continued)
In an effort to meet modern members’ needs the Education Committee must pivot towards fostering digital transformation, enhancing financial inclusion, and promoting ethical, tech-forward, and sustainable practices.
In this changing landscape the focus of the Education Committee needs to be on future-proofing the credit union by leveraging technology, advocating for smart regulation, and fostering strong partnerships to ensure the people helping people mission thrives in a digital word. The credit union launched a vibrant social media campaign geared towards leveraging technology and members can look forward to further engagement in this regard.
YOUTH COMMITTEE
The members of the Youth Committee were:
• Sasonel Felix (Chair)
• Jennifer Norton
• Daniella Clarke
• Tisha Mark
• Jeruel Baird
During the 2025 period, the Youth Committee successfully delivered two major initiatives aimed at enhancing youth engagement and strengthening member relations.
Know Your Credit Union (KYC) Initiative - Launched on International Youth Day 2025 (12th August, 2025), as a three-week digital campaign, educated youth members (ages 10–35) about AMGECU’s history, governance, savings products, and loan services. Interactive content, financial literacy tips, and weekly trivia competitions (with prizes) increased awareness, participation, and digital engagement. The initiative
reinforced AMGECU’s commitment to financial empowerment and youth development.
Children’s Christmas Party 2025 - The annual Children’s Christmas Party was reignited as a signature family event for members’ children (ages 0–12). Improved registration processes, controlled budgeting for gifts, early sponsorship outreach, and coordinated team execution enhanced overall efficiency and impact.
The event successfully fostered Cooperative goodwill, community spirit, and family engagement. Both initiatives reflect AMGECU’s ongoing dedication to youth empowerment, financial education, and member-focused service. The Youth Committee thanks the Board of Directors, AMGECU staff, members, sponsors, and volunteers for their continued support.
MEMBERSHIP
The Board of Directors welcomed one hundred and seventy-three (173) new members to the Credit Union in 2025. As of December 31, 2025, the total membership on our database comprising employees, ex employees and family members was six thousand, one hundred and twenty-four (6,124). However, the total number of active members was five thousand, three hundred and forty-five (5,345).
2025 ANNUAL REPORT 40
Then & Now
a Journey of 70 Years
Board of Directors REPORT (continued)
CONDOLENCE
The Board of Directors extends its heartfelt condolences to the families of our esteemed members who passed away in 2025. We continue to hold all families members in our thoughts and prayers.
The following is a list of the deceased members:
Ivan Ayoung Dexter Harris Lenne Thomas
Cedric Simeon Kunta Andrews St Clare Granado
Glenda Hernandez Patricia Lloyd Patrina Sookoo
Kenneth Joseph Chandai Goitia Randolph De silva
Abdon Ramdass Herman John Noreen Daniel
Sherwin Mohan Lambert Bocage Neil Baboolal
Kerwin Enile Diana Kangalee Andrus Retoo
Sherwyn Le Maitre
THE PATHWAY FORWARD IN 2026 AND BEYOND
In 2025, the World Council of Credit Unions (WOCCU) and the Worldwide Foundation for Credit Unions (WFCU) declared the theme for International Credit Union Day as “Cooperation for a Prosperous World.” Thisresonated deeplywith theUnitedNations’proclamation of 2025 asthe InternationalYear ofCooperatives under the banner “Cooperatives Build a Better World.” Reflecting on the global and local challenges both themes were timely and profoundly relevant and aligned seamlessly with AMGECU’s mission: “Unlocking socio-economic values for our members through optimal financial solutions, innovation, education, and positive life-long experiences.”
The Credit Union movement has long stood as a pillar of resilience, providing accessible financing and empowerment to millions worldwide. It is a movement built on trust, cooperation, and the unwavering belief that collective strength can transform lives.
At AMGECU, the Board of Directors remains steadfast in its purpose: to improve the lives of our members, employees, stakeholders, and the communities we serve. As we look ahead to 2026 and beyond, our commitment is clear. We will continue to implement strategic goals and objectives that safeguard sustainability, deliver competitive returns on shareholdings and savings, and ensure that our members benefit from innovative financial solutions tailored to their evolving needs.
Our vision is not only to provide financial prosperity but also to create enduring value. We will design products and services that empower members to achieve their aspirations, while fostering a culture of excellence and care. Every interaction with AMGECU will reflect our dedication to first-class service, ensuring that members feel valued, respected, and confident that their needs are always our priority.
The pathway forward is one of growth, innovation, and unwavering commitment to cooperative principles. Together, we will continue to build a prosperous future, one where AMGECU members are financially empowered and this translates into generation wealth and in the long-term stronger families.
2025 ANNUAL REPORT 41
Then & Now
a Journey of 70 Years
Board of Directors REPORT (continued)
PROPOSED DIVIDEND
Despite the unforeseen decrease in our Undivided Surplus due to the Employee Benefit Assets write down the Board of Directors is pleased to recommend a two point four seven percent (2.47%) Dividend on fully paid-up shares as at December 31st, 2025.
ACKNOWLEDGEMENT
The Board of Directors to take this moment to extend heartfelt appreciation to our Committee Members, Management, Staff, and all those, past and present, who have laid the foundation for AMGECU’s success. Their unwavering dedication to excellence has been the cornerstone of the high-quality service you enjoy today and the enduring stability of our Credit Union.
Equally, to you, our loyal members, we express our deepest gratitude. Your trust, commitment, and continued participation are the lifeblood of our Credit Union. It is because of you that AMGECU thrives, and together we will continue to build a future defined by cooperation, prosperity, and shared success.
___________________
Cynthia Carr-Hosten
President
2025 ANNUAL REPORT 42
Then & Now
a Journey of 70 Years
Credit Committee REPORT
CREDIT COMMITTEE ATTENDANCE REGISTER
Period: May 20, 2025 - February 3, 2026 [2025-2026 Term]
The Committee held Thirty-Two (32) meetings during this period.
NAMES POSITION PLACE OF WORK PRESENT EXCUSED
Kevin Jeremiah Chairman TTMB 32 0
Donna Persad Secretary Retiree 31 1
Justin Ayoung Member Retiree 26 6
Jason Marcano Member TATIL 31 1
Antonette Noel Best Member ABEL 28 4
PERFORMANCE IN 2025
The financial sector continues to experience challenges due to inflation and job loss. In addition, this is combined with operating in a highly competitive lending environment. AMGECU has been able to manage the value of loans approved but with a decline in the yearly value of approximately two million dollars in 2025. Together with the Board we aim to increase this value in 2026 with new loan products to meet the emerging membership financial needs.
See Table 1 below for a comparison of loans approved for a three (3) year period 2025, 2024 and 2023.
Table 1
Year 2025 2024 2023
No. of Loan Applications 990 1067 1116
No. of Loans Approved 943 1019 1069
Value of Loans Approved 22,012,454.93 24,397,498.60 24,158,166.43
Table 2 reflects the number and value of Loans approved based on the purpose.
2025 ANNUAL REPORT 43
Credit Committee REPORT (continued)
Then & Now a Journey of 70 Years
LOANS GRANTED BY PURPOSE, VALUE AND NUMBER - 2025 & 2024 Table 2
PURPOSE OF LOAN GRANTED $ VALUE 2025 $ VALUE 2024 NO. OF
FORMS 2025 NO. OF
FORMS 2024 %
2025 %
2024
Miscellaneous/Religious/Ceremonial $ 3,264,909.36 $ 3,456,836.88 182 208 15 14
Education/Investments $ 1,468,766.17 $ 951,821.32 48 42 7 4
Home Improvement/Repairs $ 5,988,551.16 $ 6,664,994.31 173 208 27 27
Vehicle Repairs $ 616,490.52 $ 542,069.20 27 40 3 2
Waivers $ 915,264.12 $ 873,766.63 352 333 4 4
Travel & Vacation $ 694,491.65 $ 1,154,262.33 41 57 3 5
Medical $ 260,171.16 $ 424,300.00 11 16 1 2
Consolidation of Debts $ 5,260,166.29 $ 1,942,644.20 59 49 24 8
Mortgages/Land Purchase $ 271,250.00 $ 1,904,214.05 3 9 1 8
Vehicle Purchases $ 2,746,694.50 $ 6,191,589.68 24 43 13 25
Christmas/Special/Flexi Credit Loans $ 525,700.00 $ 291,000.00 23 14 2 1
TOTAL $ 22,012,454.93 $ 24,397,498.60 943 1019 100 100
From Table 2 above Loans Granted by Purpose, Value and Number for 2025 with 2024 shows a shift in member borrowing from Vehicle Purchases to Consolidation of Debts in 2025. See the diagram below (Diagram 1). Diagram 1
2025 ANNUAL REPORT 44
Credit Committee REPORT (continued)CONCLUSION
Then & Now a Journey of 70 Years
As we commemorate our 70th year of dedicated service, we extend our heartfelt gratitude to all our members both past and present as well as our Board of Directors, Committee Members, and Staff. Your unwavering support and collaborative efforts have been instrumental in sustaining our growth and success.
Throughout the years, we have navigated numerous changes within the financial environment and evolving member needs. These shifts are reflected in increased financial literacy among members, a broader spectrum of financial requirements, and a growing demand for larger credit facilities with manageable monthly installments, exemplified by the trend toward debt consolidation.
Although the total loan amount in 2025 experienced a reduction, we view this as a moment of reflection and opportunity. Looking ahead to 2026, we remain committed to fostering growth, innovation, and enhanced service delivery. We sincerely appreciate your continued trust and partnership, and we eagerly anticipate serving you with renewed dedication in the years to come.
Best regards.
_______________________
Kevin Jeremiah
Chairperson.
2025 ANNUAL REPORT 45
Then & Now
a Journey of 70 Years
Supervisory Committee REPORT
INTRODUCTION
The Supervisory Committee was appointed on May 17th , 2025 with the responsibility for ensuring that the Management of the Credit Union operates its activities in a manner which is beneficial to the members, by ensuring compliance with organizational policy and regulations, auditing and reviewing financial reporting and evaluating risk and internal controls.
WORK DONE
The Committee held a total of two meetings on July 25th and October 24th during the appointment period May – December 2025 as follows:
Committee Members Attendance
Anderson Abraham (Chair) 2
Salisha Hosein (Secretary) 2
Chelsea Edwards (Member) 2
During the period, the committee performed the following tasks related to its mandate a) Reviewed a sample of the loan application file for the respective periods Jan-May 2025, 70- ($2.7m) out of 423 loans-($8.4m) - 32% of the population value and June – September 2025, 63-($2.8m) out of 252 loans-($7.3m)- 38%) across the various categories of AMGECU’s loan portfolio. The audit found, barring one exception in which an expired I.D was submitted as part of the loan supporting documents, that all other loans were issued as per AMGECU’s policy guidelines for member loans.
b) Performed a review of two of AMGECU’s bond investment portfolios, namely, First Citizens Bank Limited and UDECOTT and two equity investment portfolios, namely, Massy Holdings and Scotiabank - The purpose of which was to review and re-calculate the interest income receivable and recorded on AMGECU’s income statements to validate surplus benefits accruing to members
when declared. During the period Jan-September 2025, for all interest income receivable recorded and manually calculated, there were no variances reported.
c) Cash Float Audit- We conducted an on-the spot cash audit on July 25th ,2025 in which no exceptions were found and our findings in this area suggest that reasonable assurance can be confirmed.
d) Reviewed the financial statements of AMGECU for the period January-September 2025- Our review found, with a reasonable level of assurance, that management reporting was conducted in accordance with generally accepted accounting principles and AMGECU’s reporting timelines.
2025 ANNUAL REPORT 46
Then & Now
a Journey of 70 Years
Supervisory Committee REPORT (continued)
CONCLUSION
The members ofthe SupervisoryCommittee can confirm with a reasonable level of assurance thatAMGECU continues to manage its affairs with an acceptable level of financial safety, conservatism and soundness. We would like to thank the members, Board of Directors and Management, for the privilege of serving our term and wish for AMGECU’s continued success and prosperity.
______________________
Anderson Abraham
Chairperson
2025 ANNUAL REPORT 47
Then & Now
a Journey of 70 Years
Nominations Committee REPORT
The purpose of the Nominations Committee is to ensure that an adequate number of suitably qualified persons who are “fit and proper” candidates, as required by Law, are available to fill vacancies on: (a) The Supervisory Committee
(b) The Board of Directors
(c) The Credit Committee
Notices were published on allsocial media platforms, theAMGECU website and sent to all Liaison Officers. We happy to report that we attracted “suitable” candidates once again.
Supervisory Committee – Four (4) Nominee
Trevon Laugier
Lindy-ann Holloway
Debra Alleyne
Jermelia Young
Board of Directors – Twelve (12) Nominees
Cuthbert Tracey Marlene Maria Gervais
Russell Gulston Anthony Alleng
Christopher Penjilia Stanley Soman
Cheryl Ann Jordan Kimberly Singh
Bobita Persad Adiola Monsegue
Andrea Acosta Jennifer Norton
Credit Committee – Seven (7) Nominees
Richard Bachan
Michelle Gopee
Kevin Jeremiah
Justin Ayoung
Donna Persad
Anntonette Noel Best
Lystra Williams
Marissa Blackman
Orientation/Presentation of Nominees/Elections
The defined process would again be adopted in 2027.
2025 ANNUAL REPORT 48
Then & Now
a Journey of 70 Years
Nominations Committee REPORT (continued)
Orientation on the functions of the Committees would be conducted for nominees by the Co-operative Credit Union League of Trinidad and Tobago.
Presentation of Nominees via Power Point for the introduction of the Nominees at the AGM. Elections process would be conducted by the Collin Bartholomew & Team.
ACKNOWLEDGEMENTS
We extend our gratitude to the Members who took the decision to serve the Credit Union for the coming year. The importance of this process as it supports the concept of “nominees” will encourage diversity in skills and participation among the Members. It is highly recommended that members come forward and avoid where necessary nominations from the floor, as this will provide an opportunity to screen Members in their various capacities. We can ensure that the nominees are committed, confident and prepared to be Members of the Elected Team at AMGECU.
CONCLUSION
The Committee entrusted to assess the nominees were:
Nekeido Gittens (Chair)
Claudine Allert
Sasonel Felix
Darren Clarke
It is with extreme appreciation that we thank the Board of Directors for the opportunity to serve and look forward to a vibrant team to take us forward in achieving our strategic objectives.
____________________
Nekeido Gittens
Chair
2025 ANNUAL REPORT 49
Nominations
CONTESTING SUPERVISORY COMMITTEE 2026 Name: TREVON LAUGIER
Then & Now a Journey of 70 Years
Company: ALSTON’S MARKETING COMPETING LIMITED (AMCO)
Occupation: Demand Planner
Status: Member - Joined in 2023
Summary: Master of Business in International Trade, Logistics and Procurement
Name: LINDY-ANN HOLLOWAY
Company: CARIB GLASSWORKS LIMITED
Occupation: Health, Safety & Environmental Officer
Status: Member - Joined in 1990
Summary: IQCS Certificate in OHSAS 18001 – Lead Auditor Conversion Training
CIQ Certificate in ISO 9001: GMO and HACCP Management Systems Auditing – Internal Quality Auditor, NEBOSH National General Certificate in Occupational Safety and Health Certificate in Health, Safety and Environmental Management ABE Advanced Diploma in Business Administration Professional Training in Supervisory Skills, Conflict Management, Professional Development, Quality Assurance & HSE Auditing.
Served on Supervisory Committee for 4 terms.
Name: JERMELIA YOUNG
Company: CHEN’s TRADING AND DISTRIBUTION
Occupation: Graphic Artist/Administrative Assistant
Status: Member - Joined in 2013
Summary: 7 CXC, Assisted in video and photography coverage for NACC (31st Annual Top 20 Stars of Gold and Calypso of the year Award ceremony), Certificate for Participation in Carifesta XIV in Logistics, Basic and Advanced Level in Photograph, Certificate in Basic Autocad, Electronic Tough Typing, Microsoft Word, PowerPoint, Page Maker, Publisher, Corel Draw.
Former youth Congress member from another Credit Union.
Name: DEBRA ALLEYNE
Company: RETIRED
Occupation: Retiree
Status: Member - Joined in 1998
Summary: UWI, St Mary’s Commercial, Zenith Institute, A.P.S. (Administrative Professional Secretaryship, CXC (Mathematics, English Language, Accounts, Office Procedures, Typing, Computer, Short hand. Served as a Liaison Officer at Bestcrete. PALIG – worked in the Finance/Accounts Department, Guardian Life Insurance - Marketing Sales Support, ANSA MCAL- Executive Assistant Secretary. Served on Education Committee.
2025 ANNUAL REPORT 50
Nominations (continued)CONTESTING BOARD OF DIRECTORS 2026
Name: CUTHBERT TRACEY Company: RETIRED
Occupation: Retiree
Status: Member - Joined in 1988
Then & Now a Journey of 70 Years
Summary: Diploma Sales Management, Certificate Human Resource Management, Certificate Credit Union Management.
Served as President AMGECU, Served on Board of Directors (overs 15 years), Education Committee, Credit Committee, Supervisory Committee, Executive Committee, Research, Development, Sports and Cultural , Building, Waiver, Investment, Bye Laws and Procedural.
Name: RUSSELL GULSTON
Company: RETIRED
Occupation: Retiree
Status: Member - Joined in 1980
Summary: Master’s in Business Administration, Bachelor of Business Administration Served as President of AMGECU, Supervisory Committee, Credit Committee, Investment, Risk Management, Waiver, Bye-Laws, Procedural, and Board of Directors (over 18 years). Currently Chair of the Marketing and Product Development Committee.
Name: MARLENE MARIA GERVAIS
Company: Caribbean Development Company Limited (CARIB)
Occupation: Sector Employee and Industrial Relations Manager
Status: Member - Joined in 2024
Summary: Master’s in Business Administration, Human Resource Management, Certificate in Industrial Relations, Diploma in Management, Professional Certificate in Labour Laws (PCLL) (EduQual Level 4). Served on Supervisory Committee, Member of Ministry of Labour, ILO 144 Tripartite Consultative Committee.
Name: ANDREA ACOSTA
Company: ANSA MOTORS LIMITED
Occupation: Sector CX Manager
Status: Member - Joined in 2025
Summary: BSc Marketing (Business Administration) Cum Laude Drake University, Des Moines, Iowa, USA, Associate of Science – Management, ROYTEC, CXPA Certified Member.
2025 ANNUAL REPORT 51
Nominations (continued)
Name: ANTHONY VIRGIL ALLENG Company: RETIRED
Occupation: Retiree (Accountant)
Status: Member - Joined in 1999
Then & Now a Journey of 70 Years
Summary: Secondary Education, GCE, Diploma inAccounting and Office Management, Work Ethics, Certificates in Credit Business Management. Presently Executive Director (AMGECU). Previously served as President and Vice President of AMGECU.
Served on Investment Committee, Supervisory Committee, Risk Management Committee and Nominations Committee. Attended and participated in several Credit Union Management, Procedural including CARIBDE Leadership Courses.
Name: STANLEY SOMAN
Company: SELF EMPLOYED
Occupation: Chartered Accountant
Status: Member - Joined in 2013
Summary: FCCA (UK), CA (T&T), MBA (USA), CERTIFIED PROSCI
Served as Consultant with BECU, Director BECU, Former CFO ANSA TECH.
Name: JENNIFER NORTON
Company: GUARDIAN MEDIA LIMITED
Occupation: Supervisor
Status: Member - Joined in 2005
Summary: Professional Certificate in Human Resource Management, Computer Information and Systems, Industrial Relations AML/CFT Compliance Training.
Served on Board of Directors (Currently Executive Director), Youth Committee, Education Committee, Bye Laws Committee, Nominations Committee, Marketing Committee Liaison Officer - Guardian Media Subsidiary, Ansa Mc Al Supervisory Committee in another Credit Union.
Name: BOBITA PERSAD-RAMDASS
Company: ALSTON’S MARKETING COMPNAY LIMITED (AMCO)
Occupation: Brand Manager
Status: Member - Joined in 2025
Summary: PhD. Marketing Management, Masters of Logistics and Supply Chain, BA (Hons) Business Administration, ABE Level 6, LCCI Diploma PR and Advertising.
Name: CHERYL-ANN JORDAN
Company: RETIRED
Occupation: Retiree (HR Professional)
Status: Member - Joined 1990
Summary: BSc. Management Studies (Hons) Numerous career-related programmes, Seminars, Short Courses and Conferences. Williams C. A. Jordan (Son) received an Irvin Johnson Award.
2025 ANNUAL REPORT 52
Nominations (continued)
Name: CHRISTOPHER PENJILIA Company: MICRO MILLING LIMITED Occupation: Operations Manager
Status: Member - Joined in 2000
Then & Now a Journey of 70 Years
Summary: Master’s in Business Administration, BSc Chemical and Process Engineering
Name: KIMBERLY SINGH
Company: ALSTON’S MARKETING COMPNAY LIMITED (AMCO)
Occupation: Senior Sales Coordinator
Status: Member – Joined in 2024
Summary: UWI BSc Management Studies, Certificate in Business Management.
Name: ADIOLA MONSEGUE
Company: UNITED INDEPENDENT PETROLEUM MARKETING COMPANY LIMITED (UNIPET) Occupation: Business Growth Manager
Status: Member - Joined in 2008
Summary: MBA Marketing Management, Postgraduate Diploma International Sales and Marketing Management, Professional Certificate FINTECH, Professional Certificate Data Analytics.
Former Vice Chairman and Current member of T&T Chamber of Industry and Commerce, GTCIC Past Corporate Secretary, Associate Chartered Institute of Marketing.
2025 ANNUAL REPORT 53
Then & Now
a Journey of 70 Years
Nominations (continued)
CONTESTING CREDIT COMMITTEE 2026
Name: DONNA PERSAD
Company: RETIRED (Previously ABEL Building Solutions, A.B.S)
Occupation: Retired Accounting Assistant
Status: Member - Joined in 1988
Summary: Personal Management Services, ACCA Professional Level 1/Level 2 - Law, Association of Accounting Technicians - Level 3, Certificate in Time Management, Certificate in Compliance Training, Anti Money Laundering. Served on Education Committee, Retiree’s and Credit Committees.
Name: JUSTIN AYOUNG
Company: RETIRED
Occupation: Retiree
Status: Member - Joined in 1988
Summary: Computer Literacy, Risk Management Training, Certificate – Compliance and Money Laundering Training. Served on Board of Directors, Sports and Cultural Committee, Supervisory Committee and Credit Committee.
Name: KEVIN JEREMIAH
Company: TRINIDAD AND TOBAGO MORTGAGE BANK
Occupation: Customer Service Representative
Status: Member - Joined in 2012
Summary: BSc Computer Science – Information Technology, 4 A’ Levels, 7 CXC O’Levels, ABE Level 4 and 5 - Business Management, Certificate in Computer Literacy
Previously served on the Credit Committee.
Name: LOIS LYSTRA WILLIAMS
Company: ANSA MCAL ALSTON’S MARKETING COMPANY LIMITED (AMCO) Occupation: Administrative Assistant
Status: Member - Joined in 2025
Summary: BSc Psychiatric Nursing, Certified Mediator
Name: MARISSA BLACKMAN
Company: WATER AND SEWERAGE AUTHORITY OF TRINIDAD AND TOBAGO Occupation: Project Officer
Status: Member - Joined in 1991
Summary: BSc Mathematics (courses in Actuarial Science), CAPE - Pure Mathematics, Economics, Management Accounts, CXC.
Served on Credit Committee (5 years).
2025 ANNUAL REPORT 54
Nominations (continued)
Name: MICHELLE GOPEE Company: GUARDIAN MEDIA LIMITED Occupation: Receivables Supervisor Status: Member - Joined in 2006
Then & Now a Journey of 70 Years
Summary: Peachtree Accounting (payroll), Accounting Essentials, Graphic Design Technician Course, CXC. Director on the Board of Guardian Credit Union, member on a committee for AMGECU
Name: RICHARD BACHAN
Company: AV KNOWLES LIMITED
Occupation: Sales Agent
Status: Member - Joined in 2009
Summary: BA International Business, Diploma – Advertising, Marketing and Public Relations (UWI), O’Levels. President of Philippine Residents United; Member of Church Local Board.
Name: ANNTONETTE NOEL BEST
Company: ABS BUILDING SOLUTIONS
Occupation: Payables Accounting Assistant
Status: Member – Joined in 2019
Summary: Bachelors Degree (Business Management) Certificates in Inventory Management, Customer Service, Internal Audit ISO, Computer Literacy, Microsoft Word, Excel.
2025 ANNUAL REPORT 55
STATEMENT OF MANAGEMENTS’ RESPONSIBILITIES
Management is responsible for the following:
- Preparing and fairly presenting the accompanying financial statements of AMGECU Credit Union Co-operative Society Limited (the “Society”), which comprise the statement of financial position as at 31 December 2025, the statements of comprehensive income, appropriated funds and undivided earnings and cash flows for the year then ended, and a summary of material accounting policies and other explanatory information,
- Ensuring that the Society keeps proper accounting records,
- Selecting appropriate accounting policies and applying them in a consistent manner,
- Implementing, monitoring and evaluating the system of internal control that assures security of the Society’s assets, detection/ prevention of fraud, and the achievement of operational efficiencies,
- Ensuring that the system of internal control operated effectively during the reporting period,
- Producing reliable financial reporting that comply with laws and regulations, including the Co-operative Societies Act Chapter 81:03, and
- Using reasonable and prudent judgement in the determination of estimates.
In preparing these financial statements, management utilised the International Financial Reporting Standards, as issued by the International Accounting Standards Board and adopted by the Institute of Chartered Accountants of Trinidad and Tobago. Where International Financial Reporting Standards presented alternative accounting treatments, management chose those considered most appropriate in the circumstances.
Nothing has come to the attention of management to indicate that the Society will not remain a going concern for the next twelve months from the reporting date; or up to the date the accompanying financial statements have been authorised for issue, if later.
Management affirms that it has carried out its responsibilities as outlined above.
_____________________________ ______________________________ General Manager Accountant April 22, 2026 April 22, 2026
56
INDEPENDENT AUDITOR’S REPORT
The Members
AMGECU Credit Union Co-operative Society Limited
Opinion
The summary financial statements of AMGECU Credit Union Co-operative Society Limited (“AMGECU”), which comprise the summary statement of financial position as at 31 December 2025 and the summary statements of comprehensive income, changes in equity and cash flows for the year then ended, and related notes, are derived from the audited financial statements of AMGECU for the year ended 31 December 2025.
In our opinion, the accompanying summary financial statements are consistent, in all material respects, with the audited financial statements, on the basis of management’s established criteria as described below.
Summary Financial Statements
The summary financial statements do not contain all the disclosures required by the International Financial Reporting Standards in the preparation of the audited financial statements. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of AMGECU and the auditors’ report thereon. The summary financial statements and the audited financial statements do not reflect the effects of events that occurred subsequent to the date of our report on the audited financial statements.
The Audited Financial Statements and Our Report Thereon
We expressed an unmodified audit opinion on the audited financial statements in our report dated April 22, 2026.
Responsibilities of Management for the Summary Financial Statements
Management is responsible for the preparation and fair presentation of the summary financial statements in accordance with the criteria established by management.
Under management’s established criteria, management prepares the summary financial statements in accordance with International Financial Reporting Standards but summarises it by disclosing the statement of financial position, the statements of comprehensive income, changes in equity and cash flows, and selected notes to the financial statements.
Auditors’ Responsibilities for Audit of the Summary Financial Statements
Our responsibility is to express an opinion on whether the summary financial statements are consistent, in all material respects, with the audited financial statements based on our procedures, which were conducted in accordance with International Standards on Auditing 810 (Revised) – Engagements to Report on Summary Financial Statements.
April 22, 2026
Port-of-Spain
57
AMGECU Credit Union Co-operative Society Limited
AMGECU Credit Union Co-operative Society Limited
SUMMARY STATEMENT OF FINANCIAL POSITION
Summary Statement Of Financial Position
(Expressed in Trinidad and Tobago Dollars)
(Expressed in Trinidad & Tobago Dollars)
______________________________________________________________________________
ASSETS Notes December 31 2025 2024
Current Assets:
Cash in hand and at bank 4 $ 10,788,970 $ 11,341,850 Other financial assets 5 25,853,758 28,978,130 Accounts receivable and prepayments 6 2,433,640 937,487 Accounts due from member companies 7 1,222,285 988,064
Total Current Assets 40,298,653 42,245,531
Non-Current Assets:
Loans to members 8 101,604,129 102,838,039 Other financial assets 9 47,799,742 41,815,431 Employee benefit assets 66,000 7,433,000 Available for Sale Assets 10 3,248,828 -
Investment properties 11 13,749,891 17,113,005 Fixed assets 12 6,398,035 6,297,897
Total Non-Current Assets 172,866,625 175,497,372
Total Assets $ 213,165,278 $ 217,742,903
LIABILITIES AND MEMBERS’ EQUITY
Current Liabilities:
Accounts payable and accrued charges 13 $ 881,135 $ 1,286,347 Christmas Savings Plan 14 133,686 146,178 Education Savings Plan 15 178,640 200,825 Ex-Member Shares and Dividends 2,595,712 2,662,487
Total Current Liabilities 3,789,173 4,295,837
Non-Current Liabilities:
Members’ savings and pooled funds 16 12,050,286 12,466,729 Employee benefit obligation 103,000 79,000 Members’ shares 17 171,256,266 169,136,157
Total Non-Current Liabilities 183,409,552 181,681,886
Total Liabilities 187,198,725 185,977,723
Members’ Equity:
Reserve Fund 18 19,934,110 19,042,204 Building Fund 19 - 7,536 Education Fund 19 200,000 200,000 Charitable Fund 19 50,000 50,000 Investment Re-measurement Reserve 20 1,687,242 2,049,424 Undivided surplus 4,095,201 10,416,016
Total Members’ Equity 25,966,553 31,765,180
Total Liabilities and Members’ Equity $ 213,165,278 $ 217,742,903
The notes on pages 7 to 22 are an integral part of these financial statements.
The accompanying Notes form an integral part of these Financial Statements.
On April 22, 2026, the Board of Directors authorised these financial statements for issue.
________________________ ________________________ ________________________ President Secretary Chair - Supervisory Committee
58 (2)
AMGECU Credit Union Co-operative Society Limited
AMGECU Credit Union Co-operative Society Limited
SUMMARY STATEMENT OF COMPREHENSIVE INCOME
Summary Statement Of Comprehensive Income
(Expressed in Trinidad & Tobago Dollars)
______________________________________________________________________________ (Expressed in Trinidad and Tobago Dollars)
31 December
Notes 2025 2024
Income:
Interest on loans to members $ 9,571,665 $ 9,512,298 Investment income 22 4,035,863 3,483,705 Lease interest income 20,000 68,876 Other income 23 831,617 513,243
Total Income 14,459,145 13,578,122
Expenses:
Administrative expenses 24 2,407,223 2,393,559 Board and committee expenses 25 364,304 324,764 Depreciation 335,811 311,987 Interest on members’ savings and pooled funds 26 21,670 21,641 Investment property expenses 50,360 27,897 Personnel costs 27 2,359,639 2,296,987
Total Expenses 5,539,007 5,376,835
Net surplus 8,920,138 8,201,287 Honorarium - (195,022) Net surplus for the year 8,920,138 8,006,265
Other Comprehensive Income:
Items that maybe reclassified subsequently to profit or loss:
Net unrealized loss on investments (362,182) (1,242,209)
Items that will not be reclassified subsequently to profit or
loss:
Net actuarial loss on employee benefit asset and obligation 28 (7,816,000) (726,000) Total other comprehensive loss for the year (8,178,182) (1,968,209) Total Comprehensive Income for the Year: $ 741,956 $ 6,038,056
The accompanying Notes form an integral part of these Financial Statements.
The notes on pages 7 to 22 are an integral part of these financial statements.
59
(3)
(4)
(75,889)
(6,514,729)
Total
______________________________________________________________________________________________________________
50,035
32,557,171
25,966,553
741,956
2025
31,765,180
-
-
$
$
(967,795)
(6,514,729)
1,104,138
10,609,930
4,095,201
7,536
50,035
Surplus
$ 10,416,016
Undivided
-
$
Reserve
Investment
(362,182)
Re
measurement
1,687,242
1,687,242
2,049,424
-
-
-
-
-
$
$
(25,800)
50,000
25,800
75,800
Charitable
50,000
Fund
-
-
-
-
$
$
Fund
(50,089)
50,089
200,000
250,089
200,000
Education
-
-
-
-
The notes on pages 7 to 22 are an integral part of these financial statements.
The accompanying Notes form an integral part of these Financial Statements.
AMGECU Credit Union Co-operative Society Limited
$
$
SUMMARY STATEMENT OF CHANGES IN EQUITY
AMGECU Credit Union Co-operative Society Limited
Summary Statement Of Changes in Equity
(Expressed in Trinidad and Tobago Dollars)
Building Reserve
Fund Fund
7,536 $ $ 19,042,204
- -
-
891,906
(7,536) -
- -
-
19,934,110
- -
- -
-
$ $ 19,934,110
(Expressed in Trinidad & Tobago Dollars)
Balance at beginning of year
Total comprehensive income
Transfer from surplus
Transfer to surplus
Prior period adjustment
Fund expenses
Dividends paid – 2024
Balance at end of year
60
(5)
______________________________________________________________________________________________________________
(128,714)
(42,389)
(6,444,698)
Total
6,038,056
38,338,592
31,765,180
32,342,925
2024
-
$
$
(6,444,698)
(929,341)
(42,389)
$ 10,552,179
7,280,265
16,860,714
$ 10,416,016
Surplus
Undivided
-
(1,242,209)
Reserve
Investment
Re
measurement
2,049,424
2,049,424
3,291,633
-
-
-
-
$
$
(9,330)
9,330
59,330
50,000
Charitable
50,000
Fund
-
-
-
$
$
Fund
(119,384)
119,384
319,384
200,000
200,000
Education
-
-
-
The notes on pages 7 to 22 are an integral part of these financial statements.
The accompanying Notes form an integral part of these Financial Statements.
AMGECU Credit Union Co-operative Society Limited
$
$
SUMMARY STATEMENT OF CHANGES IN EQUITY
AMGECU Credit Union Co-operative Society Limited
Summary Statement Of Changes in Equity
(Expressed in Trinidad and Tobago Dollars)
Building Reserve
Fund Fund
7,536 $ $ 18,241,577
- -
-
800,627
- -
7,536 19,042,204
- -
- -
7,536 $ $ 19,042,204
(Expressed in Trinidad & Tobago Dollars)
Balance at beginning of year
Total comprehensive income
Transfer from surplus
Prior period adjustment
Fund expenses
Dividends paid – 2023
Balance at end of year
61
AMGECU Credit Union Co-operative Society Limited
AMGECU Credit Union Co-operative Society Limited
SUMMARY STATEMENT OF CASH FLOWS
Summary Statement Of Cash Flows
(Expressed in Trinidad and Tobago Dollars)
(Expressed in Trinidad & Tobago Dollars)
______________________________________________________________________________
Year ended
31 December
2025 2024
Cash Flows from Operating Activities:
Net surplus for the year $ 8,920,138 $ 8,006,265 Employee Benefit/Obligation – IAS #19 Adjustments (425,000) (434,000) Depreciation 335,811 311,987 Fund expenses (75,889) (128,714) Loss on disposal of fixed asset - 4,505 Provision for loan losses expense 627,478 536,409
Adjusted net surplus for the year 9,382,538 8,296,452
Net change in amounts due from member companies (234,221) 525,976 Net change in accounts receivable and prepayments (1,496,153) 516,871 Net change in accounts payable and accrued charges (405,212) 230,210 Net change in Christmas savings plan (12,492) (6,845)
Net change in Education savings plan (22,185) (16,285) Prior year adjustment 50,035 (42,389)
Net cash generated from Operating Activities 7,262,310 9,503,990
Cash Flows from Investing Activities:
Net movement in members’ loans 606,432 541,817 Net change in fixed assets and investment properties 321,662 197,400 Net change in other financial assets (3,865,446) (3,298,328)
Net cash used in Investing Activities (2,937,352) (2,559,111)
Net cash flow before financing activities 4,324,958 6,944,879
Cash Flows from Financing Activities
Net change in members’ savings and pooled funds (416,443) 395,790 Net change in members’ shares 2,053,334 1,538,047 Dividends paid (6,514,729) (6,444,698)
Net cash used in Financing Activities (4,877,838) (4,510,861)
Net change in cash and cash equivalents (552,880) 2,434,018 Cash and cash equivalents at beginning of year 11,341,850 8,907,832
Cash and cash equivalents at end of year $ 10,788,970 $ 11,341,850
Represented by:
Cash in hand and at bank $ 10,788,970 $ 11,341,850 The notes on pages 7 to 22 are an integral part of these financial statements.
62 (6)
AMGECU Credit Union Co-operative Society Limited
AMGECU Credit Union Co-operative Society Limited
NOTES TO THE SUMMARY FINANCIAL STATEMENTS
Notes to the Summary Financial Statements
31 December 2025
31st December, 2025
(Expressed in Trinidad and Tobago Dollars)
(Expressed in Trinidad & Tobago Dollars)
______________________________________________________________________________1 Registration and Objectives
AMGECU Credit Union Co-operative Society Limited (the “Society”) is registered under the Co operative Societies Act Chapter 81:03 of Trinidad and Tobago. The Society’s registered office is located at the Corner Austin Street and Eastern Main Road, St. Joseph. The Society operates in the capacity of a Credit Union for the benefit of employees of ANSA McAL Group of Companies and Alliance Companies.
During the year ended 31 December 2011, the Society changed its name to AMGECU Credit Union Co-Operative Society Limited.
2 Summary of Material Accounting Policies
The principal accounting policies applied in the preparation of these summary financial statements were derived from the audited financial statements of AMGECU Credit Union Co-operative Society Limited for the year ended December 31, 2025. These policies have been consistently applied to all years presented, unless otherwise stated.
Basis of Preparation
These summary financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and are expressed in Trinidad and Tobago dollars and stated in whole dollars. These summary financial statements are stated on the historical cost basis, except for the measurements at fair value of available-for-sale investments and certain other financial instruments.
The summary financial statements have been prepared on a going concern basis. The full financial statements can be accessed in the Annual Report on the society’s website. 3 Critical Accounting Estimates and Judgements
The preparation of these summary financial statements is in conformity with International Financial Reporting Standards which requires management to exercise its judgement in the process of applying the Society’s accounting policies. It also requires the use of assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of the income and expenditure during the reporting period.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events, which are believed to be reasonable under the circumstances. The Credit Union makes estimates and assumptions concerning the future. Actual results could differ from those estimates as the resulting accounting estimates will, by definition, seldom equal the related actual results.
63 (7)
AMGECU Credit Union Co-operative Society Limited
AMGECU Credit Union Co-operative Society Limited
NOTES TO THE SUMMARY FINANCIAL STATEMENTS (continued)
Notes to the Summary Financial Statements (Continued)
31 December 2025
31st December, 2025
(Expressed in Trinidad and Tobago Dollars)
(Expressed in Trinidad & Tobago Dollars)
______________________________________________________________________________4 Cash in Hand and at Bank:
2025 2024
Cash in hand $ 48,420 $ 48,697 Cash and cheques in transit 125,573 554,305
Trinidad and Tobago Unit Trust Corporation:
- TT$ Income Fund 6,632,816 4,475,317 - US$ Money Market Fund 144,544 2,442
RBC Royal Bank (Trinidad and Tobago) Limited
- Dividend Account 9,153 10,175 - Multiplier Account 2,323,001 3,980,545
First Citizens Bank Limited
- TT$ Current Account 1,486,084 2,065,656 - US$ Current Account 19,379 204,713
$ 10,788,970 $ 11,341,850
5 Other Financial Assets:
2025 2024
Trinidad and Tobago Unit Trust Corporation
- Income and Growth Fund $ 39,758 $ 39,446 - Corporate Fund 5,371,850 5,211,030
RBC Royal Bank (Trinidad and Tobago) Limited
- ROYTRIN Mutual – Income & Growth Fund 250,935 232,121 - ROYTRIN Mutual – Capital Preservation 2,075,674 2,042,605
Ansa Merchant Bank Limited – Income Fund 143,454 135,826 Firstline Securities Limited 4,909,576 4,909,576
Home Mortgage Bank
- Mortgage Participation Fund 4,740,015 4,600,131 - Syndicated Fixed Rate Loan 2,000,000 2,000,000
Guardian Asset Management Limited 2,132,790 1,870,260
ANSA Merchant Bank Limited
- Petrotrin Fixed Rate Loan 2025 - 2,976,653
KCL Capital Market Brokers Limited
- Participation Investment - 2,270,776 Development Finance Limited 4,189,706 2,689,706 $ 25,853,758 $ 28,978,130
64 (8)
AMGECU Credit Union Co-operative Society Limited
AMGECU Credit Union Co-operative Society Limited
NOTES TO THE SUMMARY FINANCIAL STATEMENTS (continued)
Notes to the Summary Financial Statements (Continued)
31st December, 2025
31 December 2025
(Expressed in Trinidad and Tobago Dollars)
(Expressed in Trinidad & Tobago Dollars)
______________________________________________________________________________6 Accounts Receivable and Prepayments:
2025 2024
Interest receivable on fixed deposits $ 449,116 $ 105,993 Interest receivable on equity investments 49,465 13,300 Interest on loans 152,682 94,223 Lease receivable (see note below) - -
Prepayments 193,588 85,631 Family Indemnity Plan claims 115,000 114 Bond principal and interest receivable 845,421 572,650 Staff advances 6,513 -
Other receivables 47,797 48,376 Rent receivable (11,250) 17,200 Receivables – Matured Investments 585,308 -
$ 2,433,640 $ 937,487
The Credit Union entered into a finance lease arrangement with the School of Business and Computer Science Limited (SBCS) for investment property at Sagan Drive, Champs Fleurs, during the year 2017. Based on the terms of the lease, SBCS paid a premium of $690,000 and was required to make monthly payments of $37,366 (inclusive of interest) for fifteen years, commencing on 1 July 2017.
The lease agreement was amended to a term of twenty years, effective January 1, 2022. For the first two years of this period, a reduced monthly payment of $21,881 was agreed upon. Subsequently, for the remaining 18 years, a reduced monthly payment of $31,119 was agreed. All other terms and conditions remain unchanged.
In June 2024, SBCS issued a notice to terminate the lease agreement, which was officially terminated on January 29, 2025. During the 2024 financial year, SBCS made lease payments totaling $259,162. Of this amount, $68,876 was recognized as income, while the remaining $190,286 was applied to settle outstanding lease receivables and reduce the principal balance.
As of December 31, 2024, the principal balance of the lease receivable was reduced to its original cost of $4,000,000 and reclassified as an investment property.
65
(9)
AMGECU Credit Union Co-operative Society Limited
AMGECU Credit Union Co-operative Society Limited
NOTES TO THE SUMMARY FINANCIAL STATEMENTS (continued)
Notes to the Summary Financial Statements (Continued)
31 December 2025
31st December, 2025
(Expressed in Trinidad and Tobago Dollars)
(Expressed in Trinidad & Tobago Dollars)
______________________________________________________________________________7 Amounts due from Members’ Companies:
2025 2024
Alstons Marketing Company Limited $ 149,077 $ (27,684) Carib Brewery Limited 162,137 89,758 Brick Fource Limited/Bestcrete 87,196 34,482 Standard Distributors Limited - 68,267 Caribbean Development Company Limited 353,545 346,020 OTC Payroll Group 153,019 159,342 Carib Glassworks Limited 226,144 168,435 Ansa McAl Chemicals Limited - 53,405 Ansa Polymer 51,309 49,420 Maibrol Insurance Brokers Limited - 2,806 Penta Paints Caribbean Ltd 39,858 43,813
$ 1,222,285 $ 988,064
8 Loans to Members:
Loans to members are stated at principal outstanding net of provision for loan losses. The provision for loan losses is based on the Board’s evaluation of the loan portfolio under current economic conditions and past loan loss experience.
2025 2024
Loans to members $ 107,928,729 $ 108,543,150 Less: Provision for loan losses (6,324,600) (5,705,111)
$ 101,604,129 $ 102,838,039
Provision for loan losses
Balance at beginning of year $ 5,705,111 $ 6,139,657 Charge/(recovery) for the year 619,489 (434,546)
Balance at end of year $ 6,324,600 $ 5,705,111
66(10)
AMGECU Credit Union Co-operative Society Limited
AMGECU Credit Union Co-operative Society Limited
NOTES TO THE SUMMARY FINANCIAL STATEMENTS (continued)
Notes to the Summary Financial Statements (Continued)
31 December 2025
31st December, 2025
(Expressed in Trinidad and Tobago Dollars)
(Expressed in Trinidad & Tobago Dollars)
______________________________________________________________________________9 Other Financial Assets:
2025 2024
Bond Investments
Government of the Republic of Trinidad and Tobago $ 18,640,029 $ 7,120,294 Government of Belize - 233,870 National Insurance Property Development Company Limited 3,083,903 3,461,277 National Infrastructure Development Company Limited 1,003,157 1,004,210 First Citizens Bank Limited 684,773 4,360,895 Trinidad and Tobago Mortgage Finance Company Limited 4,917,476 4,921,147 Urban Development Corporation of Trinidad and Tobago Limited 1,680,000 4,281,603 Home Mortgage Bank 1,658,492 2,653,333 Water and Sewerage Authority 2,027,118 2,033,418 Guardian Holdings Limited 1,500,000 -
Housing Development Corporation 1,000,000 -
36,194,948 30,070,047
Less: Provision for diminution of investment - (233,870) 36,194,948 29,836,177
Equity Investments
Angostura Holdings Limited – 11,000 shares (2024: 11,000) 140,250 163,350 Ansa Mc Al Limited – 19,000 shares (2024: 19,000) 830,300 1,136,200 Ansa Merchant Bank Limited – 11,500 shares (2024: 11,500) 327,750 454,250 East Caribbean Financial Holdings Ltd – 25,000 shares (2024:
25,000) 789,531 440,650 First Caribbean International Bank Ltd – 7,600 shares (2024:
7,600) 62,624 61,560 First Citizens Group Financial Holdings Limited – 70,000 shares
(2024: 70,000) 2,382,800 2,835,000 Grace Kennedy and Company Limited – 75,000 shares (2024:
75,000) 260,250 277,500 Guardian Media Limited – 3,000 shares (2024: 3,000) 1,860 3,600 Jamaica Money Market Brokers Limited – 10,000 shares (2024:
10,000) 7,600 10,700 Massy Holdings Limited – 378,000 shares (2024: 378,000) 1,394,820 1,493,100 National Enterprises Limited – 25,000 shares (2024: 25,000) 48,000 69,750 One Caribbean Media Limited – 10,000 shares (2024: 10,000) 13,300 28,200 Point Lisas Industrial Port Development Corporation Ltd. – 22,191
shares (2024: 22,191) 102,079 72,786 Prestige Holdings Limited – 39,817 shares (2024: 39,817) 523,594 449,932 Republic Financial Holdings Limited – 11,262 shares (2024: 11,262) 1,166,631 1,276,098 Royal Bank of Canada – 1,659 shares (2024: 1,659) 1,910,804 1,342,012 Sagicor Financial Corporation – 7,000 shares (2024: 7,000) 335,602 211,575 Scotiabank Trinidad and Tobago Limited – 19,000 shares (2024:
19,000) 911,810 1,087,940 Trinidad Cement Limited – 28,200 shares (2024: 28,200) 52,170 70,500 Trinidad and Tobago NGL Limited – 61,713 shares (2024: 61,713) 162,922 294,371 Unilever Caribbean Limited – 9,901 shares (2024: 9,901) 139,406 112,870 West Indian Tobacco Company Limited – 15,591 shares (2024:
15,591) 40,691 87,310 11,604,794 11,979,254
$ 47,799,742 $ 41,815,431
67(11)
AMGECU Credit Union Co-operative Society Limited
AMGECU Credit Union Co-operative Society Limited
NOTES TO THE SUMMARY FINANCIAL STATEMENTS (continued)
Notes to the Summary Financial Statements (Continued)
31 December 2025
31st December, 2025
(Expressed in Trinidad and Tobago Dollars)
(Expressed in Trinidad & Tobago Dollars)
______________________________________________________________________________10 Available for Sale Assets
On December 23, 2025, AMGECU entered into a build, design, and development agreement with Innova Homes Limited for the construction of eight (8) residential townhouse units at Lot 3A, St. John Road Extension, St. Augustine.
Under the terms of the agreement, AMGECU, as the legal owner of the land, contributed the parcel of land on which the development will be undertaken. AMGECU will not participate in the construction, financing, project management, or sale of the units. Innova Homes Limited will assume full responsibility for all development costs and execution of the project. The land may be held as security if required.
Upon completion and sale of the units, AMGECU will be entitled to:
• A guaranteed minimum consideration of $3,248,828, representing the agreed value of the land contributed; and
• A percentage of the profit realized from the sale of the townhouse units.
68(12)
AMGECU Credit Union Co-operative Society Limited
NOTES TO THE SUMMARY FINANCIAL STATEMENTS (continued)
AMGECU Credit Union Co-operative Society Limited
Notes to the Summary Financial Statements (Continued) 31st December, 2025
(Expressed in Trinidad & Tobago Dollars)
31 December 2025
______________________________________________________________________________________________________________
(Expressed in Trinidad and Tobago Dollars)
Investment Properties: 11
Sagan Drive
Road
Reserve/ St.
Dundonald Borde Street Borde Street
Total Land
Augustine Street
Offices Apartments
Year ended December 31, 2025
Cost
$ 20,331,279 4,000,000 $
$ 3,248,828 $ 4,491,349 $ 3,722,261 $ 4,868,841
Balance as at 1 January 2025
29,751 -
-
6,301 -
23,450 Additions
(3,248,828)
(3,248,828) -
-
-
Fixed Assets held for sale
$ 17,112,202 $ 4,000,000 -
$ $ 4,497,650 $ 3,722,261 $ 4,892,291
Balance as at 31 December 2025
Accumulated Depreciation
$ 3,218,274 -
$ -
$ 290,366 $ $ 1,330,324 $ 1,597,584
Balance as at 1 January 2025
144,037 -
-
1,665 81,254 61,118
Charge for the year
$ 3,362,311 -
$ -
$ 292,031 $ $ 1,411,578 $ 1,658,702
Balance as at 31 December 2025
$ 13,749,891 $ 4,000,000 -
$ $ 4,205,619 $ 2,310,683 $ 3,233,589
Net Book Value
(13)
69
NOTES TO THE SUMMARY FINANCIAL STATEMENTS (continued)
AMGECU Credit Union Co-operative Society Limited
AMGECU Credit Union Co-operative Society Limited
Notes to the Summary Financial Statements (Continued) 31st December, 2025
______________________________________________________________________________________________________________
(Expressed in Trinidad and Tobago Dollars)
(Expressed in Trinidad & Tobago Dollars)
31 December 2025
Sagan Drive
Investment Properties (Continued):
Year ended December 31, 2024
11
Road
Reserve/ St.
Dundonald Borde Street Borde Street
Total
Land
Augustine
Street
Offices
Apartments
Cost
$ 17,331,320 1,004,741 $
$ 3,248,828 $ 4,491,349 $ 3,722,261 $ 4,864,141
Balance as at 1 January 2024
106,002 101,302
-
-
-
4,700 Additions
(1,106,043) (1,106,043)
-
-
-
-
Transfer to Fixed Assets
4,000,000 4,000,000 -
-
-
-
Transfer from Leased Assets
$ 20,331,279 4,000,000 $ $ 3,248,828 $ 4,491,349 $ 3,722,261 $ 4,868,841
Balance as at 31 December 2024
Accumulated Depreciation
$ 3,073,232 -
$ -
$ 288,941 $ $ 1,249,068 $ 1,535,223
Balance as at 1 January 2024
145,042 -
-
1,425 81,256 62,361
Charge for the year
$ 3,218,274 -
$ -
$ 290,366 $ $ 1,330,324 $ 1,597,584
Balance as at 31 December 2024
$ 17,113,005 4,000,000 $
$ 3,248,828 $ 4,200,983 $ 2,391,937 $ 3,271,257
Net Book Value
(14)
70
(15)
______________________________________________________________________________________________________________
9,822,995
Total
3,424,960
2025
9,531,083
3,233,186
291,912
191,774
6,398,035
$
$
$
$
$
Progress
112,044
165,719
53,675
165,719
Work in
-
-
-
$
$
$
$
$
Furniture and
1,898,707
Equipment
22,450
28,090
1,921,157
1,825,872
1,853,962
67,195
$
$
$
$
$
Equipment
Computer
69,996
148,513
836, 075
687,562
673,949
743,945
92,130
$
$
$
$
$
Building
6,900,044
8,905
93,688
6,891,139
6,072,991
733,365
827,053
Land and
NOTES TO THE SUMMARY FINANCIAL STATEMENTS (continued)
AMGECU Credit Union Co-operative Society Limited
AMGECU Credit Union Co-operative Society Limited
Notes to the Summary Financial Statements (Continued)
31st December, 2025
31 December 2025
(Expressed in Trinidad and Tobago Dollars) (Expressed in Trinidad & Tobago Dollars)
Fixed Assets: 12
Cost
$ Balance as at 1 January 2025
Additions
$ Balance as at 31 December 2025
Accumulated Depreciation
$ Balance as at 1 January 2025
Charge for the year
$ Balance as at 31 December 2025
$ Net Book Value
71
(16)
______________________________________________________________________________________________________________
6,297,897
(28,730)
(24,226)
Total
2024
1,106,043
9,531,083
3,233,186
120,129
166,945
8,333,641
3,090,467
-
$
$
$
$
$
Progress
(72,981)
116,156
10,500
53,675
53,675
Work in
-
-
-
-
-
-
$
$
$
$
$
Furniture and
1,898,707
(20,431)
(24,935)
Equipment
44,853
21,244
1,825,872
72,835
1,878,789
1,825,059
-
-
$
$
$
$
$
(3,795)
Equipment
Computer
623,994
(3,795)
11,380
53,750
687,562
679,977
673,949
13,613
-
-
$
$
$
$
$
Building
53,396
91,951
5,658,719
6,891,139
6,157,774
641,414
733,365
Land and
72,981
1,106,043
NOTES TO THE SUMMARY FINANCIAL STATEMENTS (continued)
-
-
AMGECU Credit Union Co-operative Society Limited
Notes to the Summary Financial Statements (Continued)
$
$
$
$
$
AMGECU Credit Union Co-operative Society Limited
31st December, 2025
31 December 2025
(Expressed in Trinidad and Tobago Dollars) (Expressed in Trinidad & Tobago Dollars)
Fixed Assets (Continued): 12
Cost
Balance as at 1 January 2024
Additions
Disposals
Transfer to fixed assets
Transfer from Sagan Drive Land Reserve
Balance as at 31 December 2024
Accumulated Depreciation
Balance as at 1 January 2024
Charge for the year
Disposals
Balance as at 31 December 2024
Net Book Value
72
AMGECU Credit Union Co-operative Society Limited
AMGECU Credit Union Co-operative Society Limited
NOTES TO THE SUMMARY FINANCIAL STATEMENTS (continued)
Notes to the Summary Financial Statements (Continued)
31st December, 2025
31 December 2025
(Expressed in Trinidad and Tobago Dollars)
(Expressed in Trinidad & Tobago Dollars)
______________________________________________________________________________13 Accounts Payable and Accrued Charges:
2025 2024
Accounts payable and accrued charges $ 155,943 $ 236,476 Honoraria provision - 195,022 CUNA Insurance Premium 64,673 138,209 CUNA Indemnity Insurance Plan 301,847 201,873 National Insurance payable - 1,518 PAYE/Health Surcharge payable 23,878 -
Suspense account 212,156 212,216 Apartment rental deposit 47,290 47,290 Members’ dividend deposits 570 516 Annuity payable - 378 Group Health/ Life Insurance payable 578 4,674 Staff incentives 74,200 248,175
$ 881,135 $ 1,286,347
14 Christmas Savings Plan:
The Christmas Savings Plan is a facility established for members. This Plan runs in a twelve (12) month cycle (November to October) and paid an interest of 0.5% per annum.
15 Education Savings Plan:
The Education Savings Plan is a facility established for members. This Plan runs in a twelve (12) month cycle (June to May) and paid an interest of 1% per annum.
16 Members’ Savings and Pooled Funds:
2025 2024
Members’ pooled funds and accrued interest $ 729,241 $ 476,923 Members’ savings deposits 8,612,037 8,805,229 Members’ special deposit 2,718,482 3,193,019 Members' quick cash overdraft (9,474) (8,442)
$ 12,050,286 $ 12,466,729
17 Members’ Shares Account:
In accordance with existing International Financial Reporting Standards and given the substance and nature of members’ shares, this balance is accounted for as a liability and not as capital of the Credit Union. The Credit Union Bye Laws 12 (a) allows for the issue of an unlimited number of shares of $5 each.
73
(17)
AMGECU Credit Union Co-operative Society Limited
AMGECU Credit Union Co-operative Society Limited
NOTES TO THE SUMMARY FINANCIAL STATEMENTS (continued)
Notes to the Summary Financial Statements (Continued)
31st December, 2025
31 December 2025
(Expressed in Trinidad and Tobago Dollars)
(Expressed in Trinidad & Tobago Dollars)
______________________________________________________________________________18 Reserve Fund:
The Co-operatives Act 1971 Section 47 (2) requires that at least 10% of the net surplus of the Society for the year be transferred to a Reserve Fund. In accordance with Bye-Laws 19 and 22 of the Credit Union, this reserve may be used only with the approval of the Commissioner for bad loans or losses sustained through extraordinary circumstances over which the Credit Union has no control.
19 Other Funds:
At a Special Meeting of the Board of Directors held on 21 February 2011, a decision was taken to establish for the following funds from January 2011:
Building Fund for constructions projects - $100,000 Charitable Fund for charitable donations - $50,000 Education Fund for educational programs - $100,000 Subsequent Board Decisions
30 January 2019: The Board approved the use of the Building Fund for the renovation of the Port of-Spain Office. It was further resolved that this fund would not be replenished.
15 January 2021: The Board approved an increase in the Education Fund from $200,000 to $410,000 as at 31 December 2021, for a period of one (1) year.
29 March 2023: The Board approved a top-up of the Education Fund to $410,000 for the year 2022, with a reversion to $200,000 as at 31 December 2023.
Fund Closure
As at 31 December 2025, the remaining balance of $7,536 in the Building Fund was reduced to nil and transferred to Undivided Surplus.
20 Investment Re-measurement Reserve:
In accordance with IFRS 9, the Board of Directors has created an investment re-measurement reserve which includes unrealized gains/losses on available-for-sale investments.
74
(18)
AMGECU Credit Union Co-operative Society Limited
AMGECU Credit Union Co-operative Society Limited
NOTES TO THE SUMMARY FINANCIAL STATEMENTS (continued)
Notes to the Summary Financial Statements (Continued)
31 December 2025
31st December, 2025
(Expressed in Trinidad and Tobago Dollars)
(Expressed in Trinidad & Tobago Dollars)
______________________________________________________________________________21 Related Party Transactions:
Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial decisions. Related parties to the Credit Union include the directors, committee members, key management personnel and their family members.
Key management personnel are those persons having the authority and responsibility for planning, directing and controlling the activities of the Society.
A number of transactions are entered into with related parties in the normal course of business. These transactions were carried out on commercial terms at market rates.
Balances and transaction with related parties and key personnel during the year were as follows: 2025 2024
Assets, Liabilities and Members’ Equity
Loans and Other Receivables
Loans to members $ 5,987,038 $ 5,007,011 Shares, Deposits and Other Liabilities
Shares and members’ savings and pooled funds $ 3,824,265 $ 5,315,462 Income and Expenses
Interest on loans to related parties $ 313,591 $ 254,260 Key Management Compensation
Short-term benefits $ 1,186,442 $ 1,072,768
22 Investment Income:
2025 2024
Interest on fixed deposits and savings accounts $ 1,198,059 $ 842,320 Dividends, interest on bonds and other investments 2,293,904 2,099,735 Rental income – Car park 50,700 48,450 Rental income – Apartments 493,200 493,200
$ 4,035,863 $ 3,483,705
75 (19)
AMGECU Credit Union Co-operative Society Limited
AMGECU Credit Union Co-operative Society Limited
Notes to the Summary Financial Statements (Continued)
NOTES TO THE SUMMARY FINANCIAL STATEMENTS (continued)
31 December 2025
31st December, 2025
(Expressed in Trinidad and Tobago Dollars)
(Expressed in Trinidad & Tobago Dollars)
______________________________________________________________________________23 Other Income:
2025 2024
Loan processing fees CUNA commissions
$ 208,986 140,592
$ 195,551 129,634
Entrance fees 1,935 1,825 Loss on disposal of asset - (4,505) Gain on foreign exchange 20,044 2,469 Miscellaneous income 450,460 178,479 Quick cash overdraft fee 9,600 9,790
$ 831,617 $ 513,243
24 Administrative Expenses:
2025 2024
Advertising and promotion $ 32,140 $ 64,196 Annual general meeting 155,578 178,480 Bad and doubtful debts 627,478 536,409 Bank charges 33,956 33,021 Computer expenses 85,588 70,011 CUNA premiums 427,457 517,653 Electricity 36,032 42,591 Green Fund Levy 40,777 39,591 Insurance 78,929 80,548 Investment commissions and fees 17,715 16,286 Investment premium write-off 31,618 50,497 League dues 48,516 48,516 Legal and professional fees 198,954 134,453 Maintenance 123,367 114,384 Member relation expense 6,412 6,971 Office expenses 149,514 112,823 Postage and courier 9,217 16,404 Printing and stationery 39,728 74,633 Property tax - 5,712 Rates and taxes 10,164 13,084 Security 118,296 115,544 Subscriptions 59,041 49,566 Telephone and internet 76,746 72,186
$ 2,407,223 $ 2,393,559
76 (20)
AMGECU Credit Union Co-operative Society Limited
AMGECU Credit Union Co-operative Society Limited
NOTES TO THE SUMMARY FINANCIAL STATEMENTS (continued)
Notes to the Summary Financial Statements (Continued)
31 December 2025
31st December, 2025
(Expressed in Trinidad and Tobago Dollars)
(Expressed in Trinidad & Tobago Dollars)
______________________________________________________________________________25 Board and Committee Expenses:
2025 2024
Committee stipend allowance $ 198,975 $ 196,625 Committee meeting expenses 55,176 22,103 Youth Committee expenses 50,938 48,292 Retirees Event expenses 59,215 57,744
$ 364,304 $ 324,764
26 Interest on Members’ Savings and Pooled Funds:
2025 2024
Interest on members’ savings and pooled funds $3,608 $ 3,440 Special deposit interest 14,792 15,097 Education savings plan interest 848 1,265 Christmas savings plan interest 2,422 1,839
$ 21,670 $ 21,641
27 Personnel Costs:
2025 2024
Annuity $ 38,753 $ 36,186 Employee Benefit Asset/Obligation – IAS 19 adjustment (425,000) (434,000) Employee Assistance Program 7,540 3,500 Group life insurance 27,382 27,382 Medical insurance plan 29,617 30,248 National Insurance scheme 167,502 160,934 Pension fund 30,161 28,987 Salaries 2,441,066 2,367,719 Training 30,538 23,010 Travelling and subsistence allowance 12,080 5,190 Uniforms - 47,831
$ 2,359,639 $ 2,296,987
77 (21)
AMGECU Credit Union Co-operative Society Limited
AMGECU Credit Union Co-operative Society Limited
NOTES TO THE SUMMARY FINANCIAL STATEMENTS (continued)
Notes to the Summary Financial Statements (Continued)
31 December 2025
31st December, 2025
(Expressed in Trinidad and Tobago Dollars)
(Expressed in Trinidad & Tobago Dollars)
______________________________________________________________________________28 Net Actuarial (Gain)/Loss on Employee Benefit Asset/Obligation:
2025 2024
Actuarial loss on Employee Benefit Asset $ 7,809,000 $ 760,000 Actuarial loss/(gain) on Employee Benefit Obligation 7,000 (34,000)
$ 7,816,000 $ 726,000
During the year, the Society recognised an adjustment to the defined benefit asset arising from the application of IFRIC 14 – IAS 19: The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction. IFRIC 14 requires that a surplus in a defined benefit plan be recognised only to the extent that the entity can realise economic benefits through refunds from the plan or reductions in future contributions.
Based on the information provided by the actuary, the Society is matching the contributions required under the plan’s funding arrangement. As a result, the society is unable to reduce future contributions in order to access the surplus previously identified in the plan.
78 (22)
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