WCU Annual Report 2012 - WORKS CREDIT UNION4 | ANNUAL REPORT 2012 WORKS CREDIT UNION CO-OPERATIVE SOCIETY LIMITED 1. (a) A member shall stand when addressing the Chair. (b) Speeches

2 | ANNUAL REPORT 2012

ANNUAL REPORT 2012 | 3

W O R K S C R E D I T U N I O N C O - O P E R A T I V E S O C I E T Y L I M I T E D

Notice of The Annual General MeetingNotice is hereby given that the 54th Annual General Meeting of Works Credit Union Co-operative Society Limited takes place at Trinity College East, #1 College Road, Trincity, on Saturday 16th March 2013, beginning at 1:00 p.m. promptly for the following purposes: -

1. To receive the Report of the Board of Directors, the Statutory Committees and the audited Financial Statements of the Society for the year ended December 31st, 2012.

� �� 3. To appoint auditors for 2013.4. To declare dividends for 2012.5. To receive any other business of the Credit Union.

AgendaNATIONAL ANTHEM

1. INVOCATION(a) Notice of Meeting(b) Credentials Committee Report(c) Adoption of Agenda(d) Adoption of Standing Orders(e) President’s Address(f) Acknowledgement and greetings

2. FEATURE PRESENTATION

3. MINUTES OF 53RD ANNUAL GENERAL MEETING- March 17, 2012

4. MINUTES OF THE SPECIAL GENERAL MEETING- September 3, 2012

5. BUSINESS ARISING

6. REPORTS(a) Board of Directors(b) Education Committee(c) Auditors(d) Annual Financial Statement(e) Credit Committee(f) Supervisory Committee

7. NOMINATION COMMITTEE’S REPORT & ELECTIONS

8. RESOLUTIONS

9. GENERAL BUSINESS

10. CLOSING REMARKS

By order of the Board of Directors

JUDITH CODALLO-PARKINSONSECRETARYJUDITH CODALLO-PARKINSONSECRETARY



1. (a) A member shall stand when addressing the Chair.

(b) Speeches shall be clear and relevant to the subject before the meeting.

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

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

4. A member may not speak twice on the same subject, except: (a) The mover of a motion – who has a right to reply.

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

6. The mover of a “procedural motion” shall have no right to reply.

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 Order)

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

(b) On no account can a member call the Chair to order.

9. Only one amendment shall be before the meeting at one and the same time.

10. When a motion is withdrawn, any amendment to it fails.

11. The Chairman shall have the right to a casting vote.

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

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14. No member shall impute improper motives against another.

15. Cellular Phones and Pagers should be switched off during the course of the meeting.

Standing Orders



Guidelines Election Procedures>� �� ?� �� Works Credit Union:

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� @�J=��'��%��<�� Works Credit Union;

� @�J=��'/��/��;�� '� offence involving dishonesty;

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� @�>��;��?��'�;�/�� Credit Union Movement;

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Regular Board of Directors Meetings are held on the fourth Thursday of every month from 05:00 p.m. to about 08:00 p.m.

The Executive Board Members also attend one (1) regular Meeting per month.

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

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

1. Nominations shall proceed in accordance with Bye Law No. 27(b).

2. Ballot papers for elections for the Board of Directors, Credit Committee and Supervisory Committee will be given to members at the time of registration.

3. One of the items of business on the Agenda will be the nomination of persons to contest elections to the Board and Committees.

4. Persons nominated will assemble before the audience and give a brief resume of themselves, except for those persons named by the Nomination Committee in their Report to the Annual General Meeting. Those persons will be required to stand before the Meeting when the Chairman of the Nomination Committee calls their names.

5. A list of nominees will be posted in the Meeting Room.

6. There will be separate ballot boxes for the Board, Credit and Supervisory Committees.

7. The persons in charge of conducting the elections will declare the time when ballots will be cast.

8. On completion of the nomination process, members will cast their ballots at anytime during the Meeting, up to the declared closing time for ballots.

9. The appointed persons will count the ballots while the Meeting is in progress. The results will be announced immediately on completion of the count.

10. Members may accept nominations for the Board, Credit and Supervisory Committees. However, those elected to the Supervisory Committee shall serve in accordance with Bye-Law 25(a)i., those elected to the Credit Committee shall serve in accordance with Section 23(a)ii and those elected to the Board of Directors shall serve in accordance with Bye Law 17(b).



��BOARD OF DIRECTORS

Ryan Dunse President Rawlie Cooper Vice PresidentJudith Codallo-Parkinson SecretaryAnn Marie M. Gibson Asst. SecretaryHayden Toney DirectorJoanne Spence-Baptiste DirectorAnthony Fox DirectorDavid Babwah DirectorCole Patrick DirectorMaurice Jones DirectorNeville Warner DirectorRenee Popplewell DirectorDavid Thomas 1st AlternateJoycelyn Hunte 2nd Alternate (Resigned)

CREDIT COMMITTEE

Ayesha Lezama-Hypolite ChairpersonIndra Mathura SecretaryJemma Esdaille MemberJoanne Murphy-Conliffe MemberGail De Nobriga-Joseph Member

SUPERVISORY COMMITTEE

Alice Raeburn ChairpersonCornelius Valdez SecretaryMichelle Superville-Craigwell MemberKarelle Antoine 1st AlternatePeter Gardiner 2nd Alternate

EDUCATION COMMITTEE

Rawlie Cooper ConvenorMerline Fournillier SecretaryRenee Popplewell MemberAugustine Maingot Member\��<�^'��<� �$_� ��



STAFF

��Nicole Libert General ManagerIan Sagar Manager - CreditKarimah Knights Manager - AccountsAnushca Maharaj Operations ManagerVernese Medine Professional Assistant to General Manager `'��'�\'%��_{�� \=��*�;��|/��%�� }/��*'�%�� <��>;��'��>��'��>�=��'��\��<�^'��<� *=��/��J'�Q��?��=%�/��Rachael D. Jackson Marketing Assistant~�'�;�J'�� =��{�/��=%�/��>Q��~�'�;�� {�/�� Nadine De Roche Member Services RepresentativeJ'��'��'�� \=��*�;��|/��%�� J'=��'�=�� \=��*�;��|/��%�� Kalisha Lodge Business Credit Development ClerkAdrienne Samuel Business Credit Development ClerkCindi Ann Harry Senior Member Services RepresentativeJaustin Campbell Member Services RepresentativeArlene Hippolyte-Joseph Member Services RepresentativeStephon Stoute Member Services RepresentativeShanika Mc Neil Member Services RepresentativeCatherine Tenia Member Services Representative|/��|�� |��/��*�=��~�?��~=<� � ��>��;'��Lawrence Serrette Car Park Attendant

� �� Suzana Vaughn-Best Branch SupervisorSherry Ann Applewhite Member Services RepresentativeAva Regis Member Services RepresentativeJeaneil Lowe Member Services Representative (Prob.)Melissa Ragoonanan Member Services Representative (Prob.) {�$'��*�� J��?�� >��;'��

�� Simone Hinds Branch SupervisorDana Pelchier Member Services RepresentativeTabitha Learmont Member Services RepresentativeJerron Alleyne Member Services Representative (Prob.)Sharon Bascombe Member Services Representative (Prob.)��<�>�;�� J��?�� >��;'��



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Allison Montoute-Eccles St. George East

Andrea Chrysostom Rio Claro

Anthony Fox St. Joseph Farms

Ann Marie Maureen Gibson Maintenance –Carenage

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Audrey Sooklal-Sookhoo Retiree -MOW&I

Ayanna Akilah Retiree- MOW&I

Bindra Sankar Victoria East -Maintenance Division

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David Babwah Ministry of Justice -Forensics

Debra Halls Drainage -Penal

Dianne Ballah Drainage -Penal

Eden Mulrain Mechanical Services –Mt. Hope

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Elizabeth Fletcher MOW&T - San Fernando

Indra Mathura Victoria West

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Joan Scott TTPOST

Joy Cooper Victoria East

Linda Emptage St. Patrick

Linford Charles Furniture Service

Marie Chase-Beckles TTPOST

Merline Fournillier Drainage -Curepe

Oswyn Brereton Retiree –Ministry of National Security

Pamela Welch Ministry of Finance –B.I.R.

Petra Pierre Main Stores –D’Abadie

Phyllis Raphael-Toorie Agua Santa

Royston Jerry Chatham Youth Camp

Serene Franklin Retiree - MOW&I

Sharon Mc Carter-White Drainage –POS

Stephen Clarke Retiree -Prisons

Unice Webster Caroni



Minutes of the 53rd Annual General MeetingOF WORKS CREDIT UNION CO-OPERATIVE SOCIETY LIMITEDTRINITY COLLEGE EAST, NO. 1 COLLEGE ROAD, TRINCITYHELD ON SATURDAY, MARCH 17, 2012.

1.0 COMMENCEMENT/PRAYER The meeting was called to order at 1.30 p.m. by the Secretary, Mr. Ryan Dunse, who welcomed

all. This was followed by the recital of the Credit Union Prayer, Invocation by Mr. Gardiner and the playing of the National Anthem.

2.0 1ST CREDENTIAL COMMITTEE’S REPORT� >�*�;��'��*��{%��'��[��%�� ;�'�;� ��'�� =�;�;�'�;��/�

(305) registered members, two (2) guests and one (1) non-member of staff.

3.0 NOTICE OF MEETING The Secretary, Mr. Ryan Dunse read the Notice and Agenda of the 53rd Annual General Meeting.

The Agenda was adopted on a motion moved by Mr. Peter Gardiner and seconded by Mr. David Thomas.

4.0 ADOPTION OF STANDING ORDERS The Standing Orders were taken as read and adopted on a motion moved by Mr. Roger Parris and

seconded by Mr. David Thomas.

5.0 PRESIDENT’S ADDRESS The President, Mr. Rawlie Cooper, welcomed and thanked members for their attendance at the

53rd Annual General Meeting.

He informed the membership that on February 2nd, 2012, former President Hayden Toney had advised the Board of Directors that he was no longer capable of serving as President of the Society due to personal reasons. In the circumstances, he stated that he was humbled to have accepted the challenge of leadership.

He publicly thanked Director Toney for his leadership, dedication and commitment during his tenure and for his continued expertise and advice made available to the board on his stepping down, as he continues to function as a director of the Society.

He observed that the theme for the year’s AGM “Development Through Co-operation”, truly represented the co-operative philosophy, as the Works Credit Union had performed well and this was due to the combined co-operation of all sectors.

Membership had grown to over 12,000 members; a growth in asset base of $13.3 million which pointed to the stewardship of those entrusted with that responsibility. In the prevailing economic climate, the society had stood head and shoulders with the rest. However, he urged members not to become complacent as in the words of Chris Herbert, “the journey now start.”

Quoting the Vision Statement, the President assured that that task was not impossible as according to the scripture, “with God all things are possible”.



Regarding the changing landscape, the President noted that regardless of whether members were ready or not, the new legislation was on their doorstep and it could not be avoided. He further informed that under the revised Policy Proposal Document for credit unions the Central Bank �'�� /��'��?�/��%��'�� ;��=��'��'�%��/�;�� '��'��/��'�;�the volume of funds within the sector, there was need to bring credit unions under its regulatory purview.

Under the Scope of Responsibility, he added, the Central Bank would have a broad regulatory and policy-making mandate which powers would be administered by the Inspector of Financial Institutions. Some of the wide-sweeping powers being put in the hands of the Central Bank in terms of governing credit unions included:

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� @� ��'�� '��=;��?��?=�'��'�=��<��?��'�;��'��'��'�� '��and frequency the bank requires;

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� @� �Z=��;��=��'Q�'��%�<��'�<��?��'��?�/��?��;��=��to discontinue unsafe practices among others.

Noting that that was just a taste of what was to come, the organization could not continue business as usual; and to that end the Board had started to put things in place such as a Quality and Procedure Manual and internal audit functions.

Among the Corporate Governance Guidelines was that board members should demonstrate independent thinking and sound judgement to ensure that no one director or block of directors dominate the board’s decision-making and allow others to participate in all adjudications.

He directed members to the Government website to familiarize themselves with the proposed rules and guidelines so as to be more informed.

Citing one of the Board’s responsibility was to create wealth for its members, the President assured members of its commitment to the continued training programme to inform members of the need to save and the impact of compound interest and the various saving and investments instruments to be aware of the virtue of proper planning.

� ��;��'��?��'��<"��=��?� ��'��'��;��Y��the Caribbean region were still sluggish; and nationally the economy had contracted by 1.6 per ��/;��'��'��'��'��'�;��?=�'��<��/��=�;��=��/��/�'��';!=��%%��?� �� =��%'��'��'��'�Q��'�;��?�� some of the emergency economics. The outcome of the enquiry into Clico and the Hindu Credit Union would have to be reviewed by the Society to ensure that that learning was put to good use.

Minutes of the 53rd Annual General Meeting continued



� ��'��'?'��'��'Q?��=�;��<��';��'�=�;��'��/��'�;��'��'��%� ��'�� "�'�;��';�%��/�� '��;��'��'�� =��'� ��<'��%��+��;��'��;��;��'��%�=;��'��'��'�'?��'�;�'��/��'��/�'�� the membership, 2012 and beyond would continue to see the expansion and growth of the credit union.

6.0 FEATURE ADDRESS The Chairman informed the meeting that unfortunately and sadly, the scheduled feature speaker,

Dr. Marlene Attzs from the Sustainable Development Unit of the University of the West Indies, had '��'�;��'��=�'�� =��'��?'��$��;;��<�� '��%;<�recovery.

7.0 GREETINGS FROM GUESTS Mr. Gary Francois from the TGG Credit Union brought greetings on behalf of his Society. He

congratulated Works Credit Union on its achievements during the past year and extended best wishes for the coming year.

� ~��?�� '��=?�� *�� *��%�'��/�|/��%�� congratulated the society on its timely AGM and urged participation in the activities earmarked for the observance of International Year of Co-operatives.

Mr. Raymond Lewis, director Neal and Massy (North) Credit Union brought greetings.

The Chairman expressed thanks for the greetings and words of blessings given by guests.

8.0 MINUTES OF 52ND ANNUAL GENERAL MEETING The Minutes of the 52nd Annual General Meeting were taken as read. Amendments were contained

on the errata sheet.

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Gardiner.

�� Mr. Peter Gardiner congratulated the board and management for bringing the Annual General

Meeting on time, notwithstanding the challenges.

Mr. Peter Gardner requested a feedback on paragraph 2, page 13, under the heading “Discussion”.

The Chairman responded that the Credit Union had taken the necessary steps and communicated with the Ministry of Finance. A response had been received. He promised additional information at a later time.

In response to questions by Mr. Norbert Luke, as to whether the strategic initiative pursued by the Board for the re-introduction of the internal audit function and a mid-year audit had been initiated, the Chairman said that it had.

He added that the priorities listed on page 12, last paragraph, had also been implemented, noting that the review and strengthening of branch operations was a work in progress and members could bear record to that.




Mr. Peter Gardiner enquired as to the challenges the board faced with respect to the late delivery of the brochure. He felt that it was unfair to members to arrive at the meeting and then have to peruse the document. He wondered why Works Credit Unit could not, like another credit union which was having its meeting that day, make the brochure available in advance.

The Chairman, on behalf of the board, apologized for the brochure’s lateness. He admitted that there had been a challenge in terms of the preparation of the accounts; which resulted in the lateness of the brochure. There was a commitment to have the brochure out on time for the next meeting.

In response to a question posed by Mr. Luke, the Chairman revealed that the liquidity reserves had been brought up to 10.1%.

9.0 CREDENTIALS COMMITTEE REPORT� >�*�;��'��*��%��=�;��'Q��'��%��/'�;��'�� /��=�;�;�

'�;� �=��"��?=��"�'�;��_��_�� ' "�'��'�� /�hundred and twenty-eight (528) persons.

10.0 BOARD OF DIRECTORS’ REPORT The report of the Board of Directors was accepted on a motion moved by Mr. Norbert Luke and

seconded by Mr. Irvin Sullivan.

The Chairman advised that the attendances of the Executive Committee at meetings were omitted from this report and the relevant information had been included on the Errata Sheet.

Referring to the information under “Work Organization”, the Chairman reported that the board continued to work to facilitate the charting of a draft strategic plan for the Society. The meetings mentioned were also attended by members of the Supervisory and Credit Committees and �%��'��/�� ^�'�� '��%'�� '��=��%�'�"��'��%��would hold the reigns of authority in the credit union forever. All persons were exposed to the training.

Of the items highlighted in the report, special mention was made of the upgrade of the property at 95 �;�'�;��'��'��'��%'�Q�'�;��'�� _��=��/��Y�'�;��%=��?��'�;��'�;�� ?_��/��?�� "��'�� "��' �'�;�%'��%��;��'��'��?��?�%'��;�� '��'�� J��|'/�;��'��'��';/��<��;��An apology was made to Mr. Thomas who was present at the meeting. He was then thanked for his long service to the Society. Mr. Thomas returned thanks to the Chairman and said that he had no negative feelings as he recognized it as an oversight.

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at 95 Edward Street, the Chairman responded that it was a work in progress noting that there were other parties with an interest in the property. They are at present in negotiations and are hopeful the matter would be resolved soon.

� ��%��'�Z=�<� ��J��\��'��"�� '��=%?�';�� ';�� "�the Chairman stated the project had not been completed within budget. He credited this to the fact that during the course of the upgrade many unforeseen obstacles were encountered which drove the cost up, for example problems with the roof, the walls, the air condition unit et cetera. As such the Executive approached the board for additional money to complete the upgrade.




On a suggestion from the Chairman, the Secretary highlighted the following:

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� ��'��'��'��?��'��'��/��'��'��<�� <��'��the loan portfolio and the share capital had reached the $100 million mark.

In response to a query it was noted that the cost of the car park was around $90,000. However, further information from Mr. Valdez suggested that the cost was actually $123,000.

The Secretary noted three (3) issues which came out of the Society’s attendance at the Caribbean Confederation of Credit Unions as follows:

� @� ��;��=��;/��%�� <�=�?�%�%�� =��%�'��?�'�;�to carry the credit union forward;

� @� ��;� �� <��'��;��<��'/��;�'�;��';��/;��credit union well;

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Mr. Luke sought to make a case for the inclusion of a youth representative and also a representative ��J�;_��'��***��;�?'��*�'��'��'?�;��'��'��'��'��?��'��%��which would be taken into consideration for future conferences.

Mr. Martin Guevara sought to make special mention of several members who he felt had contributed ��?��'��<��=�� <��/��<'��

The Chairman thanked the member for his consideration but assured that the Board recognized the contributions of the members who had served and added that a function to honour these members was being planned.

Mr. Gardiner commended the former President for the work he had done up to the time he resigned and also the former General Manager up to the time of his resignation. He wondered about the possibility of hearing from the former President accounting for his stewardship.

In response to Mr. Luke’s query about lending to small businesses, the Chairman corrected that to read lending for small businesses. He noted that many members were going into small businesses and this was in an effort to facilitate such members.

� J��^=Q�'��Z=��;��';��;� ��'��?��Q��'�'?��'�;��;��appraisal. The Chairman reported that the Credit Committee, the Credit Department, members of ��\�'�;�'�;�J�;��'��';�'��;� ��=��'��?�

With reference to the information published on page 27, under “Director’s Interest”,” Mr. Brenan Smith enquired whether it was an innovation to publish the directors’ business in the brochure. �� Q��?�'�� ?=��%=��;��;�;��|��?� ��$'�%�� prudent savings. The secretary responded that this was merely an attempt by the Board to be more transparent in its approach to governance.




Mr. Luke expressed interest in the kind of loans the shares were backing. However, Mr. Gardiner was of the view that the number of shares a director had did not indicate how well he performed.

11.0 EDUCATION COMMITTEE REPORT The report of the Education Committee was accepted on a motion moved by Ms. Merline Charles

and seconded by Mr. Norbert Luke.

Ms. Joanne Spence-Baptiste, Convenor, read the Education Committee Report, which was contained on pages 28 to 31 of the Brochure. She acknowledged the work done by her predecessor, Mr. Babwah and expressed thanks to a member of staff, Ms. Danielle James, for the support she had given.

�� Ms. Spence-Baptiste, in answer to a concern expressed about youth meetings, explained that the

Convenor of the meetings for the youths was facing a challenge in having the young people come out. She felt that needed to be reviewed and that the meetings should be made more attractive for the youths.

In response to the concern that meetings had been postponed as it was felt that the Grand Bazaar area was not safe, Miss Franklin, Chairman of the Committee stated that youth meetings were really ��;�'��Q��*�;��=��;��?"��=�� '��/;��'��Grand Bazaar was not the right place to hold these meetings, so that one meeting had been called off.

Mr. Peter Gardiner commended the work done on the brochure, but felt that the 53rd Annual General Meeting of the credit union spoke about strength and stability and was a good opportunity to market the credit union. Also, he was concerned about what he considered a new development ��'�� "��'��?��/�'��;�;��=��';�;� �=��<��?��?�%�%��'��Q%�'��%� �� =��'�;� ��'��'��?�that needed to be looked at to ensure that there was succession.

This member further observed that in the past, announcement of the passing of a member was included in the brochure, but that had been discontinued. He felt that even though the funeral may have passed, condolences could still be offered.

Mr. Luke wondered what were the sectors with which the Committee had interacted, since the Midstreamers had not seen the Convenor of the Education Committee. He also enquired as to when members, including Midstreamers, had been exposed to training.

In response, Ms. Spence-Baptiste stated that, as far as she knew, Mr. Fox was in charge and all information was given to him for transmission to the Midstreamers, including information on training.

12.0 CREDENTIALS COMMITTEE REPORT� >��%��'�*�;��'��*��{%��/'�;��'��$��=�;�;�'�;�� <_�?��

��"�� ?=��"��_�� ' "�'��'�� $��=�;�;�'�;��/��<_four (674) persons.

13.0 ACKNOWLEDGEMENT OF GUESTS The Chairman recognized the following guests who arrived late:� @� J��;�'�;��?"�+��;�� {?��'��*�'%�� *�;��^'?=��

Trinidad and Tobago




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These persons all brought greetings and gave words of encouragement. The Chairman also recognized the credit union’s attorney and legal advisor, Mrs. Janice Clarence-

Quamina and her husband, as well as Miss Lydia Fox, Manager of the TGG Credit Union.

14.0 INCLUSION OF AUDITOR’S REPORT Mr. Wilfred Lowe moved that the agenda be amended to include the Auditors’ Report. This was

seconded by Mr. Roger Parris.

15.0 AUDITOR’S REPORT ` Mr. Augustus Alexander presented the Auditor’s Report.

The Auditor’s Report was accepted on a motion moved by Mrs. Cynthia Oxley and seconded by Mrs. Angela Downing.

16.0 FINANCIAL STATEMENTS� ��'��'��'��'%�;��'��/;��<�J��>��J��=�_��'�;�

seconded by Mrs. Mahalia Oliver.

The General Manager, Mr. Stephen Clarke, presented the corrections to the Financials as follows:

"�� Old New

40 – Accounts Receivable and Prepayments 2,662,485 3,604,805

40 – Long Term Investment 1,862,287 7,319,967

40 – Total 122,345,947 121,403,627

Current Assets 14,578,975 15,521,295

Statement of Cash Flows

45 - Receivables and Prepayments (2,584,519) 3,526,839

3,997,734 3,055,414

Decrease in Assets 2,887,083 3,825,403

Total (10,158,356) (9,216,036)

49 – Less Total payments 68,396,616 68,289,934

53 – Interest Receivable on Investments 2,627.483

Accounts Receivable- CLICO-EFPA 3,500,000

Accounts Receivable Investments 69,807

Accounts Receivable – Other 10,038

Prepayments 24,964

Total 3,604,803

Long Term Investment

CLICO – EFPA 11 4,442,320 3,500,000

Total 8,262,287 7,319,967 � J�� *�'�Q� �� =?�� '�� '��'�� %�� ;�'�� '�;� �%�;� ��

questions.




Mr. Ricardo Herbert queried why in a year when the organization had done so well the President and the General Manager had resigned.

The President reiterated that they had both resigned and this had nothing to do with how well the �;��=��';�;��'��'��<��=�?;��Z=��'��'��

With regard to the Statements of Receipts and Payments, Mr. Clarke highlighted the total payments of $68,289,934 and the Net Cash Flow of $739,500. Added to the Net Cash Flow was the Opening Cash Balance, resulting in a Closing Cash Balance of $8,342,404.

�#�� Mr. Martin Guevara enquired whether a statement had been made that the General Manager had

resigned for personal reasons. The Chairman replied that the meeting was dealing with the Financials at that point. He then enquired whether the matter would be dealt with after the Financials. The Chairman then replied that revisiting the statement would not be allowed and that the Chair was conducting its business in an orderly manner.

Mr. Luke enquired where, in the Financials, was the cost of the renovation of the building and the cost of refurbishing of the car park. Mr. Clarke explained that these amounts were contained in Note 7 of the Financial Statements, in the line “Additions”. There were also some disposals under �=��=��$�=�"�� J'��<��Z=�%��'�;�>=�=�'�;�|%��'�� '��also represented as an increase of approximately $2.7 million over 2010, under Property, Plant and Equipment in the Statement of Financial Position.

17.0 CREDIT COMMITTEE REPORT The Credit Committee Report was presented by its Chairman, Mr. Alloy Dates. Thanks were

expressed to members of the committee for their dedicated service.

� ��%��'��'%�;��'��/;��<�J��\��'��'�;��;;��<�J��{= ��'�Joaquim.

Under Credit Analysis, Mr. Dates stated that there was additional information on the Errata Sheet that would increase the value of loans granted in 2011, causing an increase over 2010 by 14 percent.

He expressed the view that signs of growth in any institution are: growth in total assets, growth in loan portfolio, savings deposits, shares and institutional capital. In looking back at brochures from ��"�� =�;��'�%��'��<'�� ?�� Q��*�;��Persons were commended for their contribution to the growth of the credit union.

�$�� In response to a question by Mr. Norbert Luke, Mr. Dates stated that Mr. Richie had been invited to

a credit seminar, so he did receive information and training.

Mr. Dates was complimented by Mr. Luke for a very good report.

� J��̀ '��'�\'%��_{��Z=��;��'��'��/��'��/��<��;��%��=�;��“Credit Committee Duties and Responsibilities”, as follows:

� ��/�'��'��=�� '%%'�� *�;��J'�'?�"�^�'�� ' ��denies a loan”;




As far as she knew, none of these persons could deny a loan application.

Mr. Dates explained that it may not be total disapproval; sometimes a member of staff may think that a person does not qualify for a loan, so they liaise with the Credit Committee.

18.0 SUPERVISORY COMMITTEE REPORT The Supervisory Committee Report was presented by Mrs. Michelle Superville-Craigwell,

Chairperson.

The report was accepted on a motion moved by Ms. Angela Caruth and seconded by Mr. David Thomas.

19.0 BOARD REPORT, INDEPENDENT AUDITORS’ REPORT AND FINANCIAL STATEMENTS These reports were accepted on a motion moved by Mr. Wilfred Lowe and seconded by Mr. Peter

Gardiner

Amendment of Agenda Ms. Indra Mathura moved a motion that the agenda be amended so that “Nomination Committee’s

Report & Elections” be taken as Item 6 and “Resolutions” be taken as Item 7 on the Agenda. This was seconded by Mr. Terrance Quamina and accepted by the meeting.

Mr. Guevara attempted to raise again the matter of a statement made that the General Manager had resigned for personal reasons, asking whether an incorrect statement should be allowed. The Chairman made the commitment that the matter would be addressed under “General Business”.

20.0 NOMINATION COMMITTEE’S REPORT Mrs. Sonia Francis-Yearwood, Chairperson of the Nomination Committee presented the report.

The following members were nominated for election to the Board of Directors, Supervisory Committee and Credit Committee:

�� !� �� David Thomas Joanne Spence-Baptiste Joycelyn Hunte Judith Codallo-Parkinson Neville Warner Renee Aisha Popplewell Roger Parris � �� Ayesha Lezama-Hypolite Catherine Collymore Gail De Nobriga-Joseph Indra Mathura Joanne Murphy-Conliffe

��%� &�� '�� Alice Raeburn Michelle Superville-Craigwell Cornelius Valdez Karelle Bernadette Antoine

The Nomination Committee Report was accepted on a motion moved by Mr. Norbert Luke and seconded by Ms. Judith Codallo-Parkinson




21.0 CREDENTIALS COMMITTEE REPORT A Credentials Committee’s Report at 4.05 p.m. revealed that there were six hundred and eighty-

nine (689) members, sixteen (16) guests and one (1) non-member; total seven hundred and six (706) persons.

22.0 ELECTION OF OFFICERS� J��'��?�'�;�� *�_�%�'��/�|�/�� J��<�� ^'��=��'�;��'��

and Micro Enterprise Development conducted the elections.

� �� {�=��?� � �� /��;� '�� '�� '�;� ��=�;� ��'�� '�� possession of the Nomination booklet and ballot papers.

She noted that a member had already cast his ballot but the voting process had not yet begun �� ;��/��'��'�� '��$�

With respect to the Supervisory Committee, Ms. Wong noted that there were only four (4) nominees ��';�� Z=��;��/��"�'��=��'��;� ��'��'��

� ��%�;�� '��

Mr. Brenan Smith nominated Mr. Peter Gardiner; seconded by Mr. Neville Warner.

Nominations ceased on a motion moved by Mr. Norbert Luke and seconded by Ms. Judith Codallo-Parkinson.

� ��'��Z=�� "�J��+��~'�;��%��;��;��'��%�

At this point, Ms. Wong noted that there were 697 members present.

The membership was invited to cast their ballots after being reminded of the election process in the brochure.

Voting ceased on a motion moved by Mr. Norbert Luke and seconded by Mr. Anthony Fox.

The results of the elections were as follows:

CREDIT COMMITTEE� � �� `�� =� Indra Mathura 283 2 years Ayesha Lezama-Hypolite 197 2 years Catherine Collymore 193 1 year Gail De Nobriga-Joseph 191 (1st Alternate) Joanne Murphy-Conliffe 161 (2nd Alternate)




BOARD OF DIRECTORS� � �� `�� =� Renee Aisha Popplewell 253 3 years Neville Warner 214 3 years Judith Codallo-Parkinson 213 3 years Joanne Spence-Baptiste 204) 3 years David Thomas 161 (1st Alternate) 1 year Joycelyn Hunte 157 (2nd Alternate) 1 year Roger Parris 145

SUPERVISORY COMMITTEE� � �� `�� =� Michelle Superville-Craigwell 288 1 year Alice Raeburn 288 1 year Cornelius Valdez 231 1 year Karelle Bernadette Antoine 156 (1st Alternate) Peter Gardner 76 (2nd Alternate)

23.0 RESOLUTIONS The following resolution, moved by Mr. Roger Parris and seconded by Mr. Norbert Luke, was

accepted by the meeting:

BE IT RESOLVED that the Society make a total provision to the Building Fund in the sum of $2.0 million over the next four (4) years commencing 2012 at the rate of 10% of surplus up to a maximum of $500,000.00 by way of monthly accruals.

The following resolution, moved by Mr. Phillip McFarlane and seconded by Mr. Brenan Smith, was accepted by the meeting:

BE IT RESOLVED that honoraria in the sum of $142,000.00 be paid to elected officers who served for the period April 16, 2011 to March 17, 2012.

The following resolution, moved by Mr. Brenan Smith and seconded by Mr. Ricardo Holder, was accepted by the meeting:

BE IT RESOLVED that a dividend of three percent (3%) be paid to members in good standing and deposited to shares in accordance with Bye Law 31(b).

The following resolution, moved by Mr. Norbert Luke and seconded by Ms. Judith Codallo-Parkinson, was accepted by the meeting:

BE IT RESOLVED that the Society make a total provision to the Severance Fund in the sum of $1,000,000.00 over the next four (4) years commencing 2012 at the rate of 10% of surplus up to a maximum of $250,000.00 by way of monthly accruals.

The following resolution, moved by Mr. Peter Gardiner and seconded by Mr. Norbert Luke, was accepted by the meeting:

BE IT RESOLVED that the firm E. Augustus Alexander & Co., Chartered Accountants, be appointed auditors for the period January 01, 2012 to December 31, 2012.




24.0 GENERAL BUSINESS Mr. Luke asked that consideration be given to serving, next year, a meal like the one served this

year, so that the meeting could begin at 9.00 a.m. and end at about 2.00 p.m.

Mr. Ricardo Herbert apologized for bringing up the matter of the resignation of the General Manager ;=��?��'��'��'��;��Q��<"��'�<'��<�;�;��'��'��<�the President and the General Manager resigned. Adding that both gentlemen were present he suggested that the meeting should hear from them.

The Chairman explained that there was a letter from the former General Manager, which could not be brought before the meeting. The General Manager was not asked or forced to resign; he resigned of his own free will. This was what he meant when he said “for personal reasons”. He had the General Manager’s resignation in his possession, but he could not bring a person’s personal information before the meeting.

On a request by Mr. Herbert that the document from the General Manager be read, the Chairman $%�'��;� ��'�� '�� %��'�� '�;� ��;��'�� '�;� �� ;�;� �� '�� ?� ��degenerate into that kind of situation.

Mr. Guevara then stated that no part of that letter should be interpreted as a resignation. He was made an offer, which he refused. Nowhere was there a resignation. Mr. Guevara expressed the view that an inaccurate statement was made and he was there, at the Annual General Meeting, the highest forum of the Society, to correct that statement. Mr. Guevara expressed the view that compensation was the issue. He felt that a person should be fairly compensated for work well done.

Ms. Joycelyn Hunte indicated that she had chaired the committee (of which Mr. Guevara was a member) charged with completing the contracts of employment for all management staff and '�� '��?��%��'��%'Q'?�� $%�'��;��'��%�'��<��'��compensation administration and management she was familiar with how to do a survey for compensation purposes. In surveying packages of other credit unions, she found that the package offered by Works Credit Union was in keeping with the others and that is the report that was sent to the board. This was offered to the General Manager, which he refused. Having refused the package, it was taken as an indication of his resignation.

Mr. Guevara cited as an inaccuracy the fact that it was stated that Mr. Pierre as a professional could ��%��/�;��%��'�� %��/�;�� '��';;;��'��J��+��';�submitted a sectorial list and Rhand Credit Union was on that schedule of credit unions. Adding that his sole purpose was to correct these inaccuracies, he reiterated that, one: he had not resigned; two, the statement that Rhand was not on the schedule is totally inaccurate.

� J��=��%��;��'��'��;�'�� J��~=/'�'�� '�� '�<��;��=��in that survey, noting that on the survey the entities were listed as Credit Union A, B. C, et cetera. Further, in terms of preparing her report, emails would have been provided from the credit unions with which she had liaised.

� ��'��?� ��'�� ';� '��;;� �� '�;� �� ?�� '�� '�� $_� �� contributions were largely ignored. Mr. Guevara added that he had not seen any emails, which information should have been passed through him as General Manager. He again insisted that nowhere in that letter was there a statement offering his resignation.




� J��*��=��̀ '�;��=?��'��'�� J��=��'��<��=�;��'/��';�a report for six months and not act on it; and secondly the statement “thanks but no thanks” to him, meant “give me something better”. He felt a better offer should be put on the table as he believed Mr. Guevara wanted to continue his good work in the credit union.

The Chairman thanked the member for his comments.

In response to Mr. Valdez’ attempt to move a motion, the Chairman informed him of the bye-law requiring that the Chair must have prior notice. He however informed the member that a special general meeting could be called to move such a motion.

Mr. Valdez gave his intention to call a special general meeting according to law. This was noted by the Chairman.

Mr. Gardiner sought a commitment from the Chairman to revisit the question of the alleged resignation of the General Manager. The member’s comments were noted by the Chairman.

Mr. Kenneth Charles raised the question of the Wendy Figaro-Hackett Fund which he claimed had remained stagnant. He suggested that if every member had donated one dollar over the past three years the fund would have had shown some sort of movement.

The Chairman replied that he hoped the new Education Committee would look at that and make some movement on that fund.

Another suggestion from Mr. Charles was the hosting of a Carnival fete the proceeds of which would go to that fund. A collection for the fund was initiated at that point. The sum of $528.00 was collected.

Mr. Luke wondered whether contribution to the Wendy Figaro Hackett Fund could not be made from the surplus. The Chairman reiterated his commitment to bring the matter to the attention of the new Education Committee. He further added that Mr. Luke being a member of the Midstreamers was in a position to keep that matter alive.

On the urging of the Chairman, Mr. Anthony Fox of the Midstreamers brought the meeting up to ;'��?��=%��=%��?�'��/��$��;;��/��'��'�� <�<'��'�;�over to become members of the Midstreamers Club.

� J�� '�Q�� ^�'�� ?'/� '�� '�=�� '��/�� /��;��%��;��?��'�� '��*�;��union adding that members from outside Works Credit Union are also welcome.

25.0 CLOSING REMARKS There being no further business, Director Toney was asked to move a vote of thanks.

Mr. Toney expressed heartfelt thanks to the members of the society for attending the Annual General Meeting and for their commitment during the year, without which the success reported would not have been.

Members were thanked for their verbal contributions to the Annual General Meeting and others were encouraged to participate in this way.




Thanks were expressed to the members of staff who worked diligently to achieve the kind of performance reported and for the volunteers who participated in the preparation for the meeting.

Thanks were also expressed to the Board of Management of Trinity College East for making the facility available for the second year. Mr. Toney wished the schools every success in their �;'/�=��;�� ;='��

Thanks were expressed to the drivers who brought members from far and wide and a prayer expressed that persons would be taken safely back home.

� ��'�Q��$%��;��'�;��'�� '�;��Q��/��<'��Y��auditors, E. Augustus Alexander & Co., and to invited guests.

Finally, thanks were expressed to the Co-operative Division for supervising the election.

The meeting was adjourned at 6.15 p.m.

Submitted by

JUDITH CODALLO-PARKINSONSECRETARYBOARD OF DIRECTORS


JUDITH CODALLO-PARKINSONSECRETARY



MINUTES of the Special General MeetingOF WORKS CREDIT UNION CO-OPERATIVE SOCIETY LIMITEDHELD ON MONDAY, SEPTEMBER 03, 2012 AT THE CONFERENCE HALL,AGRICOLA CREDIT UNION, #20 PHILLIP STREET, PORT OF SPAIN.

1.0 CALL TO ORDER/ASCERTAINMENT OF QUORUM The Secretary, Ms. Judith Codallo-Parkinson, called the meeting to order at 4.50 p.m. and a quorum

was ascertained.

2.0 OPENING PRAYER The Credit Union Prayer was recited by all present.

3.0 CREDENTIALS COMMITTEE’S REPORT� ��*�;��'��*��%��;��'��'��%��"�� <_��%��'��

the meeting.

4.0 NOTICE AND AGENDA OF MEETING The Secretary, Ms. Judith Codallo-Parkinson, read the Notice and Agenda of the meeting.

5.0 STANDING ORDERS The Secretary, Ms. Judith Codallo-Parkinson, read the Standing Orders. On a motion moved by Mr.

Neville Warner and seconded by Mr. David Thomas, the meeting adopted the Standing Orders.

6.0 PRESIDENT’S WELCOME ADDRESS The President, Mr. Ryan Dunse, welcomed everyone to the meeting and thanked them for their

attendance. He indicated that on the agenda, “Prudential Committee Report” should read: “Credentials Committee Report”.

Mr. Dunse then established some guidelines for the proceedings and informed members that the Standing Orders will be strictly adhered to. Also, that the discussion will be on the item listed on the agenda and anything outside of that scope would be ruled out of order.

He then invited the petitioner, Mr. Ricardo Herbert, to the podium and informed him that he was '��;��/��=��%��%��?��

$�(� ")*+*+�:�;)��;�);�<):);�=��:�<); Mr. Ricardo Herbert indicated that sixty-off members signed the petition requesting that the Board

re-engage in negotiations with the former General Manager, Mr. Martin Guevara, with a view to offering him a better remuneration package.

Mr. Herbert apprised members as follows:

A survey was carried out in twelve credit unions of similar size to Works Credit Union on the remuneration package of a General Manager, Operations Manager, an Accountant and a Credit J'�'?��

The survey revealed that the salaries of those senior personnel ranged from $26,000.00 to $40,000.00; on average, $33,000.00.



The former General Manager was offered a salary of $20,000.00 and he wrote a letter to the Society which implied that a better offer should be put on the table.

At the Annual General Meeting, members were informed that the former General Manager resigned but, on perusal of the letter which he penned, that was not indicated.

Mr. Herbert noted that under the watch of the former General Manager, the credit union conducted business as never before and there was indeed a turnaround of the Society.

� ��'��=�;��'��;�� ~��'��J'�'?��'�;��'��knew the gentleman was when he stood at the Annual General Meeting and indicated that he did not resign from the position of General Manager, Works Credit Union.

He wondered why in a year when the credit union’s assets grew by leaps and bounds in some cases, the President and the General Manager resigned.

Mr. Fitzroy Ottley described the petition, in the context in which it was presented, as total madness and drew members’ attention to Bye-Law 20 – Powers and Duties of the Board of Directors, which states:

“The Board of Directors shall exercise all the powers of the Society, except those reserved to the General Meeting of the members and in particular, shall have the following powers and duties:

� �'�� '%%��"��=�%�;��;��~��'��J'�'?�� <"��;��;=��and powers and to fix the salaries and emoluments of all paid staff.”

Mr. Fitzroy Ottley then moved the following resolution, which was seconded by Mr. Norbert Luke:

“I beg to move that this discussion where the membership will be attempting to direct the Board in terms of going towards appointing a General Manager be stopped with immediate effect.”

The resolution was put to a vote and the result was as follows:

Twenty-four (24) in favour Eight (8) against Twelve (12) abstentions

8.0 CONCLUSIONThere being no further business to discuss, the President thanked members for their attendance and adjourned the meeting.

The meeting was adjourned at 5.30 p.m.

Submitted by

JUDITH CODALLO-PARKINSONSECRETARYBOARD OF DIRECTORS

Minutes of the Special General Meeting continued

JUDITH CODALLO-PARKINSON





Report of the Board of DirectorsThe Board of Directors is pleased to present to the general membership, its report on the activities of Works Credit Union Co-operative Society Limited for its 54th year of operations ended December 31st, 2012.

During the period under review, your Board of Directors sought to achieve the following targets: -� @� ��'��>��\'�� @� ��'��/�'��J��%� @� ��'��{/�=� @� ��%��/�*=��/�� @� |/��%��=��=�'��{��=�� @� ��%��/� �=��*�_�%�'��/�%��%�� *�_�%�'��'��?��_�%�'��/�

As at December 31 2011 the Society’s Total Assets stood at $136,924,922; this has increased to $148,090,195 as at December 31st 2012.

Membership grew from 13,832 as at December 2011 to 15,907 as at December 31st 2012 being an increase of 15%.

There was a growth in Revenue from $12,824,248 as at December 2011 to $14,963,608 as at December 31st 2012.

The focus on efforts to improve customer service level saw the introduction of an Operations Manager and department as well as the upgrade and relocation of our Arima Branch and addition to our Staff compliment '��'��'��=��'��Q��%��?��'�;��=��'��;�=�;��?��'��improvement in the level of your member services experience with us.

�� =��;/��%�� =��=�'��=��'��'��'�� '�;�' ��'�='�� %��'�;�%��;=�� =�'�� {��=�� J'�'?�� '�;� �� ?� � � �� %�� ?'��'��'��structure. Ms. Nicole Libert was appointed as General Manager in October 2012, and Mrs. Anushca Maharaj was appointed as Operations Manager in February 2013. In addition there were the following additions and separations in the course of the year: Ms. Danielle James and Ms. Angelique Howell have both moved on to explore other employment options and we wish them all the best in their endeavors. Also we welcome the addition of Stephon Stoute, Arlene Hippolyte-Joseph, Adrienne Samuel, Sharon Bascombe, Jerron Alleyne, Khia Orr, Roxanne Cielto, Kizzy Andrews, Devon Delzine and Jeaneil Lowe. We also note the resignation of Mr. Nashon Alexander, and Mr. Keon Chase.

We take this opportunity to express our gratitude to Mr. Stephen Clarke who held the position of Interim General Manager from February to September of 2012, and recognize his contribution in the transitional period of Management of the Society.

Additionally, the Society engaged a consultant for the development of a performance management system. We have also partnered with the IADB (Inter-American Development Bank) and the CMFA (Caribbean Micro-Finance Alliance) to engage in a capacity building initiative over an 18 month period which will �=��;/��%�� =��*�;��'�;�J'�Q��?��' �'��'��;�� '��'�'�� our core business as well as Corporate Governance. It is also our expectation that we will, at the end of this period, have the technical and strategic capacity to diversify our portfolio with the addition of a Micro-lending facility aimed at developing entrepreneurship and prosperity among our membership.



In keeping with one of the core principles of the co-operative movement - co-operation among co-operatives - the Board demonstrated its commitment to this philosophy during the year. In particular, we moved to settle the long outstanding dispute with the League over dues arising from our withdrawal from the League in 2007. In addition, we will seek approval of our membership for re-admission to the League and upon re-admission we propose to take a more active role in the affairs of the League with a view towards enhancing its operations and in particular its leadership role in the movement.

Additionally, we have made conscious efforts to establish key alliances and talks with our neighboring Credit Union Societies with a view to, among other things, developing some of the following:� @� �=�'��{��=��$�'�?�� @� �$�'�?�� %�'��'�'�� %�'�� @� +��<� ��=�'��'�;�$�'�?�� @� }�=��'��/�� @� J'�Q��?�'�;��'�� @� |/��%�� '��;=��'��'��%�'� ��

Coupled with this is the partnering with the Jamaican Credit Union League to introduce the CPD Online training initiative for our membership and staff.

It is also our intent to lend support to the North West Regional Chapter of the CCULTT (Co-operative Credit Union League of Trinidad and Tobago), the CFF (Central Finance Facility), and CUNA as we seek to be party to the resurgence of these critical areas of the Sector.

REVIEW OF OPERATIONS

Board of Directors

The Board of Directors of the Society comprised: Ryan Dunse President Rawlie Cooper Vice President Judith Codallo-Parkinson Secretary Ann Marie M. Gibson Assistant Secretary David Babwah Director Joanne Spence-Baptiste Director Renee Popplewell Director Cole Patrick Director Hayden Toney Director Maurice Jones Director Anthony Fox Director Neville Warner Director David Thomas (1st alternate) Joycelyn Hunte (2nd alternate)

Ms. Hunte tendered her resignation on September 14, 2012. We sincerely thank her for her contribution during the period of her tenure with us.

The following are the outgoing members at the end of this term and we take this opportunity to thank them for their services:� @� >��<��$� @� {'��*��%�� @� �'<;��<� @� J'=��

Report of the Board of Directors continued



Directors Fox and Jones who would have served their full terms in accordance with the Byelaws of the Society are unable to seek re-election. Sadly Director Toney did not offer himself for re-election. We do, however, thank them sincerely for the service rendered to the Society during their periods of tenure.

The Inaugural Meeting of the Board of Directors at which the Executive Committee was elected was held on March 20, 2012. The Executive commenced its term by holding a hand-over session with the outgoing Executive. The Executive met on 16 occasions between March 24 and December 6, 2012. The Board of Directors met on 19 occasions over the period. The record of attendances is provided in Annex 1 to this report.

Internal Business

��'%'��<��'��'��=��?�'��;��<��=�;��<��Z='��<�'�;� ��/�� %��'�;�delivery systems which we use to support our range of products and services.

Consequently, your Board had its statutory meetings and also met as was required to provide strategic leadership and monitor the operating of our systems, develop policy guidelines and maintain strategic momentum in the pursuit of our objectives. We engaged the services of an Operations Manager to cater for separation of duties in our accounting and member services department as well as improve our capacity to '��'��%��=��/�� /��;��/�<"��=��%��'�;��%�'��'�� <�

Additionally, the Board of Directors set up strategic Ad-hoc Committees to pursue its objectives in a timely manner. The reports of these committees are captured below:

Bye-Laws Committee

The mandate of this committee was to review and update our bye-laws and rules.

The Committee consisted of: Maurice Jones - Chairperson Neville Warner - Director Hayden Toney - Director� {<'��|=�� _� �$�� ~��'��J'�'?�� _� �$��

��*��;��;�� ?�'�'�� /��[� @� ��=�� <Y� @� *'%��'��=;��?��=��'��'%��'��'�;��Z=�� "�'�;�%��'��'��Y� @� J��%Y� @� ��'��Y� @� ��'�� ;��'��'�=��Y� @� *��%�� *�;��'�;��=%�/��<�*�� =;��?�'%'��<��%�� Y� @� ^';��%�� ;='��*��Y� @� {�'��%��*�_�%�'��/�*�;��^'?=�� ;';�'�;��'?��'�; its Chapters, and the Central Finance Facility (CFF). This includes guidelines for participation in the leadership of such bodies;� @� *��%�� $=��/�*��=;��?��'%%�� Secretary and the position of Treasurer);� @� ��'�;�%��%��'� ��%�� ?��/�� Y� @� ��=�� '�=��<�*��'��'�;'�;��<��?��'��Y� @� {Z=��;�J'�='�� +��'�;�+��;=��"��;��;��?��'��




The committee has reported that it is far advanced in its work towards producing for circulation and comments updated bye-laws that are consistent with best credit union practices and the proposals of the draft credit union bill.

Facilities Management Committee

The following members served on the Facilities Management Committee: Anthony Fox - Chairman Ann Marie M. Gibson - Secretary David Babwah - Member Reynold Duncan - Member� {<'��|=�� _� �$��

MANDATE FOR 2012 – 2013 TERM

Finalisation of Ownership of Property on Edward Street

Subsequent to a meeting held with respect to discussion on this matter, the Committee was advised to put this matter in the hands of our Attorney to continue negotiations with the Attorneys of the three (3) remaining co-owners of the property. To date, discussions are still continuing.

Relocation of the Arima Branch

As a result of the growing needs at our Arima location, a decision was taken to seek alternate more suitable '��;'�� ?��?��'��'��'�� '��'��;=�to expire in July 2012, a building was sourced at another location - No.22, corner John Shaw and Netto Avenue, Arima - by the Branch Supervisor, Ms. Suzana Vaughn-Best who referred it to the Committee for review.

The building was subsequently visited by members of the Committee, including the President and Mr. Stephen Clarke, former General Manager, and approval was given by the Board of Directors to enter ��'��'��'��<�=%?�';;�� $�=��'�;� =��?��';Z='��<�accommodate our business demand.

The Facilities Management Committee wishes to extend our gratitude to Ms. Suzana Vaughn-Best, Branch Supervisor, for her faithful commitment in assuring a smooth transition to our new Arima Branch location.

San Fernando Branch

At present the Committee and by extension the Management of Works Credit Union are seeking alternative accommodation.

��

� @� {Z=�� %��%��'�� /'�� '�;��'��=%?�';��?�� =��;��?��sent out for Tender. At present, Tenders have been accepted and work is due to commence in the first quarter of 2013.

� @� �=��;��=��%��=%?�';��?�� '�';�� =��;��?��=��2013.




Delinquency Management Committee

The composition of this Committee is as follows: -� @� |��*��+'��Q��*��/�� @� |��|'/�;�\'��'�� @� �'��'?'��_�*�;��J'�'?�� @� *�;��*��*�'��%�� @� ^�'�� *��{%��'��/�� @� J�;��'��*�=��{%��'��/

The committee met on seven (7) occasions.

Despite the stagnated state of the economy we saw a 17% growth in our Loan Portfolio as we went from $106,573,443 to $124,136,136,609 before provisions.

The increase in the loan portfolio was largely due to the Board’s decision to aggressively market the services � � �� ;�� =�� '� ��';�� %� �'�� =��;� �� '�� '�;� '�;� �� ;�/��;�membership.

The proliferation of various loan sales over the year coupled with the increased membership also gave rise to loan delinquency which increased from 6.9% to 8.3%. The main reasons for the rise in delinquency were loan origination, administration and follow-up.

In reviewing the portfolio, the actual number of delinquent loans went from 309 to 429 with the largest increases being in the category of those aged 180 plus days. This category actually grew from 164 to 240.

Over the period, the Delinquency Committee reviewed and suggested amendments for the consideration of the Board which were aimed at tightening the controls necessary to curb loan delinquency. We believe ��'��?��/��'��%��<��=��'��;��?��=��'��'��<�;��;�'�;�suitable going forward. We suggest that it may be advisable to conduct a human resource audit of the credit department to ensure that the human resource compliment, capability and commitment are adequate for the task at hand and where necessary the appropriate training interventions should be implemented.

Investment and Risk Management Committee

This Committee comprised of the following: -� @� |��{��+�%%��*��/�� @� |��*��+'��Q� @� |'/�;��'��>��'��\�'�;�� |�� @� *�'��%�� *�;��*�� @� ~��'��J'�'?��$��

The functions of the Risk Management and Investment Committee therefore were to review continuously and make recommendations to the Board with respect to:� ��'��'��'��'�=��'/��?��'�;��$;�;%��Y� ��?=�;�� $��?��'��'��'��'�?;��'��Y 3. the Society’s investment policies and portfolio; 4. the Society’s cash management systems; 5. the Society’s securities management systems;




Interest Rates

��'�?��'�� '/��?�"��$;�;%��'��;=��?��

Investment Portfolio

The Investment Policy states that all major investments should be in the form of loans, and only excess funds should be invested elsewhere. All investments made during the 2012 term utilized the Society’s excess funds in accordance with the Investment Policy guidelines.

Lucrative opportunities for investment in 2012 proved limited, however despite this economic condition, the Investment Committee received Board approval for the following:

+�&�� Term " ��%�> ;�� '�!��

First Line Oil Notes 6 months $1000,000.00 4.00% ��

First Line Oil Notes 1 year $1000,000.00 5.00% ��

Government Bonds 3 months $1000,000.00 0.37% ��

Government Bonds 6 months $1000,000.00 0.47% ��

Note: The six (6) month investment in First Line Oil Notes matured on December 31st, 2012. Both principal and interest have since been received.

Human Resource Management Committee

The Committee comprised of:� @� �/��'�� _� *�'��'�� @� ��'��%�_\'%�� _� J�� @� �'<;��<� _� J�� @� >��<��$� _� J�� @� |'/�;��'�� _� J�� @� ~��'��J'�'?�� _� �$_� ��

The Committee met as regularly as required and engaged in: 1. Facilitating of a cordial Industrial Relations environment through the resolution of outstanding

HSE and Industrial Relations issues. 2. Completion of draft Manual of policies and procedures for Human Resource Management. 3. Participating in the Recruitment of Staff. 4. Assisting with the finalisation of terms and conditions of service for Contract officers.

The Industrial Relations and Health and Safety issues were amicably resolved. A draft of the manual of policies and procedures for Human Resource Management was circulated to staff and the Board for comments. The comments that were received were considered and the draft was revised further. The �/��;�;�' ��'��'��;�'�;��=��;��\�'�;�� |�� '��'��>��%<��be submitted to the registered Union (BIGWU) for Information.

��'��'�� *��/�>?�� _��'��=��'�;��?"�'��'��'��yet no proposals from the Union for consideration.




CONCLUSION

As we look ahead our primary goal is to continue to pursue policy objectives geared toward creating VALUE ��=��%��'��%'��'��'��=��;��?��=��"��'��?��%%��=��'�;�providing supreme member service experiences – each and every time. We are all part of a Credit Union that �'��<��?��"�?��'�;��/��=?��=?��>��"��'��=��=�� =��<��/��/�<��'�;��'��'��'��<��=��'��}�=�'��>J��*�"��/��'�� <'��'/��;��*��'�;��?�'�/��='��household name, your commitment and your willingness to recommend your relatives, co-workers and friends has been a great contributor to our continued success. As we continue on our mission to be among ��?��'�;��%�;��'��'��=��=��?��"��Q%��=�� =��?�%��=;�� what we have helped to build. Proud of how, in building together, we have all grown closer to achieving ��'��'��=��<��"��"��_�%�'��/��'<��

The Board of Directors is truly grateful for the opportunity given to serve the Society in 2012 and tenders its �'�� '�Q��'��;�� "��' �'�;�� =%%��;=��?��<'��

Respectfully submitted,


APPENDIX 1

ATTENDANCESA summary of the attendance of members at meetings of the Board is as follows: -

NAMES POSITION PRESENT ABSENT EXCUSED TOTAL

Ryan Dunse President 18 - 01 19

Rawlie Cooper Vice President 17 01 01 19

Judith Codallo-Parkinson Secretary 13 01 05 19

Anne Marie Gibson Assistant Secretary 15 - 04 19

Hayden Toney Director 14 01 04 19

Joanne Spence-Baptiste Director 15 02 02 19

Anthony Fox Director 16 02 01 19

David Babwah Director 16 - 03 19

Maurice Jones Director 12 02 05 19

Renee Popplewell Director 15 01 03 19

Neville Warner Director 15 - 04 19

Cole Patrick Director 13 06 - 19

David Thomas 1st Alternate 15 01 03 19

*Joycelyn Hunte 2nd Alternate 10 01 - 11

* Resigned September 14, 2012





Report of the Education Committee

The Education Committee is pleased to report on its stewardship for the period March 2012 – February 2013.

The following persons were appointed to serve for the term under review: - Mr. Rawlie Cooper Convenor Ms. Merline Fournillier Secretary Ms. Renee Popplewell Member Ms. Joycelyn Hunte Member Mr. Augustine Maingot Member

Ms. Danielle James, Ms. Binny Lashley and Ms. Rachael Jackson, all of the Marketing team, assisted and worked alongside the Education Committee for the period under review. Ms. Joycelyn Hunte tendered her resignation mid-term, from the Education Committee, due to commitments she had ��"��'��'<��'/��=��;��'�� '��;�'��<�;�' �;�'�%�'�� action to pursue the mandate as prescribed by the Board of Directors, that is, the continued education of the membership.

Against this background, a series of events was planned namely team building exercises for Board and Committee members, seminars, health & lifestyle fair and education programmes. Regrettably, many of the social and sporting activities normally associated with this committee were not realised.

TRAINING��/��'��'��?��'��'��\=��;��?��Q��%��J��*�'��was held at the Queen’s Park Oval and attended by Board and Committee members. It was deemed a success since the facilitator went in depth into the proposed new legislation.

��'��;� ��Q%��;�� =��?�;?�� '��'�;��=��;��?�'%'��<"��/�'��educational programmes were accessed through the Co-operative Credit Union League of Trinidad and Tobago. The Credit Committee was sent on the Credit Evaluation Technique Programme; the Supervisory Committee was sent on the Delinquency Control in Financial Institutions and How ��*��;=�� >=;��|��{�%��<�� '��>=;�� '��?� �� =%�/��<�*��'�;�{��'�;�{�%��<��

These courses were all initiated by the then acting General Manager, Mr. Stephen Clarke.

Left to Right:Merline Fournillier, Renee Popplewell, Augustine Maingot, Rawlie Cooper



S.E.A SCHOLARSHIP AWARD & CONTINUING BURSARYThe Committee held its Annual Award ceremony at NALIS Audio Visual Room on July 27th, 2012 where thirty (30) children received S.E.A. Scholarship Awards and four (4) received Continuing Bursaries. There was an increase in the S.E.A. Award, both in number of persons receiving the award and the monetary value of the award granted. This augers well for the future and shows Works Credit Union is committed to developing the next generation while striving for excellence in education. We are proud to inform this body today that the student who placed second overall in our twin island state of Trinidad & Tobago, Ms. Shemiah Grant, was one of the recipients of the award.

The feature address was given jointly by Mrs. Janice Clarence Quamina, Attorney-at-Law and Ms. Josanne Quamina, her daughter, also an Attorney-at-Law, both of whom are proud members of Works Credit Union. Mrs. Janice Clarence Quamina addressed the parents while Ms. Quamina spoke very passionately to the students.

MINI HEALTH FAIRThe Marketing Team, in collaboration with the Education Committee, hosted yet another successful Mini-Health Fair at the Centre Pointe Mall in Chaguanas, an event which has become a staple for the Society. While the attendance was good, we urge members to take advantage of our Annual Health Fair, keeping in mind, the rising cost of health care in our country. You are guaranteed through this activity to receive at least one thorough medical check up per year.

Report of the Education Committee continued



CREDIT UNION MONTHThe Education Committee co-ordinated with the Marketing Team to celebrate Credit Union month in ��J�;��'��"�̂ �'�� "��' �'�;�� }�=��>��"�'��;�to participate in the Co-operative Credit Union League’s Credit Union Week Opening Ceremony which included a processional march from Woodford Square to the Queen’s Park Savannah.

The Works Credit Union booth, I should say, was one of the most popular ones where fellow co-operators from various Credit Unions found it refreshing to partake of both our solid and liquid refreshments in the true spirit of the co-operative philosophy.

Our usual Member appreciation activities took place at all our branches on Credit Union day and were well attended. Member’s who visited our branches received complimentary tokens and light refreshments.

INTERNATIONAL YEAR OF CO-OPERATIVES 2012Last year, 2012, being the International Year of Co-operatives, Works Credit Union was invited to and participated in the Ministry of Labour and Small and Micro Enterprise Development’s (MOLSMED) Expo held at the Centre of Excellence, Macoya. Coming out of this activity, several persons from Tobago expressed an interest in becoming members of the Works Family.




The Education Committee together with the Marketing Team took up the challenge and made three (3) visits to Tobago. On these three (3) occasions, our team was well received and accommodated. This ��=��;��=�� <��'�;�'��=�� '��'%%��'��=�?��?�committee sees this as an open door and a wonderful opportunity for Works Credit Union to explore the fertile ground of new members that exist in Tobago and to establish ourselves as an alternative ��'��'��%��/�;��

ORIENTATION SESSIONAn orientation session for new members was successfully conducted in the month of November at the Capital Plaza (formerly Crowne Plaza), Port of Spain. Several new members together with a few long-standing members who never had an opportunity to attend an orientation session, took advantage of ��%��?�'��^�'�� "�J�;��'��"�}�=��>��J��'�;��J'�Q��?��'�"�'��came together to make this event the success it was. Facilitators included Mr. Jerome Chambers, Mrs. Janice Clarence Quamina, Mr. Alloy Dates, Mr. Norbert Luke and a recipient of the Wilfred Edward Bursary, Ms. Luckeisha Olliviere. This was enlightening, thought provoking and insightful, at the end of which there was an appeal from participants for a repeat of this event.

MIDSTREAMERS & LIAISON OFFICERS��J�;��'��'�;�^�'�� Q��*�;��'��?'��;�'�;�'��/�groups that work closely with the Education Committee. They are the admiration of fellow Co-operatives. This sentiment was expressed to the Chair of the Education Committee at our Christmas Dinner in Trincity. These two (2) groups continue to have a very well laid out programme of activities for the year in review. Some of the successful programmes were the Tea Party & Fashion show, Christmas Luncheon on San Fernando Hill, the Valencia Eco-Resort trip, the Social Intervention to the Lady Hochoy Home, the Cooler Lime.

OUTREACHIn keeping with our mandate, the Education Committee and the Marketing Team together with Liaison � ��Q��%%��=��<��'��'��*�'��'��}�=��*'�%��>��?��?�� the Youth Camp’s new school term, we met with parents and students, sensitizing them on products and services offered by Works Credit Union and the need for them to exercise thrift and sound ��'��'��'�'?��>��/�'��%'��'�;��=;��'��%'�� Q�� '��<�and follow-up action is now being planned.

YOUTH ARMThe Education Committee kept several meetings with members of the Youth Arm in a bid to ascertain their needs and to organise them into a functional group so that they may begin to emulate the $'�%�� ^�'�� J�;_��'�� '��Q� ��%��?��=��'��/�<�encouraged with the strides made for the past year. Ms. Popplewell is leading the charge in this




endeavour. A few members of the Youth Arm took part in the IYC Expo at Trincity, the Credit Union ��'��/��<"��'��'��*��+�'�'�'�;��;��=�� '�%��;�victims in Diego Martin. We take this opportunity to specially applaud them.

REGRETSOne of the regrets of the Education Committee for this term was that we were unable to host the Annual Sports and Family Day that so many of our members look forward to. It is our hope in the new term that this activity takes priority in our Calendar of events since it is a means of bringing the Works family together.

SHORT COURSESThis activity was inquired into, but information received indicated that the Government hosted several of these courses in Community Centres throughout Trinidad & Tobago and it did not make much sense to try to re-invent the wheel. An attempt was also made to collaborate with other Credit Unions which hosts similar activities but this too was unsuccessful.

Expenditure for the period under review can be seen at the end of this report.

The Education Committee sincerely thanks the Board of Directors, Supervisory and Credit Committee, J'�Q��?��'�"�^�'�� "�J�;��'��"�}�=��>��'�;�<�=��?��'��%� ��'��the assistance given for the period under review.

� ;��'��=�� =��>��='��~��'��J��?�'�;��'<�~�;��=��<�=�'��


RAWLIE COOPERCONVENOR


RAWLIE COOPERCONVENOR



!��>� ��**�@ *��>��**@

OPEN HOUSERental of Tent and Plants 2,035.50Banner 1,200.00Tokens 5,462.00Puppetry Show 1,850.00Projector Screen 920.00DJ Services 2,000.00Refreshment (300 persons) 19,062.30 32,529.80

NEWSLETTER – SPECIAL EDITION 31,659.50 31,659.50

TRAININGVenue 4,600.00Facilitator 5,000.00Refreshment 1,160.00 10,760.00

MOLSMED EXPO BOOTHTransport 1,200.00Workers 3,200.00Meals for Workers 1,107.47Rental of Plants 280.00 5,787.47

S.E.A. & CONTINUING BURSARYVenue 4,025.00Award Bursaries:-

- Thirty (30) SEA Scholarships @ $600 each 18,000.00- Four (4) Continuing Bursaries @ $500 each 2,000.00Tokens 4,188.50Newspaper Ads 4,217.63Decorations 797.49Two (2) Feature Speakers @$500 each 1,000.00Floral Arrangement 200.00Refreshment 5,811.50Photographer 1,200.00~� ��%'%�"��"�*=%�"�*��'��"�+��?�'�� 300.15 42,740.27

ORIENTATION SEMINARCalypso Lounge – Capital Plaza 18,641.50Facilitator 1,500.00Technical Support 500.00 20,641.50




Report of the Credit Committee�� '��'�� ;';� '�;�Tobago continues to operate within the borders of an economic paradigm. These include high liquidity in the �'�Q��?� �� '�;� �� '��'��institutions, with reduced returns on investment portfolios and competitive interest rates on credit being offered across the board. In spite of this, Works Credit Union Co-operative Society continues to operate with a measure of stability. This has realized continued growth in our overall loan portfolio '�;� ��'��;� �� ;�� =��membership in us as their preferred ��'��'�� =�� ;��?� �=��to date.

It is within this prospect, that the Credit Committee wishes to report to you on our stewardship for the period January 2012 to December 2012 in accordance with the Co-operative Societies Act, Chapter 81:3 and Section 23 of the Bye Laws of the Society.

The following members were elected to serve on the Credit Committee at the 53rd Annual General Meeting:� @�J��;�'�J'��=�'� @� J��*'��*��<�� @�J��><��'�^�'�'_�<%�� @� J��~'��|��?'_��%��_��>��'�

� @�J��>��J=�%�<_*�� _��;�>��'�

At the Inaugural Meeting of the committee, Mr. Alloy Dates and Mrs. Indra Mathura were re-elected to the positions of Chairman and Secretary respectively. Notwithstanding, the term 2012 has been ��;��/�'��'��?�� ?��?�/��<'�"�J��>��<�|'��'�;�Ms. Catherine Collymore resigned their respective position of Chairperson. To Mr. Alloy Dates and Ms. Catherine Collymore we thank you for your commitment and dedication.

This shift in leadership has resulted in Mrs. Ayesha Lezama-Hypolite being elected as Chairperson for the remaining tenure December 2012 to March 2013, and both Ms. Gail De Nobriga-Joseph and Mrs. Jo’Anne Murphy-Conliffe as full members with Mrs. Indra Mathura retaining her position as Secretary. Despite the challenges encountered we have merged together to diligently execute the duties charged to us as a Credit Committee with integrity.

The current composition of the Committee and attendance Report is outlined below:

NAME POSITION PRESENT EXCUSED ABSENTAyesha Lezama-Hypolite Chairperson 34 4 3Indra Mathura Secretary 39 2 -Jemma Esdaille Member 41 - -Gail De Nobriga-Joseph Member 39 2 -Jo’Anne Murphy-Conliffe Member 40 1 -

Left to Right: Indra Mathura, Ayesha Lezama-Hypolite, Jemma Esdaille, Jo’Anne Murphy-Conliffe, Gail De Nobriga-Joseph



OPERATIONS AND PROCEDURESThe activities and functions performed by the Credit Committee at our statutory meeting on Tuesdays and days scheduled as deemed necessary include:

- Appraisal and approval of loan requests. This would entail the setting of conditions of approval: loan amounts and terms of disbursement. Also to make recommendations for monitory controls to be implemented and reported upon.

- Counseling and guiding members in their loan requests: equity and asset building, budgeting, ��;�'�;�'��'�'?��'�;��%�%'�'��"��

- Importation of various mechanisms to reduce the cause for delinquency by continuing to adopt the six (6) C’s of Credit appraisal system. Also, encouraging our members in the use of astute cash management techniques.

- We have made considerable effort to address the concerns raised and recommendations proposed by the Internal Audit Review and the Supervisory Committee. In addition, adjustments are ��='��<��?��';��'�;��=��;=��%�'�;��'��'��'��=��<�operating within.

- Loan interview and site visits. Forty-Five (45) interviews and Sixty-Two (62) inspections were conducted during the period under review.

- Sixteen (16) loan applications, inclusive of loans for the Board and Statutory Committees’ members were submitted to the Board of Directors’ meetings for approval as they were in excess of our maximum credit limit of $175,000.00.

TRAININGNew and recurring members were exposed to workshops and seminars focused on Credit Evaluation ��Z=�"�|��Z=�<�*�� '��'�� =��"�>%$�>��* ��*��%��'�� '�� '�;�Workshop on Building a Compliance Programme and others. This training has enabled us as a committee to be better equipped to deal with the increasing demands of our lending environment while effectively and prudently meeting the needs of our membership.

LOAN ANALYSISOur Co-operative Society is continually seeking to extend its existence in the lives of its membership by educating them of its purpose and strategically tailoring our products and services to meet their needs as they strive to live comfortably and improve their social status.

For the year 2012, there has been a 23.7% increase in the loans granted to our members from a value of $47,603,996.21 to $62,028,392.56. This indicates a steady rise in the value of loans over the past 3 years.

� ��?��'��%��'��%��/��'��=��;��'��=��=�� '��?�'��;�from 6452 in 2011 to 7117 in 2012 resulting in a direct growth in interest income of 19%.

\��?��;��?=��"��;��;��'!��<�� '��'��;��<�� =�;�in the area of satisfying physiological needs (debt consolidation, personal and consumer expenses, housing and household expenses, etc) represented by 59.18% of the total loans granted.

Report of the Credit Committee continued



Additionally, physiological and safety needs indicators represent over 75% of the borrowing patterns ��'��?��'�<� ��%'�� ;��=��"��'��'��'�'��?��'��;�through our educational programs, newsletters and interactive counseling by the Committee and staff members Works Credit Union membership have been making transitional strides in re-structuring their borrowing focus: retirement preparation, debt management, education and acquisition of assets; for example, housing, etc. To these members we applaud you, and hope that the role and function of the co-operative society would continue to make a deeper impact in the lives and status of its membership in meeting their needs.

Table 1:

Figure 1:

Figure 2:

��

�� !��


01020304050607080



DELINQUENCY PORTFOLIOThere has been a marginal increase of 1.4% overall from 2011 in our delinquency portfolio stemming ��';��'��'��'��=��'��'�?��'=��;��'��'��'��<'��

Our Co-operative Society has been making successful strides in implementing measures and control mechanisms to minimize this exposure. This would include changes in our Operations and Recoveries |%'��'�;�$%;��=��'��'��'�� '�='��?'��to the society.

Works Credit Union strongly believes in our zero tolerance policy in the retrieval of its collectibles. However, the membership plays a vital role in mitigating this risk by borrowing prudentially, honoring the terms and agreement of their loans and responding positively and promptly to any queries from us (the Committee, Management and the Recoveries Department) by making every attempt to amend any lapsed payments.

Subsequently it is important to note that by harnessing this dual responsibility, we can work together to bring our delinquency percentage within the international standard set by the World Council of Credit Unions (WOCCU) which is below 5%.

>;;��'��<"��<��'��=�;��'��'$��%��'��<��<��;��?�?�'��returns to you our members.

CONCLUSIONAt this time the Credit Committee would like to extend our heartfelt appreciation to the General Membership for the opportunity to serve you.

To the Management and Staff, Board of Directors and other Elected Committees your valued support '�;��_�%�'��'��?�/��'<��=��?�� '��'�� %�� competitiveness. We look forward towards working with you once again in order to achieve the projected goals for 2013.


AYESHA LEZAMA-HYPOLITECHAIRPERSON


Respectfully submitted

AYESHA LEZAMA-HY



Report of the Supervisory Committee

INTRODUCTIONThe Supervisory Committee is pleased to report on the activities and the affairs of the Works Credit ��*�_�%�'��/��<�^��;"� ��'��'��%��;�� _��"��'��;'��Bye-Laws.

COMPOSITION OF THE SUPERVISORY COMMITTEEAt the 53rd Annual General Meeting of the Society, the persons listed hereunder were elected to serve on this Committee for the term under review and at the subsequent Inaugural Meeting of the Committee the structure comprised the following: -

Ms. Alice Raeburn Chairperson Mr. Cornelius Valdez Secretary Mrs. Michelle Superville-Craigwell Member Ms. Karelle B. Antoine 1st Alternate Mr. Peter Gardiner 2nd Alternate

Both Alternates were invited to be part of our regular meetings.

The Supervisory Committee in executing the activities planned for the period, worked in accordance with The Co-operative Societies Act and the Bye-Laws of Works Credit Union Co-operative Society Limited.

The members of the Committee focused with emphasis on the following areas:� @�>��'�� J��<��'��'��'�� @�*��;=��?�=�'��=�;�*'��*�=��'��';�� '�;��/'��=��\�'�� @��$;�>��'�;��$;�>��{?�� @�{/��?�� ^�'��'�;�^�'��>%%��'�� @�>=;�� *�;��*��^�'��{�/�� @�{��?�'�� '��;�*��J�� @� ��'��*��'�;�+��

Left to Right:Karelle Antoine, Alice Raeburn,Cornelius ValdezMissing: Michelle Superville-Craigwell, Peter Gardiner



ATTESTATION OF MONTHLY FINANCIAL STATEMENTSThe Supervisory Committee examined and attested the monthly Financial Statements of the Credit Union with the full co-operation of the Accountant and the General Manager. The anomalies that were discovered were brought to the attention of the Accountant, the General Manager and the Board of Directors.

CONDUCTING OF CASH COUNT AT THE VARIOUS BRANCHESThe Supervisory Committee conducted several unannounced Cash Counts at the various Branches and discovered some inconsistencies. They were brought to the attention of the Managers and these issues were promptly dealt with and resolved.

FIXED ASSET & FIXED ASSETS REGISTER��=%�/��<�*��=%�/��;��'=��?�� =��/�'��$;�'��$;�>��{?��%��<��?�=%;'�;�'�;��'��?��'??;� ��;��'��%��%��;_keeping.

REVIEWING OF LOANS AND LOAN APPLICATIONSIn the sampling of loan applications certain challenges were met, for example information recorded on the loan application forms and the signatures of the Credit Committee. These were brought to the attention of the Credit Manager and corrections and amendments were made having no further occurrences.

AUDIT OF CREDIT COMMITTEE LOANS & RECOVERIESIt was discovered that certain loans that were disbursed to a few members were not given in the best interest of the members, due to time or inability to repay said loans. With the arrival of the new General Manager, the Recoveries Department continues to seek new and effective methods to recover outstanding debts owed. As such a system has since been put in place for management of the Head � ��'�;��/'��=��\�'��

REGISNATION OF AN ELECTED COMMITTEE MEMBER>��'��?'�� <�'��;��'��/;��<��=%�/��<�Committee, from the Board of Directors for investigation. Having had conversations with the persons of interest, a written complaint was requested. A thorough investigation that involved reviewing of the Bye-Laws, the Loan Policy and the Co-operative Societies Act were performed.

The member in question was invited to a Special Meeting by the Supervisory Committee where he was informed of the severity of the allegation against him, having discussed the situation at length with him he agreed to resign with immediate effect. Subsequently a written report was submitted to the Board of Directors.

INTERNAL CONTROLS AND POLICIESEvidence shows that since the employment of the Operations Manager in November 2012, Internal Controls and Security Operation of our society have been strengthened. Unfortunately she has since resigned to take up position at another organization. We wish her well.

Report of the Supervisory Committee continued



OVERVIEWDuring the year in review the Supervisory Committee attended monthly regular and special meetings of the Board of Directors where all information, reports, management practices, and procedures were discussed in a constructive manner. We are pleased to report that good governance and transparency is obtained in the operations of our Credit Union.

The Committee is also pleased with the Board of Directors’ introduction of Two hundred and seventy-�/��*+|��=�� ;��%� �� ;/��%��

The Education Committee has continued to organize training sessions and other activities to enhance the welfare and development of members.

��^�'�� =��%� ��;��?��<��'��=��'��=�� <despite their challenges.

CONCLUSIONThe Supervisory Committee recognized the hard work and dedication of the Board of Directors, Management and Staff and wishes to sincerely thank them for their support, courtesies and co-operation extended to us throughout the year. We take this opportunity to welcome Ms. Nicole Libert (General Manager) to Works Credit Union Co-operative Society Limited.

The Committee extends our sincerest appreciation to you the general membership for giving us the privilege to serve.

I wish to take this opportunity to specially thank the Supervisory Team in the persons of Mr. Cornelius Valdez (Secretary), Mrs. Michelle Superville- Craigwell (Member), Ms. Karelle B. Antoine and Mr. Peter Gardiner (1st and 2nd Alternates respectively) for their commitment, reliability and sterling contribution towards the Society.

Respectively submitted,

ALICE RAEBURNCHAIRPERSON

Report of the Supervisory Committee continued

ALICE RAEBURN






















ResolutionsThe Board of Directors recommends the following resolutions for the approval of theAnnual General Meeting:

;��>��Z��

BE IT RESOLVED that a dividend of 3% be deposited 50% to shares and 50% to deposits and an interest rebate of 1% be paid to members in good standing.

;��>��Z��

BE IT RESOLVED that the Auditing Firm of Madan Ramnarine & Company be appointed Auditors for Works *�;��*�_�%�'��/��<� ��'��'��%��;��'�='�<��|��

;��>��Z�[�

BE IT RESOLVED��'��'��'��'�� "��%'�;��;�� %��;��;;�

Documents

WCU Annual Report 2012 - WORKS CREDIT UNION4 | ANNUAL REPORT 2012 WORKS CREDIT UNION CO-OPERATIVE SOCIETY LIMITED 1. (a) A member shall stand when addressing the Chair. (b) Speeches