AGECU 39th AGM Brochure

8/12/2019 AGECU 39th AGM Brochure

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STANDING ORDRS 06

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AGM 2013 MINUTS 12

AGCU FUN CORNR 23

BOARD OF DIRCTORS RPORT 24

SUPRVISORY COMMITT RPORT 28

CRDIT COMMITT RPORT 32

DUCATION COMMITT RPORT 36

RSOLUTIONS 39

BUDGTARY PROPOSALS 40

FINANCIAL STATMNT / AUDITORS RPORT 47


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ANGOSTURA GROUP EMPLOYEESCREDIT UNIONCO-OPERATIVE

SOCIETY LIMITED

FINANCIAL STATEMENTS

31 DECEMBER 2013


44/81

ANGOSTURA GROUP EMPLOYEES CREDIT UNION

CO-OPERATIVE SOCIETY LIMITED

I N D E X

Page

Statement of Management Responsibilities

Independent Auditors Report

Statement of Financial Position

Statement of Comprehensive Income

Statement of Appropriated Funds and Undivided Earnings

Statement of Cash Flows

Notes to the Financial Statements

1

2

3

4

5 - 6

7

8 36


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1.

STATEMENT OF MANAGEMENT RESPONSIBILITIES


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2.

INDEPENDENT AUDITORS' REPORT


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4.

ANGOSTURA GROUP EMPLOYEES CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

STATEMENT OF COMPREHENSIVE INCOME

For the year ended31 December

Notes 2013 2012Income:

Loan interestIncome from depositsIncome from other investmentsGain on foreign exchangeEntrance fees

Total Income

Expenditure:

Administrative expenses 19Board and committee expensesFinance costPersonnel costs 20

Total Expenditure

Net surplus for the year

Other comprehensive income:

Unrealised gain on available-for-sale financial assets

$ 4,027,934159,036

68,9812,315

110

4,258,376

1,517,21283,039

2,553305,304

1,908,108

2,350,268

154,019

$ 3,334,346155,10369,806

8,636375

3,568,266

1,414,47272,292

467342,826

1,830,057

1,738,209

108,070

Total Comprehensive Income for the year $ 2,504,287 $ 1,846,279

(The accompanying notes form part of these financial statements)


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6.


STATEMENT OF APPROPRIATED FUNDS AND UNDIVIDED EARNINGS (CONTD)

For the year ended 31 December 2013

ReserveFund

EducationFund

BuildingFund

InvestmentRe-measurement

ReserveUndividedEarnings Tota

Balance as at1 January 2012

Total comprehensiveincome for the year

Appropriations:

(iv) 10% to theReserve Fund

(v) 5% to theEducation Fund

(vi) 5% to theBuilding Fund

Adjustments:-

Entrance fees

Education expenses

2011 dividends andinterest rebate paid

$ 2,339,295

173,821

-

2,513,116

375

-

$ 87,202

86,910

-

174,112

(60,201)

-

$ 892,142

86,910

979,052

-

$ 265,106

108,070

-

373,176

-

$ 1,884,503

1,738,209

(173,821)

(86,910)

(86,910)

3,275,071

(375)

60,201

(1,562,312)

$ 5,468,2

1,846,2

7,314,5

(1,562,

Balance as at31 December 2012 $2,513,491 $ 113,911 $ 979,052 $ 373,176 $ 1,772,585 $ 5,752,2



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7.


STATEMENT OF CASH FLOWS

For the year ended31 December

2013 2012

Cash flows from operating activities:

Net surplus for the year

Adjustment for:

DepreciationLoan loss expense

Operating profit before working capital changes

Net change in accounts receivable and prepaymentsNet change in accounts payable and accruals

Net cash provided by operating activities

Cash flows from investing activities:

Net change in loans to membersNet change in investmentsNet change in fixed assets

Net cash used in investing activities

Cash flows from financing activities:

Increase in members sharesNet change in members depositsDividends and interest rebate

Net cash provided by financing activities

Net change in cash resourcesCash resources, beginning of year

$ 2,350,268

15,796100,000

2,466,064

(117,517)155,823

2,504,370

(2,462,343)547,199

(5,292)

(1,920,436)

2,552,599665,257

(1,668,254)

1,549,602

2,133,536751,396

$ 1,738,209

12,481-

1,750,690

(440,685)105,986

1,415,991

(4,247,240)1,224,526

(443,109)

(3,465,823)

2,442,481(579,841)

(1,562,312)

300,328

(1,749,504)2,500,900

Cash resources, end of year $ 2,884,932 $ 751,396

Represented by:

Cash and cash equivalent $ 2,884,932 $ 751,396



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8.


NOTES TO THE FINANCIAL STATEMENTS

31 DECEMBER 2013

1. Registration and Objectives:

The Society is registered under the Co-operative Societies Act Ch: 81: 03. Its objectives are topromote the economic welfare of its members, encouraging the spirit and practice of thrift, self-help and co-operation and to promote the development of co-operative ideas. Its registered officeis situated at Angostura Limited, Corner Eastern Main Road and Trinity Avenue Laventille.

The Societys Bye-Laws were amended in 2000. The name of the Society was changed fromTrinidad Distillers Credit Union Co-operative Society Limited to Angostura Group EmployeesCredit Union Co-operative Society Limited under the amended Bye-Laws. These amended Bye-Laws were approved by the Commissioner for Co-operative Development on 13 November 2000.

2. Significant Accounting Policies:

a) Basis of financial statements preparation -

These financial statements are prepared in accordance with International FinancialReporting Standards (IFRS), and are stated in Trinidad and Tobago dollars, rounded tothe nearest whole dollar. These financial statements are stated on the historical costbasis, except for the measurement at fair value of available-for-sale investments andcertain other financial instruments.

b) Use of estimates -

The preparation of financial statements in conformity with IFRSs requires the use ofcertain critical accounting estimates and requires management to exercise its judgment inthe process of applying the Societys accounting policies. It also requires the use ofassumptions that affect the reported amounts of assets and liabilities and disclosure ofcontingent assets and liabilities at the date of the financial statements and the reportedamounts of income and expenditure during the reporting period. Although these estimatesare based on managements best knowledge of current events and actions, actual resultsmay ultimately differ from those estimates.

c) New Accounting Standards and Interpretations -

i) The Society has not applied the following revised standard, which became effectiveduring the current year, as it does not apply to the activities of the Society:

IAS 1 Presentation of Financial Statements Amendments to revise the wayother comprehensive income is presented (effective for accountingperiods beginning on or after 1 July 2012).

IFRS 7 Financial Instruments: Disclosure Amendment on the disclosure ofoffsetting financial assets and financial liabilities (effective foraccounting periods beginning on or after 1 January 2013).


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9.



31 DECEMBER 2013

2. Significant Accounting Policies (Contd):

c) New Accounting Standards and Interpretations (contd) -

IFRS 13 Fair Value Measurement (effective for accounting periods beginning onor after 1 January 2013).

ii) The Society has not applied the following standards, amendments and interpretationsthat became effective during the current year, as they do not apply to the activities ofthe Society:

IAS 16 Property, Plant and Equipment Amendment re: classification of

servicing equipment (effective for accounting periods beginning on orafter 1 January 2013).

IAS 19 Employee Benefits Amended standard resulting from the Post-Employment Benefits and Termination Benefits projects (effective foraccounting periods beginning on or after 1 January 2013).

IAS 27 Consolidated and Separate Financial Statements Reissued as IAS 27Separate Financial Statements (effective for accounting periodsbeginning on or after 1 January 2013).

IAS 28 Investments in Associates Reissued as IAS 28 Investments in

Associates and Joint Ventures (effective for accounting periodsbeginning on or after 1 January 2013).

IAS 34 Interim Financial Reporting Amendment on the clarification of interimfinancial reporting on segment information (effective for accountingperiods beginning on or after 1 January 2013).

IFRS 10 Consolidated Financial Statements (effective for accounting periodsbeginning on or after 1 January 2013).

IFRS 10 Consolidated Financial Statements Amendment to the transitionguidance on consolidated financial statements, joint arrangements and

disclosures of interest in other entities (effective for accounting periodsbeginning on or after 1 January 2013).

IFRS 11 Joint Arrangements (effective for accounting periods beginning on orafter 1 January 2013).

IFRS 12 Disclosure of Interest in Other Entities (effective for accounting periodsbeginning on or after 1 January 2013).

IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine (effective foraccounting periods beginning on or after 1 January 2013).


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31 DECEMBER 2013



iii) The Society has not applied the following standards, revised standards andinterpretations that have been issued but are not yet effective as they either do notapply to the activities of the Society or have no material impact on its financialstatements, except for IFRS 9 Financial Instruments:

IFRS 1 First-time Adoption of International Financial Reporting Standards Amendment on borrowing costs relating to qualifying assets (effective foraccounting periods beginning on or after 1 January 2013).

IFRS 1 First-time Adoption of International Financial Reporting Standards Government Loans (effective for accounting periods beginning on orafter 1 January 2013).

IFRS 2 Share-based payment Amendment to the definition of vesting condition(effective for accounting periods beginning on or after 1 July 2014).

IFRS 3 Business Combinations Amendment re: accounting for a contingentconsideration in a business combination (effective for accounting periodsbeginning on or after 1 July 2014).

IFRS 3 Business Combinations Amendment on the scope of exception for joint

ventures (effective for accounting periods beginning on or after 1 July2014).

IFRS 8 Operating Segments Amendment re: disclosure of the aggregation ofoperating segments and the reconciliation of assets (effective foraccounting periods beginning on or after 1 July 2014).

IFRS 9 Financial Instruments: Classification and Measurement (effective foraccounting periods beginning on or after 1 January 2015).

IFRS 9 Financial Instruments: Accounting for Financial Liabilities andDerecognition (effective for accounting periods beginning on or after 1

January 2015).

IFRS 10 Consolidated Financial Statements Amendment to measure at fairvalue eligible investment entities (effective for accounting periodsbeginning on or after 1 January 2014).

IFRS 11 Joint Arrangements (effective for accounting periods beginning on orafter 1 January 2013).

IFRS 12 Disclosure of Interest in Other Entities (effective for accounting periodsbeginning on or after 1 January 2013).


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31 DECEMBER 2013



The adoption of IFRS 9 Financial Instruments may result in significant changes in theSocietys classification and presentation of financial instruments.

d) Fixed assets -

Property, plant and equipment are stated at historical cost less accumulated depreciation.Depreciation is provided using both the reducing balance method and the straight-linemethod.

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

Office furniture and equipment - 12 %Computer hardware - 15%Computer software - 12 %

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

The assets residual values and useful lives are reviewed at each Statement of FinancialPosition date, and adjusted as appropriate. An assets carrying amount is written down

immediately to its recoverable amount if the assets carrying amount is greater than itsestimated recoverable amount.

Gains and losses on disposals are determined by comparing the proceeds with thecarrying amount and are recognised in the Statement of Comprehensive Income.

The Credit Union purchased a parcel of land situated at Lot #257 Old St. Joseph Road,Laventille in the year 2004. In accordance with IAS #16, freehold land is notdepreciated.

e) Investments -

The Societys investments are classified as available-for-sale.

Available-for-sale

These securities are intended to be held for an indefinite period of time but may be soldin response to the needs for liquidity or changes in interest rates, exchange rates or equityprices. After initial recognition, available-for-sale investments are measured at fair valuewith unrealised gains or losses recognised in the Investment Re-measurement Reserve.

For actively traded investments, fair value is determined by reference to the StockExchange quoted market prices at the Statement of Financial Position date, adjusted fortransaction costs necessary to realise the investment. For investments where there is no

quoted market price, the carrying value is deemed to approximate fair value.


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31 DECEMBER 2013


f) Financial instruments -

Financial instruments are contracts that give rise to a financial asset of one entity and afinancial liability or equity instrument of another entity.

Financial assets and financial liabilities are recognised on the Societys Statement ofFinancial Position when the Society becomes a party to the contractual provisions of theinstrument.

Financial assets

All regular way purchases and sales of financial assets are recognised or derecognised onthe trade date, that is, the date on which the Society commits itself to purchase or sell anasset. A regular way purchase and sale of financial assets is a purchase or sale of an assetunder a contract whose terms require delivery of the asset within the timeframeestablished generally by regulation or convention in the marketplace concerned.

When financial assets are recognised initially, they are measured at fair value of theconsideration given plus transaction costs directly attributable to the acquisition of theasset.

Financial assets are derecognised when the contractual rights to receive the cash flows

expire or where the risks and rewards of ownership of the assets have been transferred.

Impairment of financial assets

The Society assesses at each Statement of Financial Position date whether there isobjective evidence that a financial asset or group of financial assets is impaired.

A financial asset or group of financial assets is impaired and impairment losses areincurred if and only if, there is objective evidence of impairment as a result of one ormore events that occurred after the initial recognition of the asset (a loss event) and thatevent (or events) has an impact on the estimated future cash flows of the financial asset orgroup of financial assets that can be reliably estimated.


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31 DECEMBER 2013


f) Financial instruments (contd) -

Impairment of financial assets (contd)

Objective evidence that a financial assets or group of financial assets is impaired includesobservable data that comes to the attention of the Society about the following loss events:

i) Significant financial difficulty of the issuer or obligor.

ii) A breach of contract, such as default or delinquency in interest or principal

payments.

iii) It becoming probable that the borrower will enter in bankruptcy or other financialreorganization.

iv) The disappearance of an active market for that financial asset because offinancial difficulties.

v) Observable data indicating that there is a measurable decrease in the estimatedcash-flows from a group of financial assets since the initial recognition of thoseassets, although the decrease cannot yet be identified with individual financialassets in the group, including adverse changes in the payment status of borrowers

in the Society or national or economic conditions that correlate with defaults onassets in the Society.

The Society first assesses whether objective evidence of impairment exists individuallyfor financial assets that are individually significant. If the Society determines that noobjective evidence of impairment exists for an individually assessed financial asset, itincludes the asset in a group of financial assets with similar credit risk characteristics andcollectively assesses them for impairment. Assets that are individually assessed forimpairment and for which an impairment loss is or continues to be recognised are notincluded in a collective assessment of impairment.


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31 DECEMBER 2013


f) Financial instruments (contd) -Impairment of financial assets (contd)

Impairment losses are recorded in an allowance account and are measured and recognisedas follows:

i) Financial assets measured at amortised cost

The difference between the assets carrying amount and the present value of the

estimated future cash flows discounted at the financial assets original effectiveinterest rate is recognised in the Statement of Comprehensive Income.

If, in a subsequent period, the amount of the impairment loss decreases and thedecrease can be related objectively to an event occurring after the impairmentwas recognised (such as improvement in the debtors credit rating), thepreviously recognised loss is reversed to the extent that the carrying amount ofthe financial asset does not exceed what the amortised cost would have been hadthe impairment not been recognised at the date that the impairment is reversed.The amount of the reversal in recognised in the Statement of ComprehensiveIncome.

ii) Financial assets measured at costThe difference between the assets carrying amount and the present value of theestimated future cash flows (excluding future credit losses that have not beenincurred) discounted at the current markets rate of return for similar financialassets is recognised in the Statement of Comprehensive Income. These losses arenot reversed

Financial liabilities

When financial liabilities are recognised initially, they are measured at fair value of theconsideration given plus transaction costs directly attributable to the acquisition of the

liability. Financial liabilities are re-measured at amortised cost using the effective interestmethod.

Financial liabilities are derecognised when they are extinguished, that is, when theobligation specified in the contract is discharged, cancelled or expired. The differencebetween the carrying amount of a financial liability extinguished and the considerationpaid is recognised in the Statement of Comprehensive Income.


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31 DECEMBER 2013


f) Financial instruments (contd) -

Financial liabilities (contd)

Members shares

Given their non-permanent nature members shares are classified as a liability and statedat fair value. In accordance with the Societys bye-laws, shareholdings comprise of thefollowing:-

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

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

g) Revenue recognition -

Loan Interest

Interest charged on all loans to members is calculated, at a rate determined by the Board,

on the outstanding balance at the end of each month in accordance with Section 40 (a) ofthe Bye-laws. Loan interest is accounted for on the accrual basis.

Interest on non-performing loans is not accrued or taken into income on an ongoing basisbecause there is doubt as to the recoverability of the loans. Income from non-performingloans is taken into income on a cash basis, but only after specific provisions for losseshave been made.

For non-performing loans, specific provisions are made for the unsecured portion of theloan. The amount of the provision is dependent upon the extent of the delinquency.

Investment Income

Income from investments is accounted for on the accruals basis except for dividends,which are accounted for on a cash basis, consistent with International AccountingStandard (IAS) #18.

h) Dividends payable to members -

Dividends are computed on the basis of the average value of shares held throughout theyear, the average being determined on the basis of the value of shares held at the end ofeach day. Dividends that are proposed and declared after the Statement of FinancialPosition date are not shown as a liability in accordance with IAS #10 but are disclosed asa note to the financial statements.


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31 DECEMBER 2013

3. Financial Risk Management (Contd):

Financial Instruments2013

CarryingValue

FairValue

Financial Assets

Cash in hand and at bankInvestmentsLoans to members

Financial Liabilities

Members deposits

$ 2,884,9325,555,574

35,270,412

7,070,775

$ 2,884,9325,555,574

35,270,412

7,070,775

2012Carrying

ValueFair

ValueFinancial Assets

Cash in hand and at bank

InvestmentsLoans to members


Members deposits

$ 751,396

5,948,75432,908,069

$6,405,518

$ 751,396

5,948,75432,908,069

$6,405,518


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31 DECEMBER 2013


Quality of Financial Assets:

The Society maintains high quality financial instruments in its operation and these areneither past due nor considered to be impaired.

Aged Analysis of Financial Assets

As at 31 December 2013, a total of $1,296,158in loans were considered to be past due. Thisvalue includes loans whose payments were received after 31 December 2013 but were at thatdate considered to be due.

Receivables identified as past due but were considered to be impaired are as follows:

31 December2013 2012

Loan to members (no defaults anticipated)Short term investments with no default anticipated

Accounts receivable with full repayment expectedCash held at reputable financial institutions

$ 33,815,5705,555,574

2,046,3122,884,932

$ 44,302,388

$ 30,468,5915,948,754

1,928,795751,396

$ 39,097,536


Up to 3 monthsMore than 3 months but less than 6 monthsMore than 6 months but less than 9 monthsMore than 9 months but less than 1 yearOver 1 year

$ 451,038434,508

83,177-

39,656

$ 1,008,379

$ 79,362210,832111,095

1,961,2417,222

$ 2,369,752


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31 DECEMBER 2013


Aged Analysis of Financial Assets (contd) -

As at 31 December 2013, a total of $287,779(2012: $69,725) were considered impaired.The individually impaired loans mainly relate to members who are in unexpected difficulteconomic situations. It was assessed that a portion of the receivables is expected to berecovered.

The aging of these impaired receivables is as follows:

Financial risk factors

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

a) Interest rate risk -

Interest rate risk is the risk that the fair value or future cash flows of a financial instrumentwill fluctuate because of changes in market interest rates. The Society is exposed tointerest rate risk through the effect of fluctuations in the prevailing levels of interest rates

on interest bearing financial assets and liabilities, including investments in bonds, loans,customer deposits and other funding instruments.

The exposure is managed through the matching of funding products with financialservices and monitoring market conditions and yields. Funding products such as follows:

31 December

2013 2012

Up to 3 monthsMore than 3 months but less than 6 monthsMore than 6 months but less than 9 monthsMore than 9 months but less than 1 yearOver 1 year

$ ----

287,779

$ 287,779

$ ----

69,725

$ 69,725


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31 DECEMBER 2013


i) Bonds

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

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

Loans

The Society generally invests in fixed rate loans to members not exceeding ten years.These are funded mainly from member deposits and shares.


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31 DECEMBER 2013


Financial risk factors (contd)

b) Credit risk -

Credit risk arises when a failure by counter parties to discharge their obligations couldreduce the amount of future cash inflows from financial assets on hand at the Statementof Financial Position date. The Society relies heavily on a written Loan Policy Manual,which sets out in detail the current policies governing the lending function and provides acomprehensive framework for prudent risk management of the credit function.

Adherence to these guidelines is expected to communicate the Societys lendingphilosophy; provide policy guidelines to team members involve in lending; establishminimum standards for credit analysis, documentation, decision making and post-disbursement administration; as well as create the foundation for a sound credit portfolio.

The Societys loan portfolio is managed and consistently monitored by the CreditCommittee and is adequately secured by collateral and where necessary, provisions havebeen established for potential credit losses on delinquent accounts.

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

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

c) Liquidity risk -

Liquidity risk is the risk that arises when the maturity dates of assets and liabilities do notmatch. An unmatched position potentially enhances profitability, but can also increasethe risk of losses. The Society has procedures with the object of minimising such lossessuch as maintaining sufficient cash and other highly liquid current assets and by havingavailable an adequate amount of committed credit facilities.The Society is able to make daily calls on its available cash resources to settle financialand other liabilities.

i) Risk managementThe matching and controlled mismatching of the maturities and interest rates ofassets and liabilities are fundamental to the management of the Society. TheSociety employs various asset/liability techniques to manage liquidity gaps.Liquidity gaps are mitigated by the marketable nature of a substantial segment ofthe Societys assets as well as generating sufficient cash from new and renewedmembers deposits and shares.

To manage and reduce liquidity risk the Societys management actively seeks tomatch cash inflows with liability requirements.


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31 DECEMBER 2013


Financial risk factors (contd) -

c) Liquidity risk (contd) -

ii) Liquidity gap

The Societys exposure to liquidity risk is summarised in the table below whichanalyses assets and liabilities based on the remaining period from the Statementof Financial Position date to the contractual maturity date.

2013

Up to1 year

1 to5 years

Over5 years Total

Financial Assets



Members deposits

$ 2,884,9325,089,7671,522,738

5,982,176

$ -465,807

8,080,556

1,088,599

$ --

25,667,118

-

$ 2,884,9325,555,574

35,270,412

7,070,775

2012Up to1 year

1 to5 years

Over5 years Total

Financial Assets



Members deposits

$ 751,3964,942,7541,181,948

5,419,340

$ -1,000,0007,555,685

986,178

$ -6,000

24,170,436

-

$ 751,3965,948,754

32,908,069

6,405,518


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31 DECEMBER 2013

d) Currency risk -

Currency risk is the risk that the value of financial instruments will fluctuate due tochanges in foreign exchange rates. Currency risk arises when future commercialtransactions and recognised assets and liabilities are denominated in a currency that is notthe Societys measurement currency. The Society is exposed to foreign exchange riskarising from various currency exposures primarily with respect to the United StatesDollar. The Societys management monitors the exchange rate fluctuations on acontinuous basis and acts accordingly.

e) Operational risk -

Operational risk is the risk derived from deficiencies relating to the Societys informationtechnology and control systems, as well as the risk of human error and natural disasters.The Societys systems are evaluated, maintained and upgraded continuously. Supervisorycontrols are installed to minimise human error. Additionally, staff is often rotated andtrained on an on-going basis.

f) Compliance risk -

Compliance risk is the risk of financial loss, including fines and other penalties, whicharise from non-compliance with laws and regulations of the state. The risk is limited to asignificant extent due to the supervision applied by the Inspector of Financial Institutions

at the Central Bank of Trinidad and Tobago, as well as by the monitoring controls appliedby the Society.

g) Reputation risk -

The risk of loss of reputation arising from the negative publicity relating to the Societysoperations (whether true or false) may result in a reduction of its clientele, reduction inrevenue and legal cases against the Society. The Society engages in public socialendeavours to engender trust and minimize this risk.

h) Market risk -

For the Societys non- variable interest bearing assets, the income and operating cashflows are substantially independent of changes in market interest rates. However, for themoney market investments, had the interest rates increased or decreased by 1% the effecton the interest income would be a change of $5,075 (2012: $5,450). As the Society doesnot have any interest based loans with commercial banks or other institutions changes tothe interest rates would have had no effect on our interest expense for 2013 and 2012.


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ANGOSTURA GROUP EMPLOYEES CREDIT UNION CO-OPERATIVE SOCIETYLIMITED


31 DECEMBER 2013

4. Critical Accounting Estimates and Judgments:

The preparation of financial statements in accordance with International Financial ReportingStandards requires management to make judgements, estimates and assumptions in the process ofapplying the Societys accounting policies. See Note 2 (b).

Estimates and judgments are continually evaluated and are based on historical experience andother factors, including expectations of future events, that are believed to be reasonable under thecircumstances. The Society makes estimates and assumptions concerning the future. However,actual results could differ from those estimates as the resulting accounting estimates will, bydefinition, seldom equal the related actual results. The estimates and assumptions that have a

significant risk of causing a material adjustment to the carrying amounts of assets and liabilitieswithin the next financial year are discussed below:

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

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

i) Whether investments are classified as held-to-maturity investments, available-for-sale orloans and receivables.

ii) Whether leases are classified as operating leases or finance leases.iii) Which depreciation method for plant and equipment is used.The key assumptions concerning the future and other key sources of estimation uncertainty at theStatement of Financial Position date (requiring managements most difficult, subjective orcomplex judgements) that have a significant risk of causing a material adjustment to the carryingamounts of assets and liabilities within the next financial year are as follows:

i) Impairment of assets

Management assesses at each Statement of Financial Position date whether assets areimpaired. An asset is impaired when the carrying value is greater than its recoverableamount and there is objective evidence of impairment. Recoverable amount is the presentvalue of the future cash flows. Provisions are made for the excess of the carrying valueover its recoverable amount.

ii) Plant and equipment

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


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31 DECEMBER 2013

5. Cash and Cash Equivalent:


Cash in handRBC Royal Bank (Trinidad and Tobago) Limited:- TTD Current Account- USD Current Account

Trinidad and Tobago Unit Trust Corporation:- TTD Income Fund- USD Income Fund

Republic Bank Limited - TTD Current Account

$ 6,000

88,8633,123

148,094334,587

2,304,265

$ 181,874

90,0923,123

146,474329,385

448

$ 2,884,932 $ 751,396

6. Accounts Receivable and Prepayments:31 December

2013 2012

PrepaymentsPayroll receivablesOther receivables

$ 8,2581,781,604

256,450

$ 11,0031,635,191

282,601

$ 2,046,312 $ 1,928,795

7. Investments:31 December

Available-for-Sale 2013 2012

Shareholdings:First Citizens Bank LimitedCo-operative Credit Union League of Trinidad and TobagoThe Central Finance Facility Co-operative Society ofTrinidad and Tobago Limited

KCL Capital Market Brokers Limited 4.8% Preference shares

Bonds:Capital Protected Bonds Main Directional InvestmentLimited

Frank Templeton Investments LimitedKCL Capital Market Brokers LimitedMurphy Clarke Financial Limited

Units:AIC Finance LimitedBritish American Insurance CompanyTrinidad and Tobago Unit Trust Corporation 1stScheme

$ 406,5656,000

-

1,000,000

291,722308,073500,000

1,000,000

500,000500,000

1,043,214

$ -6,000

450,000

1,000,000

315,219409,100500,000

1,341,159

500,000500,000927,276

$ 5,555,574 $ 5,948,754


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31 DECEMBER 2013

7. Long-Term Investments (Contd):

On 30 January 2009, the Ministry of Finance (MOF) and the Central Bank of Trinidad andTobago announced that the Government of the Republic of Trinidad and Tobago (GORTT) hadreached an agreement with CL Financial Limited Group for the provision of a package offinancial support for the Groups financial services companies. These companies includedColonial Life Insurance Company Limited (CLICO), Caribbean Money Market Brokers Limited(CMMB) and British American Company (Trinidad) Limited (BAT).

Subsequent to this, the Minister of Finance stated that GORTT would repay local investors ofShort Term Investment Products (STIPS) in CLICO and BAT, their principal balances, that is, thecapital sum as at the issue date or last renewal date, minus any capital withdrawals or loans made

prior to 8 September 2010. A similar guarantee was not made for interest accrued on theprincipal balances.

On 26 September 2011, the GORTT revised its offer to Credit Unions and Trade Unions that fiftypercent (50%) of the principal balance as shown on the EFPA II policy to be paid immediatelyacross the RTGS into their bank account, and the remaining fifty percent (50%) will be paidsimilarly within twelve (12) months of the date of execution of a signed Deed of Assignment andDeclaration of Trust unto the GORTT.

8. Loans to Members:

Loans to members are stated at principal outstanding net of a provision for loan losses. Theprovision for loan losses is based on managements evaluation of the performance of the loanportfolio under current economic conditions and past loan loss experience.


Loan to membersLess: Provision for loan losses

$35,452,777(182,365)

$32,990,434(82,365)

$35,270,412 $32,908,069

Provision for loan losses:

Balance, beginning of yearCharge for the yearAmounts written-off

$ 82,365100,000

-

$ 84,400-

(2,035)

Balance, end of year $ 182,365 $ 82,365


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ANGOSTURA GROUP EMPLOYEES CREDIT UNION CO-OPERATIVE SOCIETY


31 DECEMBER 2013

9. Fixed Assets:

CostFreeholdproperty

Constructionin progress

Officefurniture

andequipment

Compusoftwa

Balance as at 1 January 2013AdditionsTransfers

Balance as at 31 December 2013

Accumulated Depreciation

Balance as at 1 January 2013Charge for the year


$ 521,4801,893

-

523,373

--

-

$ 90,939--

90,939

--

-

$ 153,2147,049

(3,272)

156,991

88,4887,137

95,625

$ 14

14

13

13

Net Book Value

Balance as at 31 December 2013 $ 523,373 $ 90,939 $ 61,366 $



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ANGOSTURA GROUP EMPLOYEES CREDIT UNION CO-OPERATIVE SOCIETY


31 DECEMBER 2013

9. Fixed Assets (Contd):

CostFreeholdproperty

Constructionin progress

Officefurniture

andequipment

Compusoftwa

Balance as at 1 January 2012Additions


Accumulated Depreciation

Balance as at 1 January 2012Charge


$ 102,690418,790

521,480

--

-

$ 90,939-

90,939

--

-

$ 128,89524,319

153,214

82,8895,599

88,488

$ 14

14

12

13

Net Book Value


Balance as at 31 December 2011 $ 102,690 $ 90,939 $ 46,006 $ 1


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31 DECEMBER 2013

10. Accounts Payable and Accruals:


Sundry creditorsAudit feesInterest on members fixed depositsCUNA premiumsStatutory deductionsPension payable

$ 146,89365,55089,953

129,89323,159

9,314

$ 45,86165,550

112,33985,189

--

$ 464,762 $ 308,939

11. Members Shares:

According to the Bye-Laws of Angostura Group Employees Credit Union Co-operative SocietyLimited Section 11 - Shares, shares shall be valued at $5.00 each. In accordance withInternational Financial Reporting Interpretation Committee (IFRIC) Interpretation #2, theseredeemable shares have been treated as liabilities.

12. Reserve Fund:

In accordance with the Bye-Laws of Angostura Group Employees Credit Union Co-operativeSociety Limited Section 46 Distribution of Surplus, 10% shall be credited to the Reserve Fund.Section 21 of the Bye-Laws says that the Reserve Fund shall be indivisible and no member shallbe entitled to any specific share thereof. It goes further to say that the Reserve Fund may, subjectto the approval of the Commissioner, be used in the business of the Society or may be invested inaccordance with the Provision of the Act.

13. Education Fund:

In accordance with the Bye-Laws of Angostura Group Employees Credit Union Co-operativeSociety Limited Section 46 Distribution of Surplus, 5% shall be credited to an Education Fund.Section 23 of the Bye-Laws says that the Education Fund shall be used solely for the educationand training of the members/staff of the Society or any other organizations or persons whoqualify under the Societys education policy.

14. Building Fund:

5% of the net surplus is transferred annually to a Building Fund.


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31 DECEMBER 2013

17. Related Party Transactions (Contd):

Balances and transaction with related parties and key management personnel during the year wereas follows:

31 December

2013 2012

Assets, Liabilities and Members Equity

Loans and other receivables

Directors, committee members, key management personnel

Shares, deposits and other liabilities

Directors, committee members, key management personnel

Expenses

Interest due to related partiesDividends paid to related parties

Key management compensation

Short-term benefitsPost employment benefits

$ 4,596,091

$ 3,747,502

$ 5,253143,622

$ 148,875

$ 139,12523,785

$ 4,202,101

$ 3,355,131

$ 7,862133,501

$ 141,363

$ 123,7317,396

$ 162,910 $ 131,127


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31 DECEMBER 2013

18. Fair Values:

Fair value is the amount for which an asset could be exchanged, or a liability settled betweenknowledgeable, willing parties in an arms length transaction. The existence of published pricequotation in an active market is the best evidence of fair value. Where market prices are notavailable, fair values are estimated using various valuation techniques, including using recentarms length market transactions between knowledgeable, willing parties, if available, current fairvalue of another financial instrument that is substantially the same and discounted cash flowanalysis.

The following methods have been used to estimate the fair values of various classes of financial

assets and liabilities:

a) Current assets and liabilities -The carrying amounts of current assets and liabilities are a reasonable approximation ofthe fair values because of their short-term nature.

b) Members loans -Loans are net of specific provisions for losses. These assets result from transactionsconducted under typical market conditions and their values are not adversely affected byunusual terms. The inherent rates of interest in the portfolio approximate market

conditions and yield discounted cash flow values which are substantially in accordancewith financial statement amounts.

c) Investments -The fair values of investments are determined on the basis of market prices available at31 December 2013.

d) Members deposits -Members deposits bear interest at rates that are not significantly different from currentrates and are assumed to have discounted cash flow values which approximate carrying

values.


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31 DECEMBER 2013

19. Administrative Expenses:

31 December

2013 2012

Audit and accounting feesAnnual general meetingCo-op celebration activitiesCUNA insuranceData processingDepreciationEducation expensesGeneral expensesHonorariaInsuranceInterest on members fixed depositsLeague duesLegal and professional feesLoans loss expenseMaintenance and cleaningOffice expensesPrinting and stationeryStabilization fund

Telephone

$ 99,10032,75392,677

403,42434,28815,796

123,85654,640

156,40012,395

211,80561,07847,703

100,0009,174

24,81421,2169,313

6,780

$ 85,95047,970

105,686485,596

19,36912,48160,201

145,251140,731

14,560197,639

4,388--

6,00036,64023,81120,676

7,523

$ 1,517,212 $ 1,414,472

20. Personnel Costs:31 December

2013 2012

Salaries and staff benefitsStaff pension

$ 281,12124,183

$ 322,05120,775

$ 305,304 $ 342,826


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AGECU 39th AGM Brochure

Documents

Transcript of AGECU 39th AGM Brochure