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 65TH ANNUAL GENERAL MEETING

NOTICE is hereby given that the 65th Annual General Meeting of

AMGECU Credit Union Co-Operative Society Limited

will be held Virtually on

Saturday 28th August, 2021 from 10:30 a.m.

The Meeting will be facilitated online via Zoom Conferencing to a closed meeting portal. 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 64th Annual General Meeting held on Saturday 15th August, 2020 5. Business Arising from the Minutes

6. Acceptance of Reports for 2020

7. Elections of Officers

8. Auditor’s Report and Financial Statements for year ended 31st December, 2020 9. Resolutions

10. Amendments to Bye-Laws (1,15,23,29,31,47)

11. Review of Income and Expenditure Estimates for period ending 31st December, 2021 12. General Business

13. Vote of Thanks and Formal Closure

MEMBERS ARE INVITED AND ENCOURAGED TO PARTICIPATE BY REGISTERING ON AMGECU’S WEBSITE www.amgecu.com TO ACCESS THE MEETING

• Members wishing to participate in the AGM must preregister,

via the AGM portal on www.amgecu.com

• Members are required to provide proper identification when registering.

• Only registered members will be emailed a link, with accompanying instructions,

to access the virtual meeting.

• Members wishing to participate but do not have access to a computer or smartphone and the required bandwidth are advised to contact the Credit Union immediately.

• The 65th AGM is being held on-line, it is strongly recommended that members pre-register so that there would be quick and easy access to the virtual meeting room on 28th August, 2021. • Pre-registration by members is required on or before 4:00 p.m. on 26th August, 202l. Please visit our website at www.amgecu.com for more information.

BY ORDER OF THE BOARD OF DIRECTORS

Beverly Young (Mrs)

Secretary/General Manager

Standing Orders FOR VIRTUAL AGM

1. The 65th Annual General Meeting will be hosted using the Zoom Platform.

2. All members joining the virtual meeting are required to use their full name as registered with the Credit Union.

3. Members shall keep their microphones muted and video cameras off for the duration of the meeting, except where permitted by the Chairman for making contributions to the meeting.

4. To make a contribution, the member shall type in the Q&A module in Zoom. The AGM Moderator will collate and transmit questions to the Chairman. The member may unmute his/her mic and/or start their video upon permission / request from the Chair.

5. All members appearing on video must be properly attired at all times.

6. All members are asked to keep their cell phones on silent mode, as the vibrate setting can cause disruptions. If you must take urgent calls, please ensure that your microphone is muted.

7. No member shall address the meeting except through the Chairman. Speeches shall be clear and relevant to the subject before the meeting.

8. A member shall ONLY address the meeting when called upon by the Chairman to do so.

9. Members who are presenting shall use the “Raise Hand” function on the Zoom Platform, wait to be recognized by the Chairman before un-muting their microphone. Members must identify themselves when addressing the Chairman.

10. A member shall use the Raise Hand button ONLY when:

a) He/she is a mover or seconder of a motion.

b) He/she is raising a point of order.

c) He/she requires to object or to explain.

d) He/she requires the urgent attention of the Chair.

The member shall identify himself/herself prior to proceeding.

11. All members are asked to utilize the Help Desk to share any issues you are having so that the team can troubleshoot during the session with minimal interruptions. Please use the Chat function for this purpose or send a WhatsApp message to 359-2316.

12. All members are reminded to conduct themselves in a professional manner. Please refrain from sharing any explicit, violent or inappropriate content.

Standing Orders continued

13. A member may not speak twice on the same subject except:

a. As a mover of a motion – who has the right to reply

b. He / She rises to object or to explain (with the permission of Chairman)

14. The mover of a “procedural motion” (adjournment, lay on the table, motion to postpone) shall have no right to reply.

15. No speeches shall be made after the “question” has been put and carried or negated.

16. A member rising on a “point of order” shall state the point clearly and concisely. (A point of order must have relevance to the “standing orders”)

a. A member shall not “call” another member “to order” – but draw the attention of the Chairman to a “breach of order.”

b. In no event shall a member “call” the Chairman “to order”

17. A “question” shall not be put to the vote if a member desires to speak on it or move an amendment to it – except that a “procedural motion’: the previous “question”, proceed to the next business or the closure: “that the question be not put” may be moved at any time.

18. Only one amendment shall be before the meeting at one time.

19. When a motion is withdrawn, any amendment to it falls.

20. The Chairman shall have the right to a “casting vote.”

21. If there is equality of voting on an amendment, and if the Chairman does not exercise his “casting vote”, the amendment is lost.

22. Provision shall be made for protection of the Chairman from vilification (personal abuse). 23. No member shall impute improper motives against another member.

24. No form of recording of the proceedings shall be allowed without the permission of the Chairman.

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

• Must not have been convicted of an offence involving dishonesty

• Not be delinquent in repaying his/her loan

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 events of the Credit Union movement

PLEASE NOTE THAT:

• Regular Board of Directors’ meetings are held on the last Wednesday

of every month commencing at 5:00 pm

• The Credit Committee must meet at least once a week, every week of the year, the newly elected Committee will determine its meeting day and time

• The Supervisory Committee will determine its meeting day and method of operations

President’s Address

It is indeed a privilege as President to welcome you to our 65th Annual General Meeting which is being facilitated through the virtual platform for the first time. In review of our experience, 2020 brought some unparalleled disturbances and disruptions to both businesses and personal lives. Our thoughts and prayers go out to all those who have experienced a personal impact as a consequence of the COVID-19 pandemic. We also express our sincere appreciation to the many front-line heroes who kept essential services available for the good of our community.

At AMGECU, we adjusted service delivery to ensure the health and safety of our staff and membership, while maintaining business continuity with minimal disruption to service. We streamlined our service to reduce member impact by reviewing and revising policy and allowing loan payments to be deferred, without a penalty.

We also worked one-on-one with any member falling into financial hardship, providing solutions that kept them in their homes and vehicles. In addition, we have given assistance to the needy of our membership by providing food hampers and assisting our student youth members to be part of the new normal, with the distribution of several Laptops. AMGECU also assisted the St. Joseph Primary School in our community with several food hampers and a computer for their Audio/Visual room.

Although 2020 was a year full of challenges, we were driven by solutions while demonstrating agility in creating conditions to adapt and to navigate through the new normal, to accommodate our Membership, Staff, Board and Committees members.

While the global economy is emerging from the collapse triggered by COVID-19, the recovery is likely to be subdued, and global GDP is projected by economists to remain well below its pre-pandemic trend for a prolonged period. Several risks seem to cloud the outlook, including those related to the pandemic and to rapidly rising Debt. The pandemic has further diminished already-weak growth prospects and therefore decisive policy actions will be critical in raising the likelihood of better growth outcomes, while warding off worse ones.

Your Board of Directors’ primary focus is to continue ensuring the financial strength of AMGECU for today and strategic direction for years to come, while keeping the best interest of our membership at the forefront. It is in this light that we have proposed the dividend returns to our members.

Along with the Executive Committee we make decisions throughout the year to enhance and grow our Credit Union. We are your representatives and take seriously our responsibilities to you and are confident that AMGECU will continue to be a stable and beneficial financial institution. We remain committed to offering new products, services and enhancing our delivery channels, to continue meeting the financial needs and service expectations of our membership.

On behalf of AMGECU’s Board of Directors, it is an absolute privilege to serve you. We truly appreciate your membership and the confidence you have placed in us.

----------------------------------

Russell Gulston

PRESIDENT

Minutes

MINUTES OF THE 64TH ANNUAL GENERAL MEETING OF AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED HELD ON SATURDAY 15^th AUGUST, 2020 AT RADISSON HOTEL TRINIDAD, FESTIVAL BALLROOM, WRIGHTSON ROAD, PORT OF SPAIN.

PRESENT WERE:

BOARD OF DIRECTORS:

Russell Gulston - President

Anthony Alleng - Vice President

Cuthbert Tracey - Director

Deborah Ann Babb - Director

Garth Bowen - Director

Debra Contaste - Director

Denise Douglas - Director

Khama Mohammed-Sooknanan - Director

Arnim Phillips - Director

Judy Raghoonanan-Williams - Director

Steve Woodley - Director

Cynthia Carr Hosten - Director

Jennifer Felix-Norton - Director

CREDIT COMMITTEE: SUPERVISORY COMMITTEE:

Justin Ayoung - Chair Fitzroy Dove - Chair

Soria Subran Arkiebah Peters-Alexander

Donna Persad Annette Toussaint-Francis

Cheryl Lutchman

Kevin Jeremiah

INVITED GUESTS:

Andrea McKenna Commissioner of Co-Op Development

Ministry of Labour and Small Enterprise Development

Michelle Cole-Padilla Co-Op Officer - Via Zoom Platform

Allison Manodath Co-Op Officer - Via Zoom Platform

Dianne Joseph & Team Returning Officer & Registration Facilitator

Co-operative Credit Union League of Trinidad & Tobago

Augustus Clarke Auditor - PKF Chartered Accountants & Business Advisors

STAFF IN ATTENDANCE:

Beverly Young General Manager/Secretary joined the meeting via Zoom Sheldon John Recoveries Officer

Ronald Contaste General Services Assistant

Minutes of the 64th Annual General Meeting continued

1.0 CREDENTIAL COMMITTEE REPORT 1:

1.1 At 11:45 am there were fifty (50) Members present.

2.0 CALL TO ORDER

2.1 The President – Mr. Russell Gulston called the meeting to order at 11:45 am

2.2 The President invited all to stand for the National Anthem played via the PA System, and the recitation of the Credit Union Prayer.

2.3 The President asked all to remain standing for a minute’s silence to commemorate deceased Members of the Credit Union, who passed on during the year in review 2019.

3.0 OPENING REMARKS

3.1 The President extended a warm welcome to the specially Invited Guests, Former Directors, Pensioners, Board of Directors, Credit and Supervisory Committees and the General Membership to the 64th Annual General Meeting (AGM).

3.2 The President shared with the Membership that one Director, in the person of Jennifer Francis Taylor who resigned during the term.

3.3 As a result of the COVID-19 preventative measures, the AMGECU Staff were joining the meeting via the Zoom Platform.

4.0 HEALTH & SAFETY BRIEF

4.1 The COVID-19 guidelines were then played via the PA System.

4.2 The President invited Ms. Charmaine Grant, of the HSSE Management Team of Radisson Hotel Trinidad who conducted a HSSE Safety briefing.

5.0 GENERAL INFORMATION

5.1 The President gave the following general information:

5.2 The meeting was streaming live on Facebook

5.3 The chits given at the registration desk entitled Members to a token, a refreshment after the meeting and eligibility to win the door prize.

Minutes of the 64th Annual General Meeting continued

5.4 Members were asked to update the Know Your Member Form at the registration desk or on the Credit Union Website, if it had not been done in the past year.

5.5 The location of the bathroom facilities and water stations.

6.0 ANNUAL REPORT 2019 CORRECTIONS/ AMENDMENTS / OMISSIONS 6.1 The following corrections were made to the Annual Report:

• 4.4.1 Page 65: Correction - Amendments to Bye Laws: Resolution 1, last paragraph, second line change “he” to “the”

• 4.4.2 Page 66: Correction - Amendments to Bye Laws:

• Resolution 3, 7 (a)(ii)

• Change - A concise statement in writing of the grounds alleged for such expulsion from the Board outlining the reasons grounds alleged for the expulsion must first have been served upon the Member within fifteen (15) days of receipt of the decision notice and he must be given a reasonable opportunity of being heard in his own defence. The Member shall be entitled to be represented at any hearing by a person of his choice. To

A concise statement in writing of the grounds alleged for such expulsion must first have been served upon the Member and he must also have been given a reasonable opportunity of being heard in his own defence. The Member shall also be entitled to be represented at any hearing by a person of his choice.

• 4.4.3 Page 69 – Correction - Delete Resolution 8

• Page 69: Correction - Change Resolution 9 to Resolution 8

Change: Be it resolved: Bye Law 41: Article 41 will now become Article 42

EDUCATION COMMITTEE/Section (a) Page 39 which should read as follows:

The Board shall at its first meeting after the Annual General Meeting appoint a committee of five (5) persons who may also be Members of the Board or any other committee, to be known as the Education Committee. This Committee shall be in charge of publicity and education. The committee will arrange for the purchase of books and magazines and for the maintenance of a library for the use of Members. The committee shall arrange for educational publications for circulation among Members, for the exhibition of films and the holding of seminars and conferences.

Minutes of the 64th Annual General Meeting continued

41. EDUCATION COMMITTEE

The Board shall at its first meeting after the Annual General Meeting appoint a committee of five (5) persons who may also be Members of the Board or any other committee, except the Supervisory Committee, to be known as the Education Committee. This committee shall be in charge of publicity and education. The committee will arrange for the purchase of books and magazines and for the maintenance of a library for the use of Members. The committee shall arrange for educational publications for circulation among Members, for the exhibition of films and the holding of seminars and conferences.

4.4.4 Page 74 – Correction - AMGECU Directory:

Office Hours, change St. Jospeh to St. Joseph.

7.0 ADOPTION OF STANDING ORDERS

7.1 The President brought to the attention of the meeting the Standing Orders as contained on page 4 of the 2019 Annual Report that would govern throughout the meeting.

7.2 Arnim Phillips moved a motion for the Adoption of the Standing Orders numbered 1 – 14 on page 4 of the 2019 Annual Report be adopted which was carried by a majority show of hands.

8.0 NOTICE CONVENING THE MEETING

8.1 The President invited the Secretary/General Manager, Mrs Beverly Young to read the notice convening the 64th Annual General Meeting contained on page 3 of the brochure.

9.0 PRESIDENT’S ADDRESS

9.1 The President then read his message contained on pages 6 and 7 of the brochure.

10.0 CREDENTIAL COMMITTEE REPORT 2

10.1 At 12:30 pm there were fifty-three (53) Members in attendance.

11.0 MOTION FOR MINUTES BE TAKEN AS READ

11.1 Deborah Neemar Tracey moved a motion that the minutes of the 63rd Annual General Meeting held on Saturday 6th April, 2019 as contained on pages 8-20 be taken as read. Maria Saunders seconded the motion, which was carried by a majority show of hands.

Minutes of the 64th Annual General Meeting continued

12.0 CONFIRMATION OF MINUTES

12.1 Subject to the corrections, amendments or omissions taken for the minutes under the Annual Report, the minutes were confirmed on a motion moved by Justin Ayoung, seconded by Soria Subran and carried by a majority show of hands.

13.0 BUSINESS ARISING FROM THE MINUTES OF THE 63rd AGM 2019

13.1 The President reported that there was no business arising from the minutes of the 63rd Annual General Meeting held on 6th April, 2019.

14.0 CREDENTIAL COMMITTEE REPORT 3

14.1 At 12:34 pm there were fifty-seven (57) Members in attendance.

15.0 REPORTS FOR 2019

15.1 A motion that all reports (Board, Credit, Supervisory, Nominations) appearing on pages 21-35 be taken as read, was moved by Anthony Alleng seconded by Cynthia Carr-Hosten and carried by a majority show of hands.

16.0 QUESTIONS ON REPORTS

16.1 There were no questions from the floor on any of the following reports: Board (Bye-Laws, Delinquency, Information Technology, Marketing, Risk Management, Sports, Education and Engagement), Credit, Supervisory and Nominations.

17.0 CONFIRMATION OF REPORTS EN-BLOC

17.1 Khama Mohammed-Sooknanan moved a motion that the reports listed on pages 18-40 of the 2019 Annual Report be confirmed En-bloc and this motion was seconded by Donna Persad and carried by a majority show of hands.

18.0 NOMINATIONS COMMITTEE REPORT

18.1 The President invited Mr. Alleng to present the Nominations Committee Report contained on page 37 of the Annual Report. Mr. Alleng highlighted the fact that for the first time in many years, a full slate of candidates had offered themselves to serve the Credit Union.

The President then called for the adoption of the Nomination Report. This was done by Fitzroy Dove and accepted by all.

Minutes of the 64th Annual General Meeting continued

19.0 ELECTION OF OFFICERS

19.1 The President introduced the Members of the Ballot Committee and Ms. Dianne Joseph, Returning Officer, of the Cooperative Credit Union League of Trinidad and Tobago, who would facilitate the election process for the meeting.

19.2 Ms. Joseph thanked Mr. Gulston for the invitation to assist with the process of the election of officers to serve for the 2020-2021 term. She gave the guidelines for the election process and outlined the rules of the Bye-Laws on Nominations, Selection and Criteria.

19.3 The Membership was then invited to view a video presentation on the use of the Ballot papers, as the voting process was counted electronically, and special care had to be taken with how the ballot sheets were handled.

19.4 Ms. Joseph then declared all seats vacant for the following:

(a) Directors whose term of office had expired

(b) Members of the Supervisory Committee

19.5 Nominations of Members contesting election as listed on pages 38-40 in the brochure. Additional Members were sought from the floor, to have the required number of persons to serve on each committee.

20.0 ELECTION RESULTS

20.1 The following Members were elected to serve:

20.2 SUPERVISORY COMMITTEE

Nos	NAME	COMPANY	VOTES
1	Joy Thompson	Self Employed	26
2	Fitzroy Dove	Retiree	23
3	Arkiebah Peters-Alexander	Quick Serv Holding Ltd	22
4	Soria Subran	Retiree	19 (1st Alternate)
5	Emmanuel Downes	GML Supervisor	7 (2nd Alternate)

Minutes of the 64th Annual General Meeting continued

20.3 CREDIT COMMITTEE

Nos	NAME	COMPANY	VOTES
1	Justin Ayoung	AMCO	31
2	Donna Persad	ABEL	25
3	Marissa Blackman	WASA	23
4	Michelle Hayde-Gopee	GML	22
5	Kevin Jeremiah	T&T Mortgage Finance Co	22
6	Judy Raghoonanan-Williams	Retiree	21 (1st Alternate)
7	Annette Toussaint Francis	Retiree	10 (2nd Alternate)

20.4 BOARD OF DIRECTORS

Nos	NAME	COMPANY	VOTES	TERM OF OFFICE
1	Khama Mohammed-Sooknanan	ANSA McAL Construction Sector	26	3 years
2	Jennifer Felix-Norton	GML	23	3 years
3	Cheryl Lutchman	Arthur Lok Jack Gl. Sch.	22	3 years
4	Arnim Phillips	Retiree	22	3 years
5	Steve Woodley	Member	19	1 year
6	Patrice Samuel	Member	16	1st Alternate
7	Anasa Vater Vidal	ANSA McAL	11	2nd Alternate

20.5 DESTRUCTION OF BALLOTS

Ms. Joseph called for a motion that the Ballot Papers be destroyed. This was moved by Fitzroy Dove, seconded by Patrice Samuel and carried by a majority show of hands.

20.6 AFFIRMATION OF OFFICE

Copies of Affirmation of Office were distributed to all Elected Officers and Alternates which they were asked to read aloud, after which they were to affix their respective signature, date and refer to the information contained therein during their term in office.

20.7 Ms. Joseph thanked AMGECU on behalf of the Co-operative Credit Union League for the opportunity and congratulated all those who were elected to serve and wished them a successful 2020-2021 term in office.

The President in turn thanked Ms. Joseph and her Team for facilitating the Election Process.

21.0 CREDENTIAL COMMITTEE REPORT 4

21.1 At 12:50 p.m. there were sixty-three (63) Members in attendance.

Minutes of the 64th Annual General Meeting continued

22.0 AUDITORS REPORT

22.1 Mr. Augustus Clarke, Auditor, of the firm PKF Chartered Accountants and Business Advisors read the Independent Auditors’ Report contained on pages 42-43 for the summary Financial Statements.

22.2 There were no questions from the Membership on the Auditor’s Report.

23.0 COMMENTS ON FINANCIAL STATEMENTS

23.1 The President called for a motion that the Financial Statements for the year ended December 31st 2019 be adopted. Fitzroy Dove moved the motion for the adoption of the Financial Statements for the year ended 31st December, 2019 and it was carried by a majority show of hands.

24.0 RESOLUTIONS

24.1 Resolution 1: BE IT RESOLVED that in accordance with Bye-Law #19 (b) a Dividend of four point five percent (4.5%) be approved and paid to Members on their shareholdings for the period 2019, and that such Dividend be credited to Loan/Interest Account of those Members whose Loan Accounts have become delinquent. This resolution was moved by Cynthia Carr Hosten and seconded by Deborah Ann Babb and carried by a majority show of hands.

24.2 Resolution 2: BE IT RESOLVED that the firm PKF Chartered Accountants & Business Advisors be appointed as Auditors for the AMGECU Credit Union Co-operative Society Limited for the year ending 31st December, 2020.

This resolution was moved by Denise Douglas, seconded by Jennifer Norton and carried by a majority show of hands.

24.3 Resolution 3: BE IT RESOLVED that an honorarium of $192,000.00 be declared being approximately 1.86% of the net surplus to be shared among the Board, Elected Committees and Appointed Committees.

This resolution was moved by Garth Bowen, seconded by Deborah Babb and carried by a majority show of hands.

25.0 PAYMENT OF DIVIDEND

25.1 Dividend will be paid on or before 21st August, 2020.

25.2 The President reminded Members that Dividend payments would not be paid by cheques this year, to safeguard the Membership re: COVID-19 regulations. If any person present had not submitted their information, they were advised to register for the ACH Direct Deposit to your bank method of payment.

Minutes of the 64th Annual General Meeting continued

26.0 CREDENTIAL COMMITTEE REPORT 5

26.1 At 1:15 pm there were sixty-three (63) Members in attendance.

27.0 AMENDMENTS TO BYE LAW ARTICLES – PAGES 65-69

27.1 The President introduced the following amendments to the Bye-Laws of the Credit Union and gave a reason for each amendment.

27.2 The President stated that Resolution 1, Article 1 Interpretation is being amended to provide clarification to each definition.

27.3 RESOLUTION 1 - Be it resolved: that Bye Law 1: Article 1, INTERPRETATION which reads as follows:

“The Act” means the Co-operative Societies Act Chapter 81:03

“The Regulations” means the Co-Operative Societies Regulations 1971;

“Provident Credit” means the purpose of enhancing the Member’s standard of living through the acquisition of housing, household items, education, health, motor vehicle, vacation and debt consolidation.

“Delinquent Member” means a Member who is in default in the repayment of a loan or the payment of an instalment in respect of a loan.

These Bye-Laws are supplementary to the provisions of the Act and the Regulations and the Society shall be guided by the Act, the Regulations and the Bye-Laws read together.

BE AMENDED TO

Article 1, INTERPRETATION

“The Act” means the Co-operative Societies Act Chapter 81:03 and any amendments thereto

“The Regulations” means the Co-Operative Societies Regulations 1971; and any amendments thereto

A “Delinquent Member” is a Member who is in default of payments of money when due.

An “Inactive Member” is a Member who did not purchase at least one (1) share/s for a period of twelve (12) months.

A Member in “Good Financial standing” is a Member who is neither delinquent nor inactive.

Minutes of the 64th Annual General Meeting continued

These Bye-Laws are supplementary to the provisions of the Act and the Regulations and the Society shall be guided by the Act, the Regulations and the Bye-Laws read together. Provisions of the Act and Regulations supersede provisions contained in these Bye-Laws.

This resolution was moved by Debra Contaste, seconded by Fitzroy Dove.

Fifty-two (52) Members present voted in favour of this resolution and eleven (11) abstained.

27.4 The President stated that Resolution 2, Article 4 Membership is being amended to include, AMGECU staff as a separate category and to allow other Co-operative Societies to become Members.

27.5 RESOLUTION 2 - Be it resolved: There be added Bye-Law 4: Article 4 MEMBERSHIP which shall read as follows:

(v) Employees of AMGECU;

(vi) Other registered Co-operative Societies of Trinidad and Tobago.

This resolution was moved by Soria Subran and seconded by Fitzroy Dove. Fifty-three (53) Members present voted in favour of this resolution and ten (10) abstained.

27.6 The President explained Resolution 3, Article 7 Expulsion is being amended to provide clarification to this Article.

27.7 RESOLUTION 3 - Be it resolved: that Bye Law 7: Article 7 EXPULSION/ Section (a) page 9 which reads as follows:

If any Member violates these Bye-Laws or otherwise acts in a manner prejudicial or inimical to the good repute or interest of the Society, the Board May, by a two-thirds (2/3) majority vote of its Members present at a meeting convened for the purpose expel the Member of the Society. A concise statement in writing of the grounds alleged for such expulsion must first have been served upon the Member and he must be given a reasonable opportunity of being heard in his own defence. The Member shall be entitled to be represented at any hearing by a person of choice.

BE AMENDED TO

7. EXPULSION

(a) (i) If any Member violates these Bye-Laws or otherwise acts in a manner prejudicial or inimical to the good repute or interest of the Society, the Board may, by a two-thirds (2/3) majority vote of its Members present at a meeting convened for the purpose, expel the Member from the Society, subject to the provision of (a)(ii)

Minutes of the 64th Annual General Meeting continued

(a) (ii) A concise statement in writing of the grounds alleged for such expulsion must first have been served upon the Member and he also have been given a reasonable opportunity of being heard in his own defence. The Member shall also be entitled to be represented at any hearing by a person of his choice.

This resolution was moved by Jennifer Norton, seconded by Judy Raghoonanan-Williams. Fifty-seven (57) Members present voted in favour of this resolution and six (6) abstained.

27.8 The President explained that Resolution 4, Article 10 Nominations is being amended to update and to provide clarification, change the payment benefit from $5,000.00 to $50,000.00 and to facilitate future changes on the laws and regulations.

27.9 RESOLUTION 4 – Be it resolved that Bye-Law 10: Article 10 NOMINATIONS which reads as follows:

(b) Revocation

(d) Payment to Nominees

On receiving satisfactory proof of the death of the nominator, the Board shall pay to the nominee or nominees, in the manner directed by the nomination or nominations the sum representing the full value of the shares and interest of the deceased Member less any sum due to the Society.

(e) Limit

Provided further, the Society shall, unless prevented by order of a Court of competent jurisdiction, pay to such nominee or nominees or in the absence of such nominee or nominees to the legal personal representative, as the case may be, a sum not exceeding Five Thousand Dollars ($5,000.00) due to the deceased Member from the

Society. All other monies due to the deceased Member from the Society, shall fall into his estate.

(f) Intestacy

If a Member dies interstate, without having made any nomination, the Board may without a grant of Letter of Administration, pay a sum not exceeding Five Thousand dollars ($5,000.00) to such person or persons as may appear to them, on sufficient evidence, to be entitled to receive the same within one (1) year.

(g) No revocation or variation of a nomination shall be valid unless done in the manner prescribed under (b) of this Bye-Law.

Minutes of the 64th Annual General Meeting continued

BE AMENDED TO

(b) Revocation

A Member may from time to time revoke or vary such nomination in writing under his hand similarly attested and delivered. All such nominations, revocations or variations shall be recorded in a Register of Members. No revocation or variation of a nomination shall be valid unless done in the manner prescribed under this Bye-Law or the Laws of Trinidad and Tobago.

(d) Payment of A Nominee

(e) Limit

Provided further, the Society shall, unless prevented by order of a Court of competent jurisdiction, pay to such nominee or nominees or in the absence of such nominee or nominees to the legal personal representative, as the case may be, a sum not exceeding the amount prescribed in the Act or the amount prescribed in the Laws of Trinidad and Tobago. All other monies due to the deceased Member from the Society shall fall into his estate.

(f) Intestacy

If a Member dies interstate without having made any nomination, the Board may without a grant of Letter of Administration pay a sum not exceeding the amount prescribed in the Act or the amount prescribed in the Laws of Trinidad and Tobago to such person or persons as may appear to them, on sufficient evidence, to be entitled to receive the

same within one (1) year.

This resolution was moved by Judy Raghoonanan-Williams, seconded by Deborah Babb. Fifty-eight (58) Members present voted in favour of this resolution and five (5) abstained.

27.10 The President stated that Resolution 5 Article 15 is being amended to provide clarification and facilitate product development.

Minutes of the 64th Annual General Meeting continued

27.11 RESOLUTION 5 Be it resolved: There be added to Bye-Law 15: Article 15 DEPOSITS which shall read as follows:

(d) A Member shall deposit money into his account in the Society subject to the terms and conditions specified by the Board.

This resolution was moved by Annette Toussaint Francis, seconded by Fitzroy Dove. Fifty-one (51) Members present voted in favour of this resolution and twelve (12) abstained.

27.12 The President explained that Resolution 6, Article 26 is being amended to provide clarification to the Article.

27.13 RESOLUTION 6 Be it resolved: There be added to Bye-Law 26: Article 26 VOTING which shall read as follows:

(g) Wherever in these Bye-Laws a Special Majority is required and the computation of the majority results in a fraction, the fraction shall be counted as a person.

This resolution was moved by Dominic Norton, seconded by Justin Ayoung. Fifty (50) Members present voted in favour of this resolution and thirteen (13) abstained.

27.14 The President stated that Resolution 7, Article 28 is being amended to implement best practice and improve governance in the Credit Union.

27.15 RESOLUTION 7 Be it resolved: There be added Bye-Law Article 28 CONFLICT OF INTEREST which should read as follows:

(5) CONFLICT OF INTEREST

No Board or Committee Member shall be present when any matter is being decided in which he has a direct or indirect interest.

This resolution was moved by Emmanuel Downes, seconded by Patrice Samuel. Fifty-six (56) Members present voted in favour of this resolution and seven (7) abstained.

27.16 The President explained that Resolution 8, is being updated to clarify that Members of the Supervisory Committee cannot serve on the Education Committee.

27.17 RESOLUTION 8 Be it resolved: Bye-Law 41 Article 41 will now become Article 42 EDUCATION COMMITTEE/Section (a) Page 39 which should read as follows:

The Board shall at its first meeting after the Annual General Meeting appoint a committee of five (5) persons who may also be Members of the Board or any other Committee, to be known as the Education Committee. This Committee shall be in charge of publicity and education. The Committee will arrange for the purchase of books, magazines and for the maintenance of a library for the use of Members. The committee shall arrange for educational publications for circulation among Members, for the exhibition of films and the holding of seminars and conferences.

Minutes of the 64th Annual General Meeting continued

BE AMENDED TO

42. EDUCATION COMMITTEE

The Board shall at its first meeting after the Annual General Meeting appoint a committee of five (5) persons who may also be Members of the Board or any other committee, except the Supervisory Committee, to be known as the Education Committee. This Committee shall be in charge of publicity and education. The committee will arrange for the purchase of books and magazines and for the maintenance of a library for the use of Members. The committee shall arrange for educational publications for circulation among Members, for the exhibition of films and the holding of seminars and conferences.

This resolution was moved by Deborah Ann Babb and seconded by Errol Richards. Fifty-one (51) Members present voted in favour of this resolution and twelve (12) abstained.

28.0 BUDGET PROJECTIONS

28.1 The President invited questions from the floor on Budget Projections for the year 2020 as contained on pages 63-64.

28.2 Fitzroy Dove enquired why the honorarium remained the same for 2019 as well as 2020 but the percentage was reduced.

28.3 Mrs. Beverly Young answered that the honorarium is paid on the net surplus and it was done this year looking at the historical data.

28.4 Emmanuel Downes moved the motion that the Budget Projections for the year 2020 be adopted. This motion was carried by a majority show of hands.

29.0 CREDENTIAL COMMITTEE REPORT 6

29.1 At 1:23 pm there were sixty-four (64) Members in attendance.

Minutes of the 64th Annual General Meeting continued

30.0 DOOR PRIZES

Door Prize #	Ticket Nos	Winner	Winner’s Company	Group Donating The Prizes
1st	43	Hugh Leach	Retiree	Standard Distributors Limited
2nd	45	Kevin Jeremiah	Former TATIL Employee	CUNA
3rd	27	Dominique Norton	Family Member	CUNA

30.1 The President extended thanks to Standard Distributors and CUNA for donating the respective prizes.

31.0 GENERAL BUSINESS

31.1 Deborah Neemar Tracey suggested that Members should consider using AMGECU WhatsApp number 359-2316 to relay and receive information concerning their Dividend requirements.

32.0 OPEN FORUM

32.1 ThePresident opened the floorfor questions/concerns/proposals from the General Membership, however none was forthcoming.

33.0 ANNOUNCEMENTS

33.1 The President referred Members to Page 36 “Key to Your Dreams” of the Brochure. 33.2 The Services were offered at the renovated Borde Street office in Port of Spain. 33.3 Dividends would be paid on or before 20th August, 2020.

34.0 PRESENTATIONS

34.1 Token of appreciation in the form of Floral arrangements were presented to the rapporteurs Yolande Mungal and Melissa Borel by Cuthbert Tracey and Garth Bowen respectively.

Minutes of the 64th Annual General Meeting continued

35.0 EXPRESSION OF THANKS

35.1 Mr. Anthony Alleng offered expression of thanks for the day’s proceedings amid the COVID-19 restrictions and adjustments. Included in the thanks were:

• Board of Directors, Staff of AMGECU and Membership

• Newly elected Credit, Supervisory and Board Members

• ANSA McAL Group of Companies

• Liaison Officers

• The Management and Staff of Radisson Trinidad

• Special invitees, Michelle Cole Padilla, Andrea Mc Kenna & Allison Manodath • Staff of AMGECU Credit Union

• Officers of Co-Operative Credit Union League

• Former Director and Pensioners

• PKF Chartered Accountants

• Ms. Dianne Joseph and Team

• Door Prize sponsors – Standard Distributors Limited & CUNA

• Balroop Sound System

• Debra Contaste and the Mobilization Team

• Horsham Printery

• Rapporteurs Yolande Mungal and Melissa Borel

• Erica, Carlon & Team - Videographers

Mr. Alleng specially thanked the Membership who made sacrifices to attend this meeting.

36.0 CONCLUSION

36.1 There being no further business to discuss, the President declared the meeting closed at 2:20 pm and invited attendees to partake of the take away refreshment.

Board of Directors Report

OVERVIEW

During the period under review, the national economy was depressed, as the Corona Virus spread both infection and uncertainty, hampering our Credit Union’s normal activities in the process. The economic effects of the pandemic have been hugely varied across society, several of our members were either furloughed, had reduced working hours, or altogether lost their jobs, thereby diminishing their income and livelihood. Many may struggle to find new work or return to their previous income

levels, especially since low-wage sectors such as Retail and Hospitality are unlikely to recover in a timely fashion after the pandemic.

Strategically, to accommodate business continuity, the Board focused on Operational Efficiency inputs including, service quality, people resources, member satisfaction, revenue, and operational expenditure. We established a stronger online presence by creating valuable content that is relevant, engaging as well as informative.

The decisive action taken by government to limit social and non-essential economic activities, stymied the progress of planned construction of multi-family houses for our members. These plans were shelved in the short term, until the economy picks up again. Other planned outdoor activities were disrupted as well including, environmental clean-ups and our children’s Christmas activities.

AMGECU earned a Surplus of $8.5 million for the year ended 31st December 2020, which is a 10.5% decline compared to the 2019 result of $9.5 million. The economic conditions brought about by the COVID-19 pandemic negatively impacted the portfolio of our investments. Due to interest rate declines our expected returns from interest income were not fully realized.

In keeping with the mandatory standards of the IFRS-9 Regulation, an increase in provision of $987,236 was made to cover our Expected Credit Loss (ECL) in 2020, as AMGECU continues to ensure that the risk exposure posed by delinquent members are minimized and that we remain compliant to all the required rules and guidelines of this now fully implemented regulation.

In addition, total Comprehensive Income fell by forty two percent (42%) to $4.3 million in 2020 when compared to 2019. A combination of several factors including the severe restrictions of civic and economic life, the temporary closure of borders and grounding of flights, triggered a drop in demand for several loan products and ultimately reduced our profitability.

The Board took prompt action to safeguard the health and safety of its staff and members as well as AMGECU’s financial stability and business continuation by providing the necessary tools and keeping in communication constantly. We were able to continue all operations throughout the year because of all the preventive measures that were implemented. Adjustments were therefore made on a case -by- case basis to assist our membership to weather the storm through moratoriums, consolidations, withdrawals, rescheduling and granting of additional waivers.

Board of Directors Report continued

The value of this exercise in agility may well out -weigh the cost in the long run, since we practiced business continuity in adverse conditions and learned from the experience.

Item	2020	2019	Increase/ Decrease	% Increase/ Decrease
Total Assets	211,737,111	212,024,816	(287,705)	(.14%)
Members’ Loans	100,259,725	107,874,320	(7,614,595)	(7.1%)
Members’ Shares	168,088,295	168,299,907	(211,612)	(.13%)
Total Income	12,480,944	16,316,695	(3,835,751)	(23.51%)
Total Expenditure	5,505,103	6,247,849	(742,746)	(11.89%)
Surplus	8,538,600	9,543,853	(1,005,253)	(10.5%)

COMPOSITION OF THE BOARD OF DIRECTORS AND EXECUTIVE COMMITTEE The Board of Directors for the 2020/2021 comprised the following persons:

• Russell Gulston

• Anthony Alleng

• Cuthbert Tracey

• Deborah Ann Babb

• Denise Douglas

• Garth Bowen

• Judy Raghoonanan-Williams

• Khama Mohammed

• Arnim Phillips

• Jennifer Norton

• Debra Contaste

• Cynthia Carr-Hosten

• Cheryl Lutchman

• Steve Woodley

EXECUTIVE COMMITTEE

At the inaugural meeting of the Board of Directors held on 26th August, 2020 the following Directors were elected to serve on the Executive for the 2020/2021 term:

• Russell Gulston - President

• Anthony Alleng - Vice President

• Debra Contaste - Member

• Cuthbert Tracey - Member

• Garth Bowen - Member

Board of Directors Report continued

MEETINGS OF THE DIRECTORS

Board of Directors held fifteen (15) meetings during the period February 2020 to January 2021 made up of fourteen (14) Statutory meetings and one (1) Special meeting.

BOARD MEMBER	Statutory	Special	Excused
Russell Gulston	14	1	0
Anthony Alleng	13	1	1
Cuthbert Tracey	14	1	0
Deborah Ann Babb	10	1	4
Denise Douglas***	8	1	1
Garth Bowen	13	1	1
Judy Raghoonanan-Williams ***	9	1	0
Khama Mohammed-Sooknanan	13	1	1
Arnim Phillips	14	1	0
Jennifer Norton	14	1	0
Debra Contaste	14	1	0
Cynthia Carr Hosten	13	1	1
Cheryl Lutchman	5	0	0
Steve Woodley	4	1	1

Note: Directors marked with ***served up to 11th August, 2020.

The Executive held Fourteen (14) meetings during the period February 2020 to January 2021.

OUT-GOING DIRECTORS

2018 - 2021	2019 - 2022	2020 - 2023
Debra Contaste	Anthony Alleng	Khama Mohammed- Sooknanan
Deborah Ann Babb	Russell Gulston	Jennifer Felix-Norton
Garth Bowen	Cuthbert Tracey	Cheryl Lutchman
Steve Woodley	Cynthia Carr Hosten	Arnim Phillips

RISK MANAGEMENT

AMGECU has recently and continue to evaluate and analyze its operational and financial risks within the framework of its Risk Management Policy and takes action to mitigate these risks where required. In 2020, managing and mitigating the COVID-19 pandemic-related short-term business and financial risk has been a key priority.

Board of Directors Report continued

MARKETING

Our membership drive for the period was focused mainly through our existing base, however, with the disruption of closures caused by the pandemic and the loss of employment, among other factors, we did not yield expected results. The uptick was due mainly to applications via our website.

The Marketing Committee took the decision to enhance AMGECU’s Personalized Marketing strategy which was launched in 2019. The COVID-19 Pandemic brought a great challenge, where many were faced with work-from-home or quarantine situations, thereby limiting their ability to visit our office locations. It was of paramount importance to the committee, that our members were given the opportunity to reach out to AMGECU for updates and account information from the comfort of their home. The committee therefore ensured that members were given facilities to engage with the credit union through AMGECU’s social media platforms such as Instagram, Facebook, Email and WhatsApp. Despite the ongoing COVID-19 issues, for the period under review, the Committee challenged itself to their commitment to do the following:

● Donation of computers and hampers to members

● Member engagement and encouragement through online activities, were promoted with the following:

1. Unity Challenge Competition – where members were tasked to encourage each other with a positive message in facing the pandemic, via a short paragraph or video. A $500.00 incentive was given to five persons who were chosen by a committee formed by members of staff.

2. AMGECU Members’ Business Club – where members who are entrepreneurs were given the opportunity to submit their business information for free advertising on all AMGECU’s social media platforms.

3. Free online Zoom session with the Trinidad and Tobago Cancer Society for Breast Cancer awareness month in October.

4. COVID-19 prevention initiative to stop the spread of the virus through video and graphic representations.

Our goal remains, to support the needs of our members by giving “The Keys to your dreams.”

EDUCATION COMMITTEE

The 2020 Irvin Johnson and Harold Smith Scholarship Awards event was delayed because of the lockdown implemented by the Ministry of Health in response to the pandemic. This is an annual occasion where we recognize the academic achievements of our junior members. It, however, took place in February of 2021 where our Youth Members were awarded with bursaries and Laptops for their efforts.

Board of Directors Report continued

INFORMATION TECNOLOGY (IT)

The main objectives of the Task Force for this statutory period were to facilitate the IT functions of the other committees, re-examine and implement AMGECU’s revised Information Technology Policy document to facilitate the current technologies available and to develop a “Disaster Recovery/Business Continuity Plan” for the Credit Union.

As the COVID-19 pandemic began to impact the effective workings of the Credit Union, parts of these two documents were implemented to facilitate the work-from-home strategy in an attempt to provide our members with the services that were critical to the operations during this period. This proved to be very successful as there were no major disruptions to service quality levels that our members usually enjoy.

A review of our objectives revealed the negative impact of the COVID-19 pandemic on achieving our goals for this period, as we were unable to complete the full implementation of the Disaster Recovery/ Business Continuity plan and the Revised Information Technology Policy in the planned timeframe. These two important documents have already been revised however and is currently being reviewed for full implementation during the third quarter of 2021.

During the period under review, the implementation of a Director’s Portal was finalized and was completed in February of 2021. AMGECU’s Directors Portal is meant to be a centralize repository to store and disseminate critical documents and relevant information to help Directors make informed decisions. The Portal stores historical data and reports needed to perform critical analysis of the organization’s performance, along with tools to aid Directors with managing their time and performance, by checking and tracking committee assignments. Additionally, each Director has access to their own amgecu.org email address and access to Microsoft Teams to facilitate collaboration.

The I.T. Task Force continues to examine the Information Technology Infrastructure and will make recommendations to apply methods of strengthening the infrastructure where necessary and to ensure that the technological decisions taken by the Board of Directors are successfully implemented. The I.T. Task Force comprised the following members:

Arnim Phillips Chair

Esha-Ann Daniel Secretary

Darvel Cordner Member

Russell Gulston Member

Board of Directors Report continued

FINANCIAL REVIEW 2020

SHARES AND DEPOSITS

In 2020 members Shares decreased to $168,088,295 from $168,299,907 in 2019 and Members’ deposits increased to $12,939,557 from $11,693,335 in 2019. As mentioned in previous annual reports preservation of our dividend rate is paramount. Therefore, in 2020 the Board of Directors continued to limit the amount of money members can deposit on their Shares annually. The Board advise that this

policy will continue in the short term unless the demand for loan increases.

LOANS

In 2020 Members’ Loans less provision for loan losses decreased to $100,259,725 from $107,874,320 in 2019. The number of loans granted in 2020 was 1,142 and the total value was $19,425,356.06. When compared to 2019 the number of loans granted decreased by 145. The Board of Directors encourages Members to utilize the credit/loans facilities offered by our Credit Union since each Member

is an owner of the Credit Union.

INVESTMENTS AND CASH HOLDINGS

The Credit Union’s investment portfolio comprised Bonds, Equities and Mutual Funds. As at 31st December, 2020 the investment portfolio was $69,405,263. The income generated from the investment portfolio in 2020 was $2,392,441. Cash holding at the end of 2020 was $9,936,617. Investment and Cash Holdings Portfolio as at 31st December, 2020.

TYPE	($) 2020	%	($) 2019	%
Bonds	25,243,864	31.6	14,771,194	20.2
Equities	13,839,505	17.4	14,680,127	20
Mutual Funds and Fixed Deposits	30,734,175	38.5	23,443,260	31.7
Cash and Short Term Funds	9,936,617	12.5	20,560,962	28.1
Total	79,754,161	100	73,455,543	100

Board of Directors Report continued

Asset Mix

Asset Mix	2020	2019
Financial Assets	69,817,544	52,894,581
Fixed Assets &Investment Properties	18,805,968	19,146,906
Loans	100,259,725	107,874,320
Receivables & Prepayments	4,873,738	4,351,732
Employee Benefits	6,627,000	6,219,000
Cash & Cash Equivalents	9,936,617	20,560,962

Board of Directors Report continued

SOURCE OF INCOME

Total Income for 2020 was $12,480,944 when compared to 2019 the Total Income decreased by 23.5%. The main contributor to the increase in income for 2019 was capital gains from the sale of two investments. Interest from Loans was seventy-three point two percent (73.2%) of the Total Income. Income from investment was nineteen point two percent (19.2%) and income other sources were five point nine percent (5.9%).

Source of Income

Source of Income	2020	2019
Interest from Loans	9,646,883	9,134,963
Interest from Investment	5,668,351	2,392,441
Other Income	1,001,461	953,540

MEMBERSHIP

The Board of Directors welcomed one hundred and eight (108) new members to the Credit Union in 2020. As of 31st December, 2020 the total membership on our data base comprising employees, ex employees and family members was five thousand, six hundred and sixty four (5,664). However, the total number of active members was four thousand, seven hundred and two (4,702).

Board of Directors Report continued

CONDOLENCES

The Board of Directors extends heartfelt condolences to the families of the members who passed on during 2020 The following is a list of the deceased members:

Raymond Grant Percy Austarlie Steve Abdool

Michael Cross Ian Roach Roland Shade

Conrad Williams Deborah Julien Dale Bernard

Aldwyn Victor Thukaur Bhagwatsarran

LOOKING AHEAD

A major question for the recovery of the economy could be, how soon will the society return to their previous spending patterns, or will they hold on to their dwindling savings in the face of continuing uncertainty. The International Monetary Fund forecast the global economy could bounce back, however, they warned that the return to pre-pandemic levels will be “long, uneven, and uncertain”. Lingering consumer and business caution, diminishing fiscal support, and the strains of rising public

and private debt can be hindrances to recovery. It is expected that a subdued growth rate may be accelerated to a brisk pace in the second half of 2021.

As the recovery becomes more entrenched, our strategic aim is to refocus, continue to optimize our service capability and implement resilient growth-enhancing reforms, to make AMGECU the number one choice of our members for their financial needs and to put our results on an upward trajectory again.

PROPOSED DIVIDEND

The Board of Directors has recommended a four point five percent (4.5%) dividend on fully paid-up Shares as at 31st December, 2020.

ACKNOWLEDGEMENT

The Board of directors wishes to thank the Owners, Management and Staff of the ANSA Mc AL Group of Companies, for the continued tremendous support to our Credit Union. We also want to specially thank our dedicated Membership, our General Manager and Staff for doing their part to establish the base from which we “navigate through the new normal”. We also thank all Committee Members for volunteering their service to AMGECU and all other stakeholders who continue to support us.

--------------------------------

Russell Gulston

President

Credit Committee Report

CREDIT COMMITTEE ATTENDANCE REGISTER

Period: 4th February, 2020 - 23rd February, 2021

The Committee held Fifty Three (53) meetings during this period.

Twenty Nine (29) in house and Twenty Four (24) via email/online.

Period: 4th February, 2020 - 11th August, 2020 [2019-2020 Term]

NAMES	POSITION	PLACE OF WORK	PRESENT	EXCUSED	EMAIL
Justin Ayoung	Chairman	Retiree	14	0	15
Donna Persad	Secretary	Retiree	12	2	15
Kevin Jeremiah	Member	Ex-employee	13	1	15
Cheryl Lutchman	Member	Ex-employee	14	0	15
Soria Subran	Member	Retiree	12	2	15

Period: 18th August, 2020 - 23rd February, 2021 [2020-2021 Term]

NAMES	POSITION	PLACE OF WORK	PRESENT	EXCUSED	EMAIL
Justin Ayoung	Chairman	Retiree	14	1	9
Donna Persad	Secretary	Retiree	15	0	9
Kevin Jeremiah	Member	Ex-employee	15	0	9
Marissa Blackman	Member	Ex-employee	14	1	9
Michelle Hayde-Gopee	Member	Ex-employee	14	1	9

AGM was held on 15th August, 2020. Based on COVID-19 situation the normal terms were affected.

PERFORMANCE IN 2020

2020 was a year with challenges that took the financial sector off guard that no one planned or projected for AMGECU along with the rest of T&T and the globe continue to face the impact of COVID-19. We encourage members to keep in contact with us and open lines of communication. In comparing the past years from the table below the value of loans approved have declined in 2020 by approx. $10 million from 2019.

Table 1

Year	2020	2019
No. of Loan Applications	1194	1366
No. of Loans Approved	1142	1287
Value of Loans Approved	19,425,356.06	29,202,649.77

Credit Committee Report continued

LOANS GRANTED BY PURPOSE, VALUE AND NUMBER - 2020 & 2019

Table 2

PURPOSE OF LOAN GRANTED	$ VALUE 2020	$ VALUE 2019	NO. 2020	NO. 2019	% 2020	% 2019
Miscellaneous/Religious/Ceremonial	$ 1,895,302.13	$ 2,574,095.05	190	233	10	9
Education/Investments	$ 832,850.00	$ 1,980,312.00	50	100	4	7
Home Improvement/Repairs	$ 4,798,741.29	$ 6,206,408.76	195	270	25	21
Vehicle Repairs	$ 390,600.00	$ 717,260.00	41	63	2	3
Waivers	$ 1,224,436.30	$ 559,580.56	542	325	6	2
Travel & Vacation	$ 60,200.00	$ 1,108,900.00	6	81	0	4
Medical	$ 199,800.00	$ 700,920.00	13	51	1	2
Consolidation of Debts	$ 1,560,787.07	$ 1,489,024.80	47	70	8	5
Mortgages	$ 4,680,908.06	$ 6,508,000.00	10	11	24	22
Vehicle Purchases	$ 3,657,726.18	$ 7,023,348.60	36	56	19	24
Christmas/Special Loans/Soft Loans	$ 124,005.00	$ 334,800.00	12	27	1	1
Insurance Premium Loan	$ -	$ -	0	0	0	0
TOTAL	$ 19,425,356.06	$ 29,202,649.77	1142	1287	100	100

When comparing the percentages of ‘Loans Granted by Purpose’ from the table above (Table 2), the major shift in the categories of member borrowings moved from Vehicle purchases to Home Improvement/Repairs and Waivers of Loan payment due to COVID-19 as seen in the diagram below (Diagram 2).

Diagram 2

Credit Committee Report continued

CONCLUSION

As the financial economy embrace the pandemic of COVID-19 and look for new ways of reaching out to our Members we also look for alternatives to increase business. We are all challenged with reduced income, loss of employment, and inflated cost of living.The Committee has also observed decreases in Members’ loan requests due to the uncertainty of the future.

Despite the catastrophic effect of the pandemic we continue to work together to ensure that our Credit Union looks after our Members needs. We encourage Members to keep the dialogue and use the online Apps – Facebook, Instagram, Whatsapp, Email etc. to avoid being in contact with the public. We must follow all protocols and guidelines and with God’s help we can work together to get through these tough times we are in. Stay Safe!

We extend our appreciation to the Members, Board of Directors, Other Committees and Staff for their ongoing support and commitment to our Credit Union as we look towards fruitful days ahead.

____________________

Justin Ayoung

Chair

Supervisory Committee Report

RESPONSIBILITIES

The primary purpose of the Supervisory Committee of AMGECU is to safeguard the interest of the general membership. The Supervisory Committee is required to monitor the activities of AMGECU towards ensuring that they are carried out consistent with the Bye-Laws, policies and procedures and the Co-operative Societies Act.

At the 64th Annual General Meeting, held on 15th August, 2020, the members elected to the Supervisory Committee were

• Mr. Fitzroy Dove

• Mrs. Joy Thompson

• Mrs. Arkiebah Peters-Alexander

The first meeting of the Committee was held on 28th August, 2020 and in accordance with the Bye Laws, Mr. Fitzroy Dove and Mrs. Joy Thompson were elected Chairman and Secretary respectively.

A total of three physical meetings were held during the shorten term and all three members were present. With the onset of COVID-19 restrictions, meetings were attempted virtually and it had been a challenge for some members to connect virtually at the onset due to connectivity and communications challenges. The Committee instead communicated via whatsapp group and email.

During its tenure, the Supervisory Committee undertook the following activities

1. Elected its Chairman and Secretary

2. Prepared its Audit Plan

3. Examined the reports of the previous Supervisory Committee

4. Monitored Loan Delinquency and Debt Recovery Strategies

5. Attestation of the monthly Financial Statements and related reports

6. Review of Branch Operations

SUMMARY OF RESULTS

The Supervisory Committee executed its mandate in accordance with the Co-operative Act and the Bye-Laws and as such conducted the following audits:-

Supervisory Committee Report continued

BANK RECONCILIATION

• The Committee regularly reviewed the bank reconciliation of all of the credit unions bank accounts over the period. We ensured that all account reconciliation was in line with proper accounting practices as recommended by the International Financial Reporting Standards (IFRS).

We are pleased to report that no discrepancies were found in the preparation of these documents and the Credit Union has been doing a great job in reporting such

FINANCIAL STATEMENTS

The monthly Financial Statements were examined to ensure that:

1. All expenditure was supported by adequate and relevant documentation

2. All Expenditure incurred was for the benefit of the operations of the Credit Union

From our examination expenditure incurred was for the benefit of the operations of the Credit Union and was properly supported by relevant documents.

TRAINING

Members’ expectations for the Committee to be more vigilant have been satisfied by the Credit Unions through training of the Supervisory Committee in Anti-Money Laundering/Combating the Financing of Terrorism

MEMBERS DELINQUENCY

AMGECU has different lending products available to its members. As such it is only to be expected that some members may become delinquent in payments towards these loans. From reviewing a delinquency report of the organisation, we can see that there are many ways a member can become delinquent, be it loss of jobs, decrease in income or the death of a member. Management continues to focus on delinquency as a priority due to the economic decline in the country. The Credit Union has continued to do its part in reaching out to delinquent members in an effort to reduce the number of delinquencies.

COMMENDATIONS

The outbreak of the COVID-19 virus has changed the perspective on how business is managed. As such it was noted that the AMGECU swiftly dealt with this issue and was able to introduce new ways in which to improve their system, promote best safety practices and minimize the risk of exposure to the virus in turn ensuring the safety of their members.

Supervisory Committee Report continued

The increased use of the Automated Clearing House (ACH) has been a great improvement for the Credit Union. No longer are members required to come to the office to collect their physical dividend cheques to then visit a bank and cash or deposit the cheque. All funds are now directly deposited to the member’s account. This was done flawlessly and within the given time indicated at the AGM. The committee notes that the process is well managed as internal controls are strictly followed for this process.

The performance of the Supervisory Committee amidst the COVID-19 semi-lockdown was challenging but eventually the achievement of its mandate could have only been borne out of hard work and collaborative efforts of the dedicated management and staff, which had been resilient even in the face of difficult time.

CONCLUSION

The Supervisory Committee appreciates the opportunity to have served you the Membership of AMGECU and look forward to a secure and successful 2021.

___________________

Fitzroy Dove

Chair

Nominations Committee Report

The purpose of the Nominations Committee is to ensure that an adequate number of suitably qualified ‘fit and proper’ candidates, as required by law are available to fill vacancies on:

(a) Board of Directors (b) Credit Committee (c) Supervisory Committee

Notices which were published in the daily newspapers and circulated at the offices of the ANSA McAL Group of Companies yielded a good response.

I am happy to report for the second time in many years we have attracted full slates for all of the positions: Board of Directors: Credit Committee: Supervisory Committee 1.Judy Raghoonanan-Williams 1. Jason Marcano 1. Tenika Cordner

2. Arkiebah Peters- Alexander 2. Donna Persad 2. Joseph Budha

3. Nevellean Dundas 3. Michelle Gopee 3. Colleen Caseman

4. Tishana Daniel 4. Marissa Blackman

5. Garth Bowen 5. Kevin Jeremiah

6. Steve Woodley 6. Eartha Self-Pierre

7. Patrice Samuel-Antoine 7. Gabriella Norton

8. Claudine Allert

9. Anderson Abraham

Our Bye-Laws mandate us to seek nominations from the floor at the AGM for Alternates to the Board of Directors, Credit Committee and Supervisory Committees.

Attempts were made to have the Nominees attend briefing sessions to sensitize them on the extreme importance of serving the members of the Credit Union, but the Coronavirus Pandemic (COVID-19) has curtailed any of these briefings.

As we move to celebrate our 65th year of successful existence we stress upon the obligation for members as the owners and shareholders of AMGECU to offer to serve on Elected Committees. We exist within our Bye Laws and we cannot stress too often of our need to have suitably qualified persons to offer their time and talents.

From the resumes submitted We are pleased that We are in a very good position to strengthen the Financial, Social and Operational platforms at AMGECU

The candidates would be introduced via power point presentation, and any further information required can be directed to them.

The Election process would be conducted by the Co-operative Credit Union League Officials. Other Members of the Nominations Committee are Cheryl Lutchman, (Recording Secretary) Jennifer Felix Norton and Arnim Phillips.

We wish to thank everyone for the opportunity to be of service.

Anthony Alleng

Chair

Nominations

Contesting BOARD OF DIRECTORS 2021

Name: ARKIEBAH PETERS-ALEXANDER

Company: QUICK SERVICE HOLDINGS LTD

Occupation: Accounts Manager

Status: Member joined in October 2006

Summary: ACCA , Supervisory Management Certificate.

Previously served on Education and Supervisory Committees.

Name: JUDY RAGHOONANAN-WILLIAMS

Company: RETIRED -CDC

Occupation: Retiree

Status: Member joined in August 1999

Summary: ABE Advanced Diploma, Diploma in Theology,

Served on the Board for nine years. Also served on Marketing,

Delinquency and as Chair of the ByeLaws and Education Committees.

Name: NEVELLEAN DUNDAS

Company: ABEL BUILDING SOLUTIONS LTD

Occupation: Personnel Administration

Status: Member joined in September 2013

Summary: LLM-Corporate & Commercial Law Masters, LLB Law Degree, HR Professional Certificate, Industrial Relations Training.

Served previously as a Liaison Officer.

Name: GARTH BOWEN

Company: GUARDIAN GROUP

Occupation: Team Leader

Status: Member joined in September 2002

Summary: CXC, A Levels,Associate of Science Degree- (Marketing),

Bachelor’s Degree – Management, MBA Specialisation in Strategic Planning.

Name: STEVE WOODLEY

Company: SDS BUSINESS SOLUTIONS LTD

Occupation: Manager

Status: Member joined in December 2005

Summary: Associate Degree, Airframe and Powerplant Technology,

Bachelor of Science Degree, Information Technology, MBA.

Served on the Board 2016-2019.

Also served on IT, Marketing, Education and Building Committees.

Name: CLAUDINE ALLERT

Company: TATIL LIFE

Occupation: Chartered Accountant

Status: Member joined in October 1984

Summary: Certificate in General Management, Bs in Behavioral Science,

Emphasis in Psychology & AS General Business, Certificate in Project Management,

Masters of Business Administration.

Name: TISHANA DANIEL

Company: LEGAL AID & ADVISORY AUTHORITY

Occupation: Human Resource Assistant

Status: Member joined in May 2002

Summary: CXC, BSc Industrial Relations, Masters in Global Studies.

Name: PATRICE SAMUEL-ANTOINE

Company: WEST INDIAN DISTRIBUTORS CO LIMITED

Occupation: Marketing Rep/Colour Consultant

Status: Member joined in August 2002

Summary: Intro Human Resource Management,Intro Industrial Relations,

BBA in Marketing with Minor Global Studies.

Served on the Board of Directors and Marketing Committee.

Name: ANDERSON ABRAHAM

Company: GUARDIAN MEDIA LTD

Occupation: Credit Manager

Status: Member joined in 2019

Summary: ACCA Level 1 Completed,

Served as a Supervisory and Credit Committee member

in another Credit Union.

Contesting CREDIT COMMITTEE 2021

Name: JASON MARCANO

Company: TATIL

Occupation: Policy Accounting Processor

Status: Member joined in February 2008

Summary: BSc, Info Tech, LOMA Certificate, ABE Diploma Business Management Systems.

Name: DONNA PERSAD

Company: RETIRED -ABS

Occupation: Retiree

Status: Member joined in December 1988

Summary: CXC, AAT Level3, ACCA Level 1, Law Level 2, Training in Time Management, Microsoft Word and Excel.

Served as a Member of the Credit Committee.

Name: MICHELLE GOPEE

Company: GUARDIAN MEDIA LIMITED

Occupation: Senior Accounts Clerk

Status: Member joined in June 2006

Summary: CXC, Peachtree, ACCA.

Served as a Member of the Credit Committee.

Name: MARISSA BLACKMAN

Company: WASA

Occupation: Management Asst II

Status: Member joined in December 1991

Summary: CXC, CAPE, BSc Mathematics.

Served as a Memberof the Credit Committee.

Name: EARTHA SELF-PIERRE

Company: ANSA McAL LIMITED

Occupation: Executive Assistant

Status: Member joined in May 2012

Summary: Business & Technology Certificate, Business Administration,

BA-International Business Administration, Diploma In Law,

Project Management Certificate, Marketing, Advertising &

Public Relations-LCCI, Data Analysis Management Reporting.

Name: GABRIELLA NORTON

Company: POLANC SERVICES LIMITED

Occupation: Legal Secretary

Status: Member joined in September 2005

Summary: CXC, CAPE, Currently pursuing Diploma in Accounting and Management. Served on Supervisory and Education Committees.

Name: KEVIN JEREMIAH

Company: TTMF

Occupation: Customer Service Representative

Status: Member joined in 2012

Summary: CXC, CAPE, ABE Levels 5 & 6 Advanced Diploma, BSc Computer Science (Information Technology), Certificate in Business Management, Computer Literacy.

Served on Credit Committee.

Contesting for Supervisory Committee 2021

Name: TENIKA CORDNER

Company: MINISTRY OF NATIONAL SECURITY

Occupation: Police Officer

Status: Member joined in September 2004

Summary: CXC, Certificate in Human Resource Management,

Certificate in Accounting Essentials, Certified Accounting Technician,

Certificate in Office Administration, Certificate in Events Management

for Business Professionals, Diploma in Security Administration and Management.

Name: JOSEPH BUDHA

Company: ALSTONS MARKETING COMPANY LIMITED

Occupation: Logistics And Purchasing Officer

Status: Member joined in March 1993

Summary: CXC, CAPE, MCIPS In Purchasing and Supply.

Name: COLLEEN CASEMAN

Company: ANSA COATINGS LIMITED

Occupation: Receptionist/Telephone Operator

Status: Member joined in September 2006

Summary: CXC, Secretarial School.

Served as a Member of the Sports and Family Committee.

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED Statement of Financial PositionSTATEMENT OF FINANCIAL POSITION

ASSETS

31 December

Notes 2020

($)

2019

($)

(Restated)

Current Assets:

Cash in hand and at bank

Other financial assets

Accounts receivable and prepayments

Amounts due from member companies

Total Current Assets

Non-Current Assets:

Loans to members

Other financial assets

Employee benefit assets

Investment properties

Fixed assets

Total Non-Current Assets

9,936,617 30,734,175

4,873,738

1,828,620 47,373,150

100,259,725

39,083,369

6,627,000

13,359,128

5,446,840

164,776,062

20,560,962 23,443,260

4,351,732

977,315 49,333,269

107,874,320

29,451,321

6,219,000

13,377,246

5,769,660

162,691,547

Total Assets 212,149,212 212,024,816

LIABILITIES AND MEMBERS’ EQUITY

Current Liabilities:

Accounts payable and accrued charges

Christmas Savings Plan

Education Savings Plan

Total Current Liabilities

Non-Current Liabilities:

Members’ savings and pooled funds

Employee benefit obligation

Members’ shares

Total Non-Current Liabilities

Total Liabilities

Members’ Equity:

Reserve Fund

Building Fund

Education Fund

Charitable Fund

Investment Re-measurement Reserve

Undivided surplus

Total Members’ Equity

1,148,302 208,278

228,572 1,585,152

12,939,557

158,000

168,088,295 181,185,852 182,771,004

15,783,377

7,536

410,000

50,000

4,588,695

8,538,600

29,378,208

1,351,925 175,061

232,395 1,759,381

11,693,335

110,000

168,299,907 180,103,242 181,862,623

15,098,268

7,536

410,000

50,000

5,052,536

9,543,853

30,162,193

Total Liabilities and Members’ Equity 212,149,212 212,024,816

These summary financial statements were approved by the Board of Directors and authorised for issue on 6 August 2021 and signed on their behalf by:

______________________ ______________________ ______________________ President Secretary/Manager Supervisory Committee

These summary financial statements were approved by the Board of Directors and authorised for issue on 6 August 2021.

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Statement of Comprehensive Income

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

STATEMENT OF COMPREHENSIVE INCOME

31 December

Notes 2020

2019

($)

(Restated)

Income:

Interest on loans to members

Investment income

Lease interest income

Miscellaneous income

Total Income

Expenses:

Administrative expenses

Board and committee expenses

Depreciation

Fund expenses

Interest on members’ savings and pooled funds

Investment property expenses

Personnel costs

Total Expenses

Net surplus

Honorarium

Net surplus for the year

Other Comprehensive Income:

Items that may be reclassified subsequently to

profit or loss:

Net unrealised (loss)/gain on investments

Items that will not be reclassified subsequently to

profit or loss:

Net actuarial gain/(loss) on employee benefit asset and obligation

Total Other Comprehensive (Loss)/Income for the year Total Comprehensive Income

9,134,963 2,392,441 276,684 676,856

12,480,944

2,500,777 100,718 710,054 99,131 27,444 123,865 1,944,114

5,506,103

6,974,841 (192,000) 6,782,841

(463,841)

_ 75,000 (388,841) 6,394,000

9,646,883 5,668,351 289,844 711,617

16,316,695

3,020,356 167,127 737,798 206,971 32,777 121,264 1,961,556

6,247,849

10,068,846 (192,000) 9,876,846

571,891

(137,000) 434,891 10,311,737

These summary financial statements were approved by the Board of Directors and authorised for issue on 6 August 2021.

_(7,177,985)

_30,162,193

_36,556,193

_29,378,208

_6,394,000

_Total

_($)

₇.

_{AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITE}D

_ITED _{GECU CREDIT
UNION CO-OPERATIVE SOCIETY LI}M_AM

_{Statement of Changes in Equit}y

_{STATEMENT OF CHANGES IN
EQUITY}

_{FOR THE YEAR ENDED 31
DECEMBER 202}0

_{FOR THE YEAR ENDED 31st DECEMBER, 202}0

₂₀₂0

_Investment

_Re

_Undivided _measurement

_Charitable _Education _Building _Reserve

_Surplus _Reserve _Fund _Fund _Fund _Fund

_($) _($) _($) _($) _($) _($)

_9,543,853 _5,052,536 _50,000 _410,000 _7,536

_15,098,268 _{Balance as at 1 January 202}0

_6,857,841 _(463,841) -

_{Total
comprehensive income}

_(777,415) -

_54,508 _44,623 -

_678,284 _{Transfer from net surplu}s

_15,624,279 _4,588,695 _104,508 _454,623 _7,536

_15,776,552

_(6,825) -

_6,825 _{Entrance fee}s

_99,131 -

_(54,508) _(44,623) -

_Fund
expenses

_(7,177,985) -

_{Dividends
paid – 201}9

_8,538,600 _4,588,695 _50,000 _410,000 _7,536

_15,783,377 _{Balance as at 31 December
202}0

_{These summary
financial statements were approved by the Board of Directors and authorised for
issue on 6 August 2021}.

_{These summary financial
statements were approved by the Board of Directors and authorised for issue on
6 August 2021}.

₈.

_{AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITE}D

_ITED

_{GECU CREDIT
UNION CO-OPERATIVE SOCIETY LI}M

_AM

_{Statement of Changes in Equity} ⁽_continued) _{STATEMENT OF CHANGES IN
EQUITY (Cont’d})

_{FOR THE YEAR ENDED 31st DECEMBER, 202}0

_{FOR THE YEAR ENDED 31
DECEMBER 202}0

_{2019 - Restate}d

_Investment

_Re

_Undivided _measurement

_Charitable _Education _Building _Reserve

_Total _Surplus _Reserve _Fund _Fund _Fund _Fund

_($) _($) _($) _($) _($) _($) _($)

_26,620,878 _7,685,030 _4,480,645 _50,000 _200,000 _100,000 _14,105,203 _{Balance as at 1 January 2019}

_10,311,737 _9,739,846 _571,891 -

_{Total
comprehensive income}

_(1,286,894) -

_25,275 _273,934 -

_987,685 _{Transfer from net surplu}s

_36,932,615 _16,137,982 _5,052,536 _75,275 _473,934 _100,000 _15,092,888

_(5,380) -

_5,380 _{Entrance fee}s

_181,673 -

_(25,275) _(63,934) _(92,464) -

_Fund
expenses

_(6,770,422) _(6,770,422) -

_{Dividends
paid – 201}8

_30,162,193 _9,543,853 _5,052,536 _50,000 _410,000 _7,536 _15,098,268 _{Balance as at 31 December
201}9

_{These summary
financial statements were approved by the Board of Directors and authorised for
issue on 6 August 2021}.

_{These summary financial
statements were approved by the Board of Directors and authorised for issue on
6 August 2021}.

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED Statement of Cash Flows

STATEMENT OF CASH FLOWS

31 December

2020

($)

2019

($)

(Restated)

Cash Flows from Operating Activities:

Net surplus for the year

Employee Benefit/Obligation - IAS #19 Adjustment Depreciation

Loss on disposal of fixed assets

Gain on disposal of investments

Provision for loan losses expense

Adjusted net surplus for the year

Net change in amounts due from member companies Net change in accounts receivable and prepayments Net change in accounts payable and accrued charges Net change in Christmas savings plan

Net change in Education savings plan

Cash generated from Operating Activities

Cash Flows from Investing Activities:

Net movement in members’ loans

Net change in fixed assets and investment properties Additions to investments

Sale of investments

Cash (used in)/generated from Investing Activities Net cash flow before financing activities

Cash Flows from Financing Activities:

Net change in members’ savings and pooled funds Net change in members’ shares

Dividends paid

Cash used in Financing Activities

Net change in cash and cash equivalents

Cash and cash equivalents at beginning of year

6,782,841) (285,000) 710,054 - -

1,078,776 8,286,671

(851,305) (522,006) (203,623) 33,217

(3,823)

6,739,131

6,535,819 (369,116) (17,705,828) 319,024

(11,220,101)

(4,480,970)

1,246,222 (211,612) (7,177,985)

(6,143,375)

(10,624,345) 20,560,962

9,876,846 (247,000) 737,798 1,629

(3,988,552) 1,091,792

7,472,513

(230,765) 308,244 (69,962)

7,020 (11,428)

7,475,622

(2,570,680) (3,427,008) (7,185,158)

15,207,597

2,024,751

9,500,373

1,119,751 2,060,890 (6,770,422)

(3,589,781)

5,910,592 14,650,370

Cash and cash equivalents at end of year 9,936,617 20,560,962 Represented by:

Cash in hand and at bank

9,936,617 20,560,962

These summary financial statements were approved by the Board of Directors and authorised for issue on 6 August 2021. ^{These summary
financial statements were approved by the Board of Directors and authorised for
issue on 6 August 2021.}

10.

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Notes to the Summary Financial Statements NOTES TO THE SUMMARY FINANCIAL STATEMENTS

31st DECEMBER, 2020

31 DECEMBER 2020

1. Incorporation and Principal Activities:

The Society was incorporated under the Co-operative Societies Act of the Republic of Trinidad and Tobago Ch 81:03 on 28^thMarch 1956. The registered office of the Credit Union is located at 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. Significant Accounting Policies:

(a) Basis of financial statements preparation

These 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 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.

(b) Use of estimates

The preparation of financial statements in conformity with International Financial Reporting Standards requires the use of certain critical accounting estimates and 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 amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of the income and expenditure during the reporting period. Although these estimates are based on management’s best knowledge of current events and actions, actual results may ultimately differ from those estimates.

11.

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Notes to the Summary Financial Statements (continued) NOTES TO THE SUMMARY FINANCIAL STATEMENTS

31st DECEMBER, 2020

31 DECEMBER 2020

2. Significant Accounting Policies (Cont’d):

(c) Restatement

The Society over-accrued interest on bond investments and loans to members of $91,389 and $152,279, respectively, in 2019 and prior years. This resulted in the overstatement of accounts receivable and income balances totalling $243,668 as at 31 December 2019.

In accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, a decision was made to restate the financial statements for the year ended 31 December 2019 and the following are the restated balances:

Previously Reported Balance

Restated Balance

Accounts Receivable and Prepayments $ 4,595,400 $ 4,351,732 Interest on Loans to Members $ 9,799,162 $ 9,646,883 Investment Income $ 5,759,740 $ 5,668,351 Net Surplus for the Year $ 10,120,514 $ 9,876,846

3. Cash in Hand and at Bank:

31 December

Cash in hand

Cash and cheques in transit

Trinidad and Tobago Unit Trust Corporation: - TT$ Income Fund

- US$ Money Market Fund

RBC Royal Bank (Trinidad and Tobago) Limited - Dividend Account

- Multilplier Account

First Citizens Bank Limited

- TT$ Current Account

- US$ Current Account

2020

($)

18,500

538,665

4,216,622

164,281

489,427

1,065,878

3,277,078

166,166 9,936,617

2019

($)

18,000 -

2,179,951 9,379,844

49,241 477,386

7,570,012 886,528

20,560,962

12.

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Notes to the Summary Financial Statements (continued)

NOTES TO THE SUMMARY FINANCIAL STATEMENTS

31st DECEMBER, 2020

31 DECEMBER 2020

4. Other Financial Assets:

31 December

2020

2019

($)

Available-for-sale

Trinidad and Tobago Unit Trust Corporation

- Income and Growth Fund

RBC Royal Bank (Trinidad and Tobago) Limited - ROYTRIN Mutual Funds

Mutual Fund held with Republic Securities – MSCI Ansa Merchant Bank Limited - Income Fund Firstline Securities Limited

Home Mortgage Bank – Mortgage Participation Fund Guardian Asset Management Limited

ANSA Merchant Bank Limited

- TTMF TT$265M Fixed Rate Bond due 2 April 2021

KCL Captial Market Brokers Limited

- Participation Investment

Aspire Fund Management

- AVM USD Commercial Paper

40,640

4,289,703

534,710

7,113,111

4,264,225

6,908,961

2,492,805 2,000,000

1,050,230

2,039,790

40,594

3,646,941

518,236

7,026,599

4,130,000

5,813,916

2,266,974 -

30,734,175 23,443,260

13.

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Notes to the Summary Financial Statements (continued) NOTES TO THE SUMMARY FINANCIAL STATEMENTS

31st DECEMBER, 2020

31 DECEMBER 2020

5. Accounts Receivable and Prepayments:

31 December

Interest receivable on fixed deposits Interest on loans

Lease receivable (see note below) Prepayments

Family Indemnity Plan claims Bond interest receivable

Trade receivable income

Staff advances

Other receivables

Rent receivable

2020

($)

34,931 172,848 3,919,498 56,437 105,000 385,408 99,344 - 74,660 25,612

2019

($)

(Restated)

33,415 258,042 3,710,314 138,042 14,842 196,753 - 3,958 2,589 (6,223)

4,873,738 4,351,732

The Credit Union entered into a finance lease arrangement with the School of Business and Computer Science Limited (SBCS) for the 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 is required to make monthly payments of $37,366 (inclusive of interest) for fifteen (15) years from 1 July 2017. At the end of the lease, the property would be sold to SBCS at an agreed price of $4,600,000 with the premium, together with all lease rents less the interest component, being used towards the payment of the purchase price.

The Lease receivable balance represents the total value of lease rents due net of payments received to date from SBCS.

14.

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Notes to the Summary Financial Statements (continued)

NOTES TO THE SUMMARY FINANCIAL STATEMENTS

31st DECEMBER, 2020

31 DECEMBER 2020

6. Amounts due from Members’ Companies:

31 December

Alstons Marketing Company Limited Alstons Shipping Limited

Alstons Building Enterprises Limited Ansa Finance and Merchant Bank Limited Ansa Polymer

Burmac Limited

Classic/Diamond Mc Enearney Motors Limited Penta Paints Caribbean Limited

Ansa Mc Al Limited

Maibrol

Brick Fource Limited/Bestcrete

Standard Distributors Limited

Caribbean Development Company Limited Tatil Life - Agents

Trinidad Match Factory Limited

OTC payroll group

Carib Glassworks Limited

Other

Tatil Life Assurance

Ansa McAL Chemicals Limited

M.B.M Crown and Equipment

Ansa Technologies

2020

($)

141,879 42,998 111,453 5,661 56,078 9,193 87,864 139,153 60,511 - 80,764 76,597 542,693 19,297 5,014 97,083 173,072 - 70,308 84,774 17,458 6,770

2019

($)

- 42,952 118,244 12,349 69,097 8,793 84,714 124,962 60,089 19,662 78,226 102,698 (5,368)

52,128 4,803 77,650 153,316 (27,000)

- - - -

1,828,620 977,315

15.

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Notes to the Summary Financial Statements (continued) NOTES TO THE SUMAMRY FINANCIAL STATEMENTS

31st DECEMBER, 2020

31 DECEMBER 2020

7. 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.

31 December

Loans to members

Less: Provision for loan losses

2020

($)

106,122,231 (5,862,506)

2019

($)

112,658,050 (4,783,730)

100,259,725 107,874,320

Provision for loan losses

Balance at beginning of year Charge for the year

Amounts recovered

4,783,730 1,078,776 -

3,694,438 1,091,792 (2,500)

Balance at end of year 5,862,506 4,783,730

16.

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Notes to the Summary Financial Statements (continued)

NOTES TO THE SUMMARY FINANCIAL STATEMENTS

31st DECEMBER, 2020

31 DECEMBER 2020

8. Other Financial Assets:

31 December

2020

2019

($)

Available-for-sale – Bonds

Government of the Republic of Trinidad and Tobago

Government of Belize

Petroleum Company of Trinidad and Tobago Limited

National Investment Fund Holding Company Limited

National Insurance Property Development Company Limited National Infrastructure Development Company Limited

First Citizens Bank Limited

Trinidad and Tobago Mortgage Finance Company Limited Urban Development Corporation of Trinidad and Tobago Limited Home Mortgage Bank

Guardian Holdings Limited

Less: Provision for diminution of investment

Available-for-sale - Equity

Angostura Holdings Limited – 11,000 shares (2019: 1,000) Ansa Mc Al Limited – 19,000 shares (2019: 19,000)

Ansa Merchant Bank Limited – 11,500 shares (2019: 11,500) CLICO Investment Fund – 32,900 shares (2019: 32,900) East Caribbean Financial Holdings Ltd. – 25,000 shares (2019: 25,000) First Caribbean International Bank Ltd. – 7,600 shares (2019: 7,600) First Citizens Bank Limited – 103,301 shares (2019: 103,301) Grace Kennedy and Company Limited – 75,000 shares (2019: 75,000) Guardian Media Limited – 3,000 shares (2019: 3,000)

Jamaica Money Market Brokers Limited – 10,000 shares (2019: 10,000) Massy Holdings Limited – 18,900 shares (2019: 18,900)

National Enterprises Limited – 25,000 shares (2019: 25,000) One Caribbean Media Limited – 10,000 shares (2019: 10,000) Point Lisas Industrial Development Co. Ltd. – 22,191 shares (2019: 22,191) Prestige Holdings Limited – 39,817 shares (2019: 39,817) Republic Bank Limited – 4,800 shares (2019: 4,800)

Royal Bank of Canada – 1,659 shares (2019: 1,659)

Sagicor Financial Corporation – 7,000 shares (2019: 7,000) Scotiabank Trinidad and Tobago Limited – 19,000 shares (2019: 19,000) Trinidad Cement Limited – 28,200 shares (2019: 28,200) Trinidad and Tobago NGL Limited – 61,713 shares (2019: 61,713) Unilever Caribbean Limited – 9,901 shares (2019: 9,901) West Indian Tobacco Company Limited – 15,591 shares (2019: 5,197)

4,757,720 233,870 756,007 897,000 1,220,773 1,009,472 4,899,064 1,498,264 4,000,000 4,440,000 1,765,564

25,477,734 (233,870)

25,243,864

180,400 1,016,500 459,655 830,725

294,634 53,504 4,445,042 288,750 10,260 19,200 1,152,711 78,250 48,400 69,902 302,609 647,952 926,317 76,300 1,102,000 70,500 1,049,121 164,852 551,921

13,839,505 39,083,369

1,158,563 233,870 756,007 897,000 1,220,773 1,009,472 499,808 1,507,174 4,002,397 3,720,000 -

15,005,064 (233,870)

14,771,194

16,200 1,048,800 412,390 937,650 279,000

60,040 4,596,895 296,250 22,500

25,700

1,152,900 144,000 85,000 79,888 358,353 629,856 891,015 76,300 1,159,000 56,400 1,478,644 227,723 645,623

14,680,127 29,451,321

_(110,698)

_(110,678)

_15,872,666

_13,377,246

_207,522

_15,969,490

_2,495,420

_225,620

_2,610,362

_13,359,128

₁₇.

_Total

_($)

_ITED _{GECU CREDIT
UNION CO-OPERATIVE SOCIETY LI}M

_{AMGECU CREDIT UNION
CO-OPERATIVE SOCIETY LIMITE}D

_{Notes to the Summary Financial Statement}s ⁽_continued)

_{NOTES TO THE SUMMARY
FINANCIAL STATEMENT}S

_St. _Dundonald

_Augustine

_($)

_3,248,828 _4,485,649

- -

_3,248,828 _4,485,649

_236,479

_24,579

- -

_261,058

_3,248,828 _4,224,591

_3,248,828 _4,249,170

_AM

_{31st DECEMBER, 202}0

_{31 DECEMBER 202}0

_{Investment Properties}:

_Cost

₉.

_{Borde Street} _{Borde Street}

_Street _Offices _Apartments

_($) _($) _($)

_3,620,464 _4,517,725 _{Balance as at 1 January 202}0

_83,892 _123,630

_Additions

_(110,698) _{Assets written-of}f

_3,704,356

_4,530,657 _{Balance as at 31 December
202}0

_{Accumulated Depreciatio}n

_924,168 _1,334,773 _{Balance as at 1 January 202}0

_81,192 _119,849

_{Charge for the yea}r

_(110,678) _{Assets written-of}f

_1,005,360

_1,343,944

_{Balance as at 31 December
202}0

_{Net Book Valu}e

_2,698,996

_3,186,713 _{Balance as at 31 December
202}0

_2,696,296

_3,182,952 _{Balance as at 31 December
201}9

₁₈.

_ITED

_{GECU CREDIT
UNION CO-OPERATIVE SOCIETY LI}M

_AM

_{Notes to the Summary Financial Statement}s ⁽_continued)

_{AMGECU CREDIT UNION
CO-OPERATIVE SOCIETY LIMITE}D

_{NOTES TO THE SUMMARY
FINANCIAL STATEMENT}S

_{31st DECEMBER, 202}0

_{31 DECEMBER 202}0

_{Investment Properties
(Cont’d)}:

_Cost

₉.

_St. _Dundonald _{Borde Street} _{Borde Street}

_Total _Augustine _Street

_Offices _Apartments

_($) _($) _($) _($) _($)

_12,500,892 -

_4,467,049 _3,519,095 _4,514,748 _{Balance as at 1 January 201}9

_3,270,405 _3,248,828 _18,600

_2,977 _Additions

_101,369 -

_{Transfer from fixed asset}s

_15,872,666 _3,248,828 _4,485,649 _3,620,464 _4,517,725 _{Balance as at 31 December 201}9

_{Accumulated Depreciatio}n

_2,265,291 -

_210,798 _844,645 _1,209,848 _{Balance as at 1 January 201}9

_230,129 -

_25,681 _79,523 _124,925

_{Charge for the yea}r

_2,495,420

_236,479

_924,168

_1,334,773

_{Balance as at 31 December
201}9

_{Net Book Valu}e

_13,377,246 _3,248,828 _4,249,170 _2,696,296 _3,182,952 _{Balance as at 31 December
201}9

_10,235,601 -

_4,256,251 _2,674,450 _3,304,900 _{Balance as at 31 December
201}8

₁₉.

_ITED _{GECU CREDIT
UNION CO-OPERATIVE SOCIETY LI}M_AM

_{Notes to the Summary Financial Statement}s ⁽_continued)

_{AMGECU CREDIT UNION
CO-OPERATIVE SOCIETY LIMITE}D

_{NOTES TO THE SUMMARY
FINANCIAL STATEMENT}S

_{31 DECEMBER 202}0

_{31st DECEMBER, 202}0

_{Fixed Assets}:

_Furniture

_and _Computer _Office _{Land and}

_Total _Equipment _Equipment _Improvements _Building

_($) _($) _($) _($) _($)

_Cost

_8,620,727 _2,082,311 _934,453 -

_5,603,963 _{Balance as at 1 January 202}0

_161,614 _94,775 _50,814 _16,025

_Additions

_(831,769) _(358,043) _(473,726) -

_{Assets written-of}f

_7,950,572 _1,819,043 _511,541 _16,025

_5,603,963 _{Balance as at 31 December
202}0

_{Accumulated Depreciatio}n

_2,851,067 _1,741,140 _823,150 -

_286,777 _{Balance as at 1 January 202}0

_484,434 _314,041 _82,106 -

_88,287 _{Charge for the yea}r

_(831,769) _(358,043) _(473,726) -

_{Assets written-of}f

_2,503,732

_1,697,138

_431,530

_375,064

_{Balance as at 31 December
202}0

_{Net Book Valu}e

_5,446,840 _121,905 _80,011 _16,025

_5,228,899 _{Balance as at 31 December
202}0

_5,769,660 _341,171 _111,303 -

_5,317,186 _{Balance as at 31 December
201}9

₁₀.

₂₀.

_ITED _{GECU CREDIT
UNION CO-OPERATIVE SOCIETY LI}M_AM

_{Notes to the Summary Financial Statement}s ⁽_continued)

_{AMGECU CREDIT UNION
CO-OPERATIVE SOCIETY LIMITE}D

_{NOTES TO THE SUMMARY
FINANCIAL STATEMENT}S

_{31st DECEMBER, 202}0

_{31 DECEMBER 202}0

_{Fixed Assets (Cont’d)}:

_Furniture

_and _Computer _Office _{Land and}

_Total

_($)

_Equipment

_($)

_Equipment

_($)

_Improvements

_($)

_Building

_($)

_Cost

_8,569,216 _2,038,798 _825,086 _11,382

_5,693,950 _{Balance as at 1 January
2019}

_156,603 _47,236 _109,367 -

_Additions

_(101,369) -

_(101,369) _{Transfer to Investment
Propertie}s

_(11,382) _11,382

_Transfers

_(3,723) _(3,723) -

_Disposals

_8,620,727

_2,082,311

_934,453

_5,603,963

_{Balance as at 31 December
201}9

_{Accumulated Depreciatio}n

_2,345,492 _1,424,371 _722,311 -

_198,810 _{Balance as at 1 January 201}9

_507,669 _318,863 _100,839 -

_87,967 _{Charge for the yea}r

_(2,094) _(2,094) -

_Disposals

_2,851,067

_1,741,140

_823,150

_286,777

_{Balance as at 31 December
201}9

_{Net Book Valu}e

_5,769,660 _341,171 _111,303 -

_5,317,186 _{Balance as at 31 December
201}9

_6,223,724 _614,427 _102,775 _11,382

_5,495,140 _{Balance as at 31 December
201}8

₁₀.

21.

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Notes to the Summary Financial Statements (continued) NOTES TO THE SUMMARY FINANCIAL STATEMENTS

31st DECEMBER, 2020

31 DECEMBER 2020

11. Accounts Payable and Accrued Charges:

31 December

Accounts payable and accrued charges Honoraria provision

CUNA Insurance premium

CUNA Indemnity Insurance Plan

National Insurance Payable

Suspense account

Apartment rental deposit

Members’ Special Deposit interest payable Members’ Education savings interest payable Members’ dividend deposits

Annuity payable

Accrued vacation leave

Net salaries payable

CUNA Family Indemnity Plan

2020

($)

311,408 192,000 39,949 215,643

(638) 210,595 52,290 (128) 119 29,331 4,808 4,802 - 88,123

2019

($)

494,905 202,849 149,059 227,596 - 190,556 51,790

(128) 119 28,441 5,778 - 960 -

1,148,302 1,351,925

12. 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.

13. 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.

14. Members’ Savings and Pooled Funds:

31 December

Members’ pooled fund and accrued interest Members’ savings deposits

Members’ special deposit

2020

($)

434,729 9,445,981 3,058,847

12,939,557

2019

($)

1,317,819 8,301,335 2,074,181

11,693,335

22.

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Notes to the Summary Financial Statements (continued) NOTES TO THE SUMMARY FINANCIAL STATEMENTS

31st DECEMBER, 2020

31 DECEMBER 2020

15. 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.

16. 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 and loans and other losses sustained through extraordinary circumstances over which the Credit Union has no control.

17. Other Funds:

At a Special Meeting of the Board of Directors held on 21 February 2011, a decision was taken to establish the following funds from January 2011:

Building Fund for construction projects - $100,000

Charitable Fund for charitable donations - $ 50,000

Education Fund for educational programs - $100,000

At a Meeting of the Board of Directors held on 30 January 2019, a decision was taken to use the Building Fund for the renovation of the Port of Spain Office. This fund would not be replenished.

At a Meeting of the Board of Directors held on 15 January 2020, a decision was taken to increase the Education Fund from $200,000 to $410,000 as at 31 December 2020.

18. Investment Re-measurement Reserve:

In accordance with IFRS #9, the Board of Directors has created an investment re-measurement reserve which includes unrealised gains/losses on available-for-sale investments.

23.

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Notes to the Summary Financial Statements (continued) NOTES TO THE SUMMARY FINANCIAL STATEMENTS

31st DECEMBER, 2020

31 DECEMBER 2020

19. Investment Income:

31 December

Interest on fixed deposits and savings accounts Gain on disposal of investments

CUNA commissions

Dividends, interest on bonds and other investments

2020

($)

135,742 -

114,843 2,141,856

2019

($)

(Restated)

131,004 3,988,553 96,933 1,451,861

2,392,441 5,668,351

20. Miscellaneous Income:

31 December

Loan processing fees

Rental income – Car park Rental income – Apartments Entrance fees

(Loss)/gain on foreign exchange Other income

2020

($)

115,109 50,400 500,600 6,825 (2,604)

6,526

2019

($)

85,212 54,000 509,000 5,380 48,088 9,937

676,856 711,617

24.

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Notes to the Summary Financial Statements (continued) NOTES TO THE SUMMARY FINANCIAL STATEMENTS

31st DECEMBER, 2020

31 DECEMBER 2020

21. Administrative Expenses:

31 December

2020

2019

($)

Advertising and promotion

Annual general meeting

Bad and doubtful debts

Bank charges

Computer expenses

CUNA premiums

Electricity

Enterprise Risk Management Program Green Fund Levy

Insurance

Investment commission and fees League dues

Legal and professional fees

Loss on disposal of fixed assets Maintenance

Member relation expense

Office expenses

Postage and courier

Printing and stationery

Rates and taxes

Security

Subscriptions

Telephone and internet

33,662 182,269 1,078,776 32,011 64,103 528,445 34,409 - 34,934 78,211 34,220 48,516 (94,730)

- 77,424 10,019 66,471 13,876 38,031 8,532 100,981 34,071 96,546

46,713 196,383 1,091,792 37,201 54,607 717,413 30,149 (27,844)

206,546 73,322 1,483 48,516 137,784 1,629 48,452 21,559 47,375 17,740 43,730 9,243 112,760 4,805 98,998

2,500,777 3,020,356

25.

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Notes to the Summary Financial Statements (continued) NOTES TO THE SUMMARY FINANCIAL STATEMENTS

31st DECEMBER, 2020

31 DECEMBER 2020

22. Board and Committee Expenses:

31 December

2020

2019

($)

Committee stipend allowance Committee meeting expenses Sport Committee expenses

80,155 20,526

99,855 50,285

16,987

100,718 167,127

23. Fund Expenses:

31 December

Charitable Fund expenses Education Fund expenses Building Fund expenses Retirees Fund expenses

2020

($)

54,508 44,623

2019

($)

25,275 63,934

92,464

25,298

99,131 206,971

24. Interest on Members’ Savings and Pooled Funds:

31 December

Interest on members’ savings and pooled funds Special deposit interest

Education savings plan interest

Christmas savings plan interest

2020

($)

10,541 13,274

1,027

2,602

2019

($)

18,772 9,605

1,681

2,719

27,444 32,777

26.

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Notes to the Summary Financial Statements (continued) NOTES TO THE SUMMARY FINANCIAL STATEMENTS

31st DECEMBER, 2020

31 DECEMBER 2020

25. Personnel Costs:

31 December

2020

2019

($)

Annuity

Employee Benefit Asset/Obligation – IAS #19 adjustment Group life insurance

Incentives and bonuses

Medical insurance plan

National Insurance scheme

Pension fund

Salaries

Training

Travelling and subsistence allowance

Uniforms

Vacation costs

20,987 (285,000) 18,944 39,505 47,504 154,391 30,815 1,912,065 24,053

(39,200) 15,248 4,802

18,031 (247,000) 17,853 38,985 40,146 150,617 29,726 1,873,675 16,554 234 22,735 -

1,944,114 1,961,556

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Statement of Receipts and Payments For December, 2020

71 ^{AMGECU CREDIT
UNION CO-OPERATIVE SOCIETY LIMITED} Budget Projections For The Year 2021

72^{AMGECU CREDIT
UNION CO-OPERATIVE SOCIETY LIMITED} Budget Projections For The Year 2021 (continued)

Amendments to Bye-Laws

BYE-LAW AMENDMENT #1

Whereas the Board of Directors of AMGECU Credit Union Co-operative Society Limited has reviewed the existing Bye Law Section 1 “Interpretation” (a) (iv)

AND WHEREAS

The provisions of the Public Health Ordinance Chap 12 No. 4 and the Regulations called the Public Health [2019 Novel Corona virus] Regulations 2020 which were issued due to the worldwide pandemic of the coronavirus and considering the guidance issued by the Public Health [2019 Novel Corona virus] Regulations and the restrictions on gatherings over a specified number as well as restrictions placed on non-essential activities and concerns with the activities persons over the age of 65 and/or with serious underlying health conditions and considering also the increased demands on the time of persons who are members of the Board and the various Committees to meet in the same physical space for meetings.

BE IT RESOLVED that Bye Law(s) Section 1 (a) (iv) which states “Meeting of Society” means any general meeting or any meeting of the Board, Credit, Supervisory or Education Committees;

BE AMENDED TO now read “Meeting of Society” means any general meeting or any meeting of the Board or of the Credit, Supervisory or Education Committees; or any other committee of the Society, whether in person, virtual or hybrid, as indicated on the Notice.

Be it further Resolved that this Annual General Meeting held on Saturday 28th August 2021 hereby accepts the recommendation from the Board of Directors, of AMGECU Credit Union Co operative Society Limited, to amend Bye Law Section 1 (a) (iv) .

(Poll to be put up here)

I so move ............................................................

Seconder:- ..........................................................

No. of Members present: ....................................

No of Members in Favour: ..................................

No of Members Against: .....................................

No of Members Abstained: .................................

Dated: .................................................................

Resolutions for Amendment(s) to Existing Bye Laws (continued)

BYE-LAW AMENDMENT #2

Whereas the Board of Directors of AMGECU Credit Union Co-operative Society Limited has reviewed the existing Bye Law Section 15 DEPOSITS (a)

BE IT RESOLVED that Bye Law(s) Section 15 (a) which states- “In order that the capital may be relatively permanent and subject to few withdrawals, a member may deposit money not less than such sums as determined by the Board from time to time.”

BE AMENDED TO now read “In order that the capital may be relatively permanent and subject to few withdrawals, a member shall deposit money into his account in the Society subject to the terms and conditions specified by the Board.”

Be it further Resolved that this Annual General Meeting held on Saturday 28th August 2021, hereby accepts the recommendation from the Board of Directors, of the AMGECU Credit Union Co-operative Society Limited, to amend Bye Law Section 15 (a).

(Poll to be put up here)

I so move ............................................................

Seconder:- ..........................................................

No. of Members present: ....................................

No of Members in Favour: ..................................

No of Members Against: .....................................

No of Members Abstained: .................................

Dated: .................................................................

Resolutions for Amendment(s) to Existing Bye Laws (continued)

BYE-LAW AMENDMENT #3

Whereas the Board of Directors of AMGECU Credit Union Co-operative Society Limited has reviewed the existing Bye Law Section 23 GENERAL MEETINGS (b)

AND WHEREAS

Based on the provisions of the Co-operative Societies (Amendment) Regulations 2020 wherein Regulation 18 (1) has been amended by changing the period of permitted for the convening of the Annual General Meeting of the Society to be no later than three (3) months after the report on the audit on the accounts of the Society has been received by the Board.

BE IT RESOLVED that Bye Law(s) Section 23 (b) which states- “The Annual General Meeting shall be convened by the Board not later than one (1) month after the report on the audit of the accounts of the Society is received by the Board. At least fourteen (14) days notice shall be given to all members. The notice shall state the date, time and venue of the meeting and the business

to be transacted thereat”

BE AMENDED TO now read “The Annual General Meeting shall be convened by the Board not later than three (3) months after the report on the audit of the accounts of the Society is received by the Board. At least fourteen (14) days notice shall be given to all members. The notice shall state the date, time and venue, mode and procedures for the conduct of the meeting and the business to be transacted thereat”

(Poll to be put up here)

I so move ............................................................

Seconder:- ..........................................................

No. of Members present: ....................................

No of Members in Favour: ..................................

No of Members Against: .....................................

No of Members Abstained: .................................

Dated: .................................................................

Resolutions for Amendment(s) to Existing Bye Laws (continued)

BYE-LAW AMENDMENT #4

Whereas the Board of Directors of AMGECU Credit Union Co-operative Society Limited has reviewed the existing Bye Law Section 29 DISQUALIFICATION OF BOARD OR CREDIT COMMITTEE MEMBER (change of heading, layout and addition)

BE IT RESOLVED that Bye Law(s) Section 29 which states:-

29. DISQUALIFICATION OF BOARD OR COMMITTEE MEMBER

A Board or Committee member shall cease to hold office if he: -

(a) ceases to be a member of the Society

(b) applies for bankruptcy or is declared bankrupt

(d) is employed by the Board and is in receipt of a salary or wage

(e) is convicted of any offence involving dishonesty

(f) fails to attend (3) consecutive meetings without tending a valid and proper excuse there-for (g) becomes a delinquent

BE AMENDED TO now read

29. GENERAL RULES OF BOARD OR COMMITTEE MEMBER

a) A Board or Committee member shall cease to hold office if he: -

i. ceases to be a member of the Society

ii. applies for bankruptcy or is declared bankrupt

iii. becomes of unsound mind

iv. is employed by the Board and is in receipt of a salary or wage

v. is convicted of any offence involving dishonesty

vi. fails to attend (3) consecutive meetings without tending a valid and proper excuse there-for vii. becomes a delinquent

b) CONFLICT OF INTEREST – No Board or Committee Member shall be present when any matter is being decided in which he has a direct or indirect interest.

(Poll to be put up here)

I so move ............................................................

Seconder:- ..........................................................

No. of Members present: ....................................

No of Members in Favour: ..................................

No of Members Against: .....................................

No of Members Abstained: .................................

Dated: .................................................................

Resolutions for Amendment(s) to Existing Bye Laws (continued)

BYE-LAW AMENDMENT #5

Whereas the Board of Directors of AMGECU Credit Union Co-operative Society Limited has reviewed the existing Bye Law Section 31 POWERS AND DUTIES OF THE BOARD (e)

AND WHEREAS

Based on the provisions of the Co-operative Societies (Amendment) Regulations 2020 wherein Regulation 48 sub regulation (1) has been amended by changing the period permitted for the accounts of the Society to be audited from within one (1) month to within four (4) months of the end of the financial year.

BE IT RESOLVED that Bye Law(s) Section 31 (e) which states- “To see that the accounts are accurately kept, to prepare or cause to be prepared, not later than two (2) months after the close of the financial year statements of accounts and a balance sheet and submit those to audit”

BE AMENDED TO now read “To see that the accounts are accurately kept, to prepare or cause to be prepared, not later than four (4) months after the close of the financial year, statements of accounts and a balance sheet and submit those to audit”

(Poll to be put up here)

I so move ............................................................

Seconder:- ..........................................................

No. of Members present: ....................................

No of Members in Favour: ..................................

No of Members Against: .....................................

No of Members Abstained: .................................

Dated: .................................................................