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 67^THANNUAL GENERAL MEETING

NOTICE is hereby given that the 67th Annual General Meeting (AGM) of AMGECU Credit Union Co Operative Society Limited will be held on Saturday April 15th, 2023 at the Grand Ballroom, Hilton Trinidad and Conference Centre, Lady Young Road, Port of Spain at 2:00 p.m.

Agenda

1. Call to Order – National Anthem, Invocation and Minute of Silence

2. Notice Convening Meeting

3. President’s Address

4. Confirmation of Minutes of the 66th Annual General Meeting held on Saturday May 21st, 2022 5. Business Arising from the Minutes

6. Acceptance of Reports for 2022

7. Elections of Officers

8. Auditor’s Report and Financial Statements for year ended December 31, 2022 9. Resolutions

10. Maximum Liability

11. Review of Budget for year ending December 31, 2023

12. General Business

13. Vote of Thanks and Formal Closure

BY ORDER OF THE BOARD OF DIRECTORS

Beverly Young (Mrs)

Secretary/General Manager

NOTE:- Members should pre-register at registration@amgecu.com .

- Registration begins at 1:00 p.m. on the day of the AGM.

- Only members in good financial standing will be admitted to the meeting.

- Non-members will not be allowed to attend the AGM.

- Members are required to present proper identification when registering.

- ALL PERSONS ATTENDING THE AGM MUST WEAR A FACE MASK

2022 ANNUAL REPORT

Standing Orders

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

2. A member shall only address the meeting when called upon by the Chair to do so, after which, he/she shall immediately take his/her seat.

3. No member shall address the meeting except through the Chair.

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

(a) The Mover of a motion / who has the right to reply

(b) He/she rises to object or to explain (with the permission of the Chair)

5. The Mover of a “Procedural Motion” (Adjournment, Lay on the table, Motion to postpone) shall have no right of reply

6. No speeches are to be made after the “Question” has been put and carried or negated

7. A member rising on a “Point of Order” shall state the point clearly and concisely (A “Point of Order must have relevance to the “Standing Orders”)

8. (a) A member shall not “call” another member “to order” / but may draw attention of the Chair to a ‘breach of order”

(b) In no event can a member call the Chair “to order”

9. Only one amendment shall be before the meeting at one and the same time 10. When a motion is withdrawn, any amendment to it falls

11. The Chair shall have the right to a “casting vote”

12. If there is an equality of voting on an amendment and if the Chair does not exercise his/her casting vote, the Amendment is lost

13. Provision is to be made for protection by the Chair from vilification (personal abuse) 14. No member shall impute improper motives against another member

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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 and fiduciary nature • Not be delinquent in repaying his/her loan

• Must be FIU compliant

ADDITIONALLY, IF ELECTED, A MEMBER MUST BE PREPARED

TO GIVE GENEROUSLY OF HIS/HER TIME TO:

• Attend Board and Committee meetings

• Attend seminars and training courses

• Attend other meetings and event of Credit Union movement

PLEASE NOTE THAT:

• Regular Board of Directors’ meetings are held on the last Wednesday of every month commencing at 5:00pm

• The Credit Committee must meet at least weekly. The newly elected Committee will determine its meeting day and time

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

Guidelines for Nomination

A member offering himself / herself for office in AMGECU Credit Union Co-operative Society Limited must:

I. Have sufficient knowledge and understanding of the business of a Credit union; II. Be an individual no less than 18 years old;

III. Not be an employee of AMGECU;

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IV. Never have been a director, officer or manager of a Credit Union whose license was revoked during his tenure in office, unless the revocation was due to voluntary winding up or voluntary amalgamation with another Credit Union;

V. Be a citizen of Trinidad and Tobago or a person lawfully admitted for permanent residency who is ordinarily a resident of Trinidad & Tobago;

VI. Be of sound mind and not have been found by any court to be of unsound mind; VII. Not be delinquent in repaying his/her loan;

VIII. Never have been convicted by a court for an offence involving violence, fraud, or any form of dishonesty;

IX. Never have been adjudicated bankrupt by a court in any jurisdiction;

X. Meet the fit and proper criteria.

Fit and Proper Criteria

A member of the Board of Directors and Officers must meet and, where relevant, maintain the following Fit and Proper criteria:

a. Honesty, integrity, fairness and reputation;

b. Competence, diligence, capability, soundness of judgment;

c. Financial soundness, that is, the member should demonstrate prudence in the management of his/ her own financial affairs;

d. With regard to the previous conduct, business activities and financial matters of the person, there is no evidence that he/she has:

i. Committed to an offence involving fraud, violence or other dishonesty;

ii. Engaged in business practices that appear to be deceitful, oppressive or improper (whether lawful or not) or which otherwise reflect discredit on his/her method of conducting business; iii. An employment record which shows that he/she carried out an act of impropriety in the handling of his employer’s business;

iv. Engaged in or been associated with any other business practices or otherwise conduct himself/ herself in such a way as to cast doubt on his/her competence and soundness of judgment.

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Requirements

Elected members must be prepared to give generously of his/her time to attend:

a. Board and Committee meetings;

b. Seminars and training courses;

c. Other meetings and events of AMGECU

Vacant Position

Board of Directors

The Board shall consist of twelve (12) members to be elected at the Annual General Meeting in accordance with:

1. By rotation annually, there shall be four (4) vacancies.

2. In accordance with (a) (i) members elected to fill the vacancies shall serve for a term of three (3) years.

3. Other vacancies arising on the Board whether by resignation, death or disqualification shall be filled at the next Annual General Meeting for the unexpired term.

4. Not more than one (1) member of any family shall be eligible to serve on the Board and any one (1) committee of the Society.

5. No member of the Board may serve for more than three (3) consecutive terms.

Supervisory Committee

1. The Supervisory Committee shall consist of three (3) members to be elected annually by the members at each annual general meeting, none of whom shall be eligible for service on the Board or the Credit Committee.

2. No member shall serve for more than three (3) consecutive terms.

Credit Committee

1. The Committee shall consist of five (5) members elected by the members at each annual general meeting.

2. No member may serve for more than five (5) consecutive terms.

Screening Exercise

A screening exercise will be conducted for all candidates.

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Orientation

An orientation programme on the business of a Credit Union will be held for all candidates before the Annual General Meeting.

Nomination System

1. Applications

• Applications for nomination of candidates to the Board of Directors, Supervisory Committee and Credit Committee shall be in writing on a form approved by the Nominations Committee. Also it must be signed by the candidate and two (2) AMGECU members – a “PROPOSER” and a “SECONDER”, and should be accompanied by the candidate’s resume (on the attached form).

• All nomination applications must be sent to the Nominations Committee no later than March 31, 2023.

• Nomination forms are available at the Credit Union office and also from Liaison Officers within each ANSA McAL Group Company or Affiliate Companies.

2. The candidates will be notified of the dates of the “Screen Exercise” and ‘Orientation Programme’.

3. The complete list of applicants and their resumes, together with the recommendations of the Nominations Committee, shall be made available to the Board of Directors in time to be reviewed at the board’s meeting in the month of MARCH 2023. The complete list of ALL nominees shall be made available to the Annual General Meeting.

4. Members who have been nominated for office are expected to be present at the Annual General Meeting. If a Nominee is unable to attend the Annual General Meeting, such Nominee must submit in writing his/her accepting the nomination PRIOR to voting.

5. Outgoing members on ‘elected’ committees are required to submit a Nomination form if they wish to serve for another term, on or before March 31, 2023.

2022 ANNUAL REPORT

President’s Address 2023

A warm welcome to our 67th Annual General Meeting. It is wonderful to have you all join us here today, and on behalf of AMGECU’s Board of Directors, I thank you for making the time. The health and safety of all participants remains paramount; AMGECU continues to pay close attention to any COVID-19 guidance and still encourages face coverings, if so inclined.

For the past two years we lived with the concerns of Covid- 19. However, the challenges of the pandemic have now been replaced by Members’ deep concern for the rising costs of living which has also been impacted by the effects of climate change, as we reflect on recent widespread flooding in the last quarter of 2022.

The macro-environment in 2022 has been having a severe negative impact on personal and business finances alike. With the events in Eastern Europe and economic uncertainties nearer to home, we have transitioned from the pandemic into a cost-of-living crisis and an uncertainty affecting the finances and prospects of many of our members. The cost-of-living crisis and low wage growth means that many of our members maybe facing more difficult times ahead.

Although a lot of our members are concerned about the present cost of living crisis, we should be quickly reminded that these things are temporary, and together we can get through them by utilizing loans in a productive and efficient manner and with carefully planning and prioritizing our spending behaviours. While we are yet in transformation mode AMGECU will be ‘Emerging with Excellence’ to serve the recurring and evolving needs of our members.

The savings cap per member per year has ensured that AMGECU’s shares growth is controlled, and that we don’t fall victim to predatory investors trying to exploit our current rates of return to Members, without accessing our loan facilities. The intention is to continually review the savings cap as we grow.

Efforts are being made to improve our outreach through digital marketing across all the main channels including Facebook, Twitter, and Instagram. We are promoting for greater Loan growth, growth in our membership and greater engagement from young people. We ask that you encourage your co-workers and family members to join us and benefit from our member centric service, competitive interest rates and attractive rates of return. We continue to review our products and services and the way we deliver them to you the membership.

2022 ANNUAL REPORT

While our total income for 2022 increased by eighteen percent (18%) Members loans growth remained flat when compared with 2021 and Members shares dipped slightly from 2021 to 2022. However, our Credit Union is in a strong financial position, and we are here to facilitate and help our members through these uncertain times. At AMGECU, our focus is not only on improving product features and technology, but building on relationships with our members and continuing to invest in member experience and support. AMGECU is well positioned to continue to deliver for our Members during the uncertain economic times that lie ahead.

This year has been another successful year for our Credit Union in the sense that we are able to propose a reasonable return to our Members, and as we work towards making our business more innovative, we look forward to your continued support and encouragement to take AMGECU to the next level of success, and encourage you our Members to do more business with your credit union as we move forward during this period.

I would like to thank all our Management and Staff who continue to provide excellent member services and to work assiduously for the members all year round. Finally, on behalf of the Board I would like to thank you the Members for your continuing loyalty to AMGECU. We exist to serve you.

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

Russell Gulston

President

2022 ANNUAL REPORT

Minutes of the 66^th Annual General Meeting

OF AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

HELD ON SATURDAY MAY 21^ST, 2022

AT THEGRAND BALLROOM, HILTON TRINIDAD AND CONFERENCE CENTRE, LADY YOUNG ROAD, PORT OF SPAIN.

PRESENT WERE:

BOARD OF DIRECTORS:

Russell Gulston - President

Anthony Alleng - Vice President

Cynthia Carr Hosten - Director

Arnim Phillips - Director

Cuthbert Tracey - Director

Steve Woodley - Director

Jennifer Felix-Norton - Director

Garth Bowen - Director

Khama Mohammed-Sooknanan - Director

Cheryl Lutchman - Director

Arkiebah Peters-Alexander - Director

Claudine Allert - Director

Debra Contaste - Director

Deborah Ann Babb - Director

CREDIT COMMITTEE: SUPERVISORY COMMITTEE: Justin Ayoung Tenika Cordner

Donna Persad Colleen Caseman

Kevin Jeremiah

Marissa Blackman

Michelle Hayde-Gopee

INVITED GUESTS:

Nathalie Phillip - Co-operative Officer

Ministry of Labour and Small Enterprise Development

Dianne Joseph - Returning Officer

Cooperative Credit Union League of T&T

Kerisha Joseph - Auditor - Bakertilly

Chartered Accountants and Business Advisors

2022 ANNUAL REPORT

Minutes of the 66th Annual General Meeting (continued)

AMGECU STAFF

Beverly Williams-Young Esha Ann Daniel Crystal Dyer Felicia Reviero Jeruel Baird Jesus Badal Marsha Wallace Ronald Contaste Vidya Ramsawak Sheldon John Akeeme Williams Tisha Mark

1.0 CREDENTIAL COMMITTEE REPORT 1

1.1 The President advised the meeting as follows:

1.1.1 QUORUM: In accordance with the Bye-Laws a quorum for the meeting would constitute fifty persons and at 2:00 p.m., there were sixty-eight (68) Members present. The required quorum was met, and the meeting was declared open.

1.1.2 HSE ANNOUNCEMENT: In keeping with HSE requirements and effective response to health and safety incidents and other emergencies that might occur, a voice recording from the HSE Management Team of Hilton Trinidad and Conference Centre was shared with the Membership. In the case of any emergency, it outlined the evacuation procedures including exits, following all the Covid-19 protocols.

1.1.3 APOLOGY: The President extended an apology to the Membership for the postponement of the Annual General Meeting previously scheduled for May 7th, 2022. He explained that key employees had contracted COVID-19 and had been placed in quarantine, which resulted in a delay in submitting crucial information to the external auditors.

The Board noted, however, that some of the Membership would have been impacted by this decision, but wanted to assure them that the health, safety and well-being of employees was also important in these challenging times.

2.0 CALL TO ORDER

2.1 The President – Mr. Russell Gulston called the meeting to order at 2:05 p.m.

2.2 He invited all to stand for the playing of an instrumental version of the National Anthem assisted by Dynamic Audio Visual. This was followed by the recitation of the Credit Union Prayer contained on page 2 of the 2021 Annual Report.

2.3 The President asked all to remain standing as a minute’s silence was observed to commemorate deceased Members of the Credit Union, who departed during the year in review. These Members are listed on Page 32 of the annual report.

3.0 OPENING REMARKS

3.1 The President extended a whole-hearted welcome to the specially invited guests, who included: Nathalie Phillip and David Greaves, Co-operative Officers of Ministry of Labour and Small Enterprise Development; Dianne Joseph and Team, Returning Officers from the Cooperative Credit Union League of T&T and Kerisha Joseph, representing the Auditors Bakertilly Chartered Accountants and Business Advisors. He commented that it was a pleasure also to have physically in the meeting the Membership present, former Directors and Pensioners and Members of the Board of Directors, Credit and Supervisory committees.

2022 ANNUAL REPORT

Minutes of the 66th Annual General Meeting (continued)

4.0 GENERAL INFORMATION

The President shared with the Membership the following general information:

4.1 There were no key absentees to the meeting.

4.2 The location of the washroom facilities and water stations.

4.3 The requirement that Members wear their face masks for the duration of the meeting.

4.4 The chits that were given at the registration desk entitled Members, including the staff of the Credit Union, to the door prizes and the takeaway meal after the meeting.

4.5 The Know Your Member Form was available at the Registration Desk for Members to supply the Credit Union with any updated information, if it had not been done in the past two years.

5.0 ANNUAL REPORT 2021 CORRECTIONS /AMENDMENTS / OMISSIONS The following corrections were made to the Annual Report:

• Page 37 Committee Members and Attendance Record change Collen to Colleen • Page 46 Independent Auditors’ Report of Summary Financial Statements – Under heading: The Audited Summary Financial Statements and Our Report thereon

Change dated May xx, 2022 to dated May 11, 2022

• Pages 67 & 68 Heading: Approved Budget Projections for the year ending December 31, 2021 Delete the word “Approved” and Change “December 31, 2021 to December 31, 2022 • Page 69 Resolutions: Item number 2 change December 31, 2021 to December 31, 2022

6.0 ADOPTION OF STANDING ORDERS

6.1 The President brought to the attention of the meeting the Standing Orders numbered 1-14 as contained on Page 4 of the 2021 Annual Report that would govern throughout the meeting.

6.2 Cynthia Carr Hosten moved a motion for the Adoption of the Standing Orders numbered 1 – 14, on page 04 of the 2021 Annual Report be adopted.

6.3 Members present voted in favour by a show of hands. No Members abstained or voted against the motion. The President confirmed that the motion was carried.

7.0 NOTICE CONVENING THE MEETING

7.1 The Secretary/General Manager, Mrs Beverly Williams-Young read the notice convening the 66th Annual General Meeting contained on Page 3 of the 2021 Annual Report.

8.0 PRESIDENT’S ADDRESS

8.1 The President, Russell Gulston then read his message contained on Pages 8 and 9 of the brochure.

2022 ANNUAL REPORT

Minutes of the 66th Annual General Meeting (continued)

9.0 MOTION FOR MINUTES TO BE TAKEN AS READ

9.1 Margaret Selkridge moved a motion that the minutes of the 65th Annual General Meeting held on Saturday 28th August 2021 as contained on pages 10-24 be taken as read.

9.2 Fitzroy Dove seconded the motion.

9.3 Members present voted in favour by a show of hands. No Members abstained or voted against the motion The President confirmed that the motion was carried.

10.0 CONFIRMATION OF MINUTES

10.1 There being no corrections/amendments or omissions to the minutes, the minutes were confirmed on a motion moved by Maria Saunders and seconded by Debra Contaste.

10.2 Members present voted in favour by a show of hands. No Members abstained or voted against the motion. The President confirmed that the motion was carried.

11.0 BUSINESS ARISING FROM THE MINUTES OF THE 65th AGM 2021 11.1 The President reported that there was no business arising from the minutes of the 65th Annual General Meeting held on August 28th, 2021. He invited the Membership to ask any questions regarding the minutes, however, no questions or comments were forthcoming.

12.0 REPORTS FOR 2021

12.1 Anthony Alleng moved a motion that all reports (Board, Credit, Supervisory, Nominations) appearing on pages 25-40 be taken as read.

12.2 Garth Bowen seconded the motion.

12.3 Members present voted in favour by a show of hands. No Members abstained or voted against the motion. The President declared the motion as carried.

13.0 QUESTIONS/COMMENTS ON REPORTS

13.1 The President opened the floor for questions or to seek clarification from the respective Committee Chairpersons of the Board, Credit, Supervisory or Nominations Committees on any of the reports presented in the 2021 Annual Report.

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

2022 ANNUAL REPORT

Minutes of the 66th Annual General Meeting (continued)

14.0 CONFIRMATION OF REPORTS EN-BLOC

14.1 Arkiebah Peters Alexander moved a motion that the reports from pages 25-40 of the 2021 Annual Report be confirmed en-bloc.

14.2 Emmanuel Downes seconded the motion.

14.3 Members present voted in favour by a show of hands. No Members abstained or voted against the motion The President declared the motion carried and the reports confirmed.

15.0 CREDENTIAL COMMITTEE REPORT 2

15.1 At 2:43 p.m. there were one hundred (100) Members present at the meeting.

16.0 NOMINATIONS COMMITTEE REPORT

16.1 The President advised the Membership to view a tutorial video presentation on How to Use the Ballot Paper.

17.0 ELECTION OF OFFICERS

17.1 The President introduced the Returning Officer, for the Election Process in the person of Ms. Dianne Joseph, Chief Operations Officer of the Cooperative Credit Union League of Trinidad and Tobago.

17.2 Ms. Joseph thanked Mr. Gulston for the invitation to assist with the Credit Union’s Election Process. She highlighted Bye-Law 33, which would govern the guidelines for the election. 17.3 Ms. Joseph then declared all seats vacant for the following:

(a) Directors whose term of office had expired

(b) Members of the Supervisory Committee

17.4 Nominations were opened for additional Members from the floor for the Supervisory Committee. Emmanuel Downes was nominated and accepted from the floor by Fitzroy Dove and seconded by Debra Neemar-Tracey.

17.5 Anthony Alleng moved a motion that nomination from the floor cease and Russell Gulston seconded the motion. The motion was carried.

17.6 Ms. Joseph confirmed that the Nomination Committee had submitted six Members for the Credit Committee but only five Members were required. No additional Members were required.

17.7 The Nominations Committee had submitted six prospective candidates to fill four vacant Board positions for the next three years.

17.8 The candidates’ profiles were displayed on the screens, while Members were encouraged to vote.

2022 ANNUAL REPORT

Minutes of the 66th Annual General Meeting (continued)

18.0 ELECTION RESULTS

18.1 Ms. Joseph in announcing the results, mentioned that three (3) ballots were spoilt. The following Members were elected to serve:

18.2 SUPERVISORY COMMITTEE

Nos	NAME	COMPANY	VOTES
1	Fitzroy Dove	Retiree	74
2	Colleen Caseman	Ansa Coatings Limited	57
3	Wendy Cadiz-Clarke	Sagicor General Insurance Inc	51
4	Eartha Self-Pierre	AMCO	46 (1st Alternate)
5	Emmanuel Downes	GML	41 (2nd Alternate)

18.3 CREDIT COMMITTEE

Nos	NAME	COMPANY	VOTES
1	Justin Ayoung	Retired – AMCO	84
2	Jason Marcano	TATIL	83
3	Michelle Gopee	Guardian Media Limited	77
4	Kevin Jeremiah	TTMF	77
5	Marissa Blackman	WASA	72
6	Carol Ann Aqui	Retiree	51 (1st Alternate)

18.4 BOARD OF DIRECTORS

Nos	NAME	COMPANY	VOTES
1	Cynthia Carr-Hosten	TATIL	87
2	Russell Gulston	Retiree	80
3	Tenika Cordner	Ministry of National Security	59
4	Ria Karen Jamurath	Fujitsu Caribbean (Trinidad) Ltd	55
5	Joseph Tenia	Ministry of National Security	47 (1st Alternate)
6	Annelle Joachim	Unicomer Trinidad Ltd	29 (2nd Alternate)

18.5 DESTRUCTION OF BALLOTS

18.5.1 Ms. Joseph called for a motion for the destruction of the ballot papers.

18.5.2 Russell Gulston moved the motion for the destruction of the ballots and the motion was seconded by Denzil Parris.

18.5.3 Members present voted in favour by a show of hands. No Members abstained or voted against the motion. The President declared the motion as carried.

18.6 Ms. Joseph congratulated all those who were elected to serve and wished them a successful 2022- 2023 term in office.

2022 ANNUAL REPORT

Minutes of the 66th Annual General Meeting (continued)

18.7 The President thanked Ms. Joseph and her Team for facilitating the Election Process and advised that the oath of office would be taken and signed after the meeting.

19.0 AUDITORS REPORT

19.1 Ms. Kerisha Joseph, representative of the firm Bakertilly Accountants and Business Advisors read the Opinion contained in the Independent Auditors’ Report on page 46 of the Summary Financial Statements.

19.2 There were no questions from the Membership on the auditor’s report and the President thanked Ms. Joseph.

20.0 COMMENTS ON FINANCIAL STATEMENTS

20.1 The President called for a motion that the financial statements for the year ended 31st December 2021 be adopted.

20.2 Khama Mohammed moved the motion for the adoption of the Financial Statements, (including the Financial Position, Comprehensive Income, Changes in Equity, Cash Flow, Notes and Statement of Receipts and Payments) contained on Pages 45-64 of the Brochure, for year ended 31st December 2021.

20.3 Members present voted in favour by a show of hands. No Members abstained or voted against the motion. The President declared the motion as carried.

21.0 RESOLUTIONS

21.1 Resolution 1: BE IT RESOLVED that in accordance with Bye-Law #19 (b) a dividend of four percent (4%) be approved and paid to Members on their shareholdings for the period 2021, and that such dividend be credited to Loan/Interest Account of those Members whose Loan Accounts have become delinquent.

21.1.1 Cheryl Lutchman moved this motion and Arkiebah Peters Alexander seconded it. 21.1.2 Members present voted in favour by a show of hands. No Members abstained or voted against the motion. The President declared the resolution as carried.

21.2 Resolution 2: BE IT RESOLVED that the firm Bakertilly Chartered Accountants and Business Advisors be retained as Auditors for the AMGECU Credit Union Co-operative Society Limited for the year ending 31st December 2022.

21.2.1 Arnim Phillips moved this motion and Garth Bowen seconded the motion. 21.2.2 Members present voted in favour by a show of hands. No Members abstained or voted against the motion. The President declared the resolution as carried.

2022 ANNUAL REPORT

Minutes of the 66th Annual General Meeting (continued)

21.3 Resolution 3: BE IT RESOLVED that an honorarium of $198,952.18 be declared being approximately 2.5% of the net surplus to be shared among the Board of Directors, Elected and Appointed Committees.

21.3.1 Cuthbert Tracey moved this motion and Anthony Alleng seconded.

21.3.2 Members present voted in favour by a show of hands. No Members abstained or voted against the motion. The President declared the resolution as carried.

22.0 PAYMENT OF DIVIDEND

22.1 Dividends will be paid on or before May 27th, 2022.

23.0 BUDGET PROJECTIONS

23.1 The President invited questions from the floor on Budget Projections (Review of Income and Expenditure Estimates for the year 2022) as contained on pages 67-68 of the 2021 Annual Report.

23.2 Fitzroy Dove moved the motion that the Budget Projections for the year 2022 be adopted.

23.3 Members present voted in favour by a show of hands. No Members abstained or voted against the motion. The President declared the motion as carried.

24.0 CREDENTIAL COMMITTEE REPORT 3

24.1 At 3:20 p.m. there were one hundred and nineteen (119) Members present.

25.0 DOOR PRIZES

25.1 The following door prizes were drawn during the meeting:

PRIZE	Donor	Ticket No	Winner	TYPE
1st	AMGECU	024	Tracy Badal	Family Member
2nd	AMGECU	063	Yolande Mungal	Retiree
3rd	AMGECU	048	Emelia	TATIL
4th	CARIB	043	Arnim Phillips	Retiree
5th	CARIB	064	Lutchmin Rupert	Retiree

25.2 Cuna Caribbean Insurance also had a prize for Members who had registered for any plan that day. The winner of the prize was Joseph Tenia.

2022 ANNUAL REPORT

Minutes of the 66th Annual General Meeting (continued)

26.0 GENERAL BUSINESS / OPEN FORUM

26.1 The President opened the floor for questions, suggestions or proposals for consideration, which had not been discussed previously.

26.2 The following questions were asked from the Membership:

26.2.1 David Charles (a) Was the Credit Union doing anything to encourage young people to become Members of the Credit Union or assume positions on the Committees? (b) Is the Board investing in land for development for Membership? (c) Why is the Credit Union not investing in something substantial to elevate Members’ worth, so that they are better equipped to receive loans? (d) Does the Credit Union have an investment committee?

26.2.1.1The Secretary/ General Manager, replied as follows: (a) At the recently concluded Strategic Planning Session, a Youth Committee had been formed with Board Members and young Members of the Credit Union to revitalize an interest among younger persons. Furthermore, two youth Members were selected as Members of the World Youth Credit Union Council (b) The Credit Union in 2019 purchased land with the intent to build townhouses for Members to purchase, however, that was curtailed by Covid-19. Nevertheless, the incoming Board will look at the process again to determine its feasibility. (c) Although the Credit Union has an investment portfolio, its core business is lending. For development, it would have to look closely at what it does, so as not to breach the law. (d) Yes, the Credit Union has an Investment Committee.

26.2.2 Debra Neemar-Tracey - Why was a member only allowed to deposit a maximum limit of Fifty Thousand Dollars ($50,000) per annum into his/her Credit Union shares account? 26.2.2.1The Secretary/General Manager replied that each credit union had different standards of operation, to seek the best interest of their Members. AMGECU’s loans portfolio has been low due to Members not borrowing on a regular basis. This resulted in decreased interest rates and the lowering of the dividend. Until the loan portfolio increases, this limit would remain in effect to protect the general Membership.

26.2.2.2The President emphasized the point that strategies are being looked at so that the Credit Union can grow and assist the Membership from the cradle to the grave.

26.2.3 Patsy Boland - Why was the Credit Union not accepting cash at its Borde Street office? 26.2.3.1The Secretary/General Manager, in answering this query noted that weaknesses and risk factors had been identified at the branch, by the internal auditors. Due to the limited supervisory staff at the branch, it was not feasible to check off cash daily; for security reasons and in the best interest of staff and the Members, this measure was taken. Nevertheless, Linx, Cheques and Online Banking services are available.

26.2.4 Marcus Young - When transactions are done online, why were receipts not issued, as he had instances when funds were not credited properly? He also thanked the Marketing Officer who had come to Ansa Automotive and encouraged Members to attend the meeting.

26.2.4.1The Secretary/General Manager, replied that for online payments receipts are generated and emailed to Members.

2022 ANNUAL REPORT

Minutes of the 66th Annual General Meeting (continued)

26.2.5 John Wilcox, retiree – What was the reason why he could not withdraw cash at the Port of Spain branch?

26.2.5.1The Secretary/General Manager, replied that it was a risk to disburse cash at the Port of Spain branch since there was no security personnel stationed there. However, he can request a cheque which would come from the St. Joseph office, and this would take two working days and then he can take it to the bank to cash. Mr. Wilcox expressed his displeasure and mentioned that when he goes to the bank, he cannot withdraw $2,000.00 because the bank only allows him to withdraw from $5,000.00 upward. The Secretary/General Manager and the President expressed surprise at this information and informed him that he should seek the assistance of the Financial Ombudsman.

26.2.6 Nicholas Joseph – Is the Credit Union doing anything with cryptocurrency? Bitcoin is being suppressed on the market, but ANSA McAL was in the process of entering the digital currency market by setting up a mining farm in Wallerfield.

26.2.6.1The President replied that it was an investment and with any investment it is risky.

26.2.7 Brian Trujillo – (a) Why did he not receive notice about the AGM from the Credit Union? (b) Why did he not receive quarterly and annual statements from the Credit Union? 26.2.7.1The President apologized and stated that in cutting costs, the AGM advertisement was not put in all the printed media.

The Secretary/General Manager replied that statements were emailed to all Members on request.

26.2.8 Indar Badal – (a) Is it true that the beneficiary cannot claim a deceased members’ shares past fifty thousand dollars (TT$50,000)?; (b) what was the process for collection of same? 26.2.8.1(a) The President replied in the affirmative that for the last three years this amendment was in force in all financial institutions; (b) the President informed that any further money left to the beneficiary is only sourced after probate of the deceased estate.

27.0 CREDENTIAL COMMITTEE REPORT 3

27.1 At 4:25 p.m. there were one hundred and twenty-eight (128) Members present at the meeting.

28.0 PRESENTATION

28.1 The following presentations were made by Mr. Alleng on behalf of the Credit Union: 28.1.1 The rapporteurs Yolande Mungal and Melissa Borel were each presented with a bottle of wine as a token of appreciation.

29.0 ANNOUNCEMENTS

29.1 The President advised that all the Credit Union services are offered at the Borde Street Office in Port of Spain. However, only Cheques and Linx payments would be accepted.

2022 ANNUAL REPORT

Minutes of the 66th Annual General Meeting (continued)

29.0 EXPRESSION OF THANKS

29.1 Mr. Anthony Alleng, Vice President, offered an expression of thanks firstly to the Creator for the new period of existence in our lives. Included in the thanks were the following who offered yeoman’s service:

• Board of Directors, Staff of AMGECU and Membership

• Newly elected Credit, Supervisory and Board Members

• Bakertilly Chartered Accountants and Business Advisors

• Liaison Officers of ANSA McAl Group of Companies

• Dianne Joseph and Team

• Special invitees

• Officers and Members of the Credit Union Fraternity

• Personnel at Trinidad Hilton Conference

• Videographers

• Family and friends of past employee Naipaul Sookhan

• DG Audio Services

• Horsham Printery

Mr. Alleng extended birthday greetings to Jaden Barnett who was celebrating his birthday. In conclusion, he also extended thanks to the Board and the Membership for their support during his tenure of office as Vice President, as his term of office was completed.

30.0 CONCLUSION

30.1 There being no further business for discussion, the President expressed heartfelt thanks to all for attending the 66th Annual General Meeting and declared the meeting closed at 4:30 pm.

2022 ANNUAL REPORT

Board of Directors Report

OVERVIEW

The Board of Directors is responsible for the strategic direction of the Credit Union, establishing policies and procedures for the operation of AMGECU. It also holds management accountable for delivery of the strategic plan and maintenance of high-quality service to Members.

The Board of Directors continue to demonstrate responsibility for the good Governance of AMGECU in accordance with the rules and regulations set out by our regulators. Environmentally, Management and Staff are engaged through energy saving initiatives at our offices. Our Social Interaction involves building relationships with our communities and include timely interventions through donations. Ultimately our approach in the Governance, Environmental and Social issues is embedded in all our undertakings, to manage risks and opportunities and to create value for our stakeholders.

A restructuring exercise was done in 2022 as part of our transformation at AMGECU. The Credit Union is pleased to report that negotiations with the Trade Union representing unionized Staff were successful and wage increases over the three-year period (2022-2025) were acceptable to both Trade Union and Employees. Negotiations for the non-unionized Staff also realized satisfactory salary increases.

AMGECU’s income has increased 2021-2022 year on year, loan growth for the same period, has shown an upward turn but only increased by less than one percent (1%), again reflecting the impact of negative forces in the economy. We have earned a surplus of $9.3million for the year ended 31st December 2022 which is a 20.2% increase compared to the 2021 figure of $7.8million.

Trinidad and Tobago’s economic outlook is defined as stable, based on S&P’s view that T&T will benefit from significantly higher energy and petrochemical prices which will “more than offset lower-than-expected energy production.” It is likely that Trinidad and Tobago will benefit from favorable prices through the end of 2023.” This can redound to more financial activity and more business for the credit union.

Item	2022	2021	Change	% Change
Total Assets	218,633,994	222,338,470	-3,704,476	-1.67
Members’ Loans	100,247,829	99,495,235	752,594	0.76
Members’ Shares	167,193,908	167,813,010	-619,102	-0.34
Total Income	14,414,442	12,205,319	2,209,123	18.10
Total Expenditure	5,054,186	4,247,232	806,954	18.99
Surplus	9,360,257	7,785,887	1,574,370	20.22

2022 ANNUAL REPORT

Board of Directors Report (continued)

COMPOSITION OF THE BOARD OF DIRECTORS AND EXECUTIVE COMMITTEE The Board of Directors for the 2022/2023 comprised the following persons:

• Russell Gulston

• Garth Bowen

• Steve Woodley

• Ria Jamurath

• Tenika Cordner

• Khama Mohammed

• Arnim Phillips

• Jennifer Norton

• Cynthia Carr-Hosten

• Cheryl Lutchman

• Claudine Allert

• Arkiebah Peters-Alexander

• Anthony Alleng ***

• Cuthbert Tracey ***

Note: Directors marked with asterisk (***) served up to 21st May 2022.

EXECUTIVE COMMITTEE

At the inaugural meeting of the Board of Directors held on 25th May 2022 the following Directors were elected to serve on the Executive for the 2022/2023 term:

• Russell Gulston - President

• Cynthia Carr Hosten - Vice President

• Steve Woodley - Member

• Arnim Phillips - Member

• Garth Bowen - Member

The Executive held fourteen (14) meetings during the period February 2022 to January 2023.

2022 ANNUAL REPORT

Board of Directors Report (continued)

MEETINGS OF THE DIRECTORS

Board of Directors held Twenty-One (21) meetings during the period February 2022 to January 2023 made up of Twelve (12) Statutory meetings and Eight (9) Special meeting.

BOARD MEMBER	Statutory	Special	Excused
Russell Gulston	12	9	0
Tenika Cordner	6	5	3
Garth Bowen	11	7	3
Khama Mohammed-Sooknanan	9	2	10
Arnim Phillips	12	8	1
Jennifer Norton	10	5	6
Ria Jamurath	8	5	2
Cynthia Carr-Hosten	10	9	2
Cheryl Lutchman	10	7	4
Steve Woodley	11	5	1
Claudine Allert	7	4	3
Arkiebah Peters-Alexander	11	9	1
Anthony Alleng ****	2	3	2
Cuthbert Tracey ****	1	4	2

Note: Directors marked with asterisk (***) served up to 21st May 2022.

OUT-GOING DIRECTORS

2020-2023	2021-2024	2022-2024
Khama Mohammed- Sooknanan	Arkiebah Peters-Alexander	Russell Gulston
Jennifer Felix-Norton	Claudine Allert	Cynthia Carr-Hosten
Cheryl Lutchman	Garth Bowen	Ria Jamurath
Arnim Phillips	Steve Woodley	Tenika Cordner

MARKETING AND PRODUCT DEVELOPMENT

The members of the Marketing & Product Development Committee were:

• Russell Gulston (Chair)

• Erica Alfred (Marketing Officer)

• Cynthia Carr-Hosten

• Garth Bowen

• Vidya Ramsawak

• Arnim Phillips (recent addition)

2022 ANNUAL REPORT

Board of Directors Report (continued)

This committee was formed as part of our strategic initiative to improve product offerings to our members and has held four online meetings thus far. The MPD committee acts in an advisory capacity to the Board of Directors for the implementation of new products, the revamping of products and assignment of priorities and policies with respect to these. The role of the MPDC also includes developing and rolling out of Member strategy to better understand the needs of our members and tailoring products to cater to the demographics of our membership, and to market our products and services. The committee is also mandated to target new Youth Members and Owners of SME’s.

The Terms of Reference for Liaison officers has been revised and the committee is currently launching an outreach for Brand Ambassadors through the co-opting of Liaison Officers to reach potential members and to engage current members at all subsidiaries in our promotions and other activities at AMGECU.

EDUCATION COMMITTEE

In accordance with the Society’s Bye-Laws, the Board of Directors selected members to serve on the Education Committee for the 2022-2023 term, at its first monthly meeting.

The following members were elected to serve on the Committee:

Arkiebah Peters-Alexander - Chair

Jeruel Baird - Secretary

Cynthia Carr-Hosten - Member    

Khama Mohammed-Sooknanan - Member

Jennifer Norton - Member

Cheryl Lutchman - Member

Irvin Johnson & Harold Smith Grant Awards Ceremony- “Breaking Barriers” This annual awards ceremony was again the toast of the Education Committee’s calendar for 2022. The theme for this year’s awards was “Breaking Barriers” and related to our member’s ability to navigate through all challenges faced during the Covid-19 pandemic and managed to perform admirably in their exams.

This signature event was held on December 3rd 2022 in the Board Room, AMGECU Head Office building. Fourteen (14) junior members were recognized for their dedication to Academic Achievement and success in their various exams. The awards comprised cash, a share certificate and a token. A member of the newly formed Youth Committee, Ms. Gabrielle Norton, provided an engaging feature address.

Leave NO ONE behind

In 2022 the world was struggling with an ongoing pandemic, global warming and international tension. The Education Committee embarked on a seedling drive to educate our members about the need to build a sustainable world with regular access to nutritious food.

2022 ANNUAL REPORT

Board of Directors Report (continued)

The Committee partnered with “WHYFARM” to supply our members with a variety of seedlings. The aim of this was to encourage members to grow their own food and in so doing align them with the theme of World Food day 2022 theme “Leave NO ONE behind”. Members who attended were given gardening tips by our on-hand consultant.

Training Workshops

Members of the committee participated in mandatory Anti-Money Laundering and Combatting the Financing of Terrorism compliance training.

The Education Committee remains dedicated to the strategic plan aligned to the vision and mission of the Credit Union and undertakes to support and promote Credit Union development.

On behalf of the Education Committee, we extend our heartfelt thanks and appreciation to the Board of Directors, General Manager and the Staff of AMGECU for their support and look forward to working with you again.

YOUTH COMMITTEE

At the inaugural meeting of the Board of Directors held on Wednesday 25th May 2022, persons were selected to serve for the 2022/ 2023 term, which comprised of the following members.

COMMITTEE MEMBERS:

• Jennifer Felix-Norton - Chairperson

• Ria Karen Jamurath - Vice Chairperson

• Erica Tenia - Secretary

• Akeeme Williams - Assistant Secretary

• Tenika Cordner - PRO- Member

• Sasonel Martin-Felix - Member

The report below provides an overview of the endeavors of the Youth Committee, which took effect from May 21st 2022, to February 28th 2023, reporting period.

The Committee’s Objectives:

Empowering Youth through Cooperative Education and Professional Development The Youth Committee was established to attract, empower and retain young members with the intent to combine cooperative and financial education with entrepreneurship, professional development and potential community support activities.

By investing in our young members and encouraging their involvement in cooperative development, AMGECU’s Youth Committee’s mandate is geared towards the implementation of a Youth Board while creating ambassadors for the society and empowering its youth. The relationship between young people and their financial cooperative is being redefined and in the process will help to ensure the sustainability of the Credit Union for future generations.

2022 ANNUAL REPORT

Board of Directors Report (continued)

Youth Committee - A New Initiative for Engagement

“Preamble”

“Run by the youths for the youths”, we have created an avenue to give young people a voice and enable them to make their views heard in the decision-making process. Creating avenues to discuss relevant issues, engage with the key decision makers and contribute to improving the lives of our young members.

The Youth Committee supports youth engagement, which can lead to increased academic performance, and improved social-emotional well-being of our young leaders. The committee will enable the enhancement of their skills to build a network that is valued in the workplace and be a source of economic mobility and leadership experiences. The intent is to raise awareness of the cooperative movement and encourage greater participation in governance, which will transform our young people into advocates for the Credit Union movement and empower them to become Agents for social change.

Youth Member Engagement for the Youth Board

The Committee is currently in the process of engaging the young members, for potential youth ambassadors. This exercise will be done via a virtual forum, which will be hosted to seek out persons for the Youth Board and various areas in the Credit Union groups, where proposed activities and events can be planned, based on the relevant interests communicated to the committee.

Social Media Promotions

The committee successfully completed its first promotional video, trending on Social Media Platforms, such as TikTok and YouTube. The content submitted by the committee for posting, invites members of the public to join our movement.

• The Youth Committee Introductory Video was launched on February 17th, 2023 • Promotional Ads for promoting the Youth Committee initiatives, incorporating the Credit Union’s products and services will be forthcoming.

The Entrepreneurs Club

An impending revamp of the Entrepreneurs club, which is on the horizon, is intended to create an AMGECU network of Entrepreneurs.

Strategic Planning Initiative

Dynamism: Proposed Implementation of strategies to promote and increase youth/millennial engagement at AMGECU Credit Union.

Strategies

1.Embrace Diversity

2.Provide core services Online & via Mobile

3.Turn young employees into Youth Ambassadors

4.Shift to a Culture that “wows” the Members

Summary

As we strive to emulate the Credit Union’s core values of: Honesty, Integrity, Performance Excellence and Respect, AMGECU’s Youth Committee would like to extend appreciation to our stakeholders who have lent support, in anyway in this new adventure. Special thanks to Mr. S.Woodley, Mrs. B.Young and Mrs. D. Joseph for their assistance”, Thank you!

2022 ANNUAL REPORT

Board of Directors Report (continued)

FINANCIAL REVIEW 2022

SHARES AND DEPOSITS

In 2022 the Board maintained the policy of restricting the amount of Shares Members may purchase annually. This strategy allowed the Credit Union to maintain the dividend rate which averaged 4% over the last few years. The restriction will be removed when there is an uptake in loans. In 2022 Members’ Shares decreased to $167,193,908 from $167,813,010 in 2021 and Members’ Deposits decreased to $13,177,137 from $13,267,201.

LOANS

In 2022 there was a minimal uptake in loans. The number of loans applications approved were 1086, the value of the loans were $22,721,170. The Loans portfolio increased by $752,594. Total Loans less provision for loan losses increased to $100,247,829 when compared to 2021 the Loan balance was $99,495,235.

INVESTMENTS AND CASH HOLDINGS

The Credit Union’s investment portfolio comprised Bonds, Equities and Mutual Funds. As at 31st December 2022 the investment portfolio was $85,406,833. The income generated from the investment portfolio in 2021 was $3,913,044. Cash holding at the end of 2021 was $14,560,588.

Investment and Cash Holdings Portfolio as at December 31, 2022

TYPE	($) 2022	%	($) 2021	%
Bonds	30,643,555	35.88	26,872,984	30.37
Equities	14,458,768	16.93	17,943,173	20.28
Mutual Funds and Fixed Deposits	25,743,922	30.14	30,761,135	34.76
Cash and Short-Term Funds	14,560,588	17.05	12,911,377	14.59
Total	85,406,833	100	88,488,669	100.00

2022 ANNUAL REPORT

Board of Directors Report (continued)

Asset Mix

Asset Mix	2022	2021
Financial Assets	85,406,833	88,488,669
Fixed Assets &Investment Properties	18,509,659	18,553,446
Loans	100,247,829	99,495,235
Receivables & Prepayments	6,627,674	8,020,120
Employee Benefits	7,842,000	7,781,000
Cash & Cash Equivalents	14,560,588	12,911,377

SOURCE OF INCOME

Total Income for 2022 was $14,414,442 when compared to 2021 the Total Income increased by 18.1%. Interest from Loans was $8,392,779 which represent 58.22% of the Total Income. Income from investment was $4,929,278 which represent 34.2% of Total Income. Other Income was $1,092,385 which represent 7.58% of Total Income.

2022 ANNUAL REPORT

Board of Directors Report (continued)

Source of Income

Source of Income	2022	2021
Interest from Loans	8,392,779	8,569,893
Interest from Investment	4,929,278	3,064,169
Other Income	727,385	571,257

MEMBERSHIP

The Board of Directors welcomed one hundred and eleven (111) new members to the Credit Union in 2022. As of December 31, 2022, the total membership on our data base comprising employees, ex-employees and family members was five thousand, seven hundred and ninety (5,790). However, the total number of active members was four thousand, nine hundred and sixty-eight (4,968).

FIU COMPLIANCE

As an important part of our mandate, AMGECU continued in 2022 its focus on compliance and implementation of regulations intended to safeguard against Money Laundering and Financing of Terrorism (AML/CFT) through the annual training for all members of the Board, Committees, Management, and members of Staff.

2022 ANNUAL REPORT

Board of Directors Report (continued)

CONDOLENCE

The Board of Directors extends heartfelt condolences to the relatives of members who passed on during 2022. Our thoughts and prayers are with you all.

The following is a list of the deceased members:

Adolphus Prince Eileen Noel

Alex Lee George Poon-Affat

Allan Caracciolo Gordon Hoade

Andre Gordon Kazim Prescott

Andre Joshua Lister De Jean

Bernard Sutherland Marcel St.Martin

Bobby Bharrat Mildred Votor

Christopher Lyons Peter Lee

Colin Dow Randolph Rampersad

Denzil Thomas Robert Owen

Devanand Naipaul Selwyn Delzin

William Vidale Taslim Edwards

LOOKING AHEAD

A key focus during the current period will be to redouble our efforts to raise our profile in our community so that people are made more aware of us and the benefits derived from joining AMGECU. The year 2023 has already identified considerable economic headwinds and continued global geopolitical instability. In our economic environment we will be expected to contend with inflation and deal with increased social pressures, whilst placing greater emphasis on the effects of climate change and paying greater attention to diversity in the economy. ‘Risk management and Resilience’ will continue to be our key watchwords at AMGECU in these growingly challenging times.

Economic activity is anticipated to improve in Q3 or Q4 2023, bolstered by activity in the energy sector, while increased business activity and continued recovery of consumer demand are expected to strengthen the performance of the non-energy sectors.

Notwithstanding that we continue to live through these uncertain times, as a Board, we are confident that AMCECU is in a good position to strengthen and grow over the coming years. We will continue to provide improvements to our services, to strengthen our capital, to meet our regulatory obligations and most importantly to serve you, our Members. We will do this by continuing to deliver on our commitment to offer our members relevant financial products and services as well as solid financial advice.

AMGECU has retained the services of B&B Business Consultants to steer us through the transformation and implementation phase of our 2023 to 2025 strategic intent.

As we continue through our transformation phase, the team will be addressing several key strategic areas for AMGECU to develop over the next three to five years. We have however, prioritized Loan Growth. We recognize that this is a tall but essential endeavor in these financially challenging times, and we are up to the task.

2022 ANNUAL REPORT

Board of Directors Report (continued)

The landscape of financial services is constantly evolving, and the use of technology plays a crucial role in our competitiveness. We are continuing to make improvements to our existing systems at AMGECU and will be leveraging off new products and the use of technology to improve our offering to Member experience, providing them with the services they need.

In this period, AMGECU will also be embarking on a project to bring together our member support channels, which include email, phone, social media and our website support pages, onto a shared software platform. This could mean that when you get in contact with us, our team will be able to see any previous emails or calls you’ve made, enabling us to serve you more quickly and avoiding the frustration of repeating explanations of your issue.

We remain concerned about the current economic outlook, and the pressure on members’ households from the cost-of-living crisis and will continue to support members due to our solid financial position.

PROPOSED DIVIDEND

AMGECU has consistently provided fair and attractive dividend returns to our members over the years and is pleased to announce that the Board of Directors has recommended a four percent (4%) dividend on fully paid-up shares as at December 31, 2022.

ACKNOWLEDGEMENT

I thank you all Members and Stakeholders for your immense support and continued confidence in AMGECU. I also individually thank, the Management and Staff of the ANSA McAL Group for accommodating us, the Board of Directors who commit significant amounts of time and effort in behind the scenes work that ensures the continuing success of our Credit Union in meeting the needs of our members, the Management and Staff, and Committees for their continued dedication. A sincere thank you to all for your continued loyalty.

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

Russell Gulston

President

2022 ANNUAL REPORT

Credit Committee Report

CREDIT COMMITTEE ATTENDANCE REGISTER

Period: May 24, 2022 - February 14, 2023

The Committee held Thirty-Four (34) meetings during this period.

Period: May 24, 2022 - February 14, 2023 [2022-2023 Term]

NAMES	POSITION	PLACE OF WORK		PRESENT EXCUSED
Justin Ayoung	Chairman	Retiree	34	0
Marissa Blackman Michelle Hayde-Gopee	Secretary Member	Ex-employee GML	30 30	4 4
Kevin Jeremiah	Member	Ex-employee	33	1
Jason Marcano	Member	Tatil	34	0

PERFORMANCE IN 2022

The financial services sector continues to feel the effects of COVID with reduced member borrowings and rising cost of goods and services. Meanwhile, AMGECU has been able to maintain the value of Loans approved over 2021 and 2022. Overall, we have seen a general decline in our members’ borrowings with an increase in requests for withdrawals of shares. See Table 1 below for a comparison of loans approved for a three (3) year period. Table 2 reflects the number and value of Loans approved based on the purpose.

Year	2022	2021	2020
No. of Loan Applications	1126	1102	1194
No. of Loans Approved	1086	1027	1142
Value of Loans Approved	22,721,170.51	22,448,358.13	19,425,356.06

Table 1

LOANS GRANTED BY PURPOSE, VALUE AND NUMBER - 2022 & 2021

PURPOSE OF LOAN GRANTED	$ VALUE 2022	$ VALUE 2021	NO. 2022	NO. 2021	% 2022	% 2021
Miscellaneous/Religious/Ceremonial	3,231,182.85	2,004,064.59	210	168	14	9
Education/Investments	2,286,527.55	870,600.00	94	49	10	4
Home Improvement/Repairs	7,491,877.21	7,300,812.50	215	217	33	32
Vehicle Repairs	720,560.00	590,467.02	57	48	3	3
Waivers	800,294.10	827,594.95	351	384	4	4
Travel & Vacation	379,714.60	166,000.00	24	8	2	1
Medical	555,300.00	1,032,171.29	18	28	2	5
Consolidation of Debts	2,068,931.76	3,254,682.76	58	53	9	14
Mortgages	1,381,745.94	2,273,258.65	5	7	6	10
Vehicle Purchases	3,624,036.50	3,864,406.37	37	40	16	17
Christmas/Special Loans/Soft Loans	181,000.00	264,300.00	17	25	1	1
TOTAL	22,721,170.51	22,448,358.13	1086	1027	100	100

Table 2

2022 ANNUAL REPORT

Credit Committee Report (continued)

From the table above (Table 2) ‘Loans Granted by Purpose, Value and Number’ the major shift in the categories of member borrowings moved to Miscellaneous/Religious/Ceremonial and Education and Investments whilst Consolidation of Debts & Mortgages decreased. This is illustrated in the diagram below (Diagram 1).

Diagram 1

CONCLUSION

We are enduring the worst inflation over thirty-five (35) years due to the COVID-19 virus, climate change and unemployment to name fa ew with all these factors contributing to the economic challenges we face.

Our Credit Union AMGECU has been working assiduously to fulfill our needs during these tough times and beyond.

As we look forward to a brighter future we must always display fierce resilience, stay focused and continue to be ambitious … with these virtues we shall prevail.

With the world returning to a sense of normalcy and COVID-19 fading away we hope to see a turnaround with new and existing members borrowings along with an overall increase in business.

On behalf of the Credit Committee, we express our heartfelt thanks to the Members, Board of Directors, other Committees and Staff.

____________________

Justin Ayoung

Chair person

2022 ANNUAL REPORT

Supervisory Committee Report

The Supervisory Committee operates as an independent Committee of the Credit Union. Its mandate is to perform internal auditing functions that monitors the performance the Board of Directors, Management and Sub-Committees of the Credit Union; ensuring that policies, procedures and internal controls are in accordance with Bye-Laws and international Credit Union standards; thereby ensuring that members’ interests are always protected.

The members elected to serve on the Supervisory Committee at the Annual General Meeting held on Saturday May 21st, 2022 were as follows:-

• Mr. Fitzroy Dove

• Ms. Colleen Caseman

• Wendy Cadiz-Clarke

Following the resignation of Mr. Dove, the alternate, Mrs. Eartha Self-Pierre was invited to fill the role. The Committee members proceeded to function in the following roles:-

• Ms. Colleen Caseman Chairperson

• Wendy Cadiz-Clarke Secretary

• Eartha Self-Pierre Member

MEETINGS OF THE SUPERVISORY COMMITTEE

The Committee held its first(1st) meeting on September 16th, 2023, and held four (4) subsequent meetings during the financial year of the Credit Union.

During its tenure, the following reports were reviewed, monitored and audited to ensure that all guidelines were being followed in the issuance of loans, management of expenses and execution of required actions to reduce delinquency.

• Monthly Management Report

• Loan Activity Report

• Financial Statement

• Delinquency Report

TRAINING AND DEVELOPMENT

The members of the Supervisory Committee participated in Anti-Money Laundering Training conducted by the Credit Union. This assisted in creating greater awareness of the various risks the Credit Union and its members are exposed to and the due diligence required to avoid same.

2022 ANNUAL REPORT

Supervisory Committee Report (continued)

INTERNAL AUDIT REVIEW

A meeting was held with the Credit Union’s Internal Auditor to discuss the audits that were performed year to date and the results as well as those being planned for the rest of the financial year. It was noted that all aspects of the Credit Union’s operation are constantly being audited to the best interest of all stakeholders.

CONCLUSION

The Supervisory Committee operating within the guidelines of the Co-operative Act as well as the Bye Laws expresses satisfaction that Credit Union is being managed to the benefit of all members. It was also observed that corrective measures are continuously implemented and monitored to mitigate against and correct all matters of discrepancies.

The Committee members extends appreciation for the opportunity to serve the Credit Union Membership.

___________________

Colleen Caseman

Chairperson

2022 ANNUAL REPORT

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

Notices which were published in the daily newspapers and circulated on the various social media platforms yielded few responses, making it necessary to extend the close off date. This proved successful.

The Nominations Committee held four (4) meetings both in person and virtual. We are happy to report that we were able to attract a “full slate” of suitable candidates once again.

Board of Directors: (6)	Credit Committee: (7)	Supervisory Committee: (5)
Cheryl Lutchman	Donna Persad	Kevin Jeremiah
Jennifer Felix-Norton	Jason Marcano	Leisel Aneika Francis
Anthony Alleng	Justin Ayoung	Jennifer Khan-Charles
Karen Gonzales	Michelle Gopee	Annelle Joachim
Arnim Phillips	Marissa Blackman	Anderson Abraham
Cuthbert Tracey	Colleen Caseman
	Denysha Mathias-Harewood

Orientation/Presentation of Nominees/Elections

The process developed would again be adopted in 2023.

Orientation on the functions of the committees would be conducted for nominees by the Co-operative Division Ministry of Labour and Small and Micro Enterprise Development.

Presentation of Nominees would be introduced via power point at the AGM.

Elections process would be conducted by the Co-operative Credit Union League personnel.

ACKNOWLEDGEMENT

We extend our gratitude to the members who took the decision to serve the Credit Union for the coming year. Based on the resumes submitted, the committee is optimistic that the future of AMGECU is assured as we are poised to strengthen our Financial, Social and Operational Platforms. We give them our fullest support.

CONCLUSION

The Committee entrusted to assess the Nominees were:

Anthony Alleng

Cheryl Lutchman

Jennifer Felix-Norton

Arkiebah Peters -Alexander

It is with extreme appreciation we thank you for the opportunity to serve.

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

Chair

2022 ANNUAL REPORT

NOMINATIONS

Contesting for BOARD OF DIRECTORS 2023

Name: CHERYL LUTCHMAN

Company: HAND ARNOLD LIMITED

Occupation: Credit Control Manager

Status: Member - Joined in May 2012

Summary ACCA, Crestcom Management Training (Current), Certificates in Supervisory Management, Payroll and Budgeting, Practical Approach to Taxation & Anti-Money Laundering. Previously served on the Board Directors, Investment, Credit, Education & Nominations Committees.

Name: KAREN GONZALES

Company: SELF EMPLOYED ATTORNEY AT LAW

Occupation: Attorney

Status: Member – Joined in July 2017

Summary: Bachelor of Laws, Training in Internal Auditing, Understanding Financial Statements, Anti-Money Laundering and Delinquency Control Certificate in Events Management from George Washington University

Served on the Board of Directors, Human Resource and Risk Committees at another Credit Union

Name: JENNIFER FELIX-NORTON

Company: GUARDIAN MEDIA LIMITED

Occupation: Supervisor

Status: Member - Joined in 2004

Summary: Training in HR Management, Computer Information Systems, Sales and Advertising Supervision and currently pursuing a course in Credit Union Management.

Previously served on the Board of Directors, Education, Delinquency, Investments, Nominations, Youth & Bye-Laws Committees.

Name: ANTHONY ALLENG

Occupation: Retired Accountant

Status: Member –Joined in 1999

Summary: Diploma in Accounting and Office Management. Certificate in Credit Union Management. Has served in Various elected positions such as Board President, Vice President, Past Chairman of Supervisory, Bye Laws, Waivers, Delinquency and Nominations, Risk Management, Sports & Culture and Building Committees.

Name: ARNIM PHILLIPS

Occupation: Retiree

Status: Member –Joined in December 1980

Summary: A Levels, Certificates in Project Management, Finance for Non-Financial Officers, Anti Money Laundering.

Previously served as a Director of MBM and AMGECU. Also served on IT and Building Committees, Retirees Club.

2022 ANNUAL REPORT

Name: CUTHBERT TRACEY

Occupation: Retiree

Status: Member - Joined in 1988

Summary: Diploma - Sales Management, Certificates in Human Resource and Credit Union Management Former President (AMGECU) Also served on Board of Directors, Credit, Supervisory, R&D, Investment, Risk Management, Bye Laws, and Sports & Culture Committees. Other Activities: Church Management –Elder.

Contesting for CREDIT COMMITTEE 2023

Name: JUSTIN AYOUNG

Occupation: Retiree

Status: Member - Joined in January 1982

Summary: CXC, Computer Literacy, Certificates in Compliance Training, Anti- Money Laundering. Previously served on the Board of Directors, Sports and Culture, Delinquency and Credit Committees.

Name: DONNA PERSAD

Occupation: Retired Accounting Assistant

Status: Member - Joined in September 1988

Summary: AAT Level 3, ACCA Level 1, Law Level 2, Training in Time Management, Microsoft Word, and Excel.

Previously served on the Credit & Education Committees.

Name: JASON MARCANO

Company: TATIL

Occupation: Clerk

Status: Member - Joined in February 2008

Summary: BSc. -Information Technology, ABE –Diploma Business Management, Certificate in Excel Previously served on the Credit Committee.

Name: MICHELLE GOPEE

Company: GUARDIAN MEDIA LIMITED

Occupation: Accounts Supervisor

Status: Member Joined in June 2006

Summary: ACCA.

Previously served on the Credit Committee.

Name: MARISSA BLACKMAN

Company: W.A.S.A.

Occupation: Management Assistant II

Status: Member-Joined in December 1991

Summary: BSc. in Mathematics & ACCA Level 1

Previously served on the Credit Committee.

2022 ANNUAL REPORT

Name: DENYSHA MATHIAS-HAREWOOD

Occupation: Self Employed

Status: Member –Joined in 2001

Summary: MSc. Psychology, BSc. Behavioral Science, GCE A Levels

Previously served on Sports & Cultural Committee.

Name: COLLEEN CASEMAN

Company: ANSA COATINGS LIMITED

Occupation: Receptionist/CSR

Status: Member –Joined in September 2006

Summary: CXC.

Previously served on the Supervisory and Sports & Culture Committees

Contesting for SUPERVISORY COMMITTEE 2023

Name: KEVIN JEREMIAH

Company: TTMF

Occupation: Mortgage Assistant

Status: Member - Joined in 2012

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

Previously served on the Credit Committee

Name: LEISEL ANEIKA FRANCIS

Company: TATIL LIFE ASSURANCE LTD

Occupation: Senior Accountant

Status: Member - Joined in 2006

Summary: ACCA.

Name: JENNIFER KHAN- CHARLES

Company: TATIL

Occupation: Accountant

Status: Member - Joined in 2008

Summary: ACMA, BA. (Honors) in Business Studies –Accounting and Finance.

Name: ANDERSON ABRAHAM

Company: GUARDIAN MEDIA LIMITED

Occupation: Credit Manager

Status: Member - Joined in 2019

Summary: ACCA Level 3.

Previously served on the Supervisory and Credit Committees in another Credit Union.

2022 ANNUAL REPORT

AMGECU Credit Union Co-operative Society Limited

Statement Of Management’s Responsibilities

STATEMENT OF MANAGEMENT’S RESPONSIBILITIES

Management is responsible for the following:

- Preparing and fairly presenting the accompanying financial statements of AMGECU Credit Union Co operative Society Limited (the “Society”), which comprise the statement of financial position as at 31 December 2022, the statements of comprehensive income, appropriated funds and undivided earnings and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information,

- Ensuring that the Society keeps proper accounting records,

- Selecting appropriate accounting policies and applying them in a consistent manner,

- Implementing, monitoring and evaluating the system of internal control that assures security of the Society’s assets, detection/ prevention of fraud, and the achievement of operational efficiencies,

- Ensuring that the system of internal control operated effectively during the reporting period,

- Producing reliable financial reporting that comply with laws and regulations, including the Co-operative Societies Act Chapter 81:03, and

- Using reasonable and prudent judgement in the determination of estimates.

In preparing these financial statements, management utilised the International Financial Reporting Standards, as issued by the International Accounting Standards Board and adopted by the Institute of Chartered Accountants of Trinidad and Tobago. Where International Financial Reporting Standards presented alternative accounting treatments, management chose those considered most appropriate in the circumstances.

Nothing has come to the attention of management to indicate that the Society will not remain a going concern for the next twelve months from the reporting date; or up to the date the accompanying financial statements have been authorised for issue, if later.

Management affirms that it has carried out its responsibilities as outlined above.

_____________________________ ______________________________

General Manager Accountant

March 29, 2023 March 29, 2023

2022 ANNUAL REPORT

INDEPENDENT AUDITOR’S REPORT

To the Members of AMGECU Credit Union Co-operative Society Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of AMGECU Credit Union Co-operative Society Limited (the “Society”), which comprise the statement of financial position as at 31 December 2022, and the statement of comprehensive income, statement of appropriated funds and undivided earnings and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the financial statements present fairly, in all material respects, the financial position of AMGECU Credit Union Co-operative Society Limited as at 31 December 2022, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS) and the Co-operative Societies Act Chapter 81:03.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Society in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code),

together with the ethical requirements that are relevant to our audit of the financial statements in Trinidad and Tobago, and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of Management and the Board of Directors for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS and the Co-operative Societies Act Chapter 81:03, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Society’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Society or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Society’s financial reporting process.

_{2022
ANNUAL REPORT}(2)

INDEPENDENT AUDITOR’S REPORT (Continued)

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial

statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We, also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Society’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

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

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

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

March 29, 2023

Port-of-Spain

_{2022
ANNUAL REPORT}(3)

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited

Statement of Financial Position

Statement Of Financial Position

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

ASSETS

Notes December 31

2022 2021

Current Assets:

Cash in hand and at bank 5 $ 14,560,588 $ 12,911,377 Other financial assets 6 25,743,922 30,761,135 Accounts receivable and prepayments 7 5,242,998 6,860,342 Accounts due from member companies 8 1,384,676 1,159,778

Total Current Assets 46,932,184 51,692,632

Non-Current Assets:

Loans to members 9 100,247,829 99,495,235 Other financial assets 10 45,102,323 44,816,157 Employee benefit assets 11 7,842,000 7,781,000 Investment properties 12 13,346,257 13,229,911 Fixed assets 13 5,163,401 5,323,535

Total Non-Current Assets 171,701,810 170,645,838

Total Assets $ 218,633,994 $ 222,338,470

LIABILITIES AND MEMBERS’ EQUITY

Current Liabilities:

Accounts payable and accrued charges 14 $ 1,410,325 $ 1,185,956 Christmas Savings Plan 15 156,370 189,140 Education Savings Plan 16 228,483 212,896 Ex-Member Shares and Dividends 3,139,877 4,072,979

Total Current Liabilities 4,935,055 5,660,971

Non-Current Liabilities:

Members’ savings and pooled funds 17 13,177,137 13,267,201 Employee benefit obligation 18 140,000 132,000 Members’ shares 19 167,193,908 167,813,010

Total Non-Current Liabilities 180,511,045 181,212,211

Total Liabilities 185,385,208 186,873,182

Members’ Equity:

Reserve Fund 20 17,477,956 16,561,966 Building Fund 21 7,536 7,536 Education Fund 21 410,000 410,000 Charitable Fund 21 50,000 50,000 Investment Re-measurement Reserve 22 4,774,477 9,193,001 Undivided surplus 10,467,925 9,242,785

Total Members’ Equity 33,187,894 35,465,288

Total Liabilities and Members’ Equity $ 218,633,994 $ 222,338,470

The notes on pages 9 to 48 are an integral part of these financial statements.

The accompanying Notes form an integral part of these Financial StatementsOn March 29, 2023, the Board of Directors authorised these financial statements for issue.

________________________ ________________________ ________________________ President Secretary Chair - Supervisory Committee

2022 ANNUAL REPORT

(4)

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited

Statement of Comprehensive Income

Statement Of Comprehensive Income

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

31 December

Notes 2022 2021

Income:

Interest on loans to members $ 8,392,779 $ 8,569,893 Investment income 26 4,929,278 3,064,169 Lease interest income 7 224,901 262,432 Other income 27 502,484 308,825

Total Income 14,049,442 12,205,319

Expenses:

Administrative expenses 28 1,887,117 1,656,095 Board and committee expenses 29 132,162 99,946 Depreciation 361,717 384,782 Interest on members’ savings and pooled funds 30 24,658 21,593 Investment property expenses 78,798 46,710 Personnel costs 31 2,205,098 2,038,106

Total Expenses 4,689,550 4,247,232

Net surplus 9,359,892 7,958,087 Honorarium (185,000) (172,200) Net surplus for the year 9,174,892 7,785,887

Other Comprehensive Income:

Items that maybe reclassified subsequently to profit or loss:

Net unrealized (loss)/gain on investments (4,418,524) 4,604,306 Items that will not be reclassified subsequently to profit or loss:

Net actuarial (loss)/gain on employee benefit asset and obligation 32 (296,000) 924,000 Total Other Comprehensive (Loss)/Income for the year (4,714,524) 5,528,306 Total Comprehensive Income for the Year: $ 4,460,368 $ 13,314,193

The accompanying Notes form an integral part of these Financial Statements

The notes on pages 9 to 48 are an integral part of these financial statements.

^{2022
ANNUAL REPORT}(5)

₍₆)

_(295,007)

_(6,442,755)

_Total

_39,925,656

_33,187,894

_4,460,368

₂₀₂2

_35,465,288

₍₁)

_(1,210,996)

_(6,442,755)

_16,910,681

_$
10,467,925

_8,878,892

_9,242,785

_Surplus

_Undivided

_Reserve

_Investment

_(4,418,524)

_{Re-measuremen}t

_4,774,477

_4,774,477

_9,193,001

_ITED

_{ent of Changes in Equit}y

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

_{(Expressed in Trinidad and
Tobago Dollars})

_(20,890)

_20,890

_70,890

_50,000

_50,000

_Charitable

_Fund

_{The accompanying Notes form an integral part of these Financial
Statement}s

_Fund

_(272,423)

_272,423

_682,423

_410,000

_410,000

_Education

_{Credit Union Co-operative
Society Limite}d

_AM

_AMGECU

_Statem

_{Statement Of Changes in
Equit}y

_{(Expressed in Trinidad and Tobago Dollars})

_Building _Reserve

_Fund _Fund

_$ _7,536 _$ _{$ 16,561,96}6 _{Balance at beginning
of yea}r

_{Total comprehensive incom}e

_917,683 _{Transfer
from surplu}s

_7,536 _17,479,649

_(1,693) _Fund
expenses

_{Dividends paid – 202}1

_$ _7,536 _$ _17,477,956 $

_{Balance at end of yea}r

_{The notes on pages 9 to 48 are an integral part of
these financial statements}.

2022 ANNUAL REPORT

₍₇)

_Total

_(7,147,082)

_13,234,162

_42,612,370

_35,465,288

₂₀₂1

_{$ 29,378,20}8

_(7,147,082)

_(857,430)

_9,242,785

_78,841

_8,538,600

_8,629,856

_16,311,026

_Surplus

_Undivided

_Reserve

_Investment

_4,604,306

_{Re-measuremen}t

_9,193,001

_9,193,001

_4,588,695

_ITED

_{ent of Changes in Equit}y

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

_{(Expressed in Trinidad and
Tobago Dollars})

_(13,209)

_13,209

_63,209

_50,000

_50,000

_Charitable

_Fund

_{The accompanying Notes form an integral part of these Financial
Statement}s

_Fund

_(65,632)

_65,632

_475,632

_410,000

_410,000

_Education

_{Credit Union Co-operative Society Limited}

_AM

_AMGECU

_Statem

_{Statement Of Changes in Equit}y

_{(Expressed in Trinidad and Tobago Dollars})

_Building _Reserve

_Fund _Fund

_$ _7,536

_$ _{$ 15,783,37}7 _{Balance at beginning of
yea}r

_{Total comprehensive incom}e

_778,589 _{Transfer
from surplu}s

_7,536 _16,561,966

_{Fund expense}s

_{Dividends paid – 202}0

_$ _7,536

_$ _{$ 16,561,96}6

_{Balance at end of yea}r

_{The notes on pages 9 to 48 are an integral part of these financial
statements}.

2022 ANNUAL REPORT

AMGECU Credit Union Co-operative Society Limited

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Statement of Cash Flows

Statement Of Cash Flows

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

Year ended

31 December

2022 2021

Cash Flows from Operating Activities:

Net surplus for the year $ 9,176,832 $ 7,785,887 Employee Benefit/Obligation - IAS #19 Adjustment (349,000) (256,000) Depreciation 361,717 384,781 Fund expenses (293,314) - Provision for loan losses expense 31,483 (99,719)

Adjusted net surplus for the year 8,927,718 7,814,949

Net change in amounts due from member companies (224,898) 668,842 Net change in accounts receivable and prepayments 1,617,344 (1,986,604) Net change in accounts payable and accrued charges 224,369 37,654 Net change in Christmas savings plan (32,770) (19,138) Net change in Education savings plan 15,587 (15,877)

Net cash generated from Operating Activities 10,527,350 6,499,826

Cash Flows from Investing Activities:

Net movement in members’ loans (784,077) 764,490 Net change in fixed assets and investment properties 312,105 132,260 Net charge in other financial assets (321,144) (1,400,072)

Net cash (used in)/generated from Investing Activities (793,116) (503,322) Net cash flow before financing activities 9,734,234 5,996,504

Cash Flows from Financing Activities

Net change in members’ savings and pooled funds (90,064) 327,644 Net change in members’ shares (1,552,204) 3,797,694 Dividends paid (6,442,755) (7,147,082)

Net cash used in Financing Activities (8,085,023) (3,021,744)

Net change in cash and cash equivalents 1,649,211 2,974,760 Cash and cash equivalents at beginning of year 12,911,377 9,936,617

Cash and cash equivalents at end of year $ 14,560,588 $ 12,911,377

Represented by:

Cash in hand and at bank $ 14,560,588 $ 12,911,377 _{The notes on pages 9 to 47 are an integral part of these financial
statements.}The accompanying Notes form an integral part of these Financial Statements

(8)

2022 ANNUAL REPORT

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited Notes to the Financial Statements Notes to the Financial Statements

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

1 Registration and Objectives

AMGECU Credit Union Co-operative Society Limited (the “Society”) is registered under the Co operative Societies Act Chapter 81:03 of Trinidad and Tobago. The Society’s registered office is located at the Corner Austin Street and Eastern Main Road, St. Joseph. The Society operates in the capacity of a Credit Union for the benefit of employees of ANSA McAl Group of Companies and Alliance Companies.

During the year ended 31 December 2011, the Society changed its name to AMGECU Credit Union Co-Operative Society Limited.

2 Summary of Significant Accounting Policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.

(a) Basis of 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 management to exercise its judgement in the process of applying the Society’s accounting policies. It also requires the use of assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of the income and expenditure during the reporting period. Although these estimates are based on management’s best knowledge of current events and actions, actual results may ultimately differ from those estimates.

i) New standards and amendments/revisions to published standards and interpretations effective in 2022

The following new standards, amendments and interpretations are mandatory for the Society’s accounting periods beginning on or after 1 January 2022:

- IFRS 16 Leases – Amendments – COVID-19 – Related Rent Concessions

The amendment provides an optional practical expedient allowing lessees to elect not to assess whether a rent concession related to COVID-19 is a lease modification. Lessees adopting this election may account for qualifying rent concessions in the same way as they would if they do not lease modifications.

^{2022
ANNUAL REPORT}(9)

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

2 Summary of Significant Accounting Policies (Continued)

i) New standards and amendments/revisions to published standards and interpretations effective in 2022 (Continued)

The practical expedient only applies to rent concessions occurring as a direct consequence of the COVID-19 pandemic and only if all of the conditions are met:

a. the change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change,

b. any reduction in lease payments affects only payments originally due on or before 30 June 2022, and

c. there is no substantive change to the other terms and conditions of the lease.

ii) New standards and amendments/revisions to published standards and interpretations effective in 2022 but not applicable to the Society

The following new IFRS amendments that have been issued do not apply to the activities of the Society:

- IFRS 9, IAS 39, IFRS 7 and IFRS 16 – Amendments – Interest Rate Benchmark Reform Phase 2

^{2022
ANNUAL REPORT}(10)

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

2 Summary of Significant Accounting Policies (Continued)

iii) New Standards, interpretations and revised or amended standards that are not yet effective and have not been early adopted by the Society

- Annual Improvements to IFRSs 2018 – 2021 Cycle:

• IFRS 1 First-time Adoption of International Financial Reporting Standards – Amendments – Subsidiary as a first-time adopter.

• IFRS 9 Financial Instruments – Amendments – Fees in the ’10 per cent’ test for derecognition of financial liabilities.

Effective 1 January 2023:

- IAS 1 Presentation of Financial Statements – Amendments – Classification of liabilities as current or non-current.

- IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 – Amendments – Disclosure of accounting policies.

- IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors – Amendments – Definition of accounting estimates.

- IAS 12 Income Taxes – Amendments – Deferred tax related to assets and liabilities arising from a single transaction.

- IFRS 17 Insurance Contracts effective for annual reporting periods beginning on or after January 1, 2023, replaces IFRS 4 Insurance Contracts and provides three models to apply to all insurance contracts: the general model, the variable fee approach and the premium allocation approach.

Many of the disclosures of IFRS 4 are retained in IFRS 17. The general model requires disclosure and reconciliation of the expected present value of future cash flows, risk adjustment and contractual service margin. No reconciliation is required under the variable fee approach.

The Society is assessing the impact that the standard will have on its financial statements. Amendments postponed:

- IFRS 10 and IAS 28 – Amendments – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture – In December 2015, the IASB deferred the effective date of the amendments until such time it has finalized any amendments that result from its research project on the equity method of accounting.

The Board of Directors of the Society do not anticipate that the application of any of the standards or amendments noted in this section will have material impact to the society’s financial statements.

2022 ANNUAL REPORT

(11)

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

2 Summary of Significant Accounting Policies (Continued)

(d) Fixed Assets

Fixed assets are stated at historical cost less accumulated depreciation. Depreciation is provided on the straight-line basis.

The following rates are considered appropriate to write-off the assets over their estimated useful lives as applied:

Land and Building - 2%

Office improvements - 2%

Computer equipment - 33%

Furniture and equipment - 25%

No depreciation is provided on freehold land or capital work-in-progress.

The assets’ residual values and useful lives are reviewed at each Statement of Financial Position date and adjusted as appropriate. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within the “Gain/Loss on Disposal” account in the Statement of Comprehensive Income.

(e) Investment Properties

Investment properties are properties held to earn rentals and/or for capital appreciation (including property under construction for such purposes). Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are measured at cost less accumulated depreciation and accumulated impairment losses, which are included in profit or loss in the period in which they arise.

An investment property is derecognized upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognized.

The Society utilizes the same depreciation rates and basis used for its fixed assets for the Investment Properties.

2022 ANNUAL REPORT

(12)

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

2 Summary of Significant Accounting Policies (Continued)

(f) Financial Instruments

All recognized financial assets that are within the scope of IRFS 9 are required to be subsequently measured at amortized cost or fair value on the basis of:

(i) the entity’s business model for managing the financial assets: and

(ii) the contractual cash flow characteristics of the financial assets.

The Society reassess its’ business models at each reporting period to determine whether they have changed. No such changes have been identified for the current year.

The principal amount is the fair value of the financial asset at initial recognition. Interest is consideration for the time value of money and for credit and other risks associated with the principal outstanding. Interest also has a profit margin element.

Initial Measurement

All financial instruments are initially measured at the fair value of consideration given or received.

The credit union measures fair value in accordance with IFRS 13, which defines fair value as price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement rate. The credit union uses the fair value hierarchy that categorises valuation techniques into three levels:

(i) Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Assets and liabilities are classified as Level 1 if their value is observable in an active market. The use of observable market prices and model inputs, when available, reduces the need for management judgement and estimation, as well as the uncertainty related with the estimated fair value.

(ii) Level 2 inputs are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs other than quoted prices that are observable for the asset or liability.

(iii) Level 3 inputs are unobservable inputs. Assets and liabilities are classified as Level 3 if their valuation incorporates significant inputs that are not based on observable market data.

2022 ANNUAL REPORT

(13)

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

2 Summary of Significant Accounting Policies (Continued)

(f) Financial Instruments (Continued)

Subsequent Measurement

Those financial assets such as members’ loans and receivables, which are held within a business model with the sole objective of collecting contractual cash flows which comprise principal and interest only, are subsequently measured at amortized cost. Gains/losses arising on remeasurement of such financial assets are recognized in profit or loss as movements in Expected Credit Loss (ECL). When a financial asset measured at amortized cost is derecognized, the gain/loss is reflected in profit or loss.

Those financial assets such as bonds, which are held within a business model with the objectives of (i) collecting contractual cash flows which comprise principal and interest only, as well as (ii) selling the financial assets, are subsequently measured at Fair Value Through Other Comprehensive Income (FVTOCI). Gains/losses arising on remeasurement of such financial assets are recognized in OCI as ‘Items that may be reclassified subsequently to P&L’ and are called ‘Net FV gain/(loss) on financial assets classified as FVTOCI’.

All other financial assets are subsequently measured at Fair Value Through Profit and Loss (FVTPL), except for equity investments, which the credit union has opted, irrevocably, to measure at FVTOCI. Gains/losses arising on remeasurement of such financial assets are recognized in profit or loss as ‘Net FV gain/(loss) on financial assets classified at FVTPL’. When a financial asset measured at FVTOCI is derecognized, the cumulative gain/loss previously recognized in OCI is reclassified from equity to profit or loss.

Gains/losses arising on remeasurement of equity investments, which the credit union has opted, irrevocably, to measure at FVTOCI, are recognized in OCI as ‘Items that may not be reclassified subsequently to P&L’ and are called ‘Net FV gain/(loss) on equity financial assets classified as at FVOCI’. When an equity investment measured at FVTOCI is derecognized, the cumulative gain/loss previously recognized in OCI is not subsequently reclassified to profit or loss but instead, transferred within equity.

Reclassification

If the business model under which the credit union holds financial assets changes, the financial assets affected are reclassified accordingly from the first day of the first reporting period following the change in business model. Equity instruments which the credit union opted to treat at FVTOCI cannot be reclassified.

^{2022
ANNUAL REPORT}(14)

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

2 Summary of Significant Accounting Policies (Continued)

(f) Financial Instruments (Continued)

Impairment

Financial assets measured at amortized costs are impaired at one of two levels:

(i) Twelve-month Expected Credit Loss – These are losses that result from default events that are possible within twelve months after the reporting date. Such financial assets are at ‘Stage 1’.

(ii) Lifetime ECL – These are losses that result from all possible default events over the life of the financial instrument. Such financial assets are at ‘Stage 2’ or ‘Stage 3’.

A loss allowance for full lifetime ECL is required for a financial instrument if the credit risk on that financial instrument has increased significantly since initial recognition. For all other financial instruments, ECLs are measured at an amount equal to the twelve-month ECL.

ECL is a probability-weighted estimate of the present value of credit losses, measured as the present value of the difference between (i) the cash flows due to the credit union under contract; and (ii) the cash flows that the credit union expects to receive, discounted at the asset’s effective interest rate.

Performing Financial Assets – Stage 1

For performing assets and those expected to perform normally, the loss allowance is the 12- month ECL and is done immediately at initial recognition of asset.

Significant Increase in Credit Risk – Stage 2

When an asset becomes 30 days past due, the credit union considers that a significant increase in credit risk has occurred, and the assets is deemed to be at Stage 2 and the loss allowance is measured as the lifetime ECL.

2022 ANNUAL REPORT

(15)

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

2 Summary of Significant Accounting Policies (Continued)

(f) Financial Instruments (Continued)

Credit-impaired Financial Assets – Stage 3

A financial asset is ‘credit-impaired’ when events that have a detrimental impact on the estimated future cash flows of the financial assets have occurred. Credit-impaired financial assets are referred to as Stage 3 assets. Evidence of credit-impairment includes observable data about one or more of the following events:

(i) significant financial difficulty of the borrower or issuer,

(ii) a breach of contract such as a default or past-due event,

(iii) granted to the borrower of a concession that the lender would not otherwise consider, (iv) the disappearance of an active market for a security because of financial difficulties, or

(v) the purchase of a financial asset at a deep discount that reflects the incurred credit losses.

The credit union assesses whether debt instruments that are financial assets measured at amortized cost are credit-impaired at each reporting date. There is a rebuttable presumption that financial assets that are in default for more than ninety (90) days are credit impaired. The credit union also considers a financial asset to be credit impaired if the borrower is unlikely to pay its credit obligation. To determine this, the credit union takes into account both qualitative indicators, such as unemployment, bankruptcy, divorce or death and quantitative indicators, such as overdue status. The credit union used its historical experience and forward-looking information that is available without undue cost or effort. If there has been a significant increase in credit risk the credit union will measure the loss allowance based on lifetime rather than twelve-month ECL.

^{2022
ANNUAL REPORT}(16)

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

2 Summary of Significant Accounting Policies (Continued)

(f) Financial Instruments (Continued)

Modification and Derecognition of Financial Assets

The credit union renegotiates loans to customers in financial difficult to maximise collection and minimize the risk of default. This occurs particularly where, although the borrower made all reasonable efforts to pay under the original contractual terms, there is a high risk of default or default has already happened. The revised terms usually include an extension of the maturity of the loan, changes to the timing of the cash flows of the loan and/or a reduction in the amount of cash flows due. When a financial asset is modified, the credit union assesses whether this modification results in derecognition of the original loan, such as when the renegotiation gives rise to substantially different terms.

In the case where the financial asset is derecognized, the new financial asset will have a loss allowance measured based on twelve-month ECL. If, however, there remains a high risk of default under the renegotiated terms, the loss allowance will be measured based on lifetime ECL.

When the modification does not result in derecognition, the credit union will measure loss allowance at an amount equal to lifetime ECL.

Write-off

Loans and receivables are written off when the credit union has no reasonable expectations of recovering the financial asset, for example, when the credit union determines that the borrower does not have assets or sources of income that could generate sufficient cash flows to repay. A write-off constitutes a derecognition event. Subsequent recoveries resulting from the credit union’s enforcement activities will result in gains.

Financial Liabilities

Since the credit union does not trade in financial liabilities, and since there is no measurement or recognition inconsistencies, all financial liabilities are initially measured at fair value, net of transaction costs and subsequently, at amortized cost using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial instrument to the net carrying amount on initial recognition. Financial liabilities recognized at amortized cost are not reclassified.

^{2022
ANNUAL REPORT}(17)

AMGECU Credit Union Co-operative Society Limited AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

2 Summary of Significant Accounting Policies (Continued)

(f) Financial Instruments (Continued)

Measurement of ECL

The key inputs used for measuring ECL are:

(i) probability of default (PD),

(ii) loss given default (LGD), and

(iii) exposure at default (EAD).

The credit union measures ECL on an individual basis, or on a collective basis for portfolios of loans that share similar economic risk characteristics. The credit union’s financial instruments are grouped on the basis of shared risk characteristics, such as:

(i) credit risk grade,

(ii) collateral type,

(iii) date of initial recognition,

(iv) remaining term to maturity,

(v) industry,

(vi) geographic location of the borrower,

(vii) income bracket of the borrower, and

(viii) the value of collateral relative to the financial asset.

^{2022
ANNUAL REPORT}(18)

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

2 Summary of Significant Accounting Policies (Continued)

(f) Financial Instruments (Continued)

Measurement of ECL (Continued)

The groupings are reviewed on a regular basis to ensure that each grouping is comprised of homogenous exposures.

An analysis of the credit union’s credit risk exposure without taking into account the effect of collateral is provided in the following tables. The amounts in the table represent gross carrying amounts.

Stage 1

12-mth ECL

Stage 2

Lifetime ECL

Stage 3

Lifetime ECL Total

Low risk $ 12,723,838 $ 451,578 $ 966,260 $ 14,141,676 Medium risk 86,068,908 209,711 - 86,278,619 Impaired - - 5,621,804 5,621,804 Total gross carrying amount $ 98,792,746 $ 661,289 $ 6,588,064 $106,042,099

The table below analyses the movement of the loss allowance on loans to members at amortized cost during the year.

Stage 1 Stage 2 Stage 3 Total

Loss allowance, start of

year $ 4 $ 490 $ 5,762,292 $ 5,762,786 Transfer to stage 1 - (280) (112,612) (112,892) Transfer to stage 2 (46) - (11,819) (11,865) Transfer to stage 3 (66) (135) 265,695 265,494

Increases/(decreases) due

to change in credit risk 3,727 (237) Loss allowance, end of

(112,743) (109,253)

year $ 3,619 $ (162) $ 5,7 90,813 $ 5,794,270

^{2022
ANNUAL REPORT}(19)

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

2 Summary of Significant Accounting Policies (Continued)

(f) Financial instruments (continued)

Collateral Held as Security

The credit union holds the following types of collateral to mitigate credit risk associated with financial assets:

General loans Shares in the Credit Union

Mortgage lending * Deed of Mortgage on property

Vehicle loans Deed of Mortgage on vehicles

* The credit union holds residential properties as collateral for the mortgage loans it grants to its members. The value of the collateral for residential mortgage loans is typically based on the collateral value at origination, updated based on changes in house prices. For credit-impaired loans, the value of collateral is based on the most recent appraisals.

Assets Obtained by Taking Possession of Collateral

The credit union obtained the following assets during the year by taking possession of collateral held as security against loans held at the year end. The credit union’s policy is to realise collateral on a timely basis.

Shares $ -

Total assets obtained by taking possession of collateral $ -

Members’ Shares

Given their non-permanent nature members’ shares are classified as a liability and stated at fair value. In accordance with the Society’s byelaws, shareholdings comprise of the following:

(a) Section 5 (c) requires every new member to pay an entrance fee of five dollars ($5.00) and an operational fee of five dollars ($5.00), both of which shall go towards the Reserve Fund; and

(b) Section 5 (c) requires that every member shall purchase at least one (1) ordinary share valued at five dollars ($5.00) each.

(g) Income Recognition

Interest on members’ loans and fixed deposits are accounted for on the accrual basis. Interest on saving and current accounts and dividend income are accounted for on the cash basis.

(h) Members’ Special Deposits

Members’ special deposits bear interest at rates approved by the Board of Directors. The Board of Directors periodically reviews these rates.

2022 ANNUAL REPORT

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

2 Summary of Significant Accounting Policies (Continued)

(i) Employee Benefits

The Alston’s Pension Fund Plan covers monthly paid employees. This is a contributory defined pension plan that offers members retirement benefits in accordance with the Plan’s Trust Deed and Rules. Trustees administer the pension plan, and the Trust is entirely divorced from the Credit Union’s finances.

The pension accounting cost for the plan is assessed using the projected unit credit method. Under this method, the cost of provided pensions is charged to the statement of comprehensive income so as to spread the regular cost of a qualified actuary, who carries out a full valuation of the plan every year.

The Credit Union also provides post-retirement health benefits to their retirees. The entitlement to these benefits is based on the employee remaining in service up to the retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment, using an accounting methodology similar to that of the defined benefit plan.

(j) Unclaimed Dividends

In accordance with Bye Laws 8 (a) of the Credit Union, all dividends to members remaining unclaimed after one (1) year from the date of declaration are transferred to Unclaimed Dividends. Any sum remaining unclaimed in this account for two (2) years may be transferred to the Reserve Fund.

(k) Dividends

Dividends are recommended by the Board of Directors and approved by the members at the Annual General Meeting. Dividends are an appropriation of retained earnings as disclosed in the Statement of Changes in Members’ Equity and Reserves. In accordance with IAS 10, the dividends are not accounted for as a liability at year-end.

The dividends are computed on the basis of the average number of shares in issue throughout the year, the average being determined on the basis of the number of shares in issue at the end of each month.

(l) Foreign Currency

Transactions in foreign currencies are translated at the rate of exchange ruling at the transaction date. Foreign monetary assets and liabilities denominated in foreign currencies are expressed in Trinidad and Tobago dollars at rates of exchange prevailing at the Statement of Financial Position date. Resulting translation differences and profits and losses from trading activities are included in the Statement of Comprehensive Income.

2022 ANNUAL REPORT

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

3 Financial Risk Management

Financial Risk Factors

The Society’s activities are primarily related to the use of financial instruments. The Society accepts funds from members and earns interest by investing in equity investments, government securities and on-lending to members at higher interest rates.

Financial Instruments

The following table summarizes the carrying amounts and fair values of the Society’s financial assets and liabilities:

2022

Carrying Fair

Value Value

Financial Assets

Cash in hand and at bank 14,560,588 14,560,588 Other financial assets (Short-term investments) 25,743,922 25,743,921 Accounts receivables and prepayments 5,242,998 5,242,998 Amounts due from Members’ Companies 1,384,676 1,384,676 Loans to members 100,247,829 100,247,829 Other financial assets (Long-term investments) 45,102,323 45,102,323 Employee benefit assets 7,842,000 7,842,000

Financial Liabilities

Accounts payable and accrued charges 1,410,325 1,349,434 Members’ deposits: Christmas Saving Plan

(short-term) 156,370 156,370 Members’ deposits: Education Saving Plan

(short-term) 228,483 228,483 Ex-Members’ Shares and Dividends 3,139,877 3,139,877 Members’ savings and pooled funds (long-term) 13,177,137 13,177,137 Employee benefit obligation 140,000 140,000 Members’ shares 167,193,908 167,193,908

2022 ANNUAL REPORT

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

3 Financial Risk Management

Financial Instruments (Continued)

2021

Carrying Fair

Value Value

Financial Assets

Cash in hand and at bank $ 12,911,377 $ 12,911,377 Other financial assets (Short-term investments) 30,761,135 30,761,135 Accounts receivables and prepayments 6,860,342 6,860,342 Amounts due from Members’ Companies 1,159,778 1,159,778 Loans to members 99,495,235 99,495,235 Other financial assets (Long-term investments) 44,816,157 44,816,157 Employee benefit assets 7,781,000 7,781,000

Financial Liabilities

Accounts payable and accrued charges $ 1,185,956 $ 1,185,956 Members’ deposits: Christmas Saving Plan (short-term) 189,140 189,140 Members’ deposits: Education Saving Plan (short-term) 212,895 212,895 Ex-Members’ shares and dividends 4,072,979 4,072,979 Members’ savings and pooled funds (long-term) 13,267,201 13,267,201 Employee benefit obligation 132,000 132,000 Members’ shares 167,813,010 167,813,010

2022 ANNUAL REPORT

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

3 Financial Risk Management

Financial Instruments (Continued)

The Society is exposed to interest rate risk, credit risk, liquidity risk, currency risk, operational risk, compliance risk and reputation risk arising from the financial instruments that it holds. The risk management policies employed by the Society to manage these risks are discussed below:

(a) Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

The Society is exposed to interest rate risk through the effect of fluctuations in the prevailing levels of interest rates on interest-bearing financial assets and liabilities, including investments in bonds, loans, customer deposits and other funding instruments.

The exposure is managed through the matching of funding products with financial services and monitoring conditions and yields.

i) Bonds

The Society invests mainly in medium term bonds consisting of fixed rate instruments.

The market values of the fixed rate bonds are not very sensitive to changes in interest rates. The market values of the floating rate bonds are sensitive to changes in interest rates. The longer the maturity of the bonds, the greater is the sensitivity to changes in interest rates. Because these assets are being held to maturity and are not traded, any changes in market values will not impact the Statement of Income.

ii) Loans

The Society generally invests in fixed rate loans to members for terms that average five (5) years, however, mortgage loans can extend to a maximum of twenty (20) years. These are funded mainly from member deposits and shares and loan repayments.

2022 ANNUAL REPORT

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

_{ents (continued}) _{Notes to the Financial State}m

_{31 December, 202}2

_{(Expressed in Trinidad and Tobago Dollars})

_{The Society’s exposure to interest rate risk is
summarized in the table below, which analyses assets and liabilities at their
carrying amounts categorized}

₂₀₂2

_Non-interest _Over

_{1 t}o _{Up t}o

_Total _Bearing _{5 year}s _{5 year}s _{1 yea}r

_{$ 14,560,58}8 _{$ 10,189,21}7 -

_$ -

_4,371,371

_25,743,922 -

_25,743,922

_5,2442,998 _5,242,998

_1,384,676 _1,384,676 -

_100,247,829 -

_68,403,021 _31,093,815 _750,993

_45,102,323 -

_22,736,462 _18,619,638 _3,746,223

_7,842,000 _7,842,000 -

_1,410,325 _1,410,325 -

_156,370 -

_156,370

_228,483 -

_228,483

_3,139,877 -

_3,139,877

_13,177,137 -

_13,177,137

_140,000 _140,000

_167,193,908 -

_167,193,908

₍₂₅)

_AM

_{Credit Union Co-operative Society Limited}

_{Notes to the Financial Statements (Continued})

_AMGECU

_{31 December 202}2

_{(Expressed in Trinidad and Tobago Dollars})

_{Financial Risk Management (Continued})

_{Financial Instruments (Continued})

_{Interest Rate Sensitivity Analysi}s

_{according to their maturity dates.}

_Effective

_Rate

_{Financial Asset}s

_$ _0.00%

_{Cash in hand and at ban}k

_5.11% _{Other financial assets}

_0.00% _{Accounts receivables and prepayment}s

_0.00% _{Amounts due from Members’ Companie}s

_12.00% _{Loans to member}s

_4.87% _{Other financial assets}

_5.00% _{Employee benefit asset}s

_{Financial Liabilitie}s

_0.00% _{Accounts payable and accrued charge}s

_0.50% _{Members’ deposits: Christmas Saving}

_1.00% _{Members’ deposits: Education Saving}

_{Ex-Members’ shares and dividends}

_0.50% _{Members’ savings and pooled funds}

_5.00% _{Employee benefit obligatio}n

_4.25% _{Members’ share}s

2022 ANNUAL REPORT

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

_{ents (continued})

_{Notes to the Financial State}m

_{Credit Union Co-operative Society Limited}

_AMGECU

_{31 December, 202}2

_{(Expressed in Trinidad and Tobago Dollars})

_{Notes to the Financial Statements (Continued})

_{31 December 202}2

_{(Expressed in Trinidad and Tobago Dollars})

_{Financial Risk Management (Continued})

_{Financial Instruments (Continued})

_{Interest Rate Sensitivity Analysis (Continued})

₂₀₂1

_Non-interest _Over

_{1 t}o _{Up t}o _Effective

_Total _Bearing _{5 year}s _{5 year}s _{1 yea}r _Rate

_{Financial Asset}s

_{$ 12,911,37}7 _8,175,963 _$

_$ -

_$ _4,735,414 _$ _0.00%

_{Cash in hand and at ban}k

_30,761,135 -

_30,761,135 _5.14%

_{Other financial assets}

_6,860,342 _6,860,342 -

_0.00% _{Accounts
receivables and prepayment}s

_1,159,778 _1,159,778 -

_0.00% _{Amounts
due from Members’ Companie}s

_99,495,235 -

_65,204,509 _33,522,184 _768,542

_12.00% _{Loans
to member}s

_44,816,157 -

_27,785,458 _17,030,699 -

_5.13% _{Other
financial assets}

_7,781,000 _7,781,000 -

_5.00% _{Employee
benefit asset}s

_{Financial Liabilitie}s

_1,185,956 _1,185,956 -

_0.00% _{Accounts
payable and accrued charge}s

_189,140 -

_189,140 _0.50%

_{Members’ deposits: Christmas Saving}

_212,895 -

_212,895 _0.50%

_{Members’ deposits: Education Saving}

_4,072,979 -

_4,072,979 _{Ex-Members’
shares and dividends}

_13,267,201 -

_13,267,201 _0.50%

_{Members’ savings and pooled funds}

_132,000 _132,000

_5.00% _{Employee
benefit obligatio}n

_167,813,010 -

_167,813,010 _4.00%

_{Members’ share}s

₍₂₆)

2022 ANNUAL REPORT

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

3 Financial Risk Management (Continued)

Financial Instruments (Continued)

(b) Credit Risk

Credit risk arises when a failure by counter parties to discharge their obligations could reduce the amount of future cash inflows from financial assets on hand at the Statement of Financial Position date. The Society relies heavily on a written Loan Policy Manual, which sets out in detail the current policies governing the lending function and provides a comprehensive framework for prudent risk management of the credit function. Adherence to these guidelines is expected to communicate the Society’s lending philosophy; provide policy guidelines to team members involved in lending; establish minimum standards for credit analysis, documentation, decision-making and post-disbursement administration; as well as create the foundation for a sound credit portfolio.

The Society’s loan portfolio is managed and consistently mirrored by the Credit Committee and is adequately secured by collateral and where necessary, provisions have been established for potential credit losses on delinquent accounts.

Cash balances are held with high credit quality financial institutions and the Society has policies to limit the amount of exposure to any single financial institution.

The Society also actively monitors global economic developments and government policies that may affect the growth rate of the local economy.

(c) Liquidity Risk

Liquidity risk is the risk that arises when the maturity dates of assets and liabilities do not match. An unmatched position potentially enhances profitability but can also increase the risk of losses. The Society has procedures with the objective of minimizing such losses such as maintaining sufficient cash and other highly liquid current assets and by having available an adequate amount of committed credit facilities.

The Society is able to make daily calls on its available cash resources to settle financial and other liabilities.

i) Risk Management

The matching and controlled mismatching of the maturities and interest rates of assets and liabilities are fundamental to the management of the Society. The Society employs various asset/liability techniques to manage liquidity gaps. Liquidity gaps are mitigated by the marketable nature of a substantial segment of the Society’s assets as well as generating sufficient cash from new and renewed members’ deposits and shares.

To manage and reduce liquidity risk, the Society’s management actively seeks to match cash inflows with liability requirements.

ii) Liquidity Gap

The Society’s exposure to liquidity risk is summarized in the table below which analyses assets and liabilities based on the remaining period from the Statement of Financial Position date to the contractual maturity date.

2022 ANNUAL REPORT

(27)

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

3 Financial Risk Management (Continued)

Financial Instruments (Continued)

(c) Liquidity Risk (Continued)

2022

Up to 1 to Over

1 year 5 years 5 years Total

Financial Assets

Cash in hand and at bank $ 14,560,588 $ - $ - $ 14,560,588 Other financial assets 25,743,922 - - 25,743,922 Accounts receivables and prepayments 5,242,998 - - 5,242,998 Amounts due from Members’

Companies 1,384,676 - -

1,384,676

Loans to members 750,993 31,093,815 68,403,021 100,247,829 Other financial assets 3,746,223 18,619,638 22,736,462 45,102,323 Employee benefit assets - - 7,842,000 7,842,000

Financial Liabilities

Accounts payable and accrued charges 1,410,325 - - 1,410,325 Members’ deposits: Christmas Saving 156,370 - - 156,370 Members’ deposits: Education Saving 228,483 - - 228,483 Ex-Members’ shares and deposits 3,139,877 - - 3,139,877 Members’ savings and pooled funds 13,177,137 - - 13,177,137 Employee benefit obligation - - 140,000 140,000 Members’ shares 167,193,908 - - 167,193,908

2021

Up to 1 to Over

1 year 5 years 5 years Total

Financial Assets

Cash in hand and at bank $ 12,911,377 $ - $ - $ 12,911,377 Other financial assets 30,761,135 - - 30,761,135 Accounts receivables and prepayments 6,860,342 - - 6,860,342 Amounts due from Members’

Companies 1,159,778 - - 1,159,778 Loans to members - 33,522,184 65,204,509 99,495,235 Other financial assets - 17,030,699 27,785,458 44,816,157 Employee benefit assets - - 7,781,000 7,781,000

Financial Liabilities

Accounts payable and accrued charges 1,185,956 - - 1,185,956 Members’ deposits: Christmas Saving 189,140 - - 189,140 Members’ deposits: Education Saving 212,895 - - 212,895 Ex-Members’ shares and deposits 4,241,843 - - 4,241,843 Members’ savings and pooled funds 13,267,201 - - 13,267,201 Employee benefit obligation - - 132,000 132,000 Members’ shares 167,813,010 - - 167,813,010

_{2022
ANNUAL REPORT}(28)

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

3 Financial Risk Management (Continued)

Financial Instruments (Continued)

(d) Currency Risk

Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transactions and recognized assets and liabilities are denominated in a currency that is not the Society’s measurement currency. The Society is exposed to foreign exchange risk arising from various currency exposures primarily with respect to the United States Dollar. The Society’s management monitors the exchange rate fluctuations on a continuous basis and acts accordingly.

(e) Operational Risk

Operational risk is the risk derived from deficiencies relating to the Society’s information technology and control systems, as well as the risk of human error and natural disasters. The Society’s systems are evaluated, maintained and upgraded continuously. Supervisory controls are installed to minimize human error. Additionally, staff is often rotated and trained on an on-going basis.

(f) Compliance Risk

Compliance risk is the risk of financial loss, including fines and other penalties, which arise from non-compliance with laws and regulations of the state. The risk is limited to a significant extent due to the supervision applied by the Inspector of Financial Institutions at the Central Bank of Trinidad and Tobago, as well as by the monitoring controls applied by the Society. The Society has an Internal Audit Department which does routine reviews on compliance.

(g) Reputation Risk

The risk of loss of reputation arising from the negative publicity relating to the Society’s operations (whether true or false) may result in a reduction of its clientele, reduction in revenue and legal cases against the Society. The Society engages in public social endeavours to engender trust and minimize risk.

4 Critical Accounting Estimates and Judgements

The preparation of financial statements in accordance with International Financial Reporting Standards requires management to make judgements, estimates and assumptions in the process of applying the Credit Union’s accounting policies. See Note 2 (b).

Estimates and judgements are continually elevated and are based on historical experience and other factors, including expectations of future events, which are believed to be reasonable under the circumstances. The Credit Union makes estimates and assumptions concerning the future. However, actual results could differ from those estimates as the resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

2022 ANNUAL REPORT (29)

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

4 Critical Accounting Estimates and Judgements (Continued)

Changes in accounting estimates are recognized in the Statement of Comprehensive Income in the period in which the estimate is changed, if the change affects that period only, or in the period of the change and future periods if the change affects both current and future periods.

The critical judgements, apart from those involving estimations, which have the most significant effect on the amounts recognized in the financial statements, are as follows:

i) Whether investments are classified as Fair Value through Profit and Loss, Fair Value through Other Comprehensive Income or Amortised Cost.

ii) Which depreciation method for plant and equipment is used.

iii) Business model assessment:

The credit union reassesses its business model each reporting period to determine whether they continue to be appropriate and if there needs to be a prospective change to the classification of financial assets. This assessment includes judgement regarding:

• how the performance of the assets is evaluated and measured; and

• the risks that affect the performance of the assets and how these risks are managed. iv) Significant increase of credit risk:

The credit union computes twelve-month ECL for Stage 1 assets and lifetime ECL for Stage 2 or Stage 3 assets. An asset moves to stage 2 when its credit risk has increased significantly since initial recognition. Assessing whether there has been a significant increase in credit risk required judgement takes into account reasonable and supportable forward-looking information.

v) Establishing groups of assets with similar credit risk characteristics:

When ECL is measured on a collective basis, the financial instruments are grouped on the basis of shared risk characteristics. The credit union monitors the appropriateness of the credit risk characteristics on an ongoing basis to assess whether they continue to be similar. Judgement is required in determining whether and when to move assets between portfolios.

vi) Valuation models and assumptions used:

The credit union uses various valuation models and assumptions in measuring the fair value of financial assets, as well as in estimating ECL. Judgement is applied in identifying the most appropriate valuation model for each type of asset, as well as in determining the assumptions to be used for each model.

_{2022
ANNUAL REPORT}(30)

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

4 Critical Accounting Estimates and Judgements (Continued)

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date (requiring management’s most difficult, subjective or complex judgements) that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year as follows:

i) Impairment of Assets

Management assesses at each reporting date whether assets are impaired. An asset is impaired when the carrying amount value is greater than its recoverable amount and there is objective evidence of impairment. Recoverable amount is present value of the future cash flows. Provisions are made for the excess of the carrying value over its recoverable amount.

ii) Probability of Default (PD):

PD is an estimate of the likelihood of default over a given period of time, the calculation of which includes historical data, assumptions and expectations of future conditions. PD constitutes a key input in measuring ECL.

iii) Loss Given Default (LGD):

LGD is an estimate of the percentage loss arising on default, and is based on the difference between contractual cash flows due and those that the credit union would reasonably expect to receive, taking into account cash flows from collateral. It requires forecasting the future valuation of collateral taking into account sale discounts, the time and cost associated with realising collateral and seniority of claim. LGD is a key input in measuring ECL.

iv) Fair Value Measurement and Valuation Process

In estimating the fair value of a financial asset or liability, the credit union uses market observable data to the extent it is available. Where such Level 1 inputs are not available, the credit union uses valuation models to determine the fair value of its financial instruments.

v) Exposure at Default (EAD)

EAD is an estimate of the total loss incurred when a member defaults, taking into account expected changes in the exposure after the reporting date, including repayments of principal and interest. EAD is a key input in measuring ECL.

vi) Plant and Equipment

Management exercises judgement in determining whether future economic benefits can be derived from expenditures to be capitalised and in estimating the useful lives and residual values of these assets.

^{2022
ANNUAL REPORT}(31)

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

5 Cash in Hand and at Bank:

2022 2021

Cash in hand $ 45,101 $ 19,557 Cash and cheques in transit 534,091 168,145

Trinidad and Tobago Unit Trust Corporation:

- TT$ Income Fund 4,317,922 4,266,776 - US$ Money Market Fund 53,448 468,638

RBC Royal Bank (Trinidad and Tobago) Limited

- Dividend Account 1,912 81,312 - Multiplier Account 7,224,383 4,017,383

First Citizens Bank Limited

- TT$ Current Account 2,356,476 3,412,588 - US$ Current Account 27,255 476,978

$ 14,560,588 $ 12,911,377

6 Other Financial Assets:

2022 2021

Trinidad and Tobago Unit Trust Corporation

- Income and Growth Fund $ 41,625 $ 43,353

RBC Royal Bank (Trinidad and Tobago) Limited

- ROYTRIN Mutual Funds 185,838 4,682,182 Mutual Fund held with Republic Securities - MSCI 648,206 639,805 Ansa Merchant Bank Limited - Income Fund 132,261 7,433,832 Firstline Securities Limited 4,545,904 4,402,812 Home Mortgage Bank - Mortgage Participation Fund 7,119,135 7,013,210 Guardian Asset Management Limited 3,942,069 1,749,427

ANSA Merchant Bank Limited

- TTMF Fixed Rate Bond due 2023 2,200,000 - - Petrotrin Fixed Rate Bond due 2023 1,905,309 -

KCL Capital Market Brokers Limited

- Participation Investment 2,000,000 4,796,514 - UTC Corporate Fund 3,023,575 -

$ 25,743,922 $ 30,761,135

2022 ANNUAL REPORT

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AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

7 Accounts Receivable and Prepayments:

2022 2021

Interest receivable on fixed deposits $ 45,460 $ 48,220 Interest on loans 155,808 127,344 Lease receivable (see note below) 4,166,134 4,181,931 Prepayments 76,296 130,211 Family Indemnity Plan claims 190,336 95,000 Bond principal and interest receivable 502,429 2,195,466 Staff advances 39,494 13,754 Other receivables 19,567 20,641 Rent receivable 47,474 47,774

$ 5,242,998 $ 6,860,342

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 was required to make monthly payments of $37,366 (inclusive of interest) for fifteen (15) years from 1 July 2017.

The lease agreement has been amended to twenty years, effective 1 January 2022. The first two years of this period a reduced monthly payment of $21,881 has been agreed. Subsequently, the remaining 18 years, a reduced monthly payment of $31,119 has been agreed. All other terms and conditions remain unchanged.

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 payments 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.

2022 ANNUAL REPORT

(33)

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

8 Amounts due from Members’ Companies:

2022 2021

Alstons Marketing Company Limited $ (11,712) $ (17,304) Alstons Shipping Limited 24,535 - Alstons Building Enterprises Limited 107,786 113,247 Ansa Finance and Merchant Bank Limited 8,221 - Burmac Limited - 6,588 Classic/Diamond Mc Enearney Motors Limited - 77,543 Penta Paints Caribbean Limited 120,191 129,746 Ansa Mc Al Limited 35,671 - Carib Brewery Limited 119,230 109,499 Brick Fource Limited/Bestcrete 63,458 90,255 Standard Distributors Limited 84,468 81,478 Caribbean Development Company Limited 399,387 388,794 Trinidad Match Factory Limited 5,014 - OTC payroll group 96,520 68,008 Carib Glassworks Limited 210,825 1 Trinidad and Tobago Insurance Limited 47,998 50,615 Ansa McAl Chemicals Limited 72,084 59,378 Ansa Technologies 1,000 1,930

$ 1,384,676 $ 1,159,778

9 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.

2022 2021

Loans to members $ 106,042,099 $ 105,258,022 Less: Provision for loan losses (5,794,270) (5,762,787)

$ 100,247,829 $ 99,495,235

Provision for loan losses

Balance at beginning of year $ 5,762,787 $ 5,862,506 Charge for the year 31,483 (99,719)

Balance at end of year $ 5,794,270 $ 5,762,787

^{2022
ANNUAL REPORT}(34)

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

10 Other Financial Assets:

2022 2021

Bond Investments

Government of the Republic of Trinidad and Tobago $ 6,757,720 $ 6,757,720 Government of Belize 233,870 233,870 Petroleum Company of Trinidad and Tobago Limited - 756,007 National Investment Fund Holding Company Limited 897,000 897,000 National Insurance Property Development Company Limited 4,216,025 1,218,399 National Infrastructure Development Company Limited 1,006,315 1,008,237 First Citizens Bank Limited 4,873,492 4,886,278 Trinidad and Tobago Mortgage Finance Company Limited 3,489,355 1,493,809 Urban Development Corporation of Trinidad and Tobago Limited 5,277,556 5,695,534 Home Mortgage Bank 2,080,074 4,160,000 Water and Sewerage Authority 2,046,018 -

30,877,425 27,106,854

Less: Provision for diminution of investment (233,870) (233,870) 30,643,555 26,872,984

Equity Investments

Angostura Holdings Limited – 11,000 shares (2021: 11,000) 264,000 198,000 Ansa Mc Al Limited – 19,000 shares (2021: 19,000) 978,500 1,130,310 Ansa Merchant Bank Limited – 11,500 shares (2021: 11,500) 503,894 495,844 CLICO Investment Fund – 32,900 shares (2021: 32,900) 903,434 1,032,073 East Caribbean Financial Holdings Ltd. – 25,000 shares (2021: 25,000) 211,538 242,810 First Caribbean International Bank Ltd. – 7,600 shares (2021: 7,600) 41,420 46,664 First Citizens Bank Limited – 103,301 shares (2021: 103,301) 3,640,000 6,434,619 Grace Kennedy and Company Limited – 75,000 shares (2021: 75,000) 336,750 457,500 Guardian Media Limited – 3,000 shares (2021: 3,000) 8,820 9,120 Jamaica Money Market Brokers Limited – 10,000 shares (2021: 10,000) 21,117 25,006 Massy Holdings Limited – 18,900 shares (2021: 18,900) 1,701,000 1,984,500 National Enterprises Limited – 25,000 shares (2021: 25,000) 85,000 83,750 One Caribbean Media Limited – 10,000 shares (2021: 10,000) 33,000 44,100 Point Lisas Industrial Port Development Corporation Ltd. – 22,191 shares

(2021: 22,191) 75,671 69,902 Prestige Holdings Limited – 39,817 shares (2021: 39,817) 250,051 278,719 Republic Bank Limited – 4,800 shares (2021: 4,800) 667,152 672,768 Royal Bank of Canada – 1,659 shares (2021: 1,659) 1,058,241 1,209,264 Sagicor Financial Corporation – 7,000 shares (2021: 7,000) 197,462 231,227 Scotiabank Trinidad and Tobago Limited – 19,000 shares (2021: 19,000) 1,484,090 1,301,500 Trinidad Cement Limited – 28,200 shares (2021: 28,200) 109,980 100,956 Trinidad and Tobago NGL Limited – 61,713 shares (2021: 61,713) 1,432,359 1,289,802 Unilever Caribbean Limited – 9,901 shares (2021: 9,901) 127,722 160,396 West Indian Tobacco Company Limited – 15,591 shares (2021: 15,591) 327,567 444,343

14,458,768 17,943,173

$ 45,102,323 $ 44,816,157

2022 ANNUAL REPORT

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AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

11 Employee Benefit Assets:

2022 2021

Amount Recognized in the Statement of Financial Position

Present value of the Defined Benefit Obligation $ 3,016,000 $ 3,181,000 Fair value of Plan Assets (10,858,000) (10,962,000)

(7,842,000) (7,781,000)

Asset recognized on the Statement of Financial Position (7,842,000) (7,781,000)

Net Amount Recognized in the Statement of Comprehensive

Income

Current service cost 35,000 73,000 Net interest cost (389,000) (330,000) Administrative expenses 11,000 11,000

Income recognized in the Statement of Comprehensive Income (343,000) (246,000) Net Amount Recognized in Other Comprehensive Income

Experience (gains)/losses - Demographic (168,000) (297,000) Experience (gains)/losses - Financial 472,000 (585,000)

Actuarial (gains)/losses recognized in Other Comprehensive

Income 304,000 (882,000)

Movement in Asset Recognized in the Statement of Financial

Position

Employee Benefit Asset as at start of year (7,781,000) (6,627,000) Net amount recognized in the Statement of Comprehensive

Income (343,000) (246,000) Net amount recognized in Other Comprehensive Income 304,000 (882,000) Contributions (22,000) (26,000)

Employee Benefit Asset as at end of year $ (7,842,000) $ (7,781,000)

Local Equities 36% 32% Local Bonds 31% 31% Foreign Investments 23% 23% Real Estate/Mortgages 2% 2% Short-Term Securities 8% 12%

100% 100%

^{2022
ANNUAL REPORT}(36)

AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

AMGECU Credit Union Co-operative Society Limited Notes to the Financial Statements (continued) Notes to the Financial Statements (Continued)

31 December 2022

31 December, 2022

(Expressed in Trinidad and Tobago Dollars)

(Expressed in Trinidad and Tobago Dollars)

11 Employee Benefit Assets – (Continued):

2022 2021

Actual Return on Plan Assets $ 1,081,000 $ (156,000)

Principal actuarial assumptions at the Statement of Financial Position date (expressed as weighted averages):

2022 2021

Discount Rate at December 31 5.00% 5.00% Future Salary increases 3.00% 3.00% The Society is expected to contribute $22,600 to its defined benefit plan in fiscal 2023. Sensitivity of Present Value of Defined Benefit Obligation

1% increase 1% increase

Discount Rate $ (214,000) $ (283,000) Salary Growth - 42,000

2022 ANNUAL REPORT

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