Annual Report 2018-2020

President’s Message

From the Annual Report 2018–2020, by Mr. Mark A. Ferrette, President. Summarised faithfully; the full message appears in the PDF.

Under the theme “Strategic-Repositioning | Sustainability | Caring for Others,” the President reports that WESCU “is back” — a new board of governors having strategically repositioned the organization toward sustainable growth, good governance and professionalism, moving the Credit Union “from effectiveness to greatness.” He frames leadership as stewardship (“our workstation is our worship-station”) and, writing through the COVID-19 downturn (furloughs, layoffs, pay cuts and the mid-March national stay-at-home measure), urges members to be strong and disciplined, to save and sacrifice, and to rebuild holistically toward generational wealth. He closes: “Be wise — be responsible — be safe — to save lives!”

Board of Directors Report

A combined report covering 2018, 2019 and 2020. Submitted by Ms. Dixie-Ann J. De Souza, Honorable Secretary to the Board of Directors.

2018

The Events Committee (chaired by Director Mr. Duane O’Connor) hosted several events including the 2018 Calypso Competition, fundraising to market the Credit Union, a Prize-Giving Christmas Event recognising long-standing staff and committee members, and the annual Children’s Christmas party. The Credit Committee led the team that drafted the initial WESCU Credit Policy and Procedures. In staff changes, WESCU welcomed Mr. Norman Barton as resident Recoveries Officer to manage the delinquency portfolio, and Ms. Jamila Draper’s tenure as Manager ended. Training during 2018 covered new-committee orientation, credit-union management, building a better AGM, BASEL and IFRS 9 implementation, preparing youth for the world of work, and compliance.

2019

The Board presented its report for the year ended 31 December 2019 (the AGM for 2017 having been held on 24 July 2019). During 2019, forty-three (43) persons were admitted to membership. Emphasis was placed on compliance: staff attended Compliance Training in October 2019, and the Dress Code, Punctuality & Attendance, Performance Appraisal, IT and Virtual Conferencing policies were approved in November 2019; a Risk Assessment Framework, Member Rating Guide and upgraded KYC/Source-of-Funds templates were introduced. The Credit Policy and Procedures were approved by the new Board on 21 September 2019. Mr. Norman Barton was appointed Acting Manager and Ms. Akila Foster joined as Receptionist. Marketing included a staff FIP competition and the “Join, Save and Win” promotion.

2020

The Board presented its report for the year ended 31 December 2020. Twenty-six (26) persons were admitted to membership. The Board, Management, Staff and Committee members completed an intense four-day virtual course on Money Laundering and Counter-Terrorism Financing, and WESCU sent over thirteen members/entrepreneurs to a Cipriani College session, “Social Media Tips for SMEs.” With Families in Action, WESCU hosted its first webinars — “Peace in the Midst of Uncertainty” (28 September 2020) and “Achieving Financial Stability in Light of COVID-19” (7 October 2020). COVID-19 measures included the COVID-19 Humanitarian Fund and a loan-deferral facility (three or six months). New policies (IT, Code of Conduct & Ethics, Confidentiality, Laptop) were developed; online banking and virtual loan interviews were introduced; forms were digitised; the building was made more OSHA-compliant; and the Stabilization Fund and Health & Wellness Fund were created. Significant renovations continued at the Cocorite apartments.

Yours Co-operatively,
Dixie-Ann J. De Souza
Honorable Secretary to the Board of Directors

Management and Staff

Mr. Norman Barton, Manager; Mrs. Andrea Mc Queen-Mentor, Executive Secretary; Ms. Michelle N. Blackman, Administrative Assistant; Mrs. Marge Frampton-Benskin, Accountant; Mr. Shaquille Timothy, Cashier; Ms. Shivonne A. Rajkumar, Accounts Payable Clerk; Mrs. Sonia Isaac-Malchan, Senior Loans Officer; Mrs. Nadine Smith, Loans Officer; Ms. Naila Valere, Loans Officer; Mr. Von Archibald, Recoveries Officer; Mrs. Odia Thomas-Bascombe, Operations Manager; Mr. Gerard Gulston, IT Operations Support Officer; Mrs. Phyllis Chandler, Membership Care Representative; Ms. Akila Foster, Membership Care Representative.

Credit Committee Report

Reports for 2018, 2019 and 2020. Submitted by Mrs. Odith O’Connor-Gomez (Chairperson) and Ms. Tricia-Ann Mitchell (Secretary).

The Credit Committee convened 45 meetings in 2018 and 52 in 2019 (working closely with the Recoveries Department to control delinquency), and 43 in 2020. The 2018–2019 periods were filled with economic challenges — job losses reportedly exceeding 6,000 from the retrenchment of 5,500 Petrotrin and 503 TSTT workers — making members cautious. The Top Up loan remained the most popular product, accounting for almost half of all loans granted in each period.

Loans granted by year

The number of loans fell about 3% in 2018 and a further 4% in 2019 versus 2017; value dropped 13% in 2018 then recovered 11% in 2019 on new marketing and improved loan packages. In 2020 the COVID-19 pandemic (nationwide lockdown from 29 March 2020) drove a sharp decline: 557 loans at $7,413,604.68, down 38% in number and 37% in value versus 2019, with lending collapsing in April before recovering strongly in the October–December period.

Leading categories of loans disbursed in 2020 (by value)

House Repairs / Improvement led in value (up 28% on 2019) as movement restrictions led members to improve their homes; Top Up led in number, though the category was temporarily suspended for revision and reinstated in March 2021. The Committee thanked the Commissioner for Co-operative Development, the Board, Committees, Management, Staff and the membership.

Supervisory Committee Report

Reports for 2018, 2019 and 2020.

The Supervisory Committee is a group of elected volunteer members charged with ensuring the Credit Union operates lawfully — following proper policies, procedures and protocols, and recommending improvements. At the AGM held on 24 July 2019, the Supervisory Committee’s report for 2017 (presented by then-Chairperson Mr. Learie Hinds) was not accepted.

2018

The 2018 Committee comprised Mr. Learie Hinds (1 year), Ms. Althea Rocke (2 years), Ms. Vilma Goodman (2 years), Mrs. Elizabeth Henry-Stewart (1 year) and Mrs. Beverly Ann Moore (1 year). During the year it dealt promptly with a member complaint, conducted three cash counts and other audits, and acted as an independent watchdog on the membership’s behalf.

2019 and 2020

For 2019 and 2020 the Committee was chaired by Mrs. Elizabeth Henry-Stewart, with Ms. Althea Rocke (Secretary) and Ms. Vilma Goodman (Member). It confirmed regular statutory Board meetings, reviewed monthly financial statements, conducted cash counts and document checks, and carried out an Anti-Money-Laundering / Counter-Financing-of-Terrorism (AML/CFT) audit. It commended the Recoveries Department (Mr. Von Archibald) for its work reducing delinquency, and thanked the Board, Management and staff.

Building and Maintenance Committee Report

Ad-hoc committee. Submitted by Mr. Michael J. Valere (Chairman) and Ms. Helen A. King (Secretary).

The Building and Maintenance Committee provides tenants and members a safe, healthy and comfortable environment, complying with Trinidad and Tobago Occupational Safety and Health (building) codes. It reports on repairs at the Cocorite Apartments (#174C Western Main Road, Cocorite), WESCU’s Head Office (#40 Fitt Street, Woodbrook) and the Dundonald Street property (#11 Dundonald Street, Port of Spain, begun September 2019), having addressed more than 90% of tenants’ concerns. Members: Mr. Mark A. Ferrette (Ex-Officio), Mr. Michael J. Valere (Chairman), Ms. Helen A. King (Secretary) and Ms. Ann-Marie Francis-Charles (Member), among others.

Cocorite

In September 2020 another phase of upgrade work began: the back wall was rebuilt as a 10-foot reinforced-concrete wall with a metal security door accessed by key cards; a fabricated roof-access ladder and roof repairs to stop leaks; a tank stand for three additional water tanks and a storeroom. New kitchen cupboards, vanities and medicine cabinets were installed in three additional occupied apartments in December 2020, one of which was totally upgraded (new floor and ceiling tiles, lighting, paint, electrical brought up to code, plumbing and a new kitchen window). The upgrade is a work in progress.

Dundonald Street and Fitt Street

At Dundonald Street the Committee installed an additional water tank and serviced the pump to alleviate water supply issues, and is preparing an estimate for the wider upgrade the building needs. Repair work also continued at the Fitt Street Head Office. The Committee thanked members for their patience, trust and confidence.

Nomination Committee Report

Submitted by the Nomination Committee: Mr. Mark A. Ferrette (Chairman), Ms. Sharon C. Hinds (Secretary), Ms. Dixie Ann J. De Souza, Mrs. Helen A. King and Mr. Norman Barton (with Mrs. Elizabeth Henry-Stewart as Observer).

The Committee identifies fit-and-proper individuals for the membership’s consideration at the Annual General Meeting for the Board of Directors, Credit Committee and Supervisory Committee. Nominees were thoroughly vetted in accordance with WESCU’s Bye-Laws and scrutinised by the Trinidad and Tobago Fraud Squad to ensure no criminal charges against any candidate, and must remain in good financial standing. All nominees were afforded a two-day virtual workshop, “Being Innovative with Your Small Business During COVID-19,” facilitated by UWI-ROYTEC (28–29 October 2021).

Nominees

• Board of Directors: Ms. Dixie Ann J. De Souza, Mrs. Helen A. King, Mr. Kwasi Thomas, Mr. Michael J. Valere, Mr. Michael J. T. Scipio, Ms. Ann Marie Francis-Charles, Ms. Joyce C. Lynch, Mrs. Ayana Leacock-Sarjeant, Mr. Deonecio Betancourt Salazar, Mr. Kester Fraser and Mr. Sherman W. Subero.
• Credit Committee: Mrs. Odith O’Connor-Gomez, Ms. Tricia-Ann Mitchell, Mr. Anthony N. Superville, Ms. Kathyann Rodriguez, Ms. Listra Nedd, Ms. Vilma Goodman and Mr. Herbert Mendez-Stewart.
• Supervisory Committee: Mr. Donovan R. Duncan, Ms. Avana-Marie Honore, Mr. Richard B. Patterson, Ms. Claudia J. Phillips and Mr. Barry E. Pierre.

Treasurer’s Report (2018–2020)

Presented by Ms. Sharon C. Hinds, Treasurer, for the financial years 2018, 2019 and 2020. All figures in Trinidad and Tobago dollars (TTD); figures in parentheses are negative.

The Credit Union received an Unqualified Opinion from its auditors for all three years, confirming the financial statements present fairly its position as at 31 December 2018, 2019 and 2020 in accordance with International Financial Reporting Standards and the Co-operative Societies Act. IFRS 9 took effect on 1 January 2018, requiring provisions for bad debts even on up-to-date loans; a major loan-loss provision in 2018 produced a deficit that year, after which prudent management returned WESCU to a surplus in 2019 — before COVID-19 curtailed activity in 2020.

Liquidity strengthened markedly — cash rose 55% in 2019 and a further 18.23% in 2020 — while total assets stayed stable. Members’ shares held steady despite pandemic-era withdrawal demand, and income declined in 2020 in line with COVID-19, though disciplined expense control limited the year to only a $16,078 deficit. The Treasurer thanked the auditors, Hakeem Ahmad & Co. Chartered Accountants, and affirmed WESCU remains solid and safe for members to invest.

Sharon C. Hinds
Treasurer

Budget Projections (2021)

From the Annual Report 2018–2020. All figures in Trinidad and Tobago dollars (TTD); a blank cell was not stated in the source and figures in parentheses are negative.

Income

Expenditure — summary

Appropriation of Surplus

Personal Expenses

Board of Directors

Risk Coverage

Property

Administrative

Legal & Professional

Financials

Capital Expenditure