It is with a great sense of pride I say Good Afternoon and welcome you our valued Members, Special Invited Guests, Past Presidents, Co-operative Officers and Staff to our 69th Annual General Meeting.

As we come together, I am proud to reflect on the past year and share with you some of the remarkable achievements and milestones we have reached as a Credit Union.

We believe in having a delicate balance between helping members achieve their financial goals, satisfying our regulatory requirements and meeting the demands of being prudent stewards.

During the review period our team worked assiduously to address the concerns for growth and sustainability. Sometimes we need to change the mission to match changing circumstances. Part of our mission is to increase growth in our membership, which now stands at 6,072, smart and sound investments, improved technology and staying committed to “Growing Together”. AMGECU will support our membership by delivering a balanced mix of face to face, as well as reliable and innovative digital solutions.

We continue to strive to improve our communication channels, as this was one of the concerns by many members. A Group Chat was formed and launched on 24th January 2025, for our Retirees Group to ensure they were updated with current events. We also visited many Ansa Mc Al companies and other Associates companies, to ensure members and potential members were aware of our products and services provided. AMGECU engaged the services of an Information Technology company to provide members with Online Banking. This will enable members to conduct transactions, check balances and manage their accounts anytime, anywhere.

In addition we introduced a new product “Flexi Credit Loan” which was officially launched on 17th January 2025, giving members an additional choice for loan applications

Despite challenges in the broader financial landscape, we have remained resilient. Through strategic planning, careful management and a commitment to delivering value, we have managed to stay afloat to serve you with the highest level of dedication. AMGECU Credit Union was able to ride the waves of the adverse effects on the economy and has been able to manage itself, thus making it possible to propose a dividend pay out of 4% once again.

Our commitment is putting you first by listening and improving our relation with you our valued members, as we recognize your contribution to the organization. Your ongoing involvement and trust are essential to our shared success and I want to express my gratitude to all of you. At the heart of everything we do is the understanding that our Credit Union is not just an institution but a community. We are here to support each other and to empower you, our members, to achieve your financial goals.

Together, let us move with passion, purpose and strength to continue the AMGECU growth. These initiatives would not be possible without the combined knowledge and commitment of the Management and Staff of AMGECU.

On behalf of the Board of Directors, Staff and other Stakeholders, I want to thank God for His directions, and you our valued members as we continue on with our theme - Together We Grow, Advancing Financial Wellness!

Warmest Regards

__________________

Cynthia Carr-Hosten

President

Minutes OF THE 68TH ANNUAL GENERAL MEETING OF AMGECU CREDIT UNION CO-OPERATIVE SOCIETY LIMITED HELD ON SATURDAY APRIL 13TH 2024 AT THE FESTIVAL BALLROOM, RADISSON HOTEL TRINIDAD, WRIGHTSON ROAD, PORT OF SPAIN.

PRESENT WERE:

BOARD OF DIRECTORS:

Cynthia Carr Hosten - President

Steve Woodley - Vice President

Arkiebah Peters-Alexander - Director

Russell Gulston - Director

Tenika Cordner - Director

Jennifer Norton - Director

Cheryl Lutchman - Director

Ria Jamurath - Director

Garth Bowen - Director

Claudine Allert - Director

Anthony Alleng - Director

Cuthbert Tracey - Director

CREDIT COMMITTEE: SUPERVISORY COMMITTEE:

Justin Ayoung Leisel Francis

Marissa Blackman Kevin Jeremiah

Michelle Hayde-Gopee Alexandria Bachan

Donna Persad

Jason Marcano

INVITED GUESTS:

Randy Deyal Co-operative Officer

Ministry of Youth Development & National Service

Co-operative Development Division

Marsha Santlal Phagoo Co-operative Officer

Ministry of Youth Development & National Service

Co-operative Development Division

Natalie Phillips Co-operative Officer

Ministry of Youth Development & National Service

Co-operative Development Division

Minutes of the 68^th Annual General Meeting (continued)

Dianne Joseph & Team Returning Officer

Co-operative Credit Union League of T&T

Leslie Ramcharitar Auditor – Baker Tilly

Tony Raj CUNA Caribbean Insurance

AMGECU STAFF

Beverly Williams-Young General Manager/Secretary

Dionne Peters Accountant

Felicia Reviero Administrative Officer

Chitra Vidya Ramsawak Senior Credit Officer

Tisha Mark Operations Officer

Esha Ann Daniel Operations Manager

Bhisham Bahadoorsingh Field Officer/Loans Officer 2

Nicole Hernandez Loans Officer 2

Crystal Dyer Administrative Assistant

Ronald Contaste General Services Assistant

Jesus Badal Courier

Adara Forde Temporary Employee

1.0 CREDENTIAL COMMITTEE REPORT 1

1.1 QUORUM: In accordance with the Bye-Laws a quorum for the meeting would constitute fifty (50) persons. At 2:05 p.m. there were 91 members present and the meeting was declared open.

1.2 HSE ANNOUNCEMENT: Mr Kendell Cooper of Radisson Hotel’s HSE Management Team outlined the protocols in place in the event of an emergency. In keeping with HSE requirements and effective response to health and safety incidents and other emergencies that might occur, he stated that no drills had been planned for this afternoon.

2.0 CALL TO ORDER

2.1 The 68th Annual General Meeting commenced with the President – Cynthia Carr-Hosten calling the meeting to order at 2:05 p.m.

2.2 She invited all to stand for the playing of an instrumental version of the National Anthem of Trinidad and Tobago assisted by Dynamic Audio Visual. Thereafter all recited the Credit Union Prayer contained on page 2 of the 2023 Annual Report.

Minutes of the 68^th Annual General Meeting (continued)

2.3 The President asked all to remain standing as one minute’s silence was observed for deceased members of the Credit Union, who departed during the year in review 2023. The list of these past members was mentioned on page 41.

3.0 OPENING REMARKS

3.1 The President acknowledged the specially invited guests, who included: Randy Deyal, Marsha Santlal Phagoo and Natalie Phillips, Co-Operative Officers of Ministry of Youth Development & National Service Co-Operative Development Division; Dianne Joseph and Team, Returning Officer from the Cooperative Credit Union League of T&T; Leslie Ramcharitar, representing the Auditors Baker Tilly Chartered Accountants and Business Advisors; Nigel Matthews, Consultant NEM Leadership Consultants and Tony Raj from CUNA Caribbean Insurance.

3.2 She also extended a whole-hearted welcome to the membership present, including former Directors and Pensioners and members of the Board of Directors, Credit and Supervisory Committees.

4.0 GENERAL INFORMATION

The President shared with the membership the following general information:

4.1 The location of the washroom facilities and water stations.

4.2 The Know Your Member Form was available at the Registration Desk.

4.3 The chits given at the registration desk entitled members, including the staff of the Credit Union, to door prizes and a to-go boxed meal after the meeting.

5.0 ANNUAL REPORT 2023 CORRECTIONS /AMENDMENTS / OMISSIONS 5.1 The following corrections were made to the Annual Report:

• Page 33 –Correction - Condolences - Names marked with asterisk are two former staff members • Page 14 – 29.2.2 Correction- Nomination should be “Nominations”

• Page 95 – Correction –Top heading row should state EXPENSES (continued)

6.0 ADOPTION OF STANDING ORDERS

6.1 The President brought to the attention of the meeting the Standing Orders on Page 4 of the 2023 Annual Report that would rule throughout the meeting.

6.2 The Standing Orders numbered 1-14 contained on Page 4 of the 2023 Annual Report were duly adopted by the meeting on a motion moved by Arkiebah Peters-Alexander.

Minutes of the 68^th Annual General Meeting (continued)

6.3 The motion was put to the vote and the President confirmed that the motion was carried.

7.0 NOTICE CONVENING THE MEETING

7.1 The President introduced Beverly Young, Secretary/General Manager, who read the notice convening the 68th Annual General Meeting as well as the Agenda contained on Page 3 of the 2023 Annual Report.

8.0 PRESIDENT’S ADDRESS

8.1 The President, Cynthia Carr Hosten then read her message contained on Page 8 of the Annual Report.

9.0 CONFIRMATION OF MINUTES OF THE 67^TH AGM

9(a) MOTION FOR MINUTES TO BE TAKEN AS READ

9.1 Emmanuel Downes moved a motion that the Minutes of the 67th Annual General Meeting held on Saturday April 15th 2023 as contained on pages 9-21 be taken as read.

9.2 Harrichanda Singh seconded the motion.

9.3 Having been so moved the President put the motion to a vote and members present voted in favour by a show of hands. No members abstained or voted against the motion.

9.4 The President confirmed that the motion was carried.

9(b) Subject to the corrections on the errata sheet, the minutes were confirmed on a motion moved by Deborah Neemar-Tracey seconded by Erica Tenia.

9(c) 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 BUSINESS ARISING FROM THE MINUTES OF THE 67th AGM 2023 10.1 The President reported that there was no business arising from the Minutes of the 67th Annual General Meeting held on April 15th 2023. She invited the Membership to ask any questions regarding the minutes, however, no questions or comments were forthcoming.

Minutes of the 68^th Annual General Meeting (continued)

11.0 REPORTS FOR 2023

11.1 The Reports (Board, Credit, Supervisory, Nominations) on pages 22-39 were then accepted as having been read by the meeting on a motion moved by Tenika Cordner and seconded by Claudine Allert.

11.2. Having been so moved, the motion was put to the vote and approved. No members abstained or voted against the motion.

11.3 The President declared the motion as carried.

12.0 QUESTIONS/COMMENTS ON REPORTS

12.1 The President opened the floor to the membership for questions or if they needed any clarification from the respective Committee Chairpersons of the Board, Credit, Supervisory or Nominations Committees on any of the reports presented in the 2023 Annual Report.

12.2 There were no questions or comments by the membership on any of the following reports: Board (Marketing and Product Development, Sports, Education and Youth), Credit, Supervisory and Nominations.

13.0 CONFIRMATION OF REPORTS EN-BLOC

13.1 Anthony Alleng moved a motion that the reports from pages 22-41 of the 2023 Annual Report be confirmed en-bloc.

13.2 Soriah Subran (Retiree) seconded the motion.

13.3 Members present voted in favour by a show of hands. No members abstained or voted against the motion.

13.4 The President declared the motion carried and the reports confirmed.

14.0 CREDENTIAL COMMITTEE REPORT 2

14.1 At 2:30 p.m. there were one hundred and twenty-eight (128) members present at the meeting.

15.0 ELECTION OF OFFICERS 2024/2025 TERM

15.1 VOTING PROCESS: The President notified the membership of video presentations for election of candidates and the voting process.

Minutes of the 68^th Annual General Meeting (continued)

15.2 ELECTION OFFICER and TEAM INTRODUCTION: The President introduced Dianne Joseph, Chief Operations Officer of the Co-operative Credit Union League of Trinidad and Tobago, as the Returning Officer, for the Election Process. Accompanying Ms. Joseph were Esha-Ann Daniel, the Electronic Ballot Machine Operator, and other personnel from the Co-operative Credit Union League of Trinidad & Tobago, who offered support for the process. She emphasized that the voting process would be done electronically.

15.3 Ms. Joseph thanked Ms Carr Hosten and the Credit Union for the invitation to again assist with the Credit Union’s Election Process. She highlighted Bye-Law 33, which would govern the guidelines for the election. The Returning Officer called for the playing of the videos of the nominee profiles for the Board of Directors, the Supervisory Committee and the Credit Committee. The presentation of the nominees was preceded by an explanation of the voting process.

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

(a) Directors whose term of office was completed.

(b) Members of the Supervisory Committee

15.5 Nominations were opened for additional members from the floor for the Supervisory Committee. The following members were nominated from the floor and accepted upon completion of due diligence:

(a) Melissa Norton (b) Darnel Harewood

15.6 Anthony Alleng moved a motion that nominations from the floor cease and Ria Jamurath seconded the motion. The motion was carried.

15.7 Ms. Joseph confirmed that there were now five candidates to fill the positions of members of the Supervisory Committee, with three members required to form the committee and two alternates.

15.8 Ms. Joseph confirmed that the Nominations Committee had submitted seven members for the Credit Committee and no additional members were required to be nominated from the floor.

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

15.10 All the candidates’ profiles were displayed on the screens, while members were encouraged to vote.

Minutes of the 68^th Annual General Meeting (continued)

16.0 ELECTION RESULTS OF OFFICERS 2024/2025 TERM

16.1 Dianne Joseph declared the Election of Officers concluded and that the following persons were elected to the Board of Directors, the Credit Committee and the Supervisory Committee:

16.2 SUPERVISORY COMMITTEE

Nos	NAME	COMPANY	VOTES
1	Anderson Abraham	GML	98
2 3	Salisha Hosein-Khan Donaldson Charles	MASSY CDC	93 83
4	Darnel Mathias Harewood	HR PLUS	56 (1st Alternate)
5	Melissa Norton	NWRHA	49 (2nd Alternate)

16.3 CREDIT COMMITTEE

Nos	NAME	COMPANY	VOTES
1	Justin Ayoung	Retiree – AMCO	116
2	Michelle Gopie	GML	100
3	Kevin Jeremiah	TTMF	100
4	Jason Marcano	TATIL	95
5	Colleen Caseman	ANSA Coatings Limited	67 (1st Alternate)
6	Donna Persad	Retiree	63 (2nd Alternate)

16.4 BOARD OF DIRECTORS

Nos	NAME	COMPANY	VOTES
1	Steve Woodley	Software 1 Trinidad Limited	92
2	Garth Bowen	Guardian Group	91
3	Arkiebah Peters -Alexander	Quick Service Holdings Limited	65
4	Claudine Allert	TATIL	65
5	Arnim Phillips	Retiree	49 (1st Alternate)
6	Erica Tenia		46 (2nd Alternate)

16.5 DESTRUCTION OF BALLOTS

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

Minutes of the 68^th Annual General Meeting (continued)

16.5.2 Debra Contaste moved the motion for the destruction of the ballots and the motion was seconded by Soriah Subran.

16.5.3 Members present voted in favour by a show of hands. No members abstained or voted against the motion. Ms. Joseph declared the motion as carried.

16.6 Ms. Joseph congratulated all those who were elected to serve and wished them a successful 2024- 2025 term in office.

16.7 The President, resumed the Chair of the meeting and thanked Ms. Joseph and her Team for facilitating the Election Process.

17.0 AFFIRMATION OF OFFICE

17.1 The President invited the newly elected members to come forward and take the affirmation of office. The Credit Union staff distributed the affirmation forms to all elected members and after taking the affirmation, they all signed, dated and returned the document to the Credit Union.

18.0 INDEPENDENT AUDITOR’S REPORT

18.1 The Chair invited Mr. Leslie Ramcharitar, Audit Partner at Baker Tilly to present the Independent Auditor’s Report as contained on Pages 46-47.

18.2 Mr. Ramcharitar advised that Baker Tilly had “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 December 31, 2023, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards “IFRS” and the Cooperative Societies Act Chapter 81:03.”

He further stated that the basis for the Auditor’s opinion was in accordance with their responsibilities under the international standards of auditing. “We are independent of the Society in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for professional accountants, 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 IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.”

18.3 There were no questions or comments from the membership on the Auditor’s Report and the President thanked Mr. Ramcharitar.

Minutes of the 68^th Annual General Meeting (continued)

19.0 COMMENTS ON FINANCIAL STATEMENTS

19.1 The President called for a motion that the Financial Statements for the year ended December 31, 2023 be adopted.

19.2 Jennifer Norton moved the motion for the adoption of the Financial Statements for the year ended December 31, 2023, (including the Financial Position, Comprehensive Income, Changes in Equity, Cash Flow, Notes) contained on Pages 48-91 of the Brochure.

19.3 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.

20.0 CREDENTIAL REPORT 3

20.1 At 3:20pm there were one hundred and sixty-six (166) members present.

21.0 PRESENTATION OF RESOLUTIONS

21.1 The President tabled the following Resolutions for consideration:

21.2 DIVIDEND ON SHAREHOLDINGS: 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 2023, and that such Dividend be credited to Loan/Interest Account of those members whose Loan Accounts have become delinquent.

21.2.1 Anthony Alleng moved this motion and Russell Gulston seconded the motion. 21.2.2 The motion was put to the vote and members voted unanimously in favour by a show of hands. No members abstained or voted against the motion.

21.2.3 The President declared the Resolution duly carried.

21.3 Resolution 2: BE IT RESOLVED that the firm Baker Tilly be retained Auditors for the AMGECU Credit Union Co-operative Society Limited for the year ending December 31, 2024. 21.3.1 Ria Jamurath moved this motion and Steve Woodley seconded the motion.

21.3.2 The motion was put to the vote and members voted unanimously in favour by a show of hands. No members abstained or voted against the motion.

21.3.3 The President declared the Resolution duly carried.

21.4 HONORARIUM Resolution 3: BE IT RESOLVED that an Honorarium of $195,268.48 be declared being approximately two point five percent (2.5%) of the net surplus to be shared among the Board of Directors, Elected and Appointed Committees.

21.4.1 Russell Gulston moved this motion and Garth Bowen seconded.

Minutes of the 68^th Annual General Meeting (continued)

21.4.2 The motion was put to the vote and members voted unanimously in favour by a show of hands. No members abstained or voted against the motion.

21.4.3 The President declared the Resolution duly carried.

21.5 WRITE OFF IRRECOVERABLE ACCOUNTS

21.5.1 Before this resolution was put to the membership, the President asked the General Manager, Beverly Young and Accountant, Dionne Peters to clarify why this resolution had become necessary. In giving justification for Resolution 4 Dionne Peters explained that:

• International Accounting Standards Board defined a write off as a direct reduction of a financial asset, measured at amortized cost resulting from in-collectability.

• A financial asset is considered uncollectible if the entity has no reasonable expectation of recovery and has ceased any further enforcement activities.

• The accounting standard IFRS (International Financial Reporting Standards) 9, provides guidelines on how to account for a financial asset or liability on the Company’s financial statements. Based on the IFRS 9 guidelines, the bad debts should be written off.

• Regulation 32 states that the Board may with the approval of the general membership cause bad debts to be resolved.

Beverly Young further clarified that:

(a) On a review of the loans portfolio, one hundred and thirty-five (135) loans should be written off from the books of AMGECU. These loans were in default for the period 1998 – 2012 with balances ranging between $34.00 to $30,000.

(b) Attempts to recover said funds were made by the Loans Recovery Department, however, these members were uncontactable. Some members were issued judgements by the Cooperative Department, but the Credit Union was unable to enforce these judgements or locate these members.

Dionne Peters advised that in accordance with IFRS 9: Financial assets which are considered uncollectible should be written off through the provision of bad debt account.

She further stated the following:

• Under the new IFRS 9 a loss allowance for full lifetime estimated credit losses is required for financial instrument if the credit risk for that financial instrument has increased significantly. • A financial asset is credit impaired when events have a detrimental impact on the estimated future cash flows of the financial assets.

• Credit impaired assets are referred to as Phase 3 assets that is, loans with serious credit impairments, more than 90 days in arrears and likely to default.

Minutes of the 68^th Annual General Meeting (continued)

• 135 loan accounts identified fall within this category of serious credit impairment and a full loan loss provision was made. The loans will be written off from the loan loss provision account and will have the following impact in the books of AMGECU Credit Union.

• The loans portfolio will be increased by $1M, the loan loss provision would be reduced by $1M. Therefore there will be no impact on the expenses of the Credit Union since the loss provision for such, was made for in prior years.

21.5.2 Resolution 4: WHEREAS at the end of the financial year 2023, a review of the delinquent members listing revealed that several accounts were irrecoverable, the Board of Directors recommend that these accounts in the sum of $1,000,000.00 be written off from the provision of Loan Loss account.

BE IT RESOLVED that the irrecoverable accounts in the sum of $1,000,000.00 (1M$) be written off from the Provision for Loan Loss account for the financial year ending December 31, 2023. 21.5.2.1 Cuthbert Tracey moved this motion and Tenika Cordner seconded same.

21.5.2.2 Members present voted unanimously in favour by a show of hands. No members abstained or voted against the motion.

21.5.2.3 The President declared the resolution as carried.

22.0 PAYMENT OF DIVIDEND

22.1 The President announced that Dividends will be paid on or before April 30, 2024.

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 2023) as contained on pages 94-95 of the 2023 Annual Report.

23.2 Mark Chang stated the following:

1) It was difficult to make meaningful contributions as he had only just received the Annual Report brochure.

2) The AGM Budgeted Expense for 2024 was $198,540.00 with the actual figure for 2023 being $199,541.00.

3) Was the printing of the Annual Report brochure included in the AGM expense. 4) He suggested that instead of glossed paper, the use of simpler paper might be cheaper to print the brochure. In that way the Annual Reports will be accessible to everyone earlier enabling the membership to contribute. He also proposed using either CD’s or even DVD’s as an alternative.

5) He noted that the budgeted Electricity & Water Rates were significantly lower compared to what was published in the daily newspapers.

Minutes of the 68^th Annual General Meeting (continued)

23.3 Mrs. Young replied that the production of the Annual Report brochures was estimated at $50,000.00 which was included as part of the AGM Expense. The brochure was available on AMGECU’s website. Regarding the use of CD’s the regulators will have to be consulted as it was challenging to do things without their permission.

Responding to Mr. Chang’s query regarding Electricity and Water Rates, she advised that the 2024 budgeted figure was increased to accommodate impending raised utility cost.

23.4 Marcus Young wanted to know why the delinquent write-off was a flat figure of $1M and he hoped that the actual figures would be reflected in the 2024 annual report.

23.5 Dionne Peters replied that the estimated figure was $958,000.00.

23.6 Emmanuel Downes moved the motion that the Budget Projections for the year 2024 be adopted.

23.7 Members present voted in favour by a show of hands. No members abstained or voted against the motion.

23.8 The President declared the motion as carried.

24.0 CREDENTIAL COMMITTEE REPORT 4

24.1 At 4:20 p.m. there were one hundred and seventy-nine (179) members present.

25.0 DOOR PRIZES

25.1 Throughout the duration of the meeting, the following door prizes were drawn:

PRIZE	Donor	Ticket No	Winner	TYPE
1st	AMGECU	71	Nicole Achong	Member
2nd	AMGECU	97	Jasola Thomas	Member
3rd	AMGECU	123	Crystal Dyer	AMGECU Staff
4th	AMGECU	28	Joseph Tenia	Member
5th	AMGECU	113	Kevin Jeremiah	Member
6th	AMGECU	83	Ann Lopez	Member
7th	CUNA	120	Sunil Ramjewan	Member

Minutes of the 68^th Annual General Meeting (continued)

26.0 GENERAL BUSINESS / OPEN FORUM FOR QUESTIONS

26.1 Harrichanda Singh wanted to know the current status of the Credit Union’s on-line services and what is proposed for the future. He also thanked the Board and staff for their services. Steve Woodley, IT Chair replied it was hoped that registration for Phase 1, the on-stream Global Internet Access (GIA), would have been completed for enrolment of members at this AGM. However, that did not materialise, and it is anticipated that it will come on stream during the next thirty to sixty days where initially members will be able to check their account balances. Additional new features will be introduced on a phased basis.

26.2 McArthur Marquez expressed the following concerns:

a) That according to the credential report, attendance was poor.

b) Communication between the Credit Union and membership is poor.

c) He queried the whereabouts of stipends which ought to have been paid to committee members, and in his estimation may have been in a suspense account and was unaccounted for to date.

d) Quarterly statements being sent out to members was questioned and he wondered when the last statement was dispatched.

e) In the past, members statements not only included balances but pertinent Credit Union information regarding upcoming events.

Mrs. Young clarified the following:

a) Credit Union funds were not held in any bank suspense account as stipends are sent either to the member’s banking or credit union account.

b) Statements are sent bi-annually to all members with the last statement being sent in March 2024. However, if a member had not received a statement, one can be requested at any time from the Credit Union office.

The President thanked Mr. Marquez for his contribution and assured him that his concerns would be addressed as the Credit Union continues to improve its services to members. She subsequently confirmed that his stipend had been credited to his Credit Union account.

Minutes of the 68^th Annual General Meeting (continued)

26.3 Brian Trujillo wanted to know how the Youth Committee was formed, in what way were the members selected, and whether all the youth members of the Credit Union were contacted, to be part of this initiative?

Jennifer Norton replied that this was a pilot project of the Board, and it was still in Phase 1. It consisted of a group of vibrant young volunteers of various age groups and educational backgrounds who were contacted using Credit Union membership data, social media platforms and emails. This exercise is ongoing.

26.4 Jabari Alexander said he hoped that the Youth Board would consider members under age 30 as these were young adults. He suggested that planned activities for members between 12 and 18 years old be considered.

The President gave the assurance that his suggestion would be taken into consideration.

27.0 PRESENTATION BY YOUTH ARM OF THE CREDIT UNION

27.1 A video presentation was shown on the upcoming AMGECU Youth Debate where youths were invited to debate possible solutions on crime for a safer Trinidad & Tobago. The President invited Joseph Tenia, President of the Youth Board to come forward, introduce himself and the members of the team. They are:

Darren Clarke	Shenice Harvey	Darnel Matthias Yearwood
Soriah Mike	Daniella Clarke	Dominique Norton
Sueling Mc Call	Dana Clarke	Danielle Clarke
Camille Brown	Denisha Matthias Yearwood	Lewis De Freitas

Mr. Tenia promised to keep the Credit Union abreast of its activities, the first one being its youth debate for members 19 – 30 years of age.

Minutes of the 68^th Annual General Meeting (continued)

28.0 EXPRESSION OF THANKS

28.1 The Chair invited Vice President Steve Woodley to move the expression of thanks.

28.2 Mr Woodley obliged and thanked Almighty God, all members, AMGECU staff and service providers for their attendance and participation in the 68th Annual General Meeting of AMGECU Credit Union Society Co-operative Limited. Included in the thanks were:

• Management and Staff of Radisson Hotel Trinidad

• Specially invited guests and Co-operative officers

• Dianne Joseph and Team, Returning Officer for her wealth of experience ensuring the Election Process went smoothly.

• Leslie Ramcharitar, Auditor, Baker Tilly

• CUNA, Tony Raj

• Former Directors & Pensioners for their service and wisdom

• Current Board of Directors

• Incoming Directors and Committee Members for their willingness to serve.

• Management and Staff of AMGECU led by Beverly Young for unwavering guidance, and for the hardworking team for making the AGM a success.

• The Membership for being the backbone of the AMGECU family and for taking the time off to be present at this AGM and making it a top Credit Union.

29.0 CONCLUSION

29.1 There being no further business, the President declared the meeting officially concluded at 4:30 p.m.

Board of Directors Report

OVERVIEW

The year 2024 in retrospect has been a year of deep awareness, challenges and transitions carried forward into 2025.

As a Board entrusted with corporate responsibility and good governance, we made sure that we continued making prudent financial decisions and operated in a manner better to serve you.

It was incumbent on us to dedicate the time to review our performance, development and strategic vision: It is with pride I report on the following highlights:

• Membership grew by 29%, contributing an increase of $424,530 in shares and $533,537 in loans.

• Introduction of two (2) new products – Flexi Credit and Debt Consolidation Loans to expand your financial choices and needs.

• GIA – Global Internet Access, this will enable members to access their account online, allowing real-time information.

• Youth Debate - Although was not attended as was expected, it gave Youths of AMGECU an opportunity to express and debate about financial issues relevant to Financial Institutions. We were graced with the presence of the Minister of National Security, who was extremely impressed with the topics and discussions as relayed by him.

• Created a Youth Arm Policy and Terms of Reference

• Credit Assessment Training- This allowed our staff with the ability to make more prudent decisions with Loan Applications.

OVERVIEW OF FINANCIAL TABLE

While AMGECU faced a year of local and global challenges in the financial arena we have managed to achieve acceptable returns as indicated below:

Shares increased by 1% to $169,471,178 from $169,136,152, indicating members commitment to supporting AMGECU’s growth. There was a decline in Loans, some members were cautious with regards to borrowing. Investments grew by 2.18% as prudent considerations and strategies were made by our Investment Committee. Cash Holdings grew by 27.33% which indicates improved liquidity and a stronger cash position.

Board of Directors Report (continued)

COMPOSITION OF THE BOARD OF DIRECTORS AND EXECUTIVE COMMITTEE The Board of Directors for the 2024/2025 comprised the following persons:

• Cynthia Carr-Hosten • Steve Woodley

• Russell Gulston • Ria Jamurath

• Cheryl Lutchman • Anthony Alleng

• Garth Bowen • Cuthbert Tracey

• Jennifer Norton • Claudine Allert

• Tenika Cordner • Arkiebah Peters-Alexander

EXECUTIVE COMMITTEE

At the inaugural meeting of the Board of Directors held on April 24, 2024 the following Directors were elected to serve on the Executive for the 2024/2025 term:

• Cynthia Carr-Hosten - President

• Steve Woodley - Vice President

• Russell Gulston - Member

• Cheryl Lutchman - Member

• Claudine Allert - Member

MEETINGS OF THE DIRECTORS

Board of Directors held Twenty (20) meetings during the period February 2024 to January 2025 made up of Nine (9) Statutory meetings and Eleven (11) Special meeting.

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

Board of Directors Report (continued)

The Executive held Fourteen (14) meetings during the period February 2024 to January 2025.

OUT-GOING DIRECTORS

2022-2025	2023-2026	2024-2027
Russell Gulston	Cheryl Lutchman	Arkiebah Peters-Alexander
Cynthia Carr-Hosten	Jennifer Norton	Claudine Allert
Ria Jamurath	Cuthbert Tracey	Garth Bowen
Tenika Cordner	Anthony Alleng	Steve Woodley

MARKETING AND PRODUCT DEVELOPMENT COMMITTEE

The members of the Marketing & Product Development Committee were:

• Russell Gulston (Chair)

• Arnim Phillips

• Cynthia Carr-Hosten

• Garth Bowen

• Vidya Ramsawak

• Dinelle Cipriani-Daisy

• Anthony Alleng

• Tisha Mark

• Ria Jamurath

The Marketing & Product Development Committee (MPDC) remains committed to fostering membership growth, enhancing member engagement, and developing financial solutions tailored to our members’ needs. In 2024, our initiatives focused on strategic outreach, product innovation, and enhancing communication channels.

Membership Growth & Engagement

Membership growth showed positive results, with 151 new members onboarded by year-end. This represents a 29% increase compared to 2023, contributing $424,530 in shares and $533,537 in loans.

Key engagement activities included company visits to various divisions of the ANSA McAL Group in both Trinidad and Tobago, including Carib, AMCO, TOMCO, ANSA Coatings, ANSA Tech, ABEL, Standards, ANSA Polymer, and ANSA Motors in Port of Spain, Chaguanas, San Fernando, and Burmac. These visits provided opportunities to engage both members and potential members, reinforcing the value of AMGECU’s products and services.

Additionally, the MPDC facilitated Liaison Officer training to equip them with the necessary knowledge to better serve our members, ensuring they remain informed ambassadors for AMGECU.

Board of Directors Report (continued)

Product Development

A key highlight of 2024 was the development and successful launch of two new loan products aimed at providing members with additional financing options:

1. Flexi Credit Loan – A revolving loan facility was developed in 2024 and officially launched in January 2025, offering members flexible access to funds with an extended repayment period.

2. Debt Consolidation Loan – Also developed in 2024 was launched in February 2025. It is designed to help members manage their debts more effectively and improve financial stability, with the aim of helping them reset and rebuild their credit.

These products were developed in response to member needs and market trends, ensuring AMGECU remains competitive while supporting financial well-being.

Upcoming Plans for 2025

Looking ahead, the MPDC will continue its efforts to drive membership growth and improve member engagement through the following initiatives:

• Expanding corporate outreach through company visits across key industries.

• Strengthening digital marketing efforts to improve loan uptake and member participation. • Enhancing training opportunities for Liaison Officers to optimise their impact.

• Assessing the performance of newly launched loan products to refine offerings based on member feedback.

In conclusion, the MPDC has made significant strides in 2024, particularly in membership growth, engagement, and product innovation. With a strong foundation in place, 2025 will focus on deepening member relationships, refining our financial solutions, and continuing to position AMGECU as the preferred financial partner for our members.

We extend our gratitude to the Board of Directors, Management, and members for their continued support as we work towards achieving AMGECU’s strategic goals.

INFORMATION TECHNOLOGY COMMITTEE

The members of the Information Technology Committee were:

• Steve Woodley (Chair)

• Darvel Cordner

• Vijai Maharaj

• Arnim Phillips

• Esha-Ann Daniel

• Ria Jamurath

Board of Directors Report (continued)

During the 2024-2025 term, the Information Technology (IT) Committee focused primarily on completing projects initiated in the previous term. As a result, the number of meetings held this term was significantly reduced compared to prior terms. This strategic approach ensured that new IT-related expenditures were minimized, allowing the organization to derive maximum returns on investments from previously implemented projects.

Global Internet Access (GIA) Implementation Project

The Global Internet Access (GIA) project, which enables members to access their account information online, encountered technical challenges following its soft launch. The root cause of these issues was identified as the outdated operating system of the main production server at the office. To address this, an upgrade of the server’s operating system was necessary. However, given the mission-critical nature of the server and the risks associated with the upgrade process, a comprehensive risk mitigation strategy was implemented.

To ensure minimal disruption, a Microsoft cloud subscription was procured, and a secondary server was provisioned within the Microsoft Azure cloud infrastructure. The cloud environment was seamlessly connected to the office network via a site-to-site VPN. With this extended infrastructure in place, the server upgrade was meticulously planned and successfully executed. Following the upgrade, the GIA project’s soft launch resumed and is now ready for an official phased rollout to members.

Collaboration with the Marketing Officer

During the term, AMGECU welcomed a new Marketing Officer, whose responsibilities include enhancing the organization’s social media presence. The IT Committee looks forward to collaborating closely with the Marketing Officer to support her initiatives and to implement new projects for the 2025-2026 term. One such project includes the revamping of the organization’s website to better serve members and stakeholders.

The IT Committee is grateful for the opportunity to serve our members and remains committed to supporting the organization’s goals. We look forward to continuing our efforts in the 2025-2026 term, ensuring that our IT initiatives align with the needs of our members and contribute to the overall success of the organization.

EDUCATION COMMITTEE

In accordance with the Society’s Bye-Laws, the Board of Directors selected members to serve on the Education Committee for the 2024-2025 term, at its first monthly meeting.

Board of Directors Report (continued)

The following members were elected to serve on the Committee:

• Anthony Alleng (Chair) • Sasonel Felix (Secretary)

• Lou-Ann Sandiford • Claudine Allert

• Cheryl Lutchman

ACTIVITIES:

For the period under review several programmes were tabled but owing to factors beyond the control of the Committee, the courses did not materialize.

In the first term of the new year 2025 It is anticipated the Committee will attempt the following: Seminars “the ABC of Financials” and another on “Digital Transformation.”

From our enquiries, far too many of our members are being challenged with understanding the workings of a credit union.

The Committee is proposing a Power Point presentation with a discussion, questions and answers as an initial step.We believe we can do this by capturing the new members so they are not stagnated in their aspirations at the Credit Union.

Educational Grants 2024:

Each year, AMGECU Credit Union Co-operative Society Limited awards all successful Students in their respective disciplines :

Irving Johnson Scholarship Award for S.E.A.

Harold Smith Scholarship for C.A.P.E.,C.S.E.C. & University.

Planning & Execution

The AMGECU Awards came off successfully on Saturday 19th October 2024 at the St Joseph Head Office. Nine (9) students received Certificates of Recognition and Cash :

2 - UWI Students

1 - CAPE Student

6 - SEA Students

There were another fifteen (15) Students who passed their Examination for entry to higher Education but their status at the Credit Union did not qualify them for an award.

Board of Directors Report (continued)

The feature address was delivered by a young member, Ms.Daniella Clarke who shared her journey using our theme ”Taking Charge of your Future”.

Her delivery shared three important lessons:

1. Embrace change as a path to growth

2. Set clear goals, but be flexible

3. Take initiative-don’t wait on others to direct your path

Training:

As part of our ongoing development the Board and other members continuously update themselves on aspects and the laws relating to the FIU,AML,CTF, -all permanent issues on being informed in the business world.

The members of this Committee would like to take this opportunity to thank the Board of Directors, Management, and Staff for their continued support and anyone who contributed to all the training and interventions possible. The Committee looks forward to working with the Membership once again.

YOUTH COMMITTEE

Committee Members:

• Jennifer Norton – Interim Chair

• Sasonel Felix

• Erica Tenia

• Joanna Joseph

The AMGECU Youth Committee remains committed to fostering youth engagement, leadership, and financial literacy within the credit union. During the 2024/2025 term, the Youth Committee successfully executed the Inaugural AMGECU Youth Debate Competition, ongoing strategic planning for AMGECU youth development, and upcoming youth initiatives to strengthen engagement and succession planning.

The Youth Debate Competition provided a platform for AMGECU young members to enhance critical thinking, public speaking, and leadership skills while deepening their understanding of national, social, and Co-operative values. The event’s success reinforced the importance of youth involvement in shaping the future of AMGECU.

To sustain this momentum, the committee prioritized strategic planning in revising its Youth Committee Terms of Reference and Youth Board Policy. Emphasis was placed on key areas: financial literacy, leadership development, youth representation, and community engagement. These efforts will ensure a strong pipeline of future credit union leaders.

Board of Directors Report (continued)

Looking ahead, we plan to launch the following initiatives during 2025/2026:

• Children’s Christmas Party – An AMGECU membership outreach effort fostering joy and social responsibility.

• Know Your Credit Union Initiative – Educating youth on AMGECU’s role and benefits to encourage active participation.

• Health & Wellness Initiative – Supporting physical and mental well-being through tips and social media fitness challenges.

The Youth Committee aims to cultivate informed, engaged, and future-ready AMGECU members through these initiatives. With ongoing Board of Directors and membership support, we look forward to empowering the next generation of credit union leaders.

FINANCIAL REVIEW 2024

SHARES

In 2024, Members’ Shares increased to $169,136,152 from $167,471,178 in 2023, representing a marginal increase of 1.00%. This steady growth indicates a consistent level of member confidence and investment in the organization. Additionally, Members’ deposits rose to $12,466,729 in 2024 from $12,070,939 in 2023, marking an increase of 3.28%. This upward trend in deposits suggests a growing trust in the institution’s financial stability and services.

LOANS

In 2024, Members’ Loans decreased to $102,833,347, compared to $103,916,265 in 2023. This slight decline may indicate a cautious approach to borrowing among members or a shift in financial needs. The number of loan applications approved in 2024 was 1,019, slightly lower than the 1,069 approved in 2023. However, the value of loans approved in 2024 was marginally higher at $24,397,498.60, compared to $24,158,166 in 2023. This suggests that while fewer loans were approved, the average loan amount was higher, potentially reflecting larger individual financial requirements or investments by members.

INVESTMENTS AND CASH HOLDINGS

The Credit Union’s investment portfolio consists of Bonds, Equities, and Mutual Funds. As of December 31, 2024, the investment portfolio was valued at $70,667,662, compared to $69,161,176 in 2023. This represents a growth of approximately 2.18%, indicating a positive trend in the Credit Union’s investment strategy and market performance.

Board of Directors Report (continued)

The income generated from the investment portfolio in 2024 was $3,483,705. This income reflects the portfolio’s strong performance and effective management, contributing significantly to the Credit Union’s overall financial health.

Cash holdings at the end of 2024 were $11,341,850, compared to $8,907,832 in 2023. This substantial increase of 27.33% in cash holdings suggests improved liquidity and a stronger cash position, providing the Credit Union with greater flexibility to meet its short-term obligations and potential loans and investment opportunities.

Investment and Cash Holdings Portfolio as of December 31, 2024

Table 1

Board of Directors Report (continued)

ASSET MIX

As of December 31, 2024, the Credit Union’s Total Assets were $217,742,903, compared to $216,193,730 in 2023. This represents a modest increase of 0.72%, indicating steady growth in the Credit Union’s asset base.

The table 2 below highlights key asset categories in 2024 compared to 2023:

• Financial Assets: Increased by 2.18%, reflecting a positive trend in the Credit Union’s financial investments. This growth suggests effective investment strategies and favorable market conditions, contributing to the overall financial health of the Credit Union.

• Fixed Assets and Investment Properties: Experienced a marginal decrease of 0.46%. This slight reduction is primarily to due to depreciation. Despite this decrease, the value of these long-term assets remains substantial, indicating a stable asset base.

• Receivables and Prepayments: Decreased by 9.38%. This significant reduction could indicate improved efficiency in collections and a decrease in prepayments. It reflects better management of receivables, leading to a more streamlined balance sheet.

• Employee Benefits: Decreased by 3.95%. This decline is primarily attributed to changes in benefit obligations. It reflects adjustments in the Credit Union’s employee benefit programs to align with current management of the pension fund.

Table 2

Board of Directors Report (continued)

SOURCE OF INCOME

Total Income for 2024 was $13,578,082, compared to $13,161,495 in 2023, representing an increase of $416,587. This growth highlights the Credit Union’s ability to generate higher revenue year over year.

Interest from Loans: Interest from Loans amounted to $9,512,298, accounting for 70.01% of the Total Income. This reflects a marginal increase of 7.27% in Interest from Loans compared to 2023, indicating effective interest rate management.

Income from Investments: Income from investments was $3,483,705, representing 25.65% of Total Income. This substantial contribution underscores the importance of the Credit Union’s investment portfolio in diversifying income sources and enhancing financial stability. The steady performance of investments suggests prudent management by the Investment Committee.

Other Income: Other Income totaled $ 582,118, making up 4.28% of Total Income. This category includes various ancillary revenue streams, which, although smaller in proportion, contribute to the overall financial health of the Credit Union. The stability in Other Income indicates consistent performance in non-core business activities.

Board of Directors Report (continued)

Overall, the trends in income sources reflect a balanced and diversified revenue structure, with significant contributions from both loan interest and investments. This diversification helps mitigate risks and ensures a stable financial foundation for the Credit Union.

Table 3

MEMBERSHIP

The Board of Directors welcomed one hundred and fifty-one (151) new members to the Credit Union in 2024. As of December 31, 2024, the total membership on our data base comprising employees, ex employees and family members was six thousand, and seventy two (6,072). However, the total number of active members was five thousand, two hundred and two (5,202).

Board of Directors Report (continued)

CONDOLENCES

The Board of Directors extends its heartfelt condolences to the families of our esteemed members who passed away in 2024. We continue to hold all family members in our thoughts and prayers.

The following is a list of the deceased members:

David Young	Selwyn Mc Burnette
Cecil Mc Neill	Rene Medina
Helen Fraser	Raoul D’andrade
Estrian Calliste Danzell	Douglas Blache-Fraser
Vanessa Lewis	Carlton James
Veda Bissram

2025 AND BEYOND

As we remain focused on sustaining our growth, embracing innovation and ensuring that our Credit Union continues to meet the needs of today’s members while planning for future generations. To guide us into the future, we have identified several key areas of focus:

• Digital Transformation – As technology advances, we will continue to enhance our digital services to offer you more convenience and accessibility. Our goal is to provide easy-to-use online tools.

• Sustainability and Response Lending – We are committed to offering products and services that are not only beneficial for our members but also align with the evolving needs our society. This includes sustainable investments and responsible lending practices.

• Member-Centric Growth – At the heart of our success is you, our members. We will continue to expand and adapt our offerings to meet your evolving needs. This includes expanding financial education resources, personal financial counselling and providing more tailored financial products that help you achieve your goals.

• Membership Care – Improving our membership responsive is of utmost important to us. We will broaden our lines of communications with both physical presence and social media encouraging more interactions. Year on Year our aim is to increase our membership annually by 750.

We will strive to ensure our Retirees are engaged with events and activities catering for their needs.

Board of Directors Report (continued)

• Financial Stability - In uncertain economic times, we understand the importance of maintaining a solid foundation. Our goal is to prioritize the security of your funds, while also carefully managing our financial position to ensure long-term stability.

We will continue to measure, through feedback, the effectiveness of the offerings, by adjusting and promoting continuously, improved products and services. However, to achieve this we must also ensure our risks are monitored, so that our strategic goals are realized.

Together we will navigate the future, strengthening our Credit Union for generations to come. Thank you for being an integral part of our success!

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, 2024.

ACKNOWLEDGEMENT

I would like to take this moment to acknowledge the efforts of our Board of Directors, Committee Members, Management, Staff and all those who have paved the way, both past and present for AMGECU’s success. Their commitment to excellence is central to the high level of service you receive and the stability of our organization.

Also, to you our loyal membership, thank you for being a part of our Credit Union.

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

Cynthia Carr-Hosten

President

Credit Committee Report

CREDIT COMMITTEE ATTENDANCE REGISTER

Period: April 16, 2024 - January 31, 2025 [2024-2025 Term]

The Committee held Thirty-Seven (37) meetings during this period.

NAMES	POSITION	PLACE OF WORK	PRESENT	EXCUSED
Kevin Jeremiah	Chairperson	TTMB	37	0
Jason Marcano	Secretary	TATIL	36	1
Justin Ayoung	Member	Retiree	26	11
Marissa Blackman	Member	WASA	33	4
Michelle Hayde-Gopee	Member	GML	33	4

PERFORMANCE IN 2024

Notwithstanding the competitive financial environment, we have been able to maintain the value of loans approved in 2023 with 2024. As we continue to embrace the challenges in the Financial Sector and assisting members financially, we aim to increase the loans portfolio with continuous prudent lending with directives from the Board of Directors.

See Table 1 below for a comparison of loans approved for a three (3) year period 2024, 2023 and 2022. Table 2 reflects the number and value of Loans approved based on the purpose.

Year	2024	2023	2022
No. of Loan Applications	1067	1116	1126
No. of Loans Approved	1019	1069	1086
Value of Loans Approved	24,397,498.60	24,158,166.43	22,721,170.51

Table 1

Credit Committee Report (continued)

LOANS GRANTED BY PURPOSE, VALUE AND NUMBER - 2024 & 2023

PURPOSE OF LOAN GRANTED	$ VALUE 2024	$ VALUE 2023	NO. OF FORMS 2024	NO. OF FORMS 2023	% 2024	% 2023
Miscellaneous/Religious/Ceremonial	$ 3,456,836.88	$ 4,523,418.05	208	235	14	19
Education/Investments	$ 951,821.32 $	1,027,930.88	42	49	4	4
Home Improvement/Repairs	$ 6,664,994.31	$ 7,178,318.15	208	223	27	30
Vehicle Repairs	$ 542,069.20	$ 543,276.00	40	40	2	2
Waivers	$ 873,766.63 $	822,894.36	333	341	4	4
Travel & Vacation	$ 1,154,262.33	$ 1,054,860.86	57	49	5	4
Medical	$ 424,300.00 $	278,150.00	16	15	2	1
Consolidation of Debts	$	1,942,644.20 $ 2,877,877.82	49	47	8	12
Mortgages	$ 1,904,214.05	$ 1,651,490.31	9	5	8	7
Vehicle Purchases	$ 6,191,589.68	$ 3,699,400.00	43	33	25	15
Christmas/Special/Flexi Credit Loans	$ 291,000.00	$ 500,550.00	14	32	1	2
TOTAL	$ 24,397,498.60	$ 24,158,166.43	1019	1069	100	100

Table 2

From the table above (Table 2) Loans Granted by Purpose, Value and Number for 2024 with 2023 reflects a shift in the categories of Miscellaneous/Religious/Ceremonial, Home Improvement and Consolidation of Debts in 2023 to Vehicle purchases in 2024. See the diagram below (Diagram 1).

Diagram 1

Credit Committee Report (continued)

CONCLUSION

Over the past year of reviewing applications, it is evident that members need financial assistance for whatever life brings to them. The Credit Committee together with the committed and experienced loans staff are here to serve you all. Whether it is a conversation about your financial options or the processing a loan … we are here to help with the aim of ‘covering your needs’ while seeking the interest of the Credit Union in a holistic way.

We continue to encourage our members to be vigilant in their savings and borrowings and spend wisely. In the meantime, keep AMGECU as your first option with the hope that our products and services can meet and exceed your needs.

We thank the members, Board of Directors, Committee members and Staff for their ongoing support and teamwork to foster growth and development of our Credit Union.

We look forward to your support and thank you for the opportunity to serve you.

____________________

Kevin Jeremiah

Chairperson.

Supervisory Committee Report

INTRODUCTION

The Supervisory Committee was appointed on April 13th , 2024 with the assigned mandate of ensuring that the Board of Directors and Management of the Credit Union function in a manner which is beneficial to the members by ensuring compliance with organizational policy and procedures, reviewing and monitoring financial reporting and evaluating risk and internal controls.

WORK DONE

The Committee held a total of two meetings on June 25th and December 13th during the appointment period April - December 2024 as follows:

Committee Members	Attendance	Hours Committed
Anderson Abraham (Chair)	2	14
Salisha Hosein (Secretary)	2	14
Donaldson Charles (Member)	2	14

During the period, the committee performed the following tasks related to its mandate a) Reviewed a sample of the loan application file for the respective periods March-April 2024 (23 out of 125 loans- 18%) and September – November 2024 (53 out of 215 loans- 25%) across the various categories of AMGECU’s loan portfolio in which no exceptions were reported and all loan supporting documents were affixed as per AMGECU’s policy guidelines for member loans.

b) Reviewed the financial statements of AMGECU for the period January-April 2024-Where it was found that management reporting was in accordance with AMGECU’s reporting guidelines and generally accepted accounting principles. Actual financial performance for the trimester was compared against budgeted performance to identify any exceptional variances. Summarily, a review of the performance showed a 9% uplift for the trimester.

c) Performed a Fixed Asset register review on ten (10) assets for determination of their physical existence and condition to its reporting recorded on the asset register. Subject to one item, the value of which was immaterial, reasonable assurance can be placed on AMGECU’s internal controls as it relates to assets existing and recorded on their fixed asset register.

Supervisory Committee Report (continued)

d) Audited a proportion of AMGECU’s investment portfolio for Bond and Equity investments The purpose of which was to review and re-calculate the interest receivable and recorded on AMGECU’s income statements to validate surplus benefits accruing to members when declared. During the period Jan-April 2024, for all interest receivable recorded and manually calculated, there were no variances reported, which suggests that an acceptable risk related strategy is being adopted by AMGECU management.

e) Cash Float Audit- We conducted an on-the spot cash audit on June 25th, 2024 in which no exceptions were found and our findings in this area suggest that reasonable assurance can be confirmed.

CONCLUSION

The members of the Supervisory Committee are of the opinion that AMGECU Credit Union continues to operate conservatively with a sufficient level of financial safety and soundness. We thank the members, Board of Directors and Management, for the privilege of serving our term and wish for AMGECU’s continued success and prosperity.

__________________

Anderson Abraham

Chair

Nominations Committee Report

The purpose of the Nominations Committee is to ensure that an adequate number of suitably qualified persons who are “fit and proper” candidates, as required by Law, are available to fill vacancies on:

(a) The Supervisory Committee

(b) The Board of Directors

Notices were published on all social media platforms, the AMGECU website and sent to all Liaison Officers. We are happy to report that We attracted “suitable” candidates once again.

Supervisory Committee – Five (5) Nominee

Salisha Hosein-Khan	Pearl Yatali-Gonzales
Anderson Abraham	Chelsea Edwards
Bernadette Millien-Williams

Board of Directors – Ten (10) Nominees

Denise Douglas	Cynthia Carr-Hosten
Ria Jamurath	Karen Gonzales
Nekeido Ivan Gittens	Sasonel Felix
Arnim Phillips	Melissa Lamont
Leisel Francis	Tenika Cordner

Credit Committee – Seven (7) Nominees

Justin Ayoung	Kevin Jeremiah
Donna Persad	Debra Alleyne
Jason Marcano	Colleen Caseman
Anntonette Noel Best

Orientation/Presentation of Nominees/Elections

The defined process would again be adopted in 2025.

Orientation on the functions of the Committees would be conducted for nominees by the Co-operative Credit Union League of Trinidad and Tobago.

Nominations Committee Report (continued)

Presentation of Nominees via Power Point for the introduction of the Nominees at the AGM. Elections process would be conducted by the Co-operative Credit Union League personnel.

ACKNOWLEDGEMENT

We extended our gratitude to the Members who took the decision to serve the Credit Union for the coming year. The importance of this process as it supports the concept of “nominees|” will encourage diversity in skills and participation among the Membership. It is highly recommended that members come forward and avoid where necessary nominations from the floor, as this will provide an opportunity to screen Members in their various capacities. We can ensure that the nominees are committed, confident and prepared to be Members of the Elected Team at AMGECU.

CONCLUSION

The Committee entrusted to assess the nominees were:

Anthony Alleng (Chair)

Claudine Allert

Jennifer Norton

It is with extreme appreciation that thank the Board of Directors for the opportunity to serve and look forward to a vibrant team to take us forward in achieving our strategic objectives.

________________

Anthony Alleng

Chair

Nominations

CONTESTING SUPERVISORY COMMITTEE 2025

Name: SALISHA HOSEIN-KHAN

Company: MASSY WOOD GROUP LTD

Occupation: Business Systems Support Analyst

Status: Member – Joined in March 2003

Summary: BSC in Computer Science, Advanced Diploma in Computer Science, ACCA- Level 1. Served on Supervisory Committee.

Name: PEARL YATALI- GONZALES

Company: RETIRED

Occupation: Retiree

Status: Member – Joined in October 2007

Summary: BSC Social Work, F.I.C.B, Certificate in Mediation, Certificate in Human Resource Development, Adult Training and Customer Service

Name: ANDERSON ABRAHAM

Company: GUARDIAN MEDIA LTD

Occupation: Credit Manager

Status: Member – Joined in 2019

Summary: ACCA Level 1 completed. Served on the Supervisory, Credit Committee in another Credit Union. Served as the Chair of the Supervisory Committee.

Name: CHELSEA EDWARDS

Company: HOVE AND ASSOCIATES

Occupation: Attorney-At-Law

Status: Member – Joined in October 2017

Summary: Bachelors of Law, Legal Education Certificate. Served on the Youth Committee.

Name: BERNADETTE MILLIEN – WILLIAMS

Company: GUARDIAN MEDIA LTD

Occupation: Admin Assistant

Status: Member – Joined in September 2003

Summary: CXC.

CONTESTING BOARD OF DIRECTORS 2025

Name: DENISE DOUGLAS

Company: CARIBBEAN DEVELOPMENT COMPANY

Occupation: Risk & ESG Manager

Status: Member – Joined in June 2010

Summary: Master of Law, International Business and Commercial Law, Master of Science, International Finance, Advanced Diploma, Certified Forensic Accounting and Fraud Detection (CFAS)

Chartered Certified Accountant (ACCA) (FCCA) (CA).

Previously served on the Education, Investment and Risk Committee and Board of Directors

Name: RIA JAMURATH

Company: FUJITSU CARIBBEAN (TRINIDAD) LIMITED

Occupation: Engagement Manager

Status: Member – Joined in April 2019

Summary: MBA Project Management, Organizational Change Management Certified, APMP CW Proposal Management Professional, Project Management Professional, ITIL Foundations Certified,

Diploma in Project Management, MCSE Certified, Certificate in Administrative Professional Secretaryship. Served on the Board of Directors, Marketing and Product Development,

Information Technology and Strategic Plan Implementation Committees

Name: NEKEIDO IVAN GITTENS

Company: TRINIDAD AND TOBAGO DEFENCE FORCE (REGIMENT)

Occupation: Military Officer (Captain)

Status: Member – Joined in August 1992

Summary: Masters of Business Administration (General)(Pursuing), Post Graduate Diploma in Junior Command and Staff Leadership, Bachelors of Science in Computing, Associate of Science in General Business.

Name: ARNIM PHILLIPS

Company: RETIRED

Occupation: Retiree

Status: Member – Joined in December 1980

Summary: GCE, A-Levels, Strategic Planning, Financial Solutions Consultant, Project Management, Finance. Previously served on the Board of Directors, Building, Information Technology Committees.

Name: SASONEL FELIX

Company: OFFICE OF THE PRIME MINISTER

Occupation: Monitoring and Education Specialist

Status: Member – Joined in November 2020

Summary: MSC International Development, BSC International Relations with minor in Psychology. Served on Education Committee and Chair of the Youth Committee.

Name: CYNTHIA CARR-HOSTEN

Company: TATIL

Occupation: Insurance Agent

Status: Member – Joined in December 1988

Summary: Diploma Associate Customer Service, Health Insurance, Agency Administration. Certificate in Insurance (CII) and Advance Customer Service Manager. Served as a Director also served on the Education, Marketing, Sports and Culture, Nominations and Mobilization Committees.

Name: KAREN GONZALES

Company: ATTORNEY AT LAW

Occupation: Lawyer

Status: Member – Joined in July 2017

Summary: Bachelor of Laws. Served on the Board of WITCO Credit Union and Human Resource and Risk Committee. Served on the Public Transport Service Corporation

Name: MELISSA LAMONT

Company: IQOR TRINIDAD LIMITED

Occupation: Director of Operations

Status: Member – Joined in November 2005

Summary: Post Graduate Certificate, BA Business Administration.

Name: LEISEL FRANCIS

Company: TATIL

Occupation: Finance Manager

Status: Member – Joined in January 2006

Summary: Chartered Certified Accountants (ACCA)- (FCCA). Previously served as the Chair of the Supervisory Committee.

Name: TENIKA CORDNER

Company: MINISTRY OF NATIONAL SECURITY

Occupation: Police Officer

Status: Member – Joined in September 2004

Summary: CXC, Certificate in Human Resource Management, Certificate in Accounting Essentials, Certified Accounting Technician, Certificate in Office Administration, Certificate in Events Management for Business Professionals, Diploma in Security Administration.

CONTESTING CREDIT COMMITTEE 2025

Name: JUSTIN AYOUNG

Company: RETIRED

Occupation: Retiree

Status: Member – Joined in January 1982

Summary: CXC, Computer Literacy Anti Money Laundering and Terrorism Certificate. Served on the Board of Directors, Sports & Culture, Delinquency, Supervisory and Credit Committees.

Name: DONNA PERSAD

Company: RETIRED

Occupation: Retiree

Status: Member – Joined in December 1998

Summary: ACCA Level 1, Law Level 2, AAT Level 3, Training in Time Management, Microsoft Word and Excel. Previously served on the Credit and Education Committees at AMGECU.

Name: JASON MARCANO

Company: TATIL

Occupation: Clerk

Status: Member – Joined in February 2008

Summary: BSc Information Technology, ABE Diploma Business Management Systems. Certificate in EXCEL. Previously served on the Credit Committee at AMGECU

Name: KEVIN JEREMIAH

Company: Trinidad and Tobago Mortgage Bank

Occupation: Mortgage Assistant

Status: Member – Joined in November 2012

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

Name: ANNTONETTE NOEL BEST

Company: ABS BUILDING SOLUTIONS

Occupation: Payables Accounting Assistant

Status: Member – Joined in October 2019

Summary: Bachelors Degree (Business Management) Certificates in Inventory Management, Customer Service, Internal Audit ISO, Computer Literacy, Microsoft Word, Excel.

Name: DEBRA ALLEYNE

Company: RETIRED

Occupation: Retiree

Status: Member – Joined in June 1993

Summary: Administrative Professional Secretaryship, CXC, Shorthand, Typing, Computer Literacy, Certificate in Conflict Management, LOMA Certificate. Diploma. Previously served on the Education Committee.

Name: COLLEEN CASEMAN

Company: ANSA COATINGS LTD

Occupation: Receptionist/CSR

Status: Member – Joined in September 2006

Summary: CXC, Secretarial School. Previously served the Supervisory and Sports & Culture Committees at AMGECU.

STATEMENT OF MANAGEMENTS’ RESPONSIBILITIES

Management is responsible for the following:

- Preparing and fairly presenting the accompanying financial statements of AMGECU Credit Union Co operative Society Limited (the “Society”), which comprise the statement of financial position as at 31 December 2024, the statements of comprehensive income, appropriated funds and undivided earnings and cash flows for the year then ended, and a summary of material accounting policies and other explanatory information,

- Ensuring that the Society keeps proper accounting records,

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

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

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

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

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

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

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

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

_____________________________ ______________________________

General Manager Accountant

March 26, 2025 March 26, 2025

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 2024, 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 material 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 2024, 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.

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 26, 2025

Port-of-Spain

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 2024 2023

Current Assets:

Cash in hand and at bank 5 $ 11,341,850 $ 8,907,832 Other financial assets 6 28,978,130 24,163,358 Accounts receivable and prepayments 7 937,487 5,454,357 Accounts due from member companies 8 988,064 1,514,039

Total Current Assets 42,245,531 40,039,586

Non-Current Assets:

Loans to members 9 102,838,039 103,916,265 Other financial assets 10 41,815,431 44,997,617 Employee benefit assets 11 7,433,000 7,739,000 Investment properties 12 17,113,005 14,258,088 Fixed assets 13 6,297,897 5,243,174

Total Non-Current Assets 175,497,372 176,154,144

Total Assets $ 217,742,903 $ 216,193,730

LIABILITIES AND MEMBERS’ EQUITY

Current Liabilities:

Accounts payable and accrued charges 14 $ 1,286,347 $ 1,056,137 Christmas Savings Plan 15 146,178 153,023 Education Savings Plan 16 200,825 217,110 Ex-Member Shares and Dividends 2,662,487 2,789,419

Total Current Liabilities 4,295,837 4,215,689

Non-Current Liabilities:

Members’ savings and pooled funds 17 12,466,729 12,070,939 Employee benefit obligation 18 79,000 93,000 Members’ shares 19 169,136,157 167,471,178

Total Non-Current Liabilities 181,681,886 179,635,117

Total Liabilities 185,977,723 183,850,806

Members’ Equity:

Reserve Fund 20 19,042,204 18,241,577 Building Fund 21 7,536 7,536 Education Fund 21 200,000 200,000 Charitable Fund 21 50,000 50,000 Investment Re-measurement Reserve 22 2,049,424 3,291,633 Undivided surplus 10,416,016 10,552,178

Total Members’ Equity 31,765,180 32,342,924

Total Liabilities and Members’ Equity $ 217,742,903 $ 216,193,730

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 Statements.

On March 26, 2025, the Board of Directors authorised these financial statements for issue.

________________________ ________________________ ________________________ President Secretary Chair - Supervisory Committee

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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 2024 2023

Income:

Interest on loans to members $ 9,512,298 $ 8,867,328 Investment income 26 3,483,705 3,597,156 Lease interest income 7 68,876 111,676 Other income 27 513,243 585,335

Total Income 13,578,122 13,161,495

Expenses:

Administrative expenses 28 2,393,559 2,438,093 Board and committee expenses 29 324,764 232,035 Depreciation 311,987 317,222 Interest on members’ savings and pooled funds 30 21,641 24,485 Investment property expenses 27,897 35,392 Personnel costs 31 2,296,987 2,303,529

Total expenses 5,376,835 5,350,756

Net surplus 8,201,287 7,810,739 Honorarium (195,022) (174,520) Net surplus for the year 8,006,265 7,636,219

Other Comprehensive Income:

Items that maybe reclassified subsequently to profit or loss:

Net unrealized loss on investments (1,242,209) (1,482,844)

Items that will not be reclassified subsequently to profit or

loss:

Net actuarial loss on employee benefit asset and obligation 32 (726,000) (416,000) Total other comprehensive loss for the year (1,968,209) (1,898,844) Total Comprehensive Income for the Year: $ 6,038,056 $ 5,737,375

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.

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