WESCU Budget Projections for 2022 with budgeted and actual figures for 2021. Recovered by reading the printed pages directly, because these three pages use a broken embedded font and cannot be extracted as text.
Budget Projections
From the Annual Report 2021. These pages use a damaged embedded font and cannot be copied as text from the PDF, so the figures below were read directly from the printed pages. All figures in Trinidad and Tobago dollars (TTD).
Income
| Income | Budgeted 2022 | Budgeted 2021 | Actual 2021 |
|---|
| Interest on Loans | 3,650,000 | 3,350,000 | 3,223,518 |
| Interest on Investments | 500,000 | 450,000 | 740,128 |
| Rent | 400,000 | 400,000 | 338,200 |
| Administrative fees CUNA | 250,000 | 225,000 | 209,844 |
| Miscellaneous | 130,000 | 120,000 | 33,641 |
| Interviews, Admin, Process Fees | 130,000 | 125,000 | 129,381 |
| Bad Debts / Loan Provisions Recovered | 250,000 | 450,000 | 1,465,673 |
| Transunion Fees | 10,000 | - | - |
| Total Income | 5,320,000 | 5,120,000 | 6,140,385 |
Expenditure summary
| Expenditure | Budgeted 2022 | Budgeted 2021 | Actual 2021 |
|---|
| Personal Expenses | 2,266,499 | 1,995,729 | 2,225,886 |
| Board of Directors | 300,000 | 295,000 | 314,113 |
| Depreciation | - | - | 392,321 |
| Risk Coverage | 627,000 | 618,655 | 590,429 |
| Property | 315,000 | 351,000 | 384,586 |
| Administrative | 911,848 | 1,053,300 | 1,208,703 |
| Legal & Professional Fees | 360,000 | 650,000 | 636,290 |
| Financial | 88,500 | 76,600 | 119,159 |
| Total Expenditure | 4,868,848 | 5,040,285 | 5,871,487 |
Net surplus and appropriation
| Budgeted 2022 | Budgeted 2021 | Actual 2021 |
|---|
| Net Surplus / (Deficit) | 451,152 | 79,715 | 268,898 |
| Reserve Fund (10%) | 45,115 | 7,972 | 26,890 |
| Education (5%) | 22,558 | 3,986 | 13,445 |
| Building Fund (5%) | 22,558 | 3,986 | 13,445 |
| Undivided Earnings Available for Distribution | 360,922 | 63,772 | 215,118 |
Personnel expenses in detail
| Item | Budgeted 2022 | Budgeted 2021 | Actual 2021 |
|---|
| Salaries and Wages | 1,200,000 | 1,229,800 | 1,450,130 |
| Intern Program | - | - | 750 |
| Vacation Leave Pay | - | - | 12,803 |
| Contract Labour | 115,000 | 113,000 | 149,632 |
| Gratuity | 50,000 | 56,400 | - |
| National Insurance | 100,000 | 104,000 | 115,650 |
| Travelling and Subsistence | 35,000 | 38,000 | 40,399 |
| Staff Annuity | 28,000 | 28,000 | - |
| Staff Pension Plan | 42,000 | 42,000 | (17,532) |
| Staff Medical Plan | 25,000 | 25,000 | 24,764 |
| Staff Training | 40,000 | 63,000 | 63,000 |
| Staff Welfare | 20,000 | 20,000 | 22,078 |
| Allowances | 80,000 | 100,030 | 86,607 |
| Group Life and AD&D | 16,500 | 16,500 | (49,266) |
| Uniforms | 54,000 | - | (49,916) |
| Severance Provision | 205,000 | - | 376,787 |
| Member's Appreciation | 256,000 | 160,000 | 153,000 |
| Sub-total | 2,266,499 | 1,995,730 | 2,378,886 |
Board of Directors, Depreciation, Risk Coverage and Property
| Item | Budgeted 2022 | Budgeted 2021 | Actual 2021 |
|---|
| Directors Travel and Subsistence | 250,000 | 235,000 | 239,000 |
| Conferences and Conventions etc | 50,000 | 60,000 | 75,113 |
| Board of Directors sub-total | 300,000 | 295,000 | 314,113 |
| Depreciation sub-total | - | - | 392,321 |
| Cuna Caribbean Insurance | 575,000 | 575,655 | 590,429 |
| General Insurance | 52,000 | 43,000 | 52,954 |
| Risk Coverage sub-total | 627,000 | 618,655 | 643,383 |
| Water Rates | 20,000 | 23,000 | (5,275) |
| Security | 170,000 | 170,000 | 168,419 |
| Repair & Maintenance | 125,000 | 158,000 | 168,488 |
| Property sub-total | 315,000 | 351,000 | 331,632 |
Administrative expenses in detail
| Item | Budgeted 2022 | Budgeted 2021 | Actual 2021 |
|---|
| Electricity | 50,000 | 45,000 | 38,803 |
| Asset Write Off | - | - | 19,192 |
| Miscellaneous | 10,000 | 10,000 | 28,149 |
| Printing and Stationery | 40,000 | 55,000 | 67,475 |
| Office Expenditure | 50,000 | 70,000 | 78,191 |
| Penalties & Fines | - | - | 4,000 |
| Storage Fees | 12,000 | 12,000 | 11,657 |
| Internet and Cable | 15,000 | 14,000 | 43,672 |
| Webinar Expenses | 80,000 | 44,000 | 6,723 |
| Website Maintenance | 122,850 | 70,000 | 93,356 |
| Equipment Repair and Maintenance | 3,000 | 2,800 | 2,809 |
| Green Fund Expense | - | - | 14,025 |
| Telephone | 60,000 | 75,000 | 67,572 |
| Equipment Rental | 3,000 | 2,500 | 2,349 |
| Donations | 15,000 | 88,000 | 82,700 |
| Marketing and Promotions | 175,000 | 231,000 | 130,063 |
| Annual General Meeting | 70,000 | 40,000 | 71,101 |
| Credit Union Month Expense | 70,000 | 66,500 | 66,377 |
| Subscriptions | 1,000 | 1,000 | 1,656 |
| Compliance Fees | 20,000 | 22,500 | 21,563 |
| Admin/Management Fees - Investment | 50,000 | 50,000 | 61,936 |
| Computer Expenses | 5,000 | 5,000 | 4,976 |
| Special Events - COVID-19 Expense | 60,000 | 103,000 | 103,146 |
| Sub-total | 911,848 | 1,053,300 | 1,021,491 |
Legal, professional and financial costs
| Item | Budgeted 2022 | Budgeted 2021 | Actual 2021 |
|---|
| Legal & Professional | 300,000 | 590,000 | 636,290 |
| Audit Fees | 60,000 | 60,000 | 55,775 |
| Legal & Professional sub-total | 360,000 | 650,000 | 692,065 |
| Bank and Interest Charges | 16,500 | 14,000 | 16,063 |
| Member Saving Deposit Interest | 57,000 | 47,600 | 64,891 |
| Fixed Deposit Interest | 15,000 | 15,000 | 16,642 |
| Financials sub-total | 88,500 | 76,600 | 97,596 |
| Total Expenditure | 4,868,848 | 5,040,285 | 5,871,487 |
Capital expenditure
| Item | Budgeted 2022 | Budgeted 2021 | Actual 2021 |
|---|
| Computer Equipment | 20,000 | 126,000 | 125,796 |
| Computer Software | 50,000 | 324,000 | 366,435 |
| Furniture and Fittings | 35,000 | 130,000 | 129,119 |
| Office Equipment | 30,000 | 28,000 | 27,858 |
| Building Improvement | 250,000 | 320,000 | 338,238 |
| Total Capital Expenditure | 385,000 | 928,000 | 987,446 |
