CLICO Credit Union 2023 Annual Report Online Version

Core principles of a
Credit Union:
• Voluntary and open membership
• Democratic member control
• Member economic participation
• Autonomy and independence
• Financial education, training, and information
• Cooperation among cooperatives
• Concern for the community (membership)
Embracing Change
Vision Statement
Your Life Partner for Financial Services
Mission Statement
To enhance members’ human experience
through prudent financial management,
service excellence and innovative
products and services.
Core Values
Excellence
Service
Integrity
Trust/Openness
Stewardship
Service to Members
People Development
Credit Union Prayer
Lord, make me an instrument of thy peace
Where there is hatred, let me sow love
Where there is injury, pardon
Where there is doubt, faith
Where there is despair, hope
Where there is darkness, light
And where there is sadness, joy
O! Divine Master
Grant that I may not so much seek
To be consoled as to console
To be understood as to understand
To be loved as to love
For it is in giving that we receive
It is in pardoning that we are pardoned
And it is in dying
That we are born to eternal life
Embracing Change annual report 2023
Table of Contents
Notice of Meeting & Agenda 1
Standing Orders 2
Election Process 3
Board of Directors 4
Committees 6
Management 7
Management & Staff 8
President’s Address 10
Minutes of the 74th Annual General Meeting 20
Board of Directors’ Report 42
Supervisory Committee Report 46
Credit Committee Report 48
Education Committee Report 52
Nominations Committee Report 56
Auditors’ Report
Statement of Management Responsibilities 60
Independent Auditors’ Report 61
Statement of Financial Position (Consolidated) 64
Statement of Comprehensive Income (Consolidated) 65
Statement of Appropriated Funds and Undivided Earnings (Consolidated) 66
Statement of Cash Flows (Consolidated) 67
Consolidated Notes to Financial Statements 68
Statement of Financial Position (Unconsolidated) 104
Statement of Comprehensive Income (Unconsolidated) 105
Statement of Appropriated Funds and Undivided Earnings (Unconsolidated) 106
Statement of Cash Flows (Unconsolidated) 107
Budget 108
Resolutions 114
Nominees 116
Notice Of Meeting
Notice is hereby given that the 75th Annual General Meeting of the CLICO Credit Union Co-operative
Society Limited will be convened on April 17th, 2024, at the Hyatt Regency Hotel, Port of Spain Ballroom, #1
Wrightson Road, Port of Spain, at 5:00p.m. for the following purposes:
1. To receive and confirm Minutes of the 74th Annual General Meeting held on April 19, 2023.
2. To receive and adopt the Reports of the Board of Directors, Supervisory Committee, and Credit
Committee for the year ending December 31, 2023.
3. To present and accept the Auditor’s Report for the year ending December 31, 2023.
4. To present and accept the Financial Statements for the year ending December 31, 2023.
5. To approve the 2024 Budget.
6. To approve Resolutions.
7. To elect Board and Committee members.
8. To transact any other business that may come properly before the meeting.
Agenda
1. Call to Order/Credential Report
2. National Anthem
3. Invocation/Credit Union Prayer
4. Notice of Meeting
5. President’s Address
6. Adoption of Standing Orders
7. Confirmation of Minutes – 74th Annual General Meeting
8. Adoption of Reports
Board of Directors
Supervisory Committee
Credit Committee
9. Presentation of Audited Accounts for 2023
10. Presentation of 2024 Budget
11. Recommendations & Resolutions
12. Nominations Committee Report
13. Second Credential Report
14. Election of Officers: Board of Directors; Supervisory Committee and Credit Committee
15. Closure
By Order of the Board of Directors
_______________________
Andrew Bates
Secretary
1
Standing Orders
1. A member shall stand and identify himself/herself when addressing the Chair.
2. Speeches shall be clear and relevant to the subject before the meeting.
3. No member shall address the meeting except through the Chairman and only when called upon to do so.
4. A member may not speak twice on the same subject except:

(a) The Mover of a Motion – who has the right to reply.
(b) He rises to object or to explain (with permission of the Chair).
5. No speeches shall be made after a subject has been put or carried or rejected.
6. A member rising on a “Point of Order” must state his/her point clearly and concisely. A “Point of Order”
must have relevance to the “Standing Orders”.
7. On no account can a member call the Chair “To Order” but may draw the attention of the Chair to the
“Breach of Order”.
8. Only one amendment shall be before the meeting at one and the same time.
9. When a motion is withdrawn, any amendment to it fails.
10. The Chairman is to have the right to a “casting vote”.
11. If there is equality of voting on an amendment, and if the Chairman does not exercise his casting vote, the
amendment is lost.
12. Provision shall be made for protection of the Chairman from vilification (personal abuse).
13. No member shall impute improper motives against another member.
2
Election Process
The Returning Officer will:
1. Declare Registration closed and announce a credential report. Advise that no registration will take place
during the voting process from now on.
2. Introduce the Election Supervisors and their Assistants.
3. Start the distribution of the ballots.
4. Explain the voting process

a. A ballot sheet containing all nominees in the various categories of Board, Supervisory &
Credit Committees will be issued to each member.
b. Pay close attention to the instruction at the top of ballot sheet “Shade the appropriate circles
fully with the black ink pen provided and make no other mark on the sheet”.
c. For Board of Directors you are to select 3 nominees, for Supervisory Committee you are to
select 3 nominees and for Credit Committee you are to select 5 nominees.
d. If for some reason your ballot is spoilt, you are to report and hand it in to one of the assistants
so that a new ballot can be issued to you.
e. The ballots are not to be folded.
5. Introduce the categories for the election: Board of Directors, Supervisory Committee and Credit
Committee.
6. Declare the positions vacant.
7. Announcement of the outgoing officers:

Board of Directors: Ashraff Ali, Natasha Pettier and Rodney Smart.
Supervisory Committee: Chesterfield Sealy, Cindy Emamdie and Anna Stoute.
Credit Committee: Darlene Chapman, Analdo Russell, Kelvin Clarke, Shannon Park and Gleason
Garraway.
8. Introduce the nominees, by name and category.
9. Declare the voting process open.
10. Invite Officer from the Co-operative Division and Auditor from PKF to oversee the count.
11. Declare the voting closed.
12. Announce the results of the election
13. Call for the destruction of electronic and physical ballots.
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Board of Directors
Embracing Change
Ashraff Ali
President
Andrew Bates
Secretary
Natasha Pettier
Vice President
Natasha Johnson
Treasurer
Jean-Marc Griffith
Assistant Secretary
Michelle Wallace Makini Cuffie

Director Director
Marcus Girdharie Rodney Smart (Retired Major General)

Director Director
Supervisory
Committee
Embracing Change
Reading from Left to Right
Anna Stoute / Chesterfield Sealey / Cindy Emamdie

Member Chairperson Secretary
Credit
Committee
Embracing Change
Reading from Left to Right
Shannon Park / Darlene Chapman / Analdo Russell / Gleason Garraway Kelvin Clarke
Member Chairperson Secretary Member Member (absent)
Management
Embracing Change
Holland Bronté Tinkew

Chief Executive Officer
Alisha Mahabirsingh
Manager HR/
Administration
Aneel Jogie Delano White
Information Technology
Manager Credit Administration
Manager
Maritza Da Silva Karen Burnett

Business Development & Member Services Manager
Marketing Manager
Kareem Baksh
Finance Manager
Management
Embracing Change
and Staff
Team Piarco Plaza

Team Edward Street,
P.O.S.
President’s Address
Introduction
“Good evening, members of the Board of Directors of CLICO Credit Union, our CEO, management and staff
and our amazing members. I would also like to welcome and acknowledge the presence of Brigadier General
Dexter Francis (Acting Chief of Defence Staff) of the Trinidad & Tobago Defence Force, Susan Adams and
Nikisha Mc Leod from the Co-operative Development Division, Caleb John-Baptiste, Audit Senior of PKF
Chartered Accountants and Business Advisors (Trinidad) Limited and all other specially invited guests.
It is my great pleasure to welcome you to the 74th Annual General Meeting of CLICO Credit Union
Cooperative Society Limited. Allow me to express my sincere gratitude to you for honouring our invitation to
this meeting.
The theme of this year’s AGM is ‘Metamorphosis: Reshaping our Future’.
And suddenly you just know it is time to start something new and trust the magic of beginning – Meister
Eckhart, philosopher.
The choices we make now could completely change our future. We are being given a chance to question the
systems we just assumed as “the norm” for so long and examine if they are benefiting us or if we simply got
comfortable. It is time to shake things up for the better. In that, there is hope.
The financial and economic world, which we now inhabit, is now a radically different place than that which
existed just a year ago.
Many of the old certainties are gone and we all must adjust to the new realities which now exist and continue
to emerge as the macroeconomic environment within which we operate remains volatile and uncertain.
There continues to be geopolitical tensions, global supply chain imbalances, higher energy prices and
inflation.
On March 10, 2023, Silicon Valley Bank (SVB) collapsed. Two days later, Signature Bank suffered a similar
fate. The failures at SVB and Signature were two of the three biggest in U.S. banking history, following the
collapse of Washington Mutual during the 2008 financial crisis.
Why did Silicon Valley Bank and Signature Bank Collapse?
In simplest terms, both collapses were the result of “bank runs”, where too many depositors withdrew their
funds at the same time out of fear of insolvency.
What does this mean for credit unions?
While credit unions have not escaped unscathed from the global storm that has swept over the financial
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system they have, so far, stood up very well to the stresses. The Credit Union movement itself, taken in
consolidated form, remains robust.
Credit unions operate under a different business model than banks. They are not-for-profit institutions, which
mean that they are owned and operated by their members, rather than by shareholders.
This structure allows credit unions to focus on their members’ needs, rather than on generating profits for
shareholders.
While incidents like those involving Silicon Valley Bank and Signature Bank may cause concern, it is important
to remember that credit unions are extremely safe and reliable options for your financial needs.
Credit unions were formed on the principle of “people helping people.” Each year, CCU continues to grow and
evolve, but this philosophy remains unchanged. It defines our roots; is at the core of who we are; is engrained
in our everyday actions; guides our decisions; and remains at the heart of our vision and mission.
That said 2022 was another transformative year for CLICO Credit Union. It was a year in which we
strengthened the business further, growing our ranks by welcoming new members and rolling out excellent
initiatives that have helped to guarantee our continued success in the future.
Working together we made good progress toward our strategic goals. Our focus remained the same – You!
We spent time engaging with you, our membership and reflecting upon the value that we provide in your lives.
Our priority was to ensure meaningful personal member interaction.
I was proud to see how quickly we adapted to each new challenge and how teams from across the credit
union collaborated with one another to make the most of every opportunity.
One pivotal milestone was the successful culmination of our restructuring initiative to strengthen the
management of our credit union.
We had a thesis, we had conviction, we took accountability, and we pushed forward. The Board and
Management Team knew this was the best way to sharpen our business focus and unlock our full potential.
The restructuring saw us welcoming Holland Bronté Tinkew, as our new Chief Executive Officer, bringing with
him over 27 years of knowledge and experience in the financial services sector; Aneel Jogie, Information
Technology Manager, Kareem Baksh, Finance Manager and Delano White, Credit Administration Manager; all
having a wealth of knowledge and experience in their respective fields.
The organisational changes both at the Management and Staff levels were crucial to our future as we saw
CCU evolving inside an evolving industry.
We recognized that the winds of technological change blowing across the financial services industry
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complicated the picture. Digital innovations are expanding banking service models with new conveniences,
efficiencies and modes of customer contact built on technology, not personal connection.
Competition is also heating up, as Financial Technology players, otherwise known as FinTechs are entering
the marketplace and using customer data to offer new kinds of wealth, savings, and credit services.
While the need to innovate quickly presents some challenges for credit unions, digital transformation also
brings many opportunities.
For CCU, avoiding technological change is not an option. A critical priority is payments modernization, which
will require us to innovate, adopt digital channels and transition our core infrastructure to remain competitive.
CCU is already using an innovation-driven, member-centric application called ShareTec with an integrated
home and mobile banking platform.
Members get what they need when they need it, and our staff gets more quality face time with members. Our
e-Branch online banking and mobile app provides 24/7 convenient access to apply for loans, request funds,
view your account and transfer funds.
While we continue to keep up with technological upgrades, the pandemic drove home the need to think about
digitization holistically. We must continue to make the right investments in the right architecture and acquire
the right set of underlying technologies to embrace and support technological evolution to its fullest potential.
As we embrace virtual service models, our membership does not have to wonder about your physical branch
office. We place high value on our members’ in-person experience.
More concerning for CCU, is the diminishing value of physical branch to the younger demographics. But
that does not mean millennial and Gen Z are not potential credit union members. They, too, highly value
personalization, but they expect it to come through digital channels with real-time capability, transparency, and
flexibility. As we develop and expand our digital offerings, we will design our tools to engender that same level
of trust. What is most important is anticipating and fulfilling members needs completely, whatever the channel,
which increases member satisfaction.
As our vision states ‘Your life partner for financial services’. We want you to remain members for a lifetime.
And as millennial and Gen Z members’ career and life journeys change, they will encounter the need for
in-person investment consultations, and much more. Future credit union members will seek quality service
options that span the physical and the digital, and that are agile, flexible, personalized, and secure regardless
of the format.
The biggest challenge for credit unions today is the need to grow their memberships in the face of mounting
competition. As large financial institutions are becoming digital service providers, they are turning customers’
heads and introducing some competition to the credit union ecosystem.
At the same time, FinTech’s are now seeking the kind of physical presence and personal connection that
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are customary for credit unions. The younger generation have shown they want more autonomy over
their finances, direct control over investments, and the transparency and flexibility that is driving FinTechs’
popularity. As your forward-thinking credit union, we have started viewing emerging FinTech’s not as
competitors, but as partners.
Five things that CCU is doing now to evolve and thrive are:
1. We have implemented a framework for listening to our members.
• For Example, CCU Connections – Allowing you to book meetings and speak directly with our
leadership Team. You can share your feedback, thoughts, and suggestions on our products,
services, and operations directly with us. This will enable us to better understand your needs
and preferences and deliver the best possible products and services that meet your financial
goals.
2. We are exploring partnerships with FinTech instead of going it alone
• We are excited to announce that CLICO Credit Union has been selected as an implementing
partner in the first Caribbean FinTech Sprint for Financial Inclusion initiative which was
recently launched by the European Union, Organization of African, Caribbean and Pacific
States and the United Nations Capital Development Fund (UNCDF) in collaboration with
the Ministry of Finance and the Trinidad and Tobago International Financial Center (TTIFC)
Fintech Hub with support from the Organization of Eastern Caribbean States (OECS).
By joining this initiative, we will have potential new access to advanced financial solutions
and technology, enabling us to offer you even more innovative and convenient products and
services.
3. We have adopted a future-focused mind-set regarding the needs of our membership.
4. We are making strategic investments in personalization – not just technology, but products and
services.
5. We do not just recognize the need to invest in digital innovation, we make it a strategic priority; we
have outlined the specific steps to be executed, delegated responsibility, and attached accountability.
We are already ahead of the game in terms of member connection, member experience, and trust. We are
now poised to merge that personalized experience with expanded digital offerings.
Adopting the infrastructure, acquiring knowledge and continuous development of personnel will take some
heavy lifting. With a future-forward mind-set, CCU will leverage the moment – and our special strengths – to
grow our membership with innovative offerings for years to come.
By continuing to ensure financial health and wellness for our credit union members, we can energize and
reposition CCU for increased success well into the future… and to ensure that we remain your life partner for
financial services.
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Each year brings new opportunities as well as challenges for all of us and this year will be no different. We at
CCU stand ready to help our members navigate their unique financial needs and futures.
Looking ahead to 2023 let us all share a common purpose of: Enriching Lives, Building Communities and
Growing Sustainably. I am excited about the new frontiers we will conquer this year, including the strides
forward we expect to make in expansion into new geographies and business areas.
We are CLICO Credit Union.
We must aim high and continue to build a truly successful and lasting Credit Union. I want to assure you that
the Board of Directors, Management and Staff are committed to doing our best for CCU, and I invite you to
actively participate in our journey.
Given our strong balance sheet and our rigorous adherence to regulatory compliance, we face the future with
confidence knowing that our innovative mix of products and the intellectual capital of our human resources will
generate superior results going forward.
CCU serves over 15,000 members throughout Trinidad and Tobago, with an asset base of $449.3M. As
a member-owned financial co-operative, greater member engagement will enable us to grow and offer
competitive rates, product enhancements and advanced technology.
CCU understands the importance of giving back financially and through volunteerism. Charity and
philanthropy play a vital role in our vision and in 2022 – through the Education Committee, we have been
involved in a range of activities and initiatives designed to promote financial education and empowerment.
Initiatives such as conducting Educational Workshops, hosting a Health and Wellness Fair, and participating
in Community Outreach programs focused on Youth financial education.
By keeping our vision and mission at the forefront, CCU will continue to build on our solid foundation while
staying true to our roots.
At this time, I would like to recognise a special member of the CCU family, namely, Yvonne Dottin who will be
celebrating her birthday on April 21st and thereafter proceeding to retirement. She started her career at the
Credit Union in 1990 as the Secretary when the total staff complement was six persons.
Yvonne worked diligently over the years serving our membership. She held numerous roles, including Head
of Lending in 2007, Operations Manager in 2013 and most recently in 2021, promoted to Senior Management
as Member Services Manager.
It is time for you Yvonne, to look back with pride and satisfaction on 33 years of excellence and look forward
to all the things you are yet to enjoy! May God bless you to fulfil all your personal aspirations through your
retirement! Live your dreams.
Life is beautiful, enjoy your Retirement!
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I must gratefully acknowledge my fellow Board and Statutory Committee members for their vigilance and
wise counsel and on behalf of the Board, I express sincere appreciation to all; the management team for their
dedication to duty, our staff for their sterling contribution to another year’s excellent performance and to our
membership for having the confidence and trust to make CCU your life partner for financial services.
We also bid farewell to our Directors Learie Parris whose term has come to an end, and he will not be seeking
re-election and Alma Thompson who is demitting office after serving two years. We thank Learie and Alma for
their invaluable and dedicated service to CCU.
In keeping with the theme of this AGM, I urge you, the membership, to witness CLICO Credit Union’s
metamorphosis as we reshape our future; define our new reality and pioneer towards revolutionising the
financial landscape of Trinidad & Tobago through diversified product offerings and service excellence.
Thank you for the faith you show in CCU, and the choices you have made to make us part of your journey.
We will strive every day to earn the great honour you do us by being a part of the journey.
We look forward to creating more meaningful connections with our members, our staff, and our communities
in 2023 and further enhancing your experience.
Thank you for another successful year.
May God bless our Credit Union abundantly with His love, His grace and His peace.”
______________
Ashraff Ali
President
Ashraff Ali
President
Annual General Meeting 2023
Christmas in July 2023
Minutes of the 74th Annual General Meeting

of the CLICO Credit Union Co-operative Society Limited
An Annual General Meeting (AGM) was held on Wednesday 19th April, 2023 at Hyatt Regency Trinidad,
Wrightson Road, Port of Spain at 5.00 p.m. The following members were present:
MEMBERS OF THE BOARD
Mr. Ashraff Ali President (AA)

Ms. Natasha Pettier Vice President (NP)
Ms. Natasha Johnson Treasurer (NJ)
Mr. Andrew Bates Secretary/Director (AB)
Maj. Gen. (Ret’d) Rodney Smart Assistant Secretary/Director (RS)
Mr. Marcus Girdharie Director (MG)
Mr. Learie Parris Director (LP)
Ms. Alma Thompson Director (AT)
Mr. Jean-Marc Griffith Director (JMG)
MEMBER OF ADMINISTRATION
Mr. Holland Bronté Tinkew Chief Executive Officer (HBT)
1. CALL TO ORDER
1.1 Mr. Bates, Secretary called the meeting to order. He then welcomed all members and guests
to the 74th Annual General Meeting of the CLICO Credit Union Co-operative Society Limited.
1.2 First Credential Report

1.2.1 The Secretary announced the 1st Credential Report. He stated that there were 233 members
present (physical and online). According to the Bye-Law 23 (e), that satisfied the quorum of
50 members required for the commencement of the AGM.
2. NATIONAL ANTHEM
2.1 The National Anthem was played.
2.2 Safety Briefing

2.2.1 The Safety Briefing was played.
3. INVOCATION/CREDIT UNION’S PRAYER

3.1 The Secretary invited Ms. Yvonne Dottin to deliver the Invocation and the Credit Union’s
Prayer.
3.1.1 A minute of silence was observed for the departed members of CCU.
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4. NOTICE OF MEETING
4.1 Mr. Bates, Secretary delivered the Notice of the 74th Annual General Meeting of the CLICO
Credit Union Co-operative Society Ltd. He stated that the business of the meeting was:
• To receive and confirm Minutes of the 73rd AGM held on April 27, 2022.
• To receive and adopt the Reports of the Board of Directors, Supervisory and Credit
Committees for the year ending December 31, 2022.
• To present and accept the Auditor’s Report for the year ending December 31, 2022.
• To present and accept the Financial Statements for the year ending December 31,
2022.
• To approve the 2023 Budget.
• To approve Resolutions
• To elect Board and Committee members.
• To transact any other business that may come properly before the meeting.
In addition, the Agenda (By Order of the Board of Directors) was as follows:
1. Call to Order/Credential Report

2. National Anthem
3. Invocation/Credit Union Prayer
4. Notice of Meeting
5. President’s Address
6. Adoption of Standing Orders
7. Confirmation of Minutes for 73rd AGM
8. Adoption of Reports
• Board of Directors
• Supervisory Committee
• Credit Committee
9. Presentation of the Audited Accounts for 2022
10. Presentation of 2023 Budget
11. Recommendations and Resolutions
12. Nominations Committee Reports
13. Second Credential Report
14. Election of Officers: Board of Directors; Supervisory Committee and Credit
Committee
15. Other Matters
16. Closure.
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5. ADOPTION OF STANDING ORDERS

5.1 The Secretary read the Standing Orders informing the membership on the guidelines
regarding the conduct of the 74th AGM. He stated:
1. A member shall stand and identify himself/herself when addressing the Chair.
2. Speeches shall be clear and relevant to the subject before the meeting.
3. No member shall address the meeting except through the Chairman and only when
called upon to do so.
4. A member may not speak twice on the same subject except:
(a) The Mover of a Motion – who has the right to reply.
(b) He rises to object or to explain (with permission of the Chair).
5. No speeches shall be made after a subject has been put or carried or rejected.
6. A member rising on a “Point of Order” must state his/her the point clearly and
concisely. A “Point of Order” must have relevance to the “Standing Orders”.
7. On no account can a member call the Chair “To Order” but may draw the attention of
the Chair to the “Breach of Order”.
8. Only one amendment shall be before the meeting at one and the same time.
9. When a motion is withdrawn, any amendment to it fails.
10. The Chairman shall have the right to a “casting vote”.
11. If there is equality of voting on an amendment, and if the Chairman does not exercise
his casting vote, the amendment is lost.
12. Provision shall be made for protection of the Chairman from vilification (personal
abuse).
13. No member shall impute improper motives against another member.
5.1.1 The Standing Orders were adopted on a Motion moved by Mr. Henry Hamlett, seconded by
Ms. Cindy Emamdie. The Motion was put to a vote and carried. (Poll results – ‘for’ -233,
‘against’ – 0 and ‘abstained’ –0)
6. CONFIRMATION OF MINUTES: 73rd Annual General Meeting

6.1 The Chairman referred to the Minutes in the caption.
6.1.1 There were no corrections to the Minutes in the caption.
6.1.2 There were no matters arising from the Minutes in the caption.
6.1.3 The Minutes of the 73rd Annual General Meeting was confirmed without amendments, on
a Motion moved by Mr. Ricaldo Gomes, seconded by Ms. Makini Cuffie. The Motion was put
to a vote and carried. (Poll results – ‘for’ -232, ‘against’ – 1 and ‘abstained’ –0)
7. ADOPTION OF REPORTS
7.1 Board of Directors
7.1.1 The Chairman referred to the Board of Directors report 2022 (See AGM Brochure, Pages 32
34).
7.1.2 There were no queries/comments on the Report.
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7.1.3 A Motion for the adoption of the Board of Directors Report was moved by Ms. Michelle
Wallace, seconded by Mr. Gerard Jacobs. The Motion was put to a vote and carried. (Poll
results – ‘for’ -232, ‘against’ – 1 and ‘abstained’ –0)
7.2 Supervisory Committee

7.2.1 The Chairman invited Ms. Makini Cuffie, Chairperson of the Supervisory Committee to
present the 2022 report.
7.2.2 Ms. Analyn Gordon asked about the review of statements during the year.
7.2.3 Ms. Makini Cuffie confirmed that statements of accounts were reviewed during the year. She
said that latest statements available would be reviewed by the Committee on a monthly basis.
7.2.4 Ms. Analyn Gordon recommended that the latest statements and those reviewed during the
year be included in the Supervisory report.
7.2.5 Ms. Makini Cuffie concurred.
7.2.6 There were no further questions/comments on the Report.
7.2.7 A Motion for the adoption of the Supervisory Committee Report was moved by Mr. Fred
Vidale, seconded by Mr. Leo Mathews. The Motion was put to a vote and carried. (Poll results
– ‘for’ -233, ‘against’ – 0 and ‘abstained’ –0)
7.3 Credit Committee

7.3.1 The Chairman invited Ms. Cindee Ambrose, Chairperson of the Credit Committee to present
the 2022 report (See AGM Brochure, Pages 38-41).
7.3.2 Mr. Ashton Bennett asked about the delinquency rate and recovered funds from delinquent
members during the period 2021-2022.
7.3.3 Ms. Cindee Ambrose said that a report would be provided, in that regard. Consequently,
CCU has been actively addressing the delinquency rate.
7.3.4 Mr. Ashton Bennett asked about the effective methods used by CCU to recover outstanding
monies from delinquent members.
7.3.5 Ms. Ambrose said that several members were contacted regarding the payment of
outstanding loan. However, the impact of COVID-19 hindered several members’ ability to
maintain loan payments. She added that several initiatives in that regard were implemented,
such as re-structuring of the loan.
7.3.6 The Chairman said there was significant improvement in the delinquency rate during the
period 2021-2022 (22% vs.12% respectively). He added that several initiatives were
implemented towards the collection of outstanding monies. Such as the appointment of a
Credit Administration Manager, a collection drive, negotiations and the restructuring of
repayment plan.
7.3.7 Ms. Natasha Abdool asked about the disparity of total loans approved vs. value of loans
dispersed for 2022 (Tables 1 vs. 2).
7.3.8 Ms. Cindee Ambrose said that feedback would be provided regarding the discrepancy.
7.3.9 Mr. Renaldo De Silva recommended that the average loan values should be included in the
report for ease of reference and comparison; as there was an average difference of $17,000
per loan approved for 2021-2022.
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7.3.10 Mr. Delano White said that at the end of 2021, approved loans would sometimes roll-over and
be dispersed in the following year hence the variance.
7.3.11 Ms. Yvette Harrison asked for clarification regarding ‘exposure’ as it the reason listed for the
denial of a loan.
7.3.12 Ms. Cindee Ambrose said that the difference between member shares/cash in hand vs. the
loan requested would determine the ‘exposure’. Since a member may borrow three times the
value requested.
7.3.13 Mr. Michael Patrick asked for clarification regarding ‘short job tenure’.
7.3.14 Ms. Cindee Ambrose said that ‘short job tenure’ referred to members whose duration of
employment may be insufficient to facilitate the full settlement of the loan. As a result, CCU
would be unable to recover any outstanding funds.
7.3.15 Mr. Michael Patrick said that some CLICO employees on applying for a loan at CCU, claimed
that they were not treated properly; and that was concerning. He recommended therefore
that some communication should be established between CLICO and CCU in that regard as
CLICO built the Credit Union.
7.3.16 Ms. Cindee Ambrose said that a member’s ability to repay the loan was a criterion. However
the recommendation would be considered.
7.3.17 Mr. Renaldo De Silva said that he inquired at CCU about securing a loan within his Share
limits but the contractual employment hindered the process; as the loan must be repaid within
the ‘job tenure’ period. He added that the economy was moving towards “GIG employment’
therefore what was CCU’s plans, in that regard, the way forward.
7.3.18 Mr. Delano White stated that the lending policy was under review; to facilitate the shifts.
7.3.19 Mr. Henry Hamlett said he was hopeful that the policy would be amended and contracted
members of CLICO would be treated better, on applying for a loan at CCU. Since, they were
granted loans elsewhere despite the contracted agreement. He asked about the present
industry standard regarding delinquency throughout the Credit Union Movement.
7.3.20 Mr. Delano White said that due to the fluctuations in the industry, most Credit Unions run
between 3%-15%.
7.3.21 Mr. Ryan Moyo asked about the delinquency rate and expected credit loss of about $25M.
He said seemingly CCU was ‘writing it off’ given the figures in the Income Statement (Pg. 82).
7.3.22 Mr. Delano White said that the expected credit loss was a provision that the industry
facilitated for all lending facilities, from the date of disbursement. Recently the standards
were changed and updated, becoming a bit more robust and prudent. Therefore all lending
institutions are required to implement expected credit loss i.e. including a provision based on
the probability of the default on each lending facility. As a result there was a ‘bump’ year on
year from what existed previously.
7.3.23 Mr. Ryan Moyo asked about the status of the improvement of $25M seemingly collected from
‘bad’ loans in 2021 and 2022 as it was not reflected in the Income Statement.
7.3.24 Mr. Delano White said that it was an on-going provision and the ‘bad’ loan was not interest
income but principle balances. Therefore, the collections would not be directly impacted with
regards to the income figures reflected. He added that the delinquency (as stated) was the
principle amount that would have been loaned and not the interest to be collected; so the
reduction would not reflect a direct correlation in the interest income.
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7.3.25 Ms. Thelma Cross asked whether CCU had ‘written off’ any of the delinquent loans from the
books or not.
7.3.26 Mr. Delano White said that CCU ‘wrote off’ no delinquent loans from the books.
7.3.27 Ms. Corrine Bernard Small said as stated, that several members were denied a loan due to
high debt service ratio and delinquency. She asked about initiatives planned to assist
and rehabilitate delinquent members towards becoming a responsible member and improving
the delinquency rate.
7.3.28 Ms. Cindee Ambrose said that initiatives were implemented in that regard, such as
counselling, and restructuring of loan payment plans.
7.3.29 There were no further queries/comments on the Report.
7.3.30 A Motion for the adoption of the Credit Committee Report was moved by Mr. Analdo Russell,
seconded by Ms. Cindy Emamdie. The Motion was put to a vote and carried. (Poll results –
‘for’ -231, ‘against’ – 2 and ‘abstained’ –0)
8. PRESENTATION OF AUDITED ACCOUNTS FOR 2022

8.1 The Chairman invited Mr. Caleb John-Baptiste - PKF Chartered Accountants and Business
Advisors (Trinidad) to present the Independent Auditors’ Report as at 31 December, 2022.
Mr. John-Baptiste read the first two paragraphs of the report which contained PKF’s audit
opinion on CCU financial performance and its cash flows in accordance with International
Financial Reporting Standards (IFRSs).
8.1.2 There were no further queries/comments on the Report.
8.1.3 A motion for the adoption of Auditors’ Report was moved by Mr. Gregory Romany, seconded
by Ms. Shawn Jack. The Motion was put to a vote and carried. (Poll results – ‘for’ -233,
‘against’ – 0 and ‘abstained’ –0)
9. PRESENTATION OF FINANCIAL STATEMENT/BUDGET 2023

9.1 Presentation on Financial Statement
9.1.1 The Chairman invited Ms. Natasha Johnson, Treasurer to present the membership with an
overview on CCU’s financial position and performance for year ending December 31, 2022.
9.1.2 The Treasurer stated that details on CCU’s financial position were available in the AGM
Brochure (Pages 50-91). The overview was as follows:
Balance Sheet
The year 2022 was yet another successful year for CCU; and the Balance Sheet
reflected that CCU total Asset based had increased year to year by approximately
$22M or 5% in total assets i.e. $427.6M in 2021 vs. $449.3M as at December 31,
2022 (Pg. 50).
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Some significant Asset categories were:
-The Cash Resources /Cash Equivalents (Note 5)

This reflected a decrease, year to year due to payments for loans and the facilitation
of the purchase of investments.
-The Short-Term (Note 6)

This contributed to an increase of the balance sheet as it reflected a year to year
increase of $23M. These included investments purchased and the transfers from
long term to short term categories given the maturity/tenure of the investments. (See
further details on Investments - Pg. 79-80).
-Loans to Members (Note 9)

Loans granted to members, less expected credit losses (in the event of a default
of loan payments). The overall increase to the Asset base was approximately
$16M or 6% as at December 31, 2022. In particular, growth was reflected from the
performance of the Super 10 Loan, which contributed significantly to the increase in
loan balances.
-Accounts receivable and prepayments (Note 7)

The increase reflected was approximately $1.5M. Basically, the increase was due
to receivables on Investments which was greater at $1.3M as at December 31, 2022
vs. December 31, 2021; and additional prepayments, namely the prepayment funds
made to the Hardware for the IT Server in approximately $210K (Note 7).
Liabilities
The liabilities generally consisted of the Shares and Deposits which was
approximately 80% of CCU liabilities.
Further highlights were:
Income Statement (Pg. 51)

-Total Income for 2022 was approximately $40.8M vs. $40M for 2021.
(Notes 22-23; Pg. 89)
-Total Income increased by 2% or $751,000.00. The areas of increase were mainly:
Investment Income (by approximately $842,000.00)

Loan processing Fee
Villa Income (by approximately $300,000.00)
-Total Expenditure for 2022 was $17M vs. 2021 $15.5M. (Notes
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Overall the expenses were less in 2021 vs. 2022 due to the Management
and Board cost containment measures, CCU experienced a reduction in
expenses. An area of reduction in costs was Administrative expenses.
-Net Surplus was $23.6M for 2022 vs. $24.5M for 2021.
-Total Comprehensive Income was reflected as $21.3M for 2022 vs. $28.8M for 2021.
The difference regarding Net Surplus vs. Total Comprehensive Income was
due to the Net fair value changes on shares, impacted differently in 2022.
In 2021 there was $4M improvement in share values. However, in 2022 there
was a reduction in the prices, which accounted for $2.3M.
9.2 Mr. Renaldo De Silva asked about the industry standard for a quantity of cash and cash
equivalent that should be held to prevent/withstand a potential run.
9.2.1 The Treasurer said that the PEARLS Monitoring System would address the matter but further
feedback would be provided.
9.3 Mr. Ashton Bennett asked about the future plans to improve Income at the Villas. He asked
further about CCU’s share withdrawal fees/charges. He said that the fee should be removed,
as CCU was not a Bank as the Credit Union Movement was developed by the poor and
securing the members interest.
9.3.1 The Treasurer said increased Marketing and promotions were planned towards boosting
the intake at the Villas. Such as Caravans, Webinars, Referrals, Feedbacks, etc. She
added that shareholders withdrawal fees was a part of CCU’s policy however the matter
would be considered, the way forward.
9.4 Mr. Gerard Jacobs said that he oftentimes uses Ortanique Villa and the facility was in dire
need of repairs. He added that improvements to the Villa would boost traction.
9.4.1 The Treasurer concurred. She said that renovation to the facility was necessary towards the
safety of the users. She added that repair costs were budgeted.
9.5 Mr. Bridgewater asked whether the monies spent for Independence and Christmas
Celebrations could have been better utilized to repair the Villas or not.
9.5.1 The Treasurer said that the organisation monitors and prioritises spending and found it
appropriate to facilitate Independence as it was special to the people of Trinidad and Tobago.
However, the matter would be re-considered to determine what could be allocated towards
Villas repairs cost.
9.6 Mr. Moyo asked about the industry standard percentage regarding Income vs. Expenditure
(Personnel and Insurances cost) as it was approximately 30%, according to the Financial
report.
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9.6.1 The Treasurer said that generally CCU manages all categories of Expenses in relation to a
need basis.
9.6.2 Mr. Moyo stated in that case basically $1 in every $3 of Income goes to Personnel expenses.
He asked whether that was acceptable or not; and whether CCU communicated with other
Credit Unions to establish the norm in that regard or not.
9.6.3 The Treasurer said that based on CCU’s structure it was acceptable. She added that a
Manpower Audit was conducted by a Consultant regarding the necessary personnel needed
to accomplish the relevant functions given the organisational structure. Therefore the
personnel cost was manageable towards providing the membership with improved services.
9.7 Mr. Renaldo De Silva asked about the increase of approximately $900,000.00 in salaries for
2021/2022.
9.7.1 The Treasurer said that the increase included the full strength of Management and bonuses
paid to employees.
9.8 Mr. Henry Hamlett commended the organisation for achieving over $500,000.00 in assets
with a 5% increase for 2022. He asked about strategies planned to achieve the previous
target of $1M and whether the target of $1M was reviewed or not.
9.8.1 The Treasurer said that the strategy was reviewed. She added that the approach included
new loan product; process engineering to improve the service; increased advertising and new
members towards boosting the balance sheet in that regard.
9.9 Ms. Amanda Gool asked about the projection of $936K to be made by the Ortanique Villa
(Pg. 95) given the significant expenditure for repairs.
9.9.1 The Treasurer said that the cost to update the facility was included in the projection.
9.10 Mr. Charles Mc Lean said regarding the shareholders withdrawal fees, member’s monies
were invested and interest provided via dividends. He added that CCU members were
exempted several fee/charges for transactions whereas the Banks, a fee was applied for
every transaction and interest rates on deposits were insignificant. He said that member’s
investment in shares subsequently returns to them as liquid cash (2% on deposits etc). He
said further that members should support those who seek their interest.
9.10.1 Ms. Analyn Gordon said that CCU was the only organisation that charged its members for
share withdrawal. She added that the charge must be waived.
9.10.2 A Motion for the adoption of the Financial Statements 2022 was moved by Ms. Jezelle Renu,
seconded by Ms. Carolyn John. The Motion was put to a vote and carried. (Poll results
–‘yes’–232, ‘no’-0 and ‘abstained’-1).
9.11 Presentation of 2023 Budget

9.11.1 The Chairman invited Ms. Natasha Johnson, Treasurer to present an overview on the Budget
2023
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9.11.2 The Treasurer informed that details of the 2023 Budget were available online via AGM
package (Pages 92-97). The highlights were as follows:
• Total Income anticipated - $44.5M
• Total Expenditure projected – $22.3M
• Net Surplus/Total Comprehensive Income anticipated- $22.2M
Further highlights to increase Income were:

• Increased onboarding of new members
• Increased new and enhancement products
• Reduced delinquent loans portfolio
• Decrease and Monitor expenses
• Increase online services regarding surveys, promotions and marketing solutions
• Improve the Villas towards improved Income
9.11.3 There were no queries/comments on the Report.
9.11.4 A Motion for the adoption of the Budget Report 2023 was moved by Ms. Makini Cuffie,
seconded by Ms. Cindy Emamdie. The Motion was put to a vote and carried. (Poll results
–‘yes’– 230, ‘no’-2 and ‘abstained’-1)
10. RECOMMENDATIONS AND RESOLUTIONS

10.1 The Chairman presented the following Resolutions (Pg. 98):
1. Dividend
Be it resolved
• That a dividend at the rate of 5% should be declared for the year 2022 and
that such sum were credited to the Members’ accounts as requested by
them.
• That if a member is delinquent at the time of dividend payment his/her entire
dividend be placed on his/her loan account.
10.1.2 There were no queries/comments on the Resolution.

10.1.3 Motion for the adoption of the Resolution (Dividend) was moved by Mr. Ashraff Ali, seconded
by Mr. Michael Baptiste. The Motion was put to a vote and carried. (Poll results –‘yes’–246,
‘no’-15 and ‘abstained’-1).
2. Loan Interest Rebate
Be it resolved
• That 5% interest rebate with respect to loans should be approved for
members and that such sums should be credited to each Members’ account
as requested by them.
• That if a member was delinquent at the time of loan interest rebate, his/her
entire loan interest rebate should be placed on his/her loan account.
10.2 Mr. Renaldo De Silva asked about the rationale to offer a rebate on the interest for a loan.
10.2.1 The Chairman said it would facilitate increased participation in the loan products.
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10.2.2 Mr. Marvin Ryan asked whether the rebate would be paid simultaneously with dividends or
not.
10.2.3 The Chairman said that payment would be made similar to the dividends.
10.2 .4 Motion for the adoption of the Resolution (Rebate) was moved by Mr. Ashraff Ali, seconded
by Ms. Ashton Bennet. The Motion was put to a vote and carried.
(Poll results –‘yes’–241, ‘no’-16 and ‘abstained’-4)
3. Appointment of Auditors
Be it resolved
• That the firm of PKF Chartered Accountants and Business Advisors
(Trinidad) be retained as external Auditors of the Society for the year ending
31st December 2023.
10.3. Mr. Henry Hamlett asked whether there was a period that an Auditor could work with the
Credit Union without rotation or not.
10.3.1 The Chairman said to facilitate good governance, the rotation of Auditors would be
considered in terms of the Bye Laws and Governance Reform review during the period 2023
2024 which would include the appointment of Auditors.
10.3.2 A Motion for the adoption of the Resolution (Appointment of Auditors) was moved by Mr.
Ashraff Ali, seconded by Mr. Mr. Ricaldo Gomes. The Motion was put to a vote and carried.
(Poll results –‘yes’–221, ‘no’-14 and ‘abstained’-24).
4. Honoraria
Be it resolved
• That the Honorarium be set at a percentage not exceeding 3% of the
surplus after statutory deductions for payment to the Board of Directors and
Committee Members for the year ending December 31st 2022.
• That the Honoraria form part of a personal loan to members of Committees
who do not attend Training Programmes for which costs have been incurred.
10.4 Mr. Renaldo De Silva asked whether approval was sought to change the Honorarium from a
fixed amount to a value that was commensurate with the potential profits of the Credit Union.
10.4.1 Mr. Bronté Tinkew said presently the payment was a fix sum paid to members of the Board
and Committees. However, the payment may not exceed 3% regardless the performance of
CCU.
10.4.2 Mr. Renaldo De Silva asked whether the value of honorarium could increase given the
performance of the organisation.
10.4.3 Mr. Bronté Tinkew said there was a stipulated format for such payment which could be
provided accordingly.
10.4.4 A Motion for the adoption of the Resolution (Honoraria) was moved by Mr. Ashraff Ali,
seconded by Mr. Michael Baptiste. The Motion was put to a vote and carried. (Poll results
–‘yes’–215, ‘no’-19 and ‘abstained’-26).
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5. Borrowing Power
Be it resolved
• That the Maximum Liability of the Credit Union, in respect of loans, be
maintained at Fifty-Five Million dollars ($55 million) in accordance with the
Regulations of the Co-operative Society Limited and the Bye Laws of the
Credit Union.
10.5 There were no queries/comments on the Resolution.

10.5.1 A Motion for the adoption of the Resolution (Borrowing Power) was moved by Mr. Ashraff Ali,
seconded by Mr. Michael Baptiste. The Motion was put to a vote and carried. (Poll results
–‘yes’– 251, ‘no’-0 and ‘abstained’-11).
11. NOMINATING COMMITTEE REPORT

11.1 The Chairman invited Maj. Gen. (Ret’d) Smart, Chairman of the Nominations Committee to
present the Report. (Pg. 44)
11.1.2 Maj. Gen. (Ret’d) Smart stated that the following 19 persons/members were nominees
received for the Board and various Committees:
Board of Directors Supervisory Committee Credit Committee
Ceron Richards Anna Stoute Analdo Russell

Leslie Nelson Antar Sukra Brandon Deane
Makini Cuffie Avian Reid Darlene Chapman
Marcus Girdharie Chesterfield Sealey Gleason Garraway
Michelle Wallace Cindy Emamdie Kelvin Clarke
Natasha Johnson Paula Alvarez London
Shannon Park
Venita Pooran
11.1.3 Maj. Gen. (Ret’d) Smart declared that all nominees above have met the criteria outlined and
are fit and proper to contest the election. He thanked the outgoing members of the Board
and the various Statutory Committees for their dedicated service to CCU; and the CEO,
members of Staff and the membership for the opportunity to serve.
11.1.4 There were no queries/comments Report.
11.1.5 A Motion for the adoption of Nomination Report was moved by Mr. Ashton Bennet, seconded
by Mr. Lester Jacob. The Motion was put to a vote and carried (Poll results -‘yes’- 270, ‘no’-0,
‘abstained’-0).
12. SECOND CREDENTIAL REPORT

12.1 The Secretary announced the 2nd Credential Report. He stated that there were 270
members present (physical and online).
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13. ELECTION OF OFFICERS: BOARD OF DIRECTORS; SUPERVISORY COMMITTEE AND CREDIT

COMMITTEE
13.1 The Chairman invited Mr. Ricaldo Gomes, Returning Officer to guide CCU through the
election process for the Board of Directors, Supervisory Committee and Credit Committee.
(Pg 3)
13.1.1 The Returning Officer said that presently the credential report was 270 members in
attendance.
13.1.2 The Returning Officer declared registration closed to facilitate the election process. He
explained to the membership, the rules for the election process and introduced the
Nominees. Seats were declared vacant and members were then invited to cast their ballots.
13.1.3 There were no additional nominees submitted from the floor.
13.1.4 The following persons were elected to serve on the Board of Directors and Statutory
Committees for the 2023/2024 term
Board of Directors (Nominees)

Natasha Johnson 208
Marcus Girdharie 208
Makini Cuffie 185
Michelle Wallace (2 year term) 162
Leslie Nelson First Alternate
Ceron Richards Second Alternate
Supervisory Committee (Nominees)

Cindy Emamdie 177
Chesterfield Sealey 169
Anna Stoute 154
Avian Reid First Alternate
Antar Sukra Second Alternate
Credit Committee
Darlene Chapman 211
Analdo Russell 196
Shannon Park 177
Kelvin Clarke 169
Gleason Garraway 142
Venita Pooran First Alternate
Brandon Deane Second Alternate
13.1.5 The Returning Officer declared the voting process closed.

13.1.6 A Motion for the destruction of the physical and electronic ballots was moved by Mr. Henry
Hamlett, seconded by Ms. Cindy Ambrose. The Motion was put to a vote and carried. (Poll
results -‘yes’- 270, ‘no’-0, ‘abstained’-0)
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14. OTHER MATTERS

14.1 The Chairman invited members to comment/query on any Credit Union matters.
14.1.1 Mr. Renaldo Gomes asked about the status of virtual AGM. He said that several members
appreciated the online participation and it was a cost effective method, the way forward. He
said further that consultation with the membership regarding amendments to the CredMed
Plan was recommended at the previous AGM. However, changes to the plan were made
without consultation with the membership.
14.1.2 The Chairman said that an online/hybrid AGM 2023 was considered however it was agreed
that a physical meeting was necessary for members to interact, given the COVID-19
pandemic lockdown. He added that he was hopeful that the physical AGM would continue
but the environment would determine, the way forward. However a hybrid meeting could
be considered. He said further that CCU was monitoring the level of service provided
under the previous plan; and had to make the necessary change to ensure improved service
was delivered to its members. However, the membership would be consulted in the future
given adequate timeframe.
14.2 Mr. Hamlett commended the present Board and Management Team for a job well done. He
asked whether CCU’s Bye Laws were accessible on the website or not.
14.2.1 The Chairman said that the Bye Laws were accessible on the CCU’s website and the link
would be provided accordingly.
14.3 Mr. Ashton Bennet recommended that the AGM should be scheduled for weekend (Saturday)
to facilitate maximum attendance. He said that time-off from work to attend the Meeting was
a challenge.
14.3.1 The Chairman said that the recommendation would be considered, the way forward.
14.4 Ms. Thelma Cross asked for an update on the rebranding of CCU and the name change.
14.4.1 Mr. Ali said that rebranding CCU was an expensive project but CCU was working towards
engaging the membership and improving the culture of organisation. He said however, if the
membership required rebranding it would be considered, the way forward but the CCU brand
remains strong.
14.4.2 Mr. Henry Hamlett said that recently the Central Bank declared that they had full confidence
in the operations of CLICO; and at present CLICO was ‘running on its own’. He said
further that CLICO was preparing a proposal to be submitted to the Central Bank to obtain a
licence to re-enter the market. He stated that regarding the rebranding of CCU, a name
change was recommended in 2019 but the membership rejected the proposed names.
Therefore the rebranding of CCU may actually be a story of ‘Phoenix rising from the ashes’
along with CLICO.
14.4.3 Mr. Selwyn Richards asked whether a survey was conducted to provide the relevant
information towards a name change or not. He said that CCU was a strong organisation
therefore it was ambiguous that a name change was considered. He recommended the
launch of an education drive towards the ‘pull’ and attraction of new members.
33
14.4.4 Mr. Ali concurred. He said that a survey was conducted and new names presented to the
membership at the AGM 2022 but rejected; therefore the rebranding was put on ‘hold’. He
stated that CCU was working towards uniformity in the daily operations, to ensure the
organization was aligned to present organisational strategy, the way forward. Consequently,
whether a name change was required or not, the membership would be informed accordingly.
14.4.5 Ms. Thelma Cross said that the average citizen should be aware of the progress of CCU,
therefore education on the development of the organisation should target the public, as they
were the potential members.
14.4.6 Mr. Ali said that members of the public were included in the survey. He added that the CCU
unique selling proposition (USP) must be consistent towards promoting and developing the
CCU brand in the market.
14.5 The Chairman invited then Mr. Girdharie to make the following presentations.
14.5.1 Mr. Girdharie presented the various door prizes to the following winners:
Ms. Gabrielle Seepersad - Hamper

Ms. Yvette Harrison - Bouquet
Ms. Danielle Samaroo - Hamper
Ms. Leela Singh - Tickets/Accommodations for 2 persons at Villa,
Tobago
In addition, tokens were presented to the following out-going members for yeoman service to CCU.
Ms. Yvonne Dottin - 39 years’ service (Retired)

Ms. Alma Thompson - Board Member (Resigned)
Mr. Learie Parris - Board Member (Retired)
Tokens of appreciation were presented to the following out-going Statutory Committee members.
Ms. Yvonne Dottin Antar Sukra

Makini Cuffie
Leslie Nelson
Cindy Emamdie
Darlene Chapman
Ronald Davies
Crystal Padarath
Analdo Russel
Cindee Ambrose
Shannon Park
Kelvin Clarke
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The presentations were made to the following members of Staff who had successfully completed the
CaribDe programme namely:
Mr. Kareem Baksh

Ms. La Toya White-Weekes
Ms. Nicole Hicks-Smith
Mr. Holland Bronté Tinkew
Finally, tokens of appreciation were presented to the following Members of the Board.
Mr. Ashraff Ali

Ms. Natasha Johnson
Ms. Michelle Wallace
Mr. Learie Parris
Mr. Marcus Girdharie
Ms. Natasha Pettier
15. CLOSURE
15.1 In conclusion, the Chairman thanked all members for the support over the years and wished
them all success. He invited then Mr. Holland Bronté Tinkew to present the closing remarks.
15.1.1 Mr. Bronté Tinkew said:
“Good evening my wonderful people, all protocols observed.
This is my first Clico Credit Union (CCU) AGM but based on what I have heard about
previous CCU AGM’s, I must say that once again we have held a very successful
meeting. It was super fantastic with:
• Exquisite venue
• Amazing ambiance
• Efficient Agenda
• Professionally run Meeting
• Impressive Dividends
• Loan Rebates
• Free and Fair Elections
• A room full of good-looking people
• Ruggedly handsome CEO (jokingly)
On that note, I am Holland Bronté Tinkew and I am honoured to be the CEO of Clico
Credit Union for just over nine (9) months. It may seem short but if you think about it, that
is a full pregnancy. So my proud parents, all nine (9) of them sitting here are now getting
a chance to show the new born to their friends and family.
There is a quote that goes ‘Feeling gratitude and not expressing it, is like wrapping a
present and not giving it’ and at CCU, we leave no undelivered presents.
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Our AGM Committee led by our Board Secretary, Mr. Bates and co-ordinated by CCU,
Executive Assistant Ms. Deane worked diligently, over the last few months to ensure
that every aspect of this meeting was well thought out. Our Board, led by our President
was instrumental in providing guidance at every step; and our incredible staff members
volunteered their services throughout the process, to ensure that today was a success.
The wealth of experience of Mr. Gomes was demonstrated in the perfect execution of
his duties as Returning Officer. The election process was fair, speedy and accurate with
extraordinary oversight from our professional team led by Mrs. Hicks-Smith and Mr.
Duncan. I suspect that within a few years they may probably ask that team to overseer
the next General Elections of Trinidad and Tobago.
We must also acknowledge the support of our many service providers who made this
day possible, including but not limited to the Hyatt Regency, Genesis Insurance Brokers,
CUNA Caribbean, 007 Social, Immaculate Media TT, Ken-Stina Limited, PKF T&T and
many others. To all of you I say a huge thank you on behalf of CLICO Credit Union.
Additionally, we express our gratitude to all the specially invited guests who took time
from their busy day to spend some time with us, it is greatly appreciated. On a broader
level we would like to convey our thanks to Mr. Ali, our President not only for the excellent
job as Chairman today, but for his astute leadership over the last year. By extension
I would like to thank the other Executive Members, Board of Directors, Committee
Members and Alternates for their fantastic stewardship and for loaning us their strategic
minds on a regular basis. It is admirable that we collectively continue to build on a strong
foundation left by those CCU leaders who came before.
Our appreciation also goes out to the hardest-working bunch of people you would ever
find, the employees of CLICO Credit Union. They are the glue that keeps everything
together and they make magic happen on a daily basis. Do not believe Google Maps,
CCU is not just a building on Edward Street. CCU is a collective dedication by these
staff to show care and concern for you. Let us focus on the ‘U’, the ‘U’ stands for us, us
members, without us, without ‘U’, there is no Credit Union. So thank you, our remarkable
members, who provide this organisation with your everlasting support, your unyielding
confidence and the opportunity to walk side by side with you as your life partner for
financial services.
We are also thankful for the support of our fellow Co-operators, our friends at the Co-
operative Division, The Co-operative Credit Union League of Trinidad and Tobago, the
Central Finance Facility, as well as our numerous sister Credit Unions across the islands.
Five percent (5%) Dividends and Five percent (5%) loan rebate, where else do you get
that?
Not many places. It almost feels like a secret that you need to keep under wraps to keep
quiet. I ask you to think back to when you were young; some of us need to think back a
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bit further than others. But do you remember when you had a favourite snack, and you
did not want to share with your siblings or friends; you would run to a corner of the house
or school yard and open it quietly. Well that is not how we operate at CCU. You can open
that snack loud and clear. Why? Because at CCU there is always enough to go around;
enough benefits for all. We all benefit from membership growth at CCU; we all benefit
when we save at CCU; we all benefit when we borrow from CCU and we all benefit when
we promote CCU.
So what can you do? Here are three simple steps:
1. Do even more business at a place that rewards you for doing so; at CCU.
2. Help grow the membership by recommending fit and proper family and friends who
will now have a chance to join our bond and become part of the CCU family.
3. Help us to serve you better, give us continuous feedback about what you like and
what you think we can improve.
You have control over your financial destiny; you have the power to keep CCU growing.
On behalf of the Management and Staff of CLICO Credit Union, I thank everyone
for being with us today and invite you to partake of the refreshments which we have
provided. For those not staying at the Hyatt, we wish you a safe journey home. See you
soon.”
There being no further business, the meeting was declared closed at 8.50 p.m.
________________ ______________
Andrew Bates Ashraff Ali
Secretary President
CCU Piarco Plaza Opening
Bursary 2023
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Board of Directors
Report
On behalf of the Board of Directors, I am delighted to present our annual report for the year 2023. As your
appointees, we are the stewards of our credit union. Our task is to envision the strategic direction of CLICO
Credit Union (CCU) and to diligently guide the Society, ensuring alignment with external regulations and
internal policies while fostering growth and stability.
Our strategic plan for the 2023 to 2025 period empowered us to Rethink, Reinvent and Refocus. As a key
initiative, we considered how we could prepare CCU to not only effectively serve you now; but to meet your
future needs and those of the next generation. This prompted a rethinking of how we did business: what we
did well and what areas we could improve on. Furthermore, we chose to reinvent. We took a detailed look
at ourselves, our products, services, and processes to set us on a path of continuous improvement, a path
of agility, to match the dynamism of the market and our members. Equally important to our strategic plan
was our ability to refocus, and this was where all the pieces fell into place, we placed our emphasis on what
matters most. You, our members. As such, we have redoubled our efforts to build on the legacy that is CCU,
while staying true to our vision of being your life partner for financial services.
The plan encompassed twenty-seven (27) strategic initiatives flowing from five (5) strategic pillars:
STRATEGIC PILLARS
Process & Financial Stability & Progress of our

Service Excellence Technology
Governance Growth People
The achievement of these goals may have been ambitious, however, it was seen as critically important to
prepare CCU for the rapidly changing landscape within the financial services arena, where dormancy could
mean financial death.
CCU, already a leader in credit union technology, continued to advance its technological capabilities to bring
added efficiency to our members and prospective members. Online onboarding and member effected self-
transfers are now a reality. We have continued to train our staff to be better prepared to serve you and with
our increased outreach activities, we have brought more online learning opportunities to our members through
a mix of webinars, seminars, and online courses.
Externally, the CCU brand continues to mirror our commitment to excellence, member and community
engagement, and our advocacy of credit union values. Our current policies and procedures are being
continuously reassessed, and we are implementing the necessary internal changes to make all member
touchpoints as frictionless as possible. These initiatives, coupled with making the important financial, credit
and investment decisions, have led to unprecedented growth in our portfolios while improving their quality.
42
Our credit union welcomed one thousand one hundred and forty-nine (1149) new members throughout 2023.
Our outreach efforts, personalized services, and competitive offerings attracted those seeking a trusted
financial partner. We remain committed to expanding our membership base through the careful selection of
new organisational prospects and providing tailored solutions.
In 2023, our financial performance surpassed expectations. We achieved above-average profitability, driven
by an increase in lending, prudent investing, efficient operations, and, as mentioned, a growing member base.
As a result, our Total Comprehensive Income (consolidated) of $26.1M reflects the dedication of our team and
the trust our members place in us. In addition to other positive results, the credit union’s assets experienced
remarkable growth. From humble beginnings over 77 years ago, we now manage over $482 million in
assets, a 7.4% increase over 2022 figures. This achievement underscores our commitment to continuously
building your investment in CCU, while improving the quality of our portfolios. One such portfolio is the loans
portfolio, which experienced a growth of 8% while simultaneously experiencing a further significant reduction
in provisions for delinquency due to our proactive risk management strategies coupled with effective member
communication.
Our success would not be possible without the dedication of our Board of Directors and Committee members,
the tireless efforts of our employees, and the unwavering support of our members. We extend our heartfelt
gratitude to each of you.
As we look ahead, we remain steadfast in our mission: people helping people. Together, we will continue to
innovate, serve, and make a positive impact on the lives of our members.
Thank you for being part of our credit union family.
Total Assets
Year Total Assets $M % Change
Total assets grew by $33.05M or 7.4% from $449.3M
2019 $ 378.84 6.4%
to $482.35M in 2023. The two main contributors
2020 $ 400.30 5.7% were loan growth of $23.4M and increased member
2021 $ 427.60 6.8% investments in CCU.
2022 $ 449.30 5.1%
2023 $ 482.35 7.4%
Net Loans to Members

Year Net Loan Portfolio $M % Change
The loan portfolio (net of provisions) increased by 8%
2019 $ 281.20 -0.3%
or $23.44M in 2023 ending with a portfolio balance of
2020 $ 275.50 -2.0% $317.34M, crossing over $300M for the first time in
2021 $ 277.50 0.7% history. Loan income, at 82% of total income, remains
2022 $ 293.90 5.9% the credit union’s major income source.
2023 $ 317.34 8.0%
43
Members’ Shares
Year Members’ Shares $M % Change
Member shares increased by 9.4% or $31.02M to
2019 $ 292.80 4.5%
$360.62M and deposits decreased by $5.54M or
2020 $ 309.40 5.7% 14.1% to $33.66M.
2021 $ 321.20 3.8%
2022 $ 329.60 2.6%
2023 $ 360.62 9.4%
Members’ Deposits
Year Members’ Deposit $M % Change
In total, shares and deposits combined, increased
2019 $ 25.50 -2.7%
by $25.48M or 6.9% in 2023 over 2022. This overall
2020 $ 30.40 19.2% increase was driven by strategies to attract and retain
2021 $ 30.20 -0.7% funding.
2022 $ 39.20 29.8%
2023 $ 33.66 -14.1%
Total Income
Year Total Income $M % Change
Total income (net of deposit interest expenses)
2019 $ 41.90 2.4%
increased substantially by 5.5%. This was fueled by
2020 $ 34.60 -17.4% an 8% increase in loan income of $2.73M in 2023
2021 $ 40.00 15.6% over 2022. Additionally, there was a 4.4% increase
2022 $ 40.80 2.0% $202.9k in investment income in 2023 over 2022.
2023 $ 43.40 5.5%
Expenditure
Year Total Expenditure $M % Change
After experiencing reduced expenses in 2020 and
2019 $ 20.10 -25.30%
2021 due to restrictions of the pandemic, expenses
2020 $ 17.90 -10.9% increased in 2022 by 10.90% to $17.1M, albeit
2021 $ 15.50 -13.4% substantially lower than pre-pandemic expenses
2022 $ 17.10 10.3% of $20.1M in 2019 and $26.9M in 2018. In 2023,
2023 $ 16.49 -3.5% we strategically controlled expenses at $16.49M,
however this takes into account significant ECL
provision writebacks, which was as a result of our
strategy to continuously improve loan quality.
__________________
Ashraff Ali
President
CLICO Credit Union Cooperative Society Ltd.
44
School Supply Drive 2023
Supervisory
Committee Report 2023
The Supervisory Committee would like to extend best wishes to all members for 2024. The Committee
submits to the membership its report for the financial year ended December 31, 2023.
In accordance with the Co-operative Societies Act Chapter 81:03 and Byelaw 37 of the CLICO Credit
Union, the Supervisory Committee is elected to monitor the activities of the Credit Union and ensure that it
is managed and operated in a manner which adheres to the approved Byelaws, policies and procedures. It
serves the interest of the membership by ensuring that potential concerns are identified and presented to the
Board of Directors and Management in a timely manner.
Composition Of The Committee
At the 74th Annual General Meeting held on April 19th, 2023; the following members were elected to serve on
the Supervisory Committee:
• Chesterfield Sealey
• Cindy Emamdie
• Anna Stoute
Avian Reid and Antar Sukra were elected as alternates.
At the Committee’s inaugural meeting Chesterfield Sealey and Cindy Emamdie were appointed as
Chairperson and Secretary respectively.
The management and staff of the Credit Union facilitated our requests for various documents and policies.
During the period, we conducted meetings and reviewed various reports to make a determination of
the financial and operational affairs of the Credit Union. The duties of the Committee were executed in
compliance with the Co-operative Societies Act and CCU’s Byelaws.
Activities
Loan Applications Review
A review of loans disbursed was conducted during the period to ensure compliance with CCU’s Byelaws,
approved Loan Policy, and Credit Administration Guidelines.
Based on the sample selected, all approved loans were compliant as stated above. It was also noted that the
relevant documents submitted by members for these loans were in accordance with the applicable policies
and procedures.
46
Review of Minutes of the Meetings of the Board of Directors

A review of the minutes from meetings of the Board of Directors was conducted throughout the period. The
objective of this review was to ensure that decisions taken were in accordance with CCU’s Byelaws as well as
any other applicable regulations.
Based on our reviews, it is our opinion that the Board has made every effort to ensure compliance as stated
above.
Review of Operational Expenses

A review of expenses was conducted throughout the period to ensure that actual and projected expenditure
were aligned and that variances compared to the previous year were reasonable.
Based on our review, it is our opinion that actual expenditure is in line with projected and year on year
variances are reasonable.
Review of Management Accounts

The management accounts were reviewed by the Committee with an aim of monitoring the financial
performance of the Credit Union. Based on the months reviewed, it is our opinion that these accurately
capture the financial standing of the Credit Union for the financial year 2023.
Outlook
CLICO Credit Union has made great efforts over the years to meet the changing needs of members, and
this has continued in this period. The focus on technology and the provision of online services has been a
major focus and is continuously reviewed and upgraded to ensure that it adds value to the membership. The
Supervisory Committee would therefore like to encourage members to make use these facilities as much as
possible.
The Supervisory Committee would like to take the time to thank Management and staff for the cooperation
and support provided throughout this period which enabled us to carry out our reviews. We thank the
membership for the opportunity to have served in 2023 and would like to encourage members to present
themselves for service in the various committees in future periods.
Respectfully Submitted
_________________ _______________
Chesterfield Sealey Cindy Emamdie
Chairperson Secretary
47
Credit
At the 74th Annual general Meeting held on Wednesday 19 April 2023; the following members were elected to
serve on the Credit Committee.
Committee Members:
Darlene Chapman - Chairperson

Analdo Russell - Secretary
Kelvin Clarke - Member
Gleason Garraway - Member
Shannon Park - Member
Vanita Pooran - Alternates

Brandon Deane - Alternates
The First meeting of the Credit Committee was held on 5th May 2023 where Ms. Darlene Chapman and Mr.
Analdo Russell, were elected as Chairperson and Secretary, respectively.
The Credit Committee presents to the membership its financial year end report for 31st December 2023.
2023 Loan Disbursements
For the period 2023, the Credit Committee and Loan Officers reviewed 2,312 loans. Of these applications,
2,285 loans were approved with a total value of $176,784,692.00.
This therefore represented 98.9% of the loan applications submitted.
See Table 1 for a breakdown of the statistical data for the period under review. When compared to 2022,
though the number of loans approved decreased by 9.6%, the total loan value decreased by 13%.
Table 1: Loans Approved and Denied 2023 vs 2022.
Details 2023 2022 % Change

Total Loans Reviewed 2,312 2609 -11%
Loans Approved 2,285 2527 -9.6%
Value of Loans Approved $176,784,692 $232,242,817 -24%
Loans Declined 27 82 -67%
Value of Loans Declined $4,470,672 $8,210,978 -46%
In addition to the number of applications reviewed, over 1,000 pre-assessments were completed that were
not viable enough for applications to be submitted. Which means during the period in excess of 3,300
assessments were completed.
48
We can also see in Table 1, 27 loans with a total loan value of $4,470,670.00 were not approved in 2023. The
reasons for these loans being denied approval included:
• no/poor credit history
• poor payment history
• exposure
• recent debt consolidation
• high Debt Service Ratio (DSR)
• short job tenure
• delinquency
• unable to verify income and/or
• deviation from the existing loan policy/promotion
Two (2) virtual interviews were conducted for the period under review for further clarification of requested
loans. The decisions arising out of these interviews included:
• That the member provides additional supporting documents for review and final decision
• We recommended financial counselling be provided for the member.
In addition, several discussions were held between the loan officers and numerous applicants resulting in
some loans being approved with conditions as recommended by the committee.
The following table and chart highlight the performance of each loan product to the total loan disbursement
value for 2023.
Table 2: Value of Loan Disbursements by Loan Type – 2023 vs 2022
2023 Loan 2022 Loan

Loan Type % Change
Value Value
Anything 51,134,570 0 +100
Cash and Share 905,000 921,935 -2
Cred U Med/GEN Med 640,611 325,821 +97
Debt Consolidation 0 1,967,936 -100
Diamond Jubilee 525,000 15,206,581 -97
EASY 35K 3,202,340 881,854 +263
Golden Hat-trick 550,000 393,093 +40
Loan Booster 0 80,000 -100
M.O.N.S Save & Spend 701,000 0 +100
Mortgage 1,775,000 1,761,847 +1
Seasonal 199,000 148,110 +34
Share Loan 96,633,872 135,171,327 -29
Super 10 34,261,325 61,919,737 -45
Vehicle Loan 541,500 1,790,363 -70
YPEP 600,000 225,312 +166
Total 191,669,218 220,793,916 -13
49
From the chart above, the following can be noted:

• The Share Loan continued to be the dominating product, accounting for 50% of the total value of
loans disbursed during 2023.
• The Anything Loan, which represented 27% of the total loan value, followed.
• The Super Ten accounted for 18% of the total loan value while all other loan products, collectively,
accounted for less than 5% of the total loan value.
• Increase in disbursement was seen in Anything, Cred U Med/Gen Med, Easy 35k, Golden Hat trick,
MONS Save & Spend, Mortgage, Seasonal and YPEP loans when compared to 2022.
• Decrease in disbursement was seen Cash and Share, Debt Consolidation, Diamond Jubilee, Loan
Booster, Share Loan, Super 10 and Vehicle Loans when compared to 2022.
• The overall decrease in the value of loan disbursements for 2023 when compared to 2022 was 13%.
The CCU was able to achieve 97.7% of its new loan disbursement target of $119.7 Mn for 2023. This is
equivalent to $116.9 Mn. See table 3 below:
Budgeted $119,700,000
Actual $116,906,000
$ $2,794,000
Variance
% 97.7%
INTEREST INCOME
33,313,292
2022
37,568,165
36,313,292
2023
37,568,165
30,000,000 32,000,000 34,000,000 36,000,000 38,000,000 40,000,000
Actual Budgeted
The Credit Union achieved 94.5% of the annual loan interest income target for 2023. This represented a 1.6%
increase when compared to 2022.
50
DELINQUENCY
A comparison of the soft delinquency (1 to 90 days past due) figures over the past two (2) years revealed an
increase of 3.8% in 2023 when compared to 2022. See table 4 below:
Table 4
Year Delinquency ($)

2023 $21,565,000*
2022 $20,787,000
This value does not account for government agency payroll deductions which were delayed due to December
2023 processing. The adjusted total is $11,810,000, which represents a $8,977,000/43.2% reduction when
compared to the previous year.
CCU has noted the following factor continues to negatively impact further reduction of these figures.
• Timely remittance of standing orders, bank transfers and ACH payments.
Recommendations
• The committee recommend that members approach the Credit Union as their choice for financial
assistance and guidance. Members are advised to borrow wisely while continuing to save on a
regular basis.
• Increase staff as necessary where increased requests for loans or new types of loans are offered in
order to reduce waiting time for approvals and disbursement of funds.

• Continue monitoring and rendering support of those
persons accessing our loan facility to mitigate,
reduce and prevent loan delinquency.
• Continue to advise delinquent persons, chronic borrowers, or persons in financial distress, as
necessary.

Acknowledgements

The Committee would like to thank the membership for the opportunity to serve. We also want to thank the
Board of Directors, Chief Executive Officer, Supervisory Committee and the Management and staff of the
Credit Union for their continued support during its period in office. The Committee Members also wish to

extend their most sincere thanks to the entire membership
for their support and granting us the opportunity to
serve.
_______________ _____________

Darlene Chapman Analdo Russell
Chairperson Secretary
51
Education
Committee Members:
Ashraff Ali (Chairman/Director)

Natasha Pettier (Director)
Marcus Girdharie (Director)
Jean-Marc Griffith (Director)
Maritza Da Silva (Business Development & Marketing Manager)
Jon Seepersad (Business Development & Marketing Specialist)
Colliss Holder-Craig (Business Development & Marketing Specialist)
In 2023, CCU’s Education Committee took our Membership on a journey of empowerment, education, and
community engagement, driven by the collective passion and dedication of our staff and volunteers.
We firmly believe that fostering financial literacy is essential for individual well-being, and our commitment lies
in assisting our members in enhancing their financial knowledge and skills.
From educational webinars to community outreach programs, each event was meticulously planned and
executed to bring tangible benefits to our members and contribute to the overarching mission of CLICO Credit
Union.
Here are some notable highlights:
March: School Financial Literacy Programme - Trinity Jr. School, Port of Spain
We took financial education directly to our community’s future leaders through our School Financial Literacy
Programme, visiting schools and vacation camps. We engaged 120 young minds, imparting essential
knowledge on financial literacy, savings, and responsible money management.
May: Roadmap to Home Ownership (Online Session)
A virtual session on Home Ownership, held on May 24th, attracted 69 members. The session facilitated
insights into the home buying process, with Fishbone Realty providing expert guidance. Notably, five (5)
individuals proceeded to attend an open house, and one (1) underwent a mortgage assessment, reflecting the
session’s effectiveness in guiding Members through the home ownership journey.
52
June: Northeast Regional Council of the Credit Union League (NERC) Pop-up Market
Collaborating with the Credit Union League, our Pop-up Market showcased the entrepreneurial spirit within
our community. This event provided local businesses and entrepreneurs with a platform to market their
products and services, contributing to economic growth and community engagement.
July: School Supply Drive – Distribution
The generosity of CCU members was showcased through our School Supply Drive. Thirty (30) students
received back to school stationery supplies, thereby supporting educational endeavors within our community.
August: Student Bursary
CCU’s inaugural Student Bursary Programme, awarded twelve (12) deserving young members, SEA, CSEC,
CAPE & Tertiary levels with a $3,000 educational grant. This initiative, aimed at supporting educational
pursuits, underscores our commitment to nurturing academic success among our youth.
August: Inaugural Career Day
Our inaugural Career Fair attracted over 100 attendees and over 15 exhibitors, offering a platform for
exploration of diverse career opportunities across varied industries. Held at the Hyatt Regency Hotel, the
event featured inspiring presentations from industry experts in the areas of personal branding, human
resources and cybersecurity, with 80% non-member attendance highlighting its broad appeal and impact.
August: Cyber Security Webinar
One hundred (100) Members delved into various aspects of cybersecurity, benefiting from insights shared by
two (2) International Information System Security Certified professionals, thereby enhancing their awareness
and preparedness in navigating digital risks.
September: Wills and Probate Webinar
Due to overwhelming interest, we conducted two webinars on Wills and Probates, facilitated by legal expert
Rondell Donawa. The sessions attracted three hundred and eighty-one (381) attendees which underscored its
significance in addressing Members’ legal education needs.
53
October: CCU’s Continuous Learning Series - Online
The ongoing Continuous Learning Series, powered by Udemy, provided Members with free access to a
diverse range of online courses, emphasizing lifelong learning and skill development. Fifty (50) Members
had the opportunity to upskill in areas of candle making, Microsoft Excel, business writing skills, guide to
entrepreneurship, and understanding marketing analytics.
October: Entrepreneur Webinar (Business Registration and Bookkeeping)
Our Entrepreneur Webinar on Business Registration & Finances delivered essential information for sixty (60)
aspiring entrepreneurs, empowering Members to embark on their entrepreneurial journeys with confidence
and preparedness.
November: CCU Health Check-up Day
Promoting holistic well-being, our Health and Wellness Day brought vital health screenings to our community,
with over sixty (60) Members benefiting from blood pressure and blood sugar tests, and twenty (20) Members
receiving flu shots. Resources provided aimed at encouraging healthy lifestyle choices among our Members,
reflecting our commitment to holistic wellness.
November-December: Entrepreneur Christmas Market
Twenty-two (22) members got the opportunity to showcase and sell their products, culminating in a festive
market day featuring a diverse array of offerings. This event provided Members with the opportunity to explore
unique products and services while fostering camaraderie and support within our community.
December: Youth Arm Preparation
In December, the policy framework for CCU’s Youth Arm was developed and adopted by the Education
Committee and Board of Directors. Its launch is scheduled for deployment in 2024. This initiative represents
a significant step forward as we seek to deepen our connection with the younger demographic and empower
them with essential financial knowledge and opportunities.
54
These initiatives have not only provided valuable insights but have also ignited interest among our Members
in further learning opportunities. Additionally, our engagement with schools and youth organizations,
exemplified by our School Financial Literacy Programme and participation in pop-up markets, has set the
stage for enhanced youth financial education outreach. As we look ahead, we are confident that these events
have laid a strong groundwork for the realization of our future plans, fostering a more financially literate and
empowered community.
We extend our sincere appreciation to all Members who participated in these initiatives. Your enthusiasm and
engagement have been instrumental in making these events successful, and we look forward to bringing you
more valuable programs in 2024. Join us in expressing our deepest gratitude to the exceptional individuals—
industry experts, volunteers, Business Development and Marketing Team and our staff—who have devoted
their time, energy, and expertise to ensure the success of these initiatives. Their passion for service and
commitment to you, our Members, have been the driving force behind every accomplished activity in 2023.
The Education Committee remains steadfast in its mission to promote financial literacy and empowerment
among those in which we service. We express gratitude to all stakeholders for their support and look forward
to another educational year in 2024.
Respectfully Submitted
_________________
Ashraff Ali
Chairperson
Nomination
The Nominating Committee was given the responsibility by the CLICO Credit Union Co-operative Society
(CCU) Board of Directors, in conformity with Clause 32 of the Bye-laws, to select suitable members of the
credit union who offered themselves for election to the Board of Directors, Supervisory Committee and the
Credit Committee.
Committee Members
Michelle Wallace (Chairman)
Marsha Beharry (Secretary)
Jean-Marc Griffith
Lt. Cdr. Claudio Luces Smith
Leah Gordon
A total of twenty-two (22) applications were received and assessed, only one was rejected as the applicant
did not submit the required documents up to the extended deadline.
All nominees were asked to satisfy the following general criteria:
• Must be an active member for at least twelve (12) months

• Must be over the age of eighteen (18) years and of good mental health
• Must not be an employee of CLICO Credit Union or any other Co-operative Society
• Must not have been declared bankrupt
• Must not have been convicted of any indictable or fraudulent offence
• Must be a member in good standing
• Must have met the deadline for submission of nomination.
The Nominating Committee hereby present the following nominations for consideration to serve on the Board
of Directors, Supervisory Committee and Credit Committee of CLICO Credit Union at the Annual General
Meeting of April 17th, 2024:
Board of Directors Supervisory Committee Credit Committee
Alicia Gift Afeisha Burke Brandon Deane

Ashraff Ali Analdo Russell Cindy Emamdie
Ceron Richards Chesterfield Sealy Darlene Chapman
Fred Vidale Shannon Park Gleason Garraway
Natalie Barnswell-Legall Tameika Mungo Joel Gonzales
Natasha Pettier Kelvin Clarke
Patrick Anthony Gomez Makell Baptiste
Wendy Williams-Dyce Vanita Pooran
56
Having considered all the nominations, the Committee declares that all nominees listed above have met the
criteria and are fit and proper to contest the elections. The Committee does not expect that nominations will
be required from the floor during the AGM.
Sincerest thanks to the following outgoing members of the Board and Statutory Committees for their
dedicated service to the Credit Union:
• Board of Directors: Ashraff Ali, Natasha Pettier, and Retired Major General Rodney Smart
• Supervisory Committee: Chesterfield Sealey, Cindy Emamdie and Anna Stoute
• Credit Committee: Darlene Chapman, Analdo Russell, Gleason Garraway, Kelvin Clarke and
Shannon Park
The Nominating Committee thanks all members who offered themselves up for service. We also wish to thank
the Board of Directors Management and Staff of CLICO Credit Union for their professionalism and support
during this process.
Respectfully,
_______________
Michelle Wallace
Chairman
Business Supply Group LTD.
1 & 804 Fernandes Business Centre,
Laventille, Trinidad and Tobago.
(868) 235-3333
info@bsgl.biz
The Business Supply Group Limited (BSG) is located in
Trinidad & Tobago and consists of two divisions: ,
Office Office & School Thermal / founded by Robert Campbell in 1978 and BOSS , founded
Furniture Stationery Bond Rolls by his brother, the late Christopher Campbell in 1991.
At BSG, our Mission is "To help businesses do business

better" and our Vision is "To be the Region’s most trusted
supplier, offering timely and effective solutions for diverse
business needs."
excels at Printing & Packaging and is the final touch

in satisfying your brand’s total presence. Our experts will
consult with you on structure, design, colour and varnish
options so that your product carries the visual impact it
deserves.
Print Packaging Labels BOSS prides itself on being a leading distributor of Office
& School Stationery, Craft Supplies, Office Furniture, Thermal &
Bond Rolls and Interactive Technology. Customer satisfaction
has always been and will always be our prime objective;
we guarantee delivery of stocked items within 24 hours in
Trinidad.
Directors:
ROBERT
JASON
P. CAMPBELL
FREAKLEY - Chairman
• PATRICIA • DAVID
We also export to many islands across the Caribbean and
we are ready to serve you. Get in touch with us today!
PRICE MAHARAJ
• JANE -
WIGHT Secretary 1 & 804
Fernandes
Laventille, Business
Trinidad Centre,
T: (868) and Tobago.
T: (868) 235-3333 (BOSS)
626-1234
(SCRIP-J)
E: info@bsgl.biz
www.bosstrinidad.com • www.scripj.com
Statement of Management Responsibilities
60
Independent Auditors' Report

The Members
CLICO Credit Union Co-operative Society Limited
Opinion
We have audited the consolidated financial statements of Clico Credit Union Co-operative Society Limited
and its subsidiary (the “Group”), which comprise the consolidated statement of financial position as at 31
December 2023, the consolidated statements of comprehensive income, appropriated funds and undivided
earnings and cash flows for the year then ended, and notes to the consolidated financial statements, including
material accounting policy information.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the
financial position of the Group as at 31 December 2023, and its financial performance and its cash flows for
the year then ended in accordance with International Financial Reporting Standards (“IFRSs”).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (“ISAs”). Our responsibilities
under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated
Financial Statements section of our report. We are independent of the Group in accordance with the
International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (“IESBA
Code”), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other information included in the Credit Union’s Annual Report
Management is responsible for the other information. Other information consists of the information included
in the Annual Report, other than the consolidated financial statements and our auditors’ report thereon. The
annual report is expected to be made available to us after the date of this auditors’ report.
Our opinion on the consolidated financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
PKF Limited is a member of PKF Global, the network of member firms of PKF International Limited, each of which
is a separate and independent legal entity and does not accept any responsibility or liability for the actions or
inactions of any individual member or correspondent firm(s).
Telephone: (868) 235-5063
Address: 111 Eleventh Street, Barataria, Trinidad, West Indies
Mailing Address: PO Box 10205, Eastern Main Road, San Juan
Directors: Renée-Lisa Philip Mark K. Superville Jenine Felician-Romain Darcel Corbin
61
Independent Auditors' Report (Cont’d)

Other information included in the Group’s Annual Report (cont’d)
In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated. If, based on the work we have performed on the other information that we obtained prior to the
date of this auditors’ report, we concluded that there is a material misstatement of this other information, we
are required to communicate the matter to the Board of Directors.
Responsibilities of Management and the Board of Directors for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements
in accordance with IFRSs, and for such internal control as management determines is necessary to enable
the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Group’s
ability to continue as a going concern; disclosing, as applicable, matters related to going concern; and using
the going concern basis of accounting unless management either intends to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
The Board of Directors is responsible for overseeing the Group’s financial reporting process.
Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
62
Independent Auditors' Report (Cont’d)

Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements (cont’d)
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error; design and perform audit procedures responsive to those risks; and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control relevant to the audit, in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting,
and based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to
the related disclosures in the consolidated financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditors’ report. However, future events or conditions may cause the Group to cease to continue as a
going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
13 March 2024
Barataria
TRINIDAD
63
Statement of Financial
Assets
Position
Notes 2023
Cash Resources:
Cash and cash equivalents 5 $ 21,434,350
Short-term investments 6 54,905,377
Total Cash Resources 76,339,727
Other Assets:
Accounts receivable and prepayments 7 5,340,739
Long-term investments 8 59,578,263
Loans to members 9 317,343,349
Investment properties 10 12,539,787
Fixed assets 11 10,937,601
Lease asset 12 268,685
Total Other Assets 406,008,424
Total Assets $ 482,348,151
Liabilities and Members’ Equity

Liabilities:
Accounts payable and accruals 13 $ 2,274,536
Lease liability 12 283,829
Members’ deposits 33,658,377
Members’ shares 14 360,619,648
Total Liabilities 396,836,390
Members’ Equity:
Capital revaluation reserve 15 166,000
Education fund 16 846,880
Reserve fund 17 32,163,445
Investment re-measurement reserve 18 1,879,680
Undivided earnings 50,455,756
Total Members’ Equity 85,511,761
Total Liabilities and Members’ Equity $ 482,348,151
These consolidated financial statements were approved by the Board of Directors and authorised for issue on
13 March 2024 and signed on their behalf by:
_____________ ______________ _________________

President Treasurer Chairman
(The accompanying notes form part of these consolidated financial statements)
64
Statement of Comprehensive Income

For the year
ended
31 December
Notes 2023
Income:
Interest income -
Net interest income 23 $ 39,452,856
Non-interest income 24 3,587,728
Total Income 43,040,584
Expenditure:
Administrative expenses 25 1,933,556
Insurance 26 3,457,011
Expected credit losses 27 (1,762,208)
Operating expenses 28 3,986,514
Personnel costs 29 8,878,591
Total Expenditure 16,493,464
Net surplus for the year 26,547,120
Other Comprehensive Income:

Items that may not be reclassified subsequently to profit or
loss:
Net fair value loss on financial assets classified as
(477,595)
FVTOCI
Total Comprehensive Income for the year $ 26,069,525
65
Statement of Appropriated Funds and Undivided Earnings
31 DECEMBER 2023
Capital Investment
Education Reserve Undivided
Revaluation Re-measurement Total
Fund Fund Fund Earnings
Reserve
Balance as at 1 January
2023
$ - $ - $ - $ - $ - $ -
Equity attributable to the
166,000 970,699 29,508,733 2,357,275 44,208,343 77,211,050
parent at the
beginning of the year - - - (477,595) 26,547,120 26,069,525
Appropriations
(i) 10% to Reserve Fund - - 2,654,712 - (2,654,712) -
(ii) 1% of the balance to
- 238,924 - - (238,924) -
the Education Fund
166,000 1,209,623 32,163,445 1,879,680 67,861,827 103,280,575
Adjustments:
(i) 2022 Dividends paid - - - - (17,768,814) (17,768,814)
(ii) Training - (362,743) - - 362,743 -
Balance, 31 December 2023 $ 166,000 846,880 32,163,445 1,879,680 50,455,756 85,511,761
66
Statement of Cash Flows For the year
ended
31 December
2023
Cash Flows from Operating Activities:
Net Surplus for the year $ 26,547,120
Items not involving cash:
Expected credit losses (1,762,208)
Depreciation expense 768,533
Depreciation expense – ROU 53,737
Interest portion of lease payments 24,182
Loss on disposal of fixed assets 42,727
Changes in Non-Cash Working Capital Items: 25,674,091
Net change in accounts receivable and prepayments (5,340,739)

Net change in accounts payable and accruals 2,274,536
Cash provided by operating activities 22,607,888
Cash Flows from Investing Activities:

Net change in loans to members (315,581,141)
Net change in investment properties (12,680,653)
Net change in fixed assets (11,607,995)
Net change in lease asset (322,422)
Net change in short-term investments (54,905,377)
Net change in long-term investments (60,055,858)
Cash used in investing activities (455,153,446)
Cash Flows from Financing Activities:

Dividends paid (17,768,814)
Net change in funds 77,211,050
Net change in members’ shares 360,619,648
Net change in members’ deposits 33,658,377
Addition to lease liability 322,422
Interest portion of lease payments (24,182)
Principal portion of lease payments (38,593)
Cash provided by financing activities 453,979,908
Net change in cash resources 21,434,350
Cash and cash equivalents, beginning of year -
Cash and cash equivalents, end of year $ 21,434,350
Represented by:
Cash and cash equivalents $ 21,434,350
67
Notes to the Financial Statement

31 December 2023
1. Principal Business Activities:
Clico Credit Union Co-operative Society Limited is registered under the Co-operative Societies Act Ch:
81:03. Its objectives are to promote the economic welfare, self-help and co-operation of its members
and to promote the development of co-operative ideas. Its registered office is located at #33 Edward
Street, Port of Spain. The financial statements of its fully owned subsidiary, CCU Insurance Company
Limited, incorporated in Trinidad and Tobago on 15 September 2023, are included in these consolidated
statements.
2. Material Accounting Policies:

a) Basis of consolidated financial statements preparation -
These consolidated financial statements are prepared in accordance with International Financial
Reporting Standards (IFRSs) and are stated in Trinidad and Tobago dollars’ rounded to the nearest
whole dollar. These consolidated financial statements have been prepared on the historical cost
basis, except for the measurement at fair value of investment securities.
b) Basis of consolidation -
The consolidated financial statements incorporate the financial statements of Clico Credit Union
Co-operative Society Limited and its wholly owned subsidiary, CCU Insurance Company Limited, to-
gether referred to as the Group. The credit union has the power to govern the financial and operating
policies of CCU Insurance Company Limited so as to obtain benefits from its activities. as to obtain
benefits from its activities.
The results of CCU Insurance Company Limited are included in the consolidated Statement of Com-
prehensive Income from the date of incorporation. Where necessary, adjustments are made to the
financial statements of CCU Insurance Company Limited to bring the accounting policies used in line
with those used by Clico Credit Union Co-operative Society Limited.
All inter-company transactions and balances have been eliminated on consolidation.
c) Use of estimates -
The preparation of consolidated financial statements in conformity with IFRSs requires the use of
certain critical accounting estimates and requires management to exercise its judgment in the pro-
cess of applying the Group’s accounting policies. It also requires the use of assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the consolidated financial statements and the reported amounts of revenues and expenses
during the reporting period. Although these estimates are based on management’s best knowledge of
current events and actions, actual results may ultimately differ from those estimates.
68
2. Material Accounting Policies (Cont’d):

(d) New Accounting Standards and Interpretations -

The Group has not applied the following standards, revised standards and interpretations that have
been issued but are not yet effective as they either do not apply to the activities of the Group or have
no material impact on its consolidated financial statements:

IFRS 4 Insurance Contracts - Amendments regarding IFRS 17 and the extension of the
temporary exemption from applying IFRS 9 (effective for accounting periods
beginning on or after 1 January 2023).
IFRS 17 Insurance Contracts (effective for accounting periods beginning on or after 1 January
2023).
IFRS 17 Insurance Contracts – Amendments to address concerns and implementation

challenges that were identified after IFRS 17 was published in 2017 (effective for
accounting periods beginning on or after 1 January 2023).
IAS 1 Presentation of Financial Statements - Amendments regarding the classification of

liabilities as current and non-current (effective for accounting periods beginning on or
after 1 January 2023).
IAS 1 Presentation of Financial Statements - Amendments regarding non-current liabilities

with covenants (effective for accounting periods beginning on or after 1 January
2024).
IAS 7 Statement of Cash Flows – Amendments to address disclosure requirements

to enhance the transparency of supplier finance arrangements and their effects on
a company’s liabilities, cash flows and exposure to liquidity risk (effective for
accounting periods beginning on or after 1 January 2024).
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors - Amendments

regarding the definition of accounting estimates (effective for accounting periods
beginning on or after 1 January 2023).
IAS 12 Income Taxes - Amendments regarding deferred tax on leases and decommissioning
obligations (effective for accounting periods beginning on or after 1 January 2023).
IAS 12 Income Taxes – Amendments to introduce an exception to the requirements in the

standard that an entity does not recognise and does not disclose information
about deferred tax assets and liabilities related to the OECD pillar two income taxes
(effective for accountability periods beginning on or after 1 January 2023).
69

e) Property, plant and equipment -

Property, plant and equipment are stated at historical cost less accumulated depreciation.
Depreciation is provided on the straight-line basis.
The following rates considered appropriate to write-off the assets over their estimated useful lives are
applied:
Building - 2%
Office equipment - 10%
Computer equipment - 20%
Furniture and fittings - 5-20%
Security system - 20%
Building improvements - 2%
Motor vehicle - 20%
Leasehold improvements - 33 1/3%
No depreciation is provided on freehold land and capital work-in-progress.
Increases in the carrying amount arising on revaluation of land and buildings are credited to Capital
Revaluation Reserve in Shareholders’ Equity. Decreases that offset previous increases of the same
asset are charged against other reserves directly in equity; all other decreases are charged to the
Statement of Comprehensive Income. Each year the difference between depreciation based on the
revalued carrying amount of the asset charged to the Statement of Comprehensive Income and
depreciation based on the asset’s original cost is transferred from Capital Revaluation Reserve to
Undivided Earnings. When revalued assets are sold, the amounts included in Other Reserves are
transferred to Undivided Earnings.
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each
reporting date. An asset’s carrying amount is written down immediately to its recoverable amount if
the asset’s carrying amount is greater than its estimated recoverable amount.
An independent valuation of the credit union’s property located at #33 Edward Street, Port of Spain
was done by G. A. Farrell and Associates Limited as at 2 November 2016. The valuation report
submitted by the valuator indicated that the market value of the property was $10 million, which was
$2,260,069 less than the net book value recorded by the credit union. The credit union amended the
value of the property in its consolidated financial statements for the year ended 31 December 2016
to reflect the revaluation of its fixed assets. The loss on revaluation of fixed assets was recorded in
Statement of Comprehensive Income and amendments made to the relevant cost and accumulated
depreciation accounts under fixed assets.
70

f) Investment properties -

Properties held for long-term rental yields and capital appreciation, which is not substantially
occupied by the credit union are classified as investment properties. Investment properties are stated
at historical cost. Depreciation is provided on a straight-line basis at a rate of 2% per annum. No
depreciation is provided on freehold land.
An independent valuation of the credit union’s investment property located at Unit 7, Tobago Fairways
Villas Limited, Lowlands, Tobago was done by G. A. Farrell and Associates Limited as at 8 March
2018. The valuation report submitted by the valuator stated that the market value of the investment
property was $2.5 million, which was $333,806 less that the value recorded by the credit union.
The credit union amended the value of the investment property in its consolidated financial
statements for the year ended 31 December 2018 to reflect the impairment of the investment
property. The impairment loss was recorded in the Statement of Comprehensive Income.
An independent valuation of the credit union’s investment property located at Parcel B, Mount Irvine
Road, Mount Irvine, Tobago was done by G.A. Farrell and Associates Limited as at 8 February 2019.
The valuation report submitted by the valuator stated that the market value of the investment property
was $4.5 million.
An independent valuation of the credit union’s car park located at #31 Edward Street, Port of Spain
was done by Brent Augustus & Associates Ltd as at 2 August 2020. The valuation report submitted
by the valuator stated that the market value of the car park was $6 million, which was $456,516 less
than the value recorded by the credit union.
The credit union amended the value of the investment property in its consolidated financial
statements for the year ended 31 December 2020 to reflect the impairment of the investment
property. The impairment loss was recorded in the Statement of Comprehensive Income.
71

g) Financial Instruments -

All recognised financial assets that are within the scope of IFRS 9 are required to be subsequently
measured at amortised cost or fair value on the basis of:
(i) the entity’s business model for managing the financial assets; and
(ii) the contractual cash flow characteristics of the financial assets.
The Group reassesses its business models each reporting period to determine whether they have
changed. No such changes have been identified for the current year.
Principal is the fair value of the financial asset at initial recognition. Interest is consideration for the
time value of money and for credit and other risks associated with the principal outstanding. Interest
also has a profit margin element.
Initial measurement
All financial instruments are initially measured at the fair value of consideration given or received.
The Group measures fair values in accordance with IFRS 13, which defines fair value as the price
that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. The Group uses a fair value hierarchy that categorises
valuation techniques into three levels:
(i) Level 1 inputs are quoted prices in active markets for identical assets or liabilities.
Assets and liabilities are classified as Level 1 if their value is observable in an active
market. The use of observable market prices and model inputs, when available,
reduces the need for management judgement and estimation, as well as the
uncertainty related with the estimated fair value.
(ii) Level 2 inputs are inputs other than quoted prices that are observable for the asset or
liability, either directly or indirectly. Level 2 inputs include quoted prices for similar
assets or liabilities in active markets; quoted prices for identical or similar assets
or liabilities in markets that are not active; and inputs other than quoted prices that
are observable for the asset or liability.
(iii) Level 3 inputs are unobservable inputs. Assets and liabilities are classified as Level 3
if their valuation incorporates significant inputs that are not based on observable
market data.
72

g) Financial Instruments (cont’d) -

Subsequent measurement
Those financial assets such as members’ loans and receivables, which are held within a business
model with the sole objective of collecting contractual cash flows which comprise principal and
interest only, are subsequently measured at amortised cost. Gains/losses arising on remeasurement
of such financial assets are recognised in profit or loss as movements in Expected Credit Loss. When
a financial asset measured at amortised cost is derecognised, the gain/loss is reflected in profit or
loss.
Those financial assets such as bonds, which are held within a business model with the objectives of
(i) collecting contractual cash flows which comprise principal and interest only, as well as (ii) selling
the financial assets, are subsequently measured at Fair Value Through Other Comprehensive Income
(FVTOCI). Gains/losses arising on remeasurement of such financial assets are recognised in OCI as
‘Items that may be reclassified subsequently to P&L’ and are called ‘Net FV gain/(loss) on financial
assets classified as at FVOCI’.
All other financial assets are subsequently measured at Fair Value Through Profit and Loss (FVTPL),
except for equity investments, which the Group has opted, irrevocably, to measure at FVTOCI. Gains/
losses arising on remeasurement of such financial assets are recognised in profit or loss as ‘Net FV
gain/(loss) on financial assets classified at FVTPL’. When a financial asset measured at FVTOCI is
derecognised, the cumulative gain/loss previously recognised in OCI is reclassified from equity to
profit or loss.
Gains/losses arising on remeasurement of equity investments, which the Group has opted,
irrevocably, to measure at FVTOCI, are recognised in OCI as ‘Items that may not be reclassified
subsequently to P&L’ and are called ‘Net FV gain/(loss) on equity financial assets classified as at
FVOCI’. When an equity investment measured at FVTOCI is derecognised, the cumulative gain/loss
previously recognised in OCI is not subsequently reclassified to profit or loss but instead, transferred
within equity.
Reclassification
If the business model under which the Group holds financial assets changes, the financial assets
affected are reclassified accordingly from the first day of the first reporting period following the
change in business model. Equity instruments which the Group opted to treat at FVTOCI cannot be
reclassified.
73


Impairment
Financial assets at amortised costs are impaired at one of two levels:
(i) Twelve-month Expected Credit Loss (ECL) – These are losses that result from default
events that are possible within twelve months after the reporting date. Such financial
assets are at ‘Stage 1’.
(ii) Lifetime ECL - These are losses that result from all possible default events over the
life of the financial instrument. Such financial assets are at ‘Stage 2’ or ‘Stage 3’.
A loss allowance for full lifetime ECL is required for a financial instrument if the credit risk on that
financial instrument has increased significantly since initial recognition. For all other financial
instruments, ECLs are measured at an amount equal to the twelve-month ECL.
ECL is a probability-weighted estimate of the present value of credit losses, measured as the present
value of the difference between (i) the cash flows due to the Group under contract; and (ii) the cash
flows that the Group expects to receive, discounted at the asset’s effective interest rate.
Performing financial assets – Stage 1
For performing assets and those expected to perform normally, the loss allowance is the 12-month
expected credit loss and is done immediately at initial recognition of asset.
Significant increase in credit risk – Stage 2
When an asset becomes 30 days past due, the Group considers that a significant increase in credit
risk has occurred and the asset is deemed to be at Stage 2 and the loss allowance is measured as
the lifetime ECL.
74


Credit-impaired financial assets – Stage 3
A financial asset is ‘credit-impaired’ when events that have a detrimental impact on the estimated
future cash flows of the financial asset have occurred. Credit-impaired financial assets are referred to
as Stage 3 assets. Evidence of credit-impairment includes observable data about one or more of the
following events:
(i) significant financial difficulty of the borrower or issuer;
(ii) a breach of contract such as a default or past due event;
(iii) granted to the borrower of a concession that the lender would not otherwise
consider;
(iv) the disappearance of an active market for a security because of financial difficulties;
or
(v) the purchase of a financial asset at a deep discount that reflects the incurred credit
losses.
The Group assesses whether debt instruments that are financial assets measured at amortised cost
are credit-impaired at each reporting date. There is a rebuttable presumption that financial assets
that are in defaulted for more than ninety (90) days are credit impaired. The Group also considers a
financial asset to be credit impaired if the borrower is unlikely to pay its credit obligation. To determine
this, the Group takes into account both qualitative indicators such as unemployment, bankruptcy,
divorce or death and quantitative indicators, such as overdue status. The Group used its historical
experience and forward-looking information that is available without undue cost or effort. If there has
been a significant increase in credit risk the Group will measure the loss allowance based on lifetime
rather than twelve-month ECL.
75


Modification and Derecognition of Financial Assets
The Group renegotiates loans to customers in financial difficulty to maximise collection and minimise
the risk of default. This occurs particularly where, although the borrower made all reasonable efforts
to pay under the original contractual terms, there is a high risk of default or default has already
happened. The revised terms usually include an extension of the maturity of the loan, changes to
the timing of the cash flows of the loan and /or a reduction in the amount of cash flows due. When a
financial asset is modified, the Group assesses whether this modification results in derecognition of
the original loan, such as when the renegotiation gives rise to substantially different terms.
In the case where the financial asset is derecognised, the new financial asset will have a loss
allowance measured based on twelve-month ECL. If, however, there remains a high risk of default
under the renegotiated terms, the loss allowance will be measured based on lifetime ECL.
When the modification does not result in derecognition, the Group will measure loss allowance at an
amount equal to lifetime ECL.
Write-off
Loans and receivables are written off when the Group has no reasonable expectations of recovering
the financial asset, for example, when the Group determines that the borrower does not have assets
or sources of income that could generate sufficient cash flows to repay. A write-off constitutes a
derecognition event. Subsequent recoveries resulting from the Group’s enforcement activities will
result in gains.
Financial liabilities
Since the Group does not trade in financial liabilities, and since there are no measurement or
recognition inconsistencies, all financial liabilities are initially measured at fair value, net of transaction
costs and subsequently, at amortised cost using the effective interest method. The effective interest
rate is the rate that exactly discounts estimated future cash payments through the expected life of the
financial instrument to the net carrying amount on initial recognition. Financial liabilities recognised at
amortised cost are not reclassified.
76


Measurement of ECL
The key inputs used for measuring ECL are:
(i) probability of default (PD);
(ii) loss given default (LGD); and
(iii) exposure at default (EAD).
The Group measures ECL on an individual basis, or on a collective basis for portfolios of loans that
share similar economic risk characteristics. The Group’s financial instruments are grouped on the
basis of shared risk characteristics, such as:
(i) credit risk grade;
(ii) collateral type;
(iii) date of initial recognition;
(iv) remaining term to maturity;
(v) industry;
(vi) geographic location of the borrower;
(vii) income bracket of the borrower; and
(viii) the value of collateral relative to the financial asset.
The groupings are reviewed on a regular basis to ensure that each grouping is comprised of
homogenous exposures.
77


Measurement of ECL (cont’d)
An analysis of the Group’s credit risk exposure without taking into account the effects of collateral is
provided in the following tables. The amounts in the table represent gross carrying amounts.
Stage 1 Stage 2 Stage 3

Loans 12 month Lifetime Lifetime Total
ECL ECL ECL
Low risk $ 274,901,402 $ 9,342,523 $ 1,998,776 $ 286,242,701

Medium Risk 13,338,150 5,433,057 659,609 19,430,816
Substandard - 5,754,657 2,035,817 7,790,474
Doubtful - 571,936 2,439,350 3,011,286
Impaired - 173,051 24,164,298 24,337,349
Total gross carrying amount $ 288,239,552 $ 21,275,224 $ 31,297,850 $ 340,812,626
The table below analyses the movement of the loss allowance on loans to members at amortised cost
during the year.
Stage 1 Stage 2 Stage 3 Total

Loss allowance, beginning of
year $ - $ - $ - $ -
Loss allowance attributable to

the Parent at the beginning of 3,261,745 861,925 21,107,815 25,231,485
the year
Transfer to stage 1 (150,359) 183,784 466,548 499,973
Transfer to stage 2 26,378 (372,110) 1,359,123 1,013,391
Transfer to stage 3 1,051 7,470 (281,695) (273,174)
Increases/decreases due to
(1,832,888) (400,944) (2,991,179) (5,225,011)
changes in credit risk
Write-offs - - - -
Loss allowance on new loans 1,677,873 137,769 437,308 2,252,950
Loss allowance on
- - - -
derecognised loans
Loss allowance, end of year $ 2,983,800 $ 417,894 $ 20,097,920 $ 23,499,614
78


Collateral held as security
The Group holds the following types of collateral to mitigate credit risk associated with financial
assets:
General loans Shares/deposits

Mortgage lending * Deed of Mortgage on property
Vehicle loans Deed of Mortgage on vehicles
*The Group holds residential properties as collateral for the mortgage loans it grants to its members.
The value of the collateral for residential mortgage loans is typically based on the collateral value
at origination, updated based on changes in house prices. For credit-impaired loans, the value of
collateral is based on the most recent appraisals.
Assets obtained by taking possession of collateral
The Group obtained the following assets during the year by taking possession of collateral held as
security against loans held at the year end. The Group’s policy is to realise collateral on a timely
basis.
Property -
Shares -
Other -
Total assets obtained by taking possession of collateral -
While cash and cash equivalents are also subjected to the impairment requirements of IFRS 9, the
identified impairment loss was immaterial.
79

h) Leases -
A contract or parts of contracts, that conveys the right to control the use of an identified asset for a
period of time in exchange for payments to be made to the owners (lessors) are accounted for as
leases. At the commencement of a lease contract, a right-of-use asset and a corresponding lease
liability are recognised, unless (a) the lease term is twelve (12) months or less; and/or (b) lease
for which the underlying asset is of low value. The commencement date of a lease is the date the
underlying asset is made available for use. The lease liability is measured at an amount equal to the
present value of the lease payments during the lease term that are not paid at that date. The lease
liability includes contingent rentals and variable lease payments. Lease payments are discounted
using the interest rate implicit in the lease. If that rate is not readily available, the incremental
borrowing rate is applied.
Right-of-use assets are subject to existing impairments as set out in Property, Plant and Equipment.
See Note 2 (e).
i) Provisions -
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive
obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be
required to settle the obligation.
j) Income -
Loan Interest
Interest charged on all loans to members is calculated at a maximum of 1.5% per month on the
outstanding balance at the end of each month and is accounted for on the accrual basis.
Non-performing loans are amounts for which interest no longer continues to be accrued and taken
into income on an ongoing basis because there is doubt as to the recoverability of the loans.
Income from non-performing loans is taken into income on a cash basis, but only after prior specific
provisions for losses have been made. For non-performing loans, specific provisions are made for
the unsecured portion of the loan. 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 IAS 18.
80

k) Dividends/interest rebates payable to members -
Dividends are computed on the basis of the average value of shares in issue throughout the year, the
average being determined on the basis of the value of shares held at the end of each day. Interest
rebates will be computed on the basis of total interest paid by the member during the financial year.
l) Foreign currency -
Monetary assets and liabilities denominated in foreign currencies are expressed in Trinidad and
Tobago dollars at rates of exchange ruling at the reporting date. All revenue and expenditure
transactions denominated in foreign currencies are translated at the average rate and the resulting
profits and losses on exchange from these trading activities are recorded in the Statement of
Comprehensive Income.
3. Financial Risk Management:

Financial risk factors
The Group’s activities are primarily related to the use of financial instruments. The Group accepts funds
from members and earns interest by investing in equity investments, and on-lending to members at higher
interest rates.
Financial Instruments
The following table summarizes the carrying amounts and fair values of the Group’s financial assets and
liabilities:
2023
Carrying Fair
Value Value
Financial Assets
Cash and cash equivalents $ 21,434,350 $ 21,434,350
Investments 114,483,640 114,483,640
Accounts receivable and prepayments 2,263,542 2,263,542
Accrued interest income 3,077,197 3,077,197
Loans to members 317,343,349 317,343,349
Financial Liabilities
Accounts payable and accruals 2,274,536 2,274,536
Members’ deposits 33,658,377 33,658,377
Members’ shares 360,619,648 360,619,648
Lease liability 283,829 283,829
81
3. Financial Risk Management (Cont’d):
The Group is exposed to interest rate risk, credit risk, liquidity risk, currency risk, operational risk,
compliance risk and reputation risk arising from the financial instruments that it holds. The risk
management policies employed by the Group 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 instrument will
fluctuate because of changes in market interest rates.
The Group is exposed to interest 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 financial services and
monitoring market conditions and yields.
i) Bonds
The Group 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 interest rates.
The market values of the floating rate bonds are sensitive to changes in interest rates. The
longer the maturity of the bonds, the greater is the sensitivity to changes in interest rates.
ii) Loans
The Group generally invests in fixed rate loans for terms not exceeding eight years. These
are funded mainly from member deposits and shares.
iii) Interest rate sensitivity analysis
The Group’s exposure to interest rate risk is summarized in the table below, which analyses
assets and liabilities at their carrying amounts categorized according to their maturity dates.
82

a) Interest rate risk (cont’d) -
2023
Effective Up to 1 to Over Non-Interest

Rate
Total
1 year 5 years 5 years Bearing
Financial Assets
Cash and cash equivalents 0.00% $ - $ - $ - $ 21,434,350 $ 21,434,350

Short-term investments 1.59% 54,905,377 - - - 54,905,377
Accounts receivable and
0.00% - - - 5,340,739 5,340,739
Prepayments
Long-term investments 2.16% - 32,570,634 27,007,629 - 59,578,263
Loans to members 0.98% 1,888,145 129,940,084 185,515,120 - 317,343,349
$ 56,793,522 $ 162,510,718 $ 212,522,749 $ 26,775,089 $ 458,602,078
Accounts payable and
0.00% $ - $ - $ - $ 2,274,536 $ 2,274,536
accruals
Members’ deposits 2.73% 32,100,143 1,558,234 - - 33,658,377
Lease liability 7.50% 167,038 116,791 - - 283,829
$ 32,267,181 $ 1,675,025 $ - $ 2,274,536 $ 36,216,742
b) Credit risk -
Credit risk arises when a failure by counter parties to discharge their obligations could reduce the
amount of future cash inflows from financial assets on hand at the reporting date. The Group relies
heavily on a written Loan Policy Manual, which sets out in detail the current policies governing the
lending function and provides a comprehensive framework for prudent risk management of the credit
function. Adherence to these guidelines is expected to communicate the Group’s lending philosophy;
provide policy guidelines to team members involved in lending; establish minimum standards for
credit analysis, documentation, decision making and post-disbursement administration; as well as
create the foundation for a sound credit portfolio.
The Group’s loan portfolio is managed and consistently monitored by the Credit Committee and
is adequately secured by collateral and where necessary, provisions have been established for
potential credit losses on delinquent accounts. Cash balances are held with high credit quality
financial institutions and the Group has policies to limit the amount of exposure to any single financial
institution. The Group also actively monitors global economic developments and government policies
that may affect the growth rate of the local economy.
Cash balances are held with high credit quality financial institutions and the Group has policies to limit
the amount of exposure to any single financial institution.
The Group also actively monitors global economic developments and government policies that may
affect the growth rate of the local economy.
83

b) Credit risk (cont’d) -
Credit risk management
The credit committee is responsible for managing the Group’s credit risk by:
(i) ensuring that the Group has appropriate credit risk practices, including an effective system
of internal control, to consistently determine adequate allowances in accordance with the
Group’s policies and procedures, IFRSs and relevant supervisory guidance.
(ii) identifying, assessing and measuring credit risk across the Group, from an individual financial
instrument to the portfolio level.
(iii) creating credit policies to protect the Group against the identified risks, including the obtaining
collateral from borrowers, performing robust ongoing credit assessment of borrowers, and
continually monitor exposures.
(iv) as far as possible, limiting concentrations of exposure by type of loan, industry, credit rating,
geographic location, etc.
(v) establishing a robust control mechanism for loan approval.
(vi) categorising exposures according to the degree of risk of default.
(vii) developing and maintaining processes for measuring ECL.
(viii) providing guidance to promote best practice in the management of risk.
The internal audit function performs regular audits making sure that the established controls and
procedures are adequately designed and implemented.
Significant increase in credit risk
The Group presumes that the credit risk on a financial asset has increased significantly since initial
recognition when contractual payments are more than thirty (30) days past due, unless the Group
has reasonable and supportable information that demonstrates otherwise. The Group has monitoring
procedures to ensure that significant increase in credit risk is identified before default occurs.
84

c) Liquidity risk -
Liquidity risk is the risk that arises when the maturity dates of assets and liabilities do not match. An
unmatched position potentially enhances profitability, but can also increase the risk of losses. The
Group has procedures with the object of minimizing such losses such as maintaining sufficient cash
and other highly liquid current assets and by having available an adequate amount of committed
credit facilities. The Group is able to make daily calls on its available cash resources to settle financial
and other liabilities.
i) Risk management
The matching and controlled mismatching of the maturities and interest rates of assets and
liabilities are fundamental to the management of the Group. The Group employs various asset/
liability techniques to manage liquidity gaps. Liquidity gaps are mitigated by the marketable
nature of a substantial segment of the Group’s assets as well as generating sufficient cash
from new and renewed members’ deposits and shares. To manage and reduce liquidity risk the
Group’s management actively seeks to match cash inflows with liability requirements.
ii) Liquidity gap
The Group’s exposure to liquidity risk is summarized in the table below which analyses assets
and liabilities based on the remaining period from the reporting date to the contractual maturity
date.
2023
Up to 1 to Over
1 year 5 years 5 years Total
Financial Assets
Cash and cash equivalents $ 21,434,350 $ - $ - $ 21,434,350
Short-term Investments 54,905,377 - - 54,905,377
Accounts receivable and
5,340,739 - - 5,340,739
Prepayments
Long-term investments - 32,570,634 27,007,629 59,578,263
Loans to members 1,888,145 129,940,084 185,515,120 317,343,349
$ 83,568,611 $ 162,232,933 $ 212,522,749 $ 458,602,078
Accounts payable and accruals $ 2,274,536 $ - $ - $ 2,274,536
Members’ deposits 32,100,143 1,558,234 - 33,658,377
Members’ shares 360,619,648 - - 360,619,648
Lease liability 167,038 116,791 - 283,829
$ 395,161,365 $ 1,675,025 $ - $ 396,836,390
85

d) Currency risk -
Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign
exchange rates. Currency risk arises when future commercial transactions and recognized assets and
liabilities are denominated in a currency that is not the Group’s measurement currency. The Group
is exposed to foreign exchange risk arising from various currency exposures primarily with respect
to the United States Dollar. The Group’s management monitors the exchange rate fluctuations on a
continuous basis and acts accordingly.
e) Operational risk -
Operational risk is the risk derived from deficiencies relating to the Group’s information technology
and control systems, as well as the risk of human error and natural disasters. The Group’s systems
are evaluated, maintained and upgraded continuously.
f) Compliance risk -
Compliance risk is the risk of financial loss, including fines and other penalties, which arise from
non-compliance with laws and regulations of the state. The risk is limited to a significant 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 applied by the Group.
g) Reputation risk -
The risk of loss of reputation arising from the negative publicity relating to the Group’s operations
(whether true or false) may result in a reduction of its clientele, reduction in revenue and legal cases
against the Group. The Group applies procedures to minimize this risk.
86
4. Critical Accounting Estimates and Judgments:
Estimates and judgments are continually evaluated and are based on historical experience and
other factors, including expectations of future events, that are believed to be reasonable under the
circumstances. The Group makes estimates and assumptions concerning the future. However, actual
results could differ from those estimates as the resulting accounting estimates will, by definition, 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 liabilities within the next financial year are
discussed below:
Changes in accounting estimates are recognised in the Statement of Comprehensive Income in the
period in which the estimate is changed, if the change affects that period only, or in the period of the
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 significant effect on
the amounts recognised in the consolidated financial statements, are as follows:
i) Whether investments are classified as fair value through profit or loss (FVTPL), fair value
through other comprehensive income (FVOCI) or amortised cost or loans and receivables.
ii) Which depreciation method for investment properties and fixed assets are used.
iii) Business model assessment:
The Group reassesses its business models each reporting period to determine whether they
continue to be appropriate and if there need to be a prospective change to the classification
of financial assets. This assessment includes judgement regarding:
• how the performance of the assets is evaluated and measured; and
• the risks that affect the performance of the assets and how these risks are managed.
iv) Significant increase of credit risk:

The Group computes twelve-month ECL for Stage 1 assets and lifetime ECL for Stage 2 or
Stage 3 assets. An asset moves to stage 2 when its credit risk has increased significantly
since initial recognition. Assessing whether there has been a significant increase in credit risk
required judgement takes into account reasonable and supportable forward-looking
information.
v) Establishing groups of assets with similar credit risk characteristics:

When ECL is measured on a collective basis, the financial instruments are grouped on
the basis of shared risk characteristics. The Group monitors the appropriateness of the credit
risk characteristics on an ongoing basis to assess whether they continue to be similar.
Judgement is required in determining whether and when to move assets between portfolios.
87
4. Critical Accounting Estimates and Judgments (Cont’d):
vi) Valuation models and assumptions used:
The Group uses various valuation models and assumptions in measuring the fair value
of financial assets, as well as in estimating ECL. Judgement is applied in identifying the most
appropriate valuation model for each type of asset, as well as in determining the assumptions
to be used for each model.
The key assumptions concerning the future and other key sources of estimation uncertainty at the
reporting date (requiring management’s most difficult, subjective or complex judgements) that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year are as follows:
i) Impairment of assets
Management assesses at each reporting date whether assets are impaired. An asset is
impaired when the carrying value is greater than its recoverable amount and there is
objective evidence of impairment. Recoverable amount is the present value of the future cash
flows. Provisions are made for the excess of the carrying value over its recoverable amount.
ii) Probability of default (PD)
PD is an estimate of the likelihood of default over a given period of time, the calculation of
which includes historical data, assumptions and expectations of future conditions. PD
constitutes a key input in measuring ECL.
iii) Loss Given Default (LGD):
LGD is an estimate of the percentage loss arising on default, and is based on the difference
between the contractual cash flows due and those that the Group would reasonably expect
to receive, taking into account cash flows from collateral. It requires forecasting the future
valuation of collateral taking into account sale discounts, the time and cost associated with
realising collateral and seniority of claim. LGD is a key input in measuring ECL.
88
4. Critical Accounting Estimates and Judgments (Cont’d):
iv) Fair value measurement and valuation process
In estimating the fair value of a financial asset or a liability, the Group uses market-observable
data to the extent it is available. Where such Level 1 inputs are not available, the Group uses
valuation models to determine the fair value of its financial instruments.
v) Exposure at Default (EAD)
EAD is an estimate of the total loss incurred when a member defaults, taking into account
expected changes in the exposure after the reporting date, including repayments of principal
and interest. EAD is a key input in measuring ECL.
vi) Plant and equipment
Management exercises judgement in determining whether future economic benefits can be

derived from expenditures to be capitalised and in estimating the useful lives and residual
values of these assets.
5. Cash and Cash Equivalents:
31 December
2023
Petty cash $ 2,264
Teller cash 149
Cash and cheques in transit 129,603
Credit Card Bonus Points Certificate 1,540
Republic Bank Limited 16,888,684
First Citizens Bank Limited 4,412,110
$ 21,434,350
89
6. Short-Term Investments:
31 December
2023
Trinidad and Tobago Unit Trust Corporation:
- TTD Income Fund $ 47,173
- USD Income Fund 153,015
Home Mortgage Bank:

- Mortgage Participation Fund 1,641,169
Guardian Asset Management Limited:

- Income Fund 2,573,146
Other:
- Bourse Securities Limited
• Repurchase Agreement 3,000,000
- JMMB Investments (Trinidad and Tobago) Limited
• Repurchase Agreement -
Financial Assets at Fair Value through Other Comprehensive Income

Shareholdings:
• Clico Investment Fund -
• National Investment Fund -
Fixed Deposit:
• Trinidad Buildings and Loans Association 3,026,592
• NCB Merchant Bank (Trinidad and Tobago) Limited 3,000,000
• Massy Finance GFC Limited 5,000,000
Other:
- KCL Capital Market Brokers Limited
• Investment Advisory and Asset Management Agreement -
• Participation Certificate 6,134,489
• Participation Certificate 692,031
• Participation Certificate 1,416,574
Balance carried forward $ 28,684,189
90
6. Short-Term Investments (Cont’d):
31 December
2023
(Cont’d)
Other:
- KSMB Asset Management Limited
• Structured Management Portfolio 5,000,000
• Regular Portfolio 5,000,000
- Sagicor Life Inc.

- Aspire Fund Management Limited

• Investment Advisory and Asset Management 3,000,000
Amortised Cost
Bond:
- Trinidad and Tobago Mortgage Finance Company Limited
8,137,188
TT$265 M Fixed Rate Bridge Loan
$ 54,905,377
7. Accounts Receivable and Prepayments:
31 December
2023
Accounts receivable 1,669,075
Accrued interest income 3,077,197
Prepaid expenses 573,153
Prepaid fixed assets 5,022
Commission receivable 16,292
$ 5,340,739
91
8. Long-Term Investments:
31 December
2023
Shareholdings:
- First Citizens Bank Limited $ 6,385,724
- Trinidad and Tobago NGL Limited 191,752
- Republic Financial Holdings Limited 8,727,085
- The Central Finance Facility Co-operative Society of Trinidad and 500,000
Tobago Limited
Other:
- Aspire Fund Management Limited
- Massy Finance GFC Limited
• Fixed Deposit -
- Guardian Fixed Rate Dual Tranche
• 2.75% Bond – 5 years 1,853,474
• TTMF Mortgage Backed Bonds 6,068,565
- Water and Sewerage Authority of Trinidad and Tobago
• Fixed Rate Loan 9,114,300
- KCL Capital Market Brokers Limited
• Participation Investment -
• Crest AUM Facility 3,000,000
- Sagicor Life Inc.
- NCB Merchant Bank (Trinidad and Tobago) Limited
- Waterloo Capital Advisors Limited
• HDC TT$700M Fixed Rate Loan 5,020,278
• GORTT Tranche 2 TT$400M Bond 5,105,000
- Bond
• GORTT Series 2 Fixed Rate Bond 1,077,790
Amortised Cost
Bond:
• Home Mortgage Bank 2,500,000
• UDeCOTT - $479M 7,034,295
$ 59,578,263
92
9. Loans to Members:
31 December
2023
(a) Loans granted -
Loans to members $ 340,812,626
Less: Allowance for expected credit losses (23,469,277)
$ 317,343,349
Balance brought forward $ -

Expected credit losses attributable to the Parent at the beginning 25,231,485
of the year
Reversals (1,762,208)
10. Investment Properties:

Car Park Ortanique
Villa No. 7
Edward Villa Total
Lowlands
Street Mount Irvine
Cost
Balance, 1 January 2023 $ - $ - $ - $ -
Cost attributable to the Parent at 2,500,000 6,000,000 4,500,000 13,000,000
the beginning of the year
Additions - - 519,403 519,403
Balance, 31 December 2023 $ 2,500,000 $ 6,000,000 $ 5,019,403 $ 13,519,403
Accumulated Depreciation
Balance, 1 January 2023 $ - $ - $ - $ -
Accumulated depreciation attribut-
able to the Parent at the beginning of 400,000 - 438,750 838,750
the year
Charge for the year 50,000 - 90,866 140,866
Balance, 31 December 2023 $ 450,000 $ - $ 529,616 $ 979,616
Net Book Value
Balance, 31 December 2023 $ 2,050,000 $ 6,000,000 $ 4,489,787 $ 12,539,787
In 2015, the Group purchased a parcel of land located at #31 Edward Street, Port-of-Spain. Its main purpose
is the generation of car park income for the Group and therefore classified as Investment Property under IAS
40.
In 2017, the Group entered into a nine hundred and ninety-nine (999) year lease arrangement with Tobago
Fairways Villas Limited for a property located at Villa No. 7, Lowlands, Tobago. Its main purpose is the
generation of rental income for the Group and therefore classified as Investment Property under IAS 40.
In 2019, the Group acquired the Ortanique Villa located at Parcel B, Mount Irvine Road, Mount Irvine, Tobago,
by taking possession of collateral held as security against a loan. Its main purpose is the generation of rental
income for the Group and therefore classified as Investment Property under IAS 40.
93
11. Fixed Assets:
31 December 2023
Freehold Office
Building
Property Equipment
Cost
Balance, 1 January 2023 $ - $ - $ -
Cost attributable to the Parent at the
5,000,000 5,000,000 580,455
beginning of the year
Additions - 24,422 36,270
Disposals - - (59,737)
Balance, 31 December 2023 5,000,000 5,024,422 556,988
Balance, 1 January 2023 - - -
Accumulated depreciation attributable to the
- 1,091,667 362,639
Parent at the beginning of the year
Charge for the year - 100,285 52,454
Disposals - - (51,994)
Balance, 31 December 2023 - 1,191,952 363,099
Net Book Value
Balance, 31 December 2023 $ $5,000,000 $ 3,832,470 $ 193,889
94
Computer Security Motor Piarco Office

Furniture
Assets and Total
Equipment and Fittings System Vehicle Infrastructure
$ - $ - $ - $ - $ - $ -
3,138,427 2,291,729 190,295 566,000 - 16,766,906
588,515 124,056 - - 271,323 1,044,586

(178,115) (50,347) - - - (288,199)
3,548,827 2,365,438 190,295 566,000 271,323 17,523,293
- - - - - -
2,682,980 1,766,288 110,490 189,433 - 6,203,497
253,121 92,614 16,232 89,900 23,061 627,667

(157,144) (36,334) - - - (245,472)
2,778,957 1,822,568 126,722 279,333 23,061 6,585,692
$ 769,870 $ 542,870 $ 63,573 $ 286,667 248,262 $ 10,937,601
95
12. Lease Asset/Liability:
With the introduction of IFRS 16 a lease that was previously recorded as an operating lease was
evaluated to establish if it was a right-of-use asset (RoUA). Opting for the modified retrospective
approach, this RoUA was measured at the amount equal to its equivalent lease liability as shown in the
table below. The lease liability was measured as the present value of the remaining lease payments –
discounted using an incremental borrowing rate of 7.50%. (Source: Central Bank of Trinidad and Tobago).
Subsequent to the initial application, depreciation was provided on a straight-line basis over the expected
term of the RoUA. Lease payments were apportioned to an interest element as well as a payment against
the discounted lease liability.
Lease Asset 2023 Property

Cost
Balance, 1 January 2023 $ -
Additions for the period 322,422
Balance, 31 December 2023 $ 322,422
Balance, 1 January 2023 $ -
Charge for the period 53,737
Balance, 31 December 2023 $ 53,737
Net Book Value

Balance, 1 January 2023 $ 268,685
Lease Liability 2023

Balance, beginning of the year $ -
Additions 322,422
Payments (38,593)
Balance, end of the year $ 283,829
Current portion 167,038

Non-current portion 116,791
$ 283,829
96
13. Accounts Payable and Accruals:
31 December
2023
Insurance payable $ 277,740
Vacation leave payable 111,303
Medical plan payable 9,037
Members’ payroll 768,684
Non-members accounts 73,482
Staledated cheques 23,568
Sundry payables 1,010,722
$ 2,274,536
14. Members’ Shares:
According to the By-Laws of CLICO Credit Union Co-operative Society Limited, the capital of the Society
may be composed of an unlimited number of shares of $5 each. In accordance with International
Financial Reporting Interpretation (IFRIC) Interpretation 2, redeemable shares have been treated as
liabilities.
15. Capital Revaluation Reserve:
This reserve consists of the surplus from the revaluation of the group’s motor vehicles done by an
independent valuator.
16. Education Fund:
The Board of Directors has set aside at the end of the year an amount to the Education Fund of 1% of
the net surplus for the year, after making provision for the Reserve Fund. This fund is to be used for the
educational purpose of its members.
17. Reserve Fund:
In accordance with the Co-operative Societies Act, 1971, Section 47 (2) and Bye-Law 19 (5) of the credit
union, at least 10% of the total comprehensive income for the year of the Society is to be charged to the
Reserve Fund.
18. Investment Re-measurement Reserve:
In accordance with IAS 39, the Board of Directors has created an investment re-measurement reserve
which includes the unrealised gains/losses on investments securities.
97
19. Related Party Transactions:
Parties are considered to be related if one party has the ability to control the other party or exercise
significant influence over the other party in making financial decisions.
Key management personnel are those persons having the authority and responsibility for planning,
directing and controlling the activities of the Group.
A number of transactions are entered into with related parties in the normal course of business. These
transactions were carried out on commercial terms at market rates.
Balances and transaction with related parties and key management personnel during the year were as
follows:
31 December
2023
Assets, Liabilities and Members’ Equity
Loans and other receivables
Directors, committee members, key management
$ 1,071,288
personnel and close family members
Shares, deposits and other liabilities

$ 3,745,849
Interest and other income

$ 149,183
Interest and other expenses

$ 120,418
Key management compensation

Short-term benefits $ 2,535,048
Post employment benefits 162,514
$ 2,697,562
98
20. Dividends:
The Board of Directors has proposed a dividend of 4.5% and a rebate of 7.5% for the year ended 31
December 2023. The dividend, amounting to $14,997,766 and the rebate, amounting to $2,606,472 are
not recorded as a liability in the Statement of Financial Position in accordance with IAS 10.
21. Fair Values:
Fair value is the amount for which an asset could be exchanged, or a liability settled between
knowledgeable, willing parties in an arm’s length transaction. The existence of published price quotation
in an active market is the best evidence of fair value. Where market prices are not available, fair values
are estimated using various valuation techniques, including using recent arm’s length market transactions
between knowledgeable, willing parties, if available, current fair value of another financial instrument that
is substantially the same and discounted cash flow analysis.
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 of the
fair values because of their short-term nature.
b) Members’ loans -
Loans are net of specific provisions for losses. These assets result from transactions
conducted under typical market conditions and their values are not adversely affected by
unusual terms. The inherent rates of interest in the portfolio approximate market conditions
and yield discounted cash flow values which are substantially in accordance with financial
statement amounts.
c) Investments -
The fair values of investments are determined on the basis of quoted market prices available
at 31 December 2023.
d) Members’ deposits -
Members’ deposits bear interest at rates that are not significantly different from current rates
and are assumed to have discounted cash flow values which approximate carrying values.
99
22. Capital Risk Management:
The Group manages its capital to ensure that it will be able to continue as a going concern while
maximising the return to members, whilst providing value to its members by offering loan and savings
facilities. The Group’s overall strategy remains unchanged from previous years.
The capital structure of the Group consists of equity attributable to members, which comprises issued
members shares, reserves and undivided earnings.
23. Net Interest Income:
31 December
2023
Interest income:
Interest on loans $ 36,041,898
Investment income 4,330,803
40,372,701
Interest expense:
Members deposit interest (919,845)
$ 39,452,856
24. Non-Interest Income:

31 December
2023
Car park rental income $ 46,330
Commission on insurance business 229,505
Early pay-off penalty 851,471
Loan processing fees 1,632,682
Family Indemnity Plan income 61,472
Membership fees 5,775
Other fee income 32,569
Tobago Villa rental income 423,450
Share withdrawal fees 285,229
Letter request income 19,245
$ 3,587,728
100
25. Administrative Expenses:
31 December
2023
Anniversary celebration $ 16,681
Annual General Meeting 273,874
Co-operative activities 53,100
Credit Union Month expenses 75,080
Depreciation 768,533
Depreciation – Right of Use (ROU) 53,737
Entertainment 3,671
Gift expenses 7,788
Interest and bank charges 132,846
Lease interest 24,182
Loss on disposal of fixed assets 42,727
Miscellaneous (99)
Professional fees 462,295
Refreshment for meetings 15,398
Travelling and parking 3,743
$ 1,933,556
26. Insurance:
31 December
2023
Group health $ 108,127
Group life savings 3,222,518
Other insurances 126,366
$ 3,457,011
101
27. Expected Credit Losses:
31 December
2023
Attributable to –
Loans to members $ (1,762,208)
28. Operating Expenses:

31 December
2023
Advertising and promotion $ 87,734
Cleaning 132,822
Computer 786,620
Credit Chex expense 143,439
Education Committee expenses 122,694
Electricity 138,346
Green Fund Levy 132,233
Honoraria 325,278
LinCU 81,000
Marketing Committee expenses 129,335
Miscellaneous 100,243
Motor vehicle expenses 40,325
Pantry 23,282
Printing and stationery 266,876
Rental expense 104,238
Repairs and maintenance 307,413
Security 323,651
Sponsorship 44,613
Telephone 126,298
Tobago Villa expenses 565,864
Water rates and taxes 4,210
$ 3,986,514
102
29. Personnel Costs:
31 December
2023
NIS – Employer’s contributions $ 483,058
Other employee benefits 305,256
Pension plan 303,615
Salaries 7,423,919
Severance benefits -
Training 362,743
$ 8,878,591
103
Statement of Financial
Assets
Position
Notes 2023 2022
Cash Resources:
Cash and cash equivalents 5 $ 20,429,441 $ 12,539,162
Short-term investments 6 54,905,377 62,969,994
Total Cash Resources 75,334,818 75,509,156
Other Assets:
Accounts receivable and prepayments 7 5,324,447 3,696,152
Due from subsidiary 8 8,375 -
Long-term investments 9 59,578,263 53,470,060
Investment in subsidiary 10 1,000,000 -
Loans to members 11 317,343,349 293,854,249
Investment properties 12 12,539,787 12,161,250
Fixed assets 13 10,937,601 10,563,409
Lease asset 14 268,685 -
Total Other Assets 407,000,507 373,745,120
Total Assets $ 482,335,325 $ 449,254,276
Liabilities and Members’ Equity

Liabilities:
Accounts payable and accruals 15 $ 2,196,620 $ 3,156,119
Lease liability 14 283,829 -
Members’ deposits 33,658,377 39,243,012
Members’ shares 16 360,619,648 329,644,095
Total Liabilities 396,758,474 372,043,226
Members’ Equity:
Capital revaluation reserve 17 166,000 166,000
Education fund 18 847,466 970,699
Reserve fund 19 32,169,954 29,508,733
Investment re-measurement reserve 20 1,879,680 2,357,275
Undivided earnings 50,513,751 44,208,343
Total Members’ Equity 85,576,851 77,211,050
Total Liabilities and Members’ Equity $ 482,335,325 $ 449,254,276
These unconsolidated financial statements were approved by the Board of Directors and authorised for issue
on 13 March 2024 and signed on their behalf by:
_____________ ______________ _________________

President Treasurer Chairman
(The accompanying notes form part of these unconsolidated financial statements)
104
Statement of Comprehensive Income

For the year ended
31 December
Notes 2023 2022
Income:
Interest income -
Net interest income 25 $ 39,452,856 $ 36,708,966
Non-interest income 26 3,524,080 4,041,003
Total Income 42,976,936 40,749,969
Expenditure:
Administrative expenses 27 1,899,806 1,730,481
Insurance 28 3,457,011 3,113,506
Expected credit losses 29 (1,762,208) (25,553)
Operating expenses 30 3,981,791 4,114,551
Personnel costs 31 8,788,326 8,215,713
Total Expenditure 16,364,726 17,148,698
Net surplus for the year 26,612,210 23,601,271
Other Comprehensive Income:

Items that may not be reclassified subsequently to profit or
loss:
Net fair value loss on financial assets classified as
(477,595) (2,341,531)
FVTOCI
Total Comprehensive Income for the year $ 26,134,615 $ 21,259,740
105
Statement of Appropriated Funds and Undivided Earnings

31 DECEMBER 2023
Capital Investment
Reserve
$ 166,000 970,699 29,508,733 2,357,275 44,208,343 77,211,050
2023
Total Comprehensive Income - - - (477,595) 26,612,210 26,134,615
Appropriations
(i) 10% to Reserve Fund - - 2,661,221 - (2,661,221) -
- 239,510 - - (239,510) -
the Education Fund
166,000 1,210,209 32,169,954 1,879,680 67,919,822 103,345,665
Adjustments:
(i) 2022 Dividends paid - - - - (17,768,814) (17,768,814)
(ii) Training - (362,743) - - 362,743 -
Balance as at 31 December
$ 166,000 847,466 32,169,954 1,879,680 50,513,751 85,576,851
2023
31 DECEMBER 2022
Capital Investment
Reserve
$ 166,000 938,785 27,148,606 4,698,806 40,156,126 73,108,323
2022
Total Comprehensive Income - - - (2,341,531) 23,601,271 21,259,740
Appropriations
(i) 10% to Reserve Fund - - 2,360,127 - (2,360,127) -
- 212,411 - - (212,411) -
the Education Fund
166,000 1,151,196 29,508,733 2,357,275 61,184,859 94,368,063
Adjustments:
(i) 2021 Dividends paid - - - - (17,157,013) (17,157,013)
(ii) Training - (180,497) - - 180,497 -
Balance as at 31 December
$ 166,000 970,699 29,508,733 2,357,275 44,208,343 77,211,050
2022
106
Statement of Cash Flows For the year ended
31 December
2023 2022
Cash Flows from Operating Activities:
Net Surplus for the year $ 26,612,210 $ 23,601,271
Items not involving cash:
Expected credit losses (1,762,208) (25,553)
Depreciation expense 768,533 667,221
Depreciation expense – ROU 53,737 -
Interest portion of lease payments 24,182 -
Loss on disposal of fixed assets 42,727 21,745
Changes in Non-Cash Working Capital Items: 25,739,181 24,264,684
Net change in accounts receivable and prepayments (1,628,295) (1,484,268)

Net change in accounts payable and accruals (959,499) 111,326
Cash provided by operating activities 23,151,387 22,891,742
Cash Flows from Investing Activities:

Net change in loans to members (21,726,892) (16,309,350)
Net change in investment properties (519,403) -
Purchase of fixed assets (1,044,586) (744,758)
Proceeds from sale of fixed assets - 10,063
Net change in investment in subsidiary (1,000,000) -
Net change in due from subsidiary (8,375) -
Net change in lease asset (322,422) -
Net change in short-term investments 8,064,617 (23,231,528)
Net change in long-term investments (6,585,798) 2,926,746
Cash used in investing activities (23,142,859) (37,348,827)
Cash Flows from Financing Activities:

Dividends paid (17,768,814) (17,157,013)
Net change in members’ shares 30,975,553 8,404,317
Net change in members’ deposits (5,584,635) 9,030,588
Addition to lease liability 322,422 -
Interest portion of lease payments (24,182) -
Principal portion of lease payments (38,593) -
Cash provided by financing activities 7,881,751 277,892
Net change in cash resources 7,890,279 (14,179,193)
Cash and cash equivalents, beginning of year 12,539,162 26,718,355
Cash and cash equivalents, end of year $ 20,429,441 $ 12,539,162
Represented by:
Cash and cash equivalents $ 20,429,441 $ 12,539,162
107
CLICO CREDIT UNION CO-OPERATIVE SOCIETY LIMITED

Projected Statement of Comprehensive Income
Projected
Schedules 2024 2023
Income:
Interest income
Interest on Loans 39,048,319 38,137,124
Investment Income 1 5,393,214 4,106,346
$ 44,441,533 $ 42,243,470
Interest Expense
Members' Deposit Interest 2 (800,000) (800,000)
Net Interest Income $ 43,641,533 $ 41,443,470
Non Interest Income

Insurance Business Commissions 500,000 400,000
Loan Processing Fees 1,757,174 1,625,000
Membership Fees 5,000 4,000
Other Fee Income 3 1,428,500 1,000,000
Total Income $ 47,332,207 $ 44,472,470
Expenditure:
Administrative Expenses 4 (2,336,244) (2,853,779)
Insurance Expenses 5 (3,741,000) (3,279,000)
Expected Credit Loss (500,000) (750,000)
Operating Expenses 6 (5,414,961) (5,615,159)
Personnel Expenses 7 (10,773,491) (9,759,915)
Total Expenditure $ (22,765,696) $ (22,257,852)
Total Comprehensive Income $ 24,566,511 $ 22,214,618
108

Schedules to Projected Statement of Comprehensive Income
Projected
2024 2023
Schedule 1: Investment Income
Income From Short Term Investments 2,244,647 1,073,452
Income From Long Term Investments 2,450,817 2,394,894
Income From Investment Properties 697,750 638,000
$ 5,393,214 $ 4,106,346
Schedule 2: Interest On Members’ Deposits

Fixed Deposits 150,000 156,000
Members' Deposits 650,000 644,000
$ 800,000 $ 800,000
Schedule 3: Other Income

Early Loan Settlement Penalty 850,000 600,000
Membership Fees 5,000 4,000
FIP Income 100,000 50,000
Commission on Insurance 500,000 400,000
Loan Processing Fees 1,757,174 1,625,000
Letter Request Fee 20,000 14,000
Share Withdrawal 280,000 336,000
Other income 178,500 -
$ 3,690,674 $ 3,029,000
109

Schedules to Projected Statement of Comprehensive Income (Cont’d)
Projected
2024 2023
Schedule 4: Adminsitrative Expenses
AGM Expenses 400,000 380,000
Anniversary Celebrations 55,000 40,000
Audit Fees 210,000 192,000
Bank Charges and Interest 132,000 114,000
Consultancy 150,000 360,000
Co-operative Activities 75,000 85,000
Credit Union Month 50,000 40,000
Disposal 6,000 6,000
Depreciation expense 957,244 950,279
Entertainment - 10,000
Legal Fees 150,000 400,000
Professional Fees 100,000 200,000
Recruitment Fees 45,000 55,500
Refreshment For Meetings - 15,000
Travelling and Parking 6,000 6,000
$ 2,336,244 $ 2,853,779
Schedule 5:Insurance Expenses

Group and Saving Loan
Protection Insurance 3,600,000 3,000,000
Motor Vehicle Insurances 15,000 15,000
Non Motor Insurances 126,000 120,000
Group Health Insurance - 144,000
$ 3,741,000 $ 3,279,000
110

Projected
2024 2023
Schedule 6: Operating Expenses
Advertising 122,146 250,000
Agency Expenses 5,500 5,500
Cleaning Supplies & Services 42,000 48,000
Compliance Expenses 21,000 36,000
Computer Repairs & Services 845,065 684,615
Credit Chex Expenses 144,000 144,000
Donations 40,000 40,000
Education Committee Expenses 125,000 100,000
Electricity 180,000 144,000
Green Fund Levy 140,000 140,000
Health & Safety 8,000 6,800
Honorarium 400,000 376,944
LinCu Expenses 81,000 81,000
Marketing Expenses 374,500 59,000
Motor Vehicle Expenses 96,600 96,600
Miscellaneous 6,000 -
Pantry Expenses 31,200 18,000
Printing & Stationery 193,200 184,400
Promotional Expenses 94,400 250,000
Rental 67,400 110,866
Repairs and Maintenance 600,100 581,914
Security Services 494,460 324,000
Sundry Expenses 45,200 65,020
Sponsorship Events 46,000 45,000
Telephone Expenses 144,000 145,000
Tobago Villa Expenses - La Coterie 307,040 290,000
Tobago Villa Expenses - Ortanique 360,150 936,000
Water & Sewerage 5,000 2,500
Office Rental 396,000 450,000
$ 5,414,961 $ 5,615,159
111

Projected
2024 2023
Schedule 7: Personnel Expenses
Employee Benefits 540,800 486,100
NIS Contributions 550,000 500,000
Pension Plan Expenses 375,000 325,000
Salaries - Management 2,985,600 2,694,240
Salaries - Staff 4,880,465 4,404,435
Salaries - bonus 1,061,457 570,420
Subsistence 6,000 6,000
Training 374,170 773,720
$ 10,773,491 $ 9,759,915
112

Capital Expenditure & Investments
Projected 2024
Information Technology:
Laptops & Computer Equipment for New Hires 56,000
Laptops for Directors 9,000
Receipt Printers 3,600
License upgrade 100,000
Cellphone for Managers 5,000
IT Equipment 80,025
Total Capital Expenditure $ 253,625
Investments:
Target Acquisitions 57,137,188
Expected Maturities (38,490,875)
Targeted Net Acquisition for FY 2024 $ 18,646,313
113
Resolutions
Dividend
Be it resolved
• That a dividend at the rate of 4.5% be declared for the year 2023 and that such sums are credited
to the Members’ accounts as requested by them.
• That if a member is delinquent at the time of dividend payment his/her entire dividend be placed
on his/her loan account.
Loan Interest Rebate
Be it resolved
• That 7.5% interest rebate with respect to loans be approved for members and that such sums be
credited to each Members’ account as requested by them.
• That if a member is delinquent at the time of loan interest rebate, his/her entire loan interest
rebate be placed on his/her loan account.
Appointment of Auditors
Be it resolved
• That the firm of PKF Chartered Accountants and Business Advisors (Trinidad) be retained as
external Auditors of the Society for the year ending 31st December 2024.
Honoraria
Be it resolved
• That the Honorarium be set at a percentage not exceeding 3% of the surplus after statutory
deductions for payment to the Board of Directors and Committee Members for the year ending
December 31st, 2023.
• That the Honoraria form part of a personal loan to members of Committees who do not attend
Training Programmes for which costs have been incurred.
114
Curry Duck Competition 2023
Nominees
Board of Directors
Alicia Gift
Alicia Gift is a retired Warrant Officer Class 1 in the Trinidad and Tobago Defence Force
(Regiment) where she served over thirty (30) years of meritorious service. She now holds
the position of Security Patrol Officer (SPO) at the Land Settlement Agency (LSA) and is
a newly installed Councillor for the Polling District of Saint Anns River North in the Port
of Spain City Corporation. She resides in Gonzales, Port of Spain and has a passion
for serving. She was elected as an alternate Director on the Clico Credit Union Board of
Directors in 2018/2019 as well as on the Education Committee. She loves the arts and was
a member of the Bon Bassa Productions performing Company. She also holds the pageant
titles of Miss Queen Size 2013, Miss Fabulous Plus 2015 and Miss Carenage Big and
Beautiful 2018. She is a servant leader and wishes to continue giving of herself in service
once given the opportunity.
Ashraff Ali
Mr. Ashraff Ali, during 1986 to 1997, held various positions at ComputerLand, CommNett
Caribbean and Prestige Holdings, before joining COLFIRE in 1997 to head the company’s
Information Technology department. He presently holds the position of Executive Director/
Chief Organisation Officer for the largest motor insurer in Trinidad and Tobago. He has
recently assumed leadership at COLFIRE and is responsible for all Executive duties at the
Company.
Mr. Ali is also currently Chairman of COLFIRE’s 100% wholly owned subsidiary, Temple
Properties Limited, a real estate management company in Trinidad and Tobago. He
previously served as a Director for a general insurer in the Turks and Caicos Islands.
Mr. Ali is the President of CLICO Credit Union and serves as Chairman of the Education
and Information Technology Steering Committees. During his career, Mr. Ali has gained
tremendous in working with the Board of Directors, management team and staff for
the companies he represents, as well as regulators, auditors, vendors and other
stakeholders. Mr. Ali has served as a Member of the Facilities Management and Product
Development Committees at COLFIRE and is currently a member of the Company’s
Investment and Audit Committees. He has been involved in people development, talent
retention, negotiating contracts with various service providers, drafting corporate policies,
compliance, business development and strategic planning.
Additionally, Mr. Ali currently plays a critical and strategic role in the continuous
development, growth and profitability of his current employers. His expertise allows him
the ability to actively engage in innovative, strategic and robust business development
initiatives, resulting in the creation of competitive advantages and sustainable growth
through people development.
His passion for Information Technology allows for a unique blend of intellectual business
development that transcends and impacts the Modern Day Corporation.
116
Ceron Richards
Ceron Richards is a Prison Supervisor (Acting) in the Trinidad and Tobago Prison Service
with thirty one (31) years experience. Mr. Richards was recently the President of the
Prison Officer’s Association and has been for the past eleven (11) years. Additionally he
is currently a member of the Board of Directors of the Occupational Health and Safety
authority of Trinidad and Tobago, and member of HR/IR Sub-Committee of the Board for
the last four (4) years.
He specializes in General Management, Security, Conflict Resolution, Safety and Security,

Occupational Health and Safety, Negotiations and Industrial Relations.
The aforementioned is accredited to his Certificate in Industrial Relations, Bachelors
Degree in Human Resource Management and Masters of Business Administration (MBA),
combined with his various work experiences Mr. Richards will be a very valuable asset and
positive contributor to Clico Credit Union’s Board of Directors.
Fred Vidale
With over forty years of dedicated advancement in the Credit Union Movement, Fred
Vidale, brings unparalleled expertise and commitment to every endeavour. Having served
on crucial committees, such as the Credit and Supervisory committees for twenty year,
Fred Vidale, possesses a deep understanding of the inner workings of CCU, cultivated
over years of hands-on experience. Fred returned to serve as a member of staff after two
decades of committee involvement and has left an indelible mark on CCU, now renowned
for their innovative and world-class approach to service delivery.
He has over 18 years of dedicated service as an employee of CCU and has been
instrumental in many CCU initiatives, notably the establishment of an office at TTDFHQ.
A graduate of CaribDE 2013, Fred Vidale combines academic rigor with practical know-
how ensuring informed decision-making and strategic foresight.
Fred Vidale, continues to serve CCU and he offers himself as a nominee to serve on the
Board of Directors, champion the credit union values, and continue to build relationships
with the members and potential members; driving meaningful progress and upholding the
interests of all members. Fred Vidale is a dedicated and visionary leader, dedicated to
shaping a brighter future for our Credit Union community.
117
Natalie Barnswell-Legall
With over two decades of experience in Internal Auditing, Ms. Natalie Barnswell-Legall
currently holds the esteemed position of Chief Audit Executive at a leading hospital. In this
role, she is responsible for developing enhanced management strategies, delivering value-
added activities, and providing consultancy services on issues affecting the institution’s
financial and operational performance.
Ms. Barnswell-Legall’s illustrious career included voluntary service on the Board of

Directors as Treasurer of Breezy Heights Management Company Ltd. and Neal and Massy
Credit Union Limited. She has also served as a consultant with the Malindi Group Ltd.,
contributing her expertise to various business endeavors.
In addition to her professional commitments, Ms. Barnswell-Legall actively participates

in industry events and initiatives. She volunteered as a Reviewer for the prestigious
Information Systems and Control Association - ISACA Awards in both 2022 and 2023,
further demonstrating her dedication to advancing the field of Internal Auditing.
Ms. Barnswell-Legall is a highly educated professional, holding a Master of Business
Administration with a specialization in Finance. She recently completed her Doctor of
Business Administration, further solidifying her expertise in the field. Additionally, she is a
Certified Information Systems Auditor (CISA) and holds designations as a Certified Quality
Auditor and a Diploma in Business Law.
Committed to making meaningful contributions to society, Ms. Barnswell-Legall actively

seeks opportunities to utilize her skills and expertise for the betterment of communities
and institutions. As a poised leader, she continues to leave a lasting impact on those she
serves.
118
Natasha Pettier
Natasha Pettier is an experienced executive and operations professional with technical
skills in Strategic Planning, Operations, Crisis Management, Underwriting, Risk
Management, and Employee Benefits.
She has the ability to oversee the operations of a company and units division of over
one hundred persons and is a strong advocate for team building activities and employee
contribution to strategy development. Committed to delivering excellent customer
experiences and cost-effective use of company resources, Natasha spends much time and
energy balancing the needs of various stakeholders to ensure that needs are evaluated
and addressed in a meaningful way.
She has spent the past 4.5 years working tirelessly on rebuilding a company which was
very close to being wound up by the country’s regulators. However, she, along with her
handpicked team worked on turning the company around, not only as a financial success,
but with critical stakeholders in her market. To achieve this, Natasha continued to be highly
motivated to set and achieve targets with the company’s strategic direction in mind.
Natasha has been a member of the Credit Union for the past 25 years since she joined
the COLFIRE team. She currently serves as the Vice President of the Credit Union and
participates and chairs committee(s) within the Credit Union. She believes in servant
leadership and actively participates on committees and Boards within the insurance
industry and beyond. She wishes to continue serving the members of the CCU by
continuing her tenure on the Board.
Ms. Pettier has a Bachelor of Laws (LL.B.), an MBA with Heriot-Watt University, UK and is
a Fellow of the Chartered Insurance Institute of London, a qualified Member of the Institute
of Risk Management, and a Health Insurance Associate. She attained her ARe designation
from The Institutes, as commitment to constant growth and development is part of her
ethos. She is an accomplished Insurance and Management professional with over 25
years’ experience.
“My views are that a strong team can make anything happen, people are your most
valuable resource and there is no substitute for hard work.
Personally, I am drawn to people who are direct and honest whilst maintaining kindness,
integrity, and personal values. People who do not shy away from difficult conversations and
are interested in the growth and development of persons around them.”
“I believe that our purpose on this Earth is to serve others and I thoroughly enjoy doing that
in all facets of my life”.
119
LIEUTENANT COLONEL (RET’D) PATRICK ANTHONY GOMEZ

B.SC., ACCA, CA, PG DIP (APPL. CRIM & POL. MGT), PG DIP BUS ADMIN, DIP LAW,
PG CERT (MECH PROJ. FIN), PG CERT (INT. TRADE FIN.) FCIPS, FCILT
A multifaceted, experienced Executive Level Professional with over 30 years, Corporate

and National Service, 20 years Senior Level Military experience (Retired). General
Manager, Deputy General Manager, Director Strategic Logistics, Director Force
Transformation, Strategy and Management. Currently leading a workforce of over 1,400
employees.
Certified Chartered Accountant (ACCA, CA), Certified Procurement and Supply Specialist
(FCIPS), Certified Anti-Money Laundering and Financial Crimes Prevention Specialist
(CAMLFC), Certified Countering the Financing of Terrorism (CCFTP), Certified Logistics
and Transportation Specialist (FCILT). Specialized in Policy Implementation and Policy
Development, Strategic Management, Transformation and Change Management,
Management Accounting, Operational Planning, Resource Management, Negotiation,
Budgeting, Project Management and Financial Planning. Experienced in Government
Financial Accounting and Reporting (Joint Select Committee (JSC), Public Accounts
Committee (PAC) and Public Administration and Appropriations Committee (PAAC)).
Experienced in a unionised environment with training and certification in Labour Law
and Industrial Relations. Alumni of the University of the West Indies, University of
Cambridge (Wolfson College), University of Middlesex, University of London, University of
Bedfordshire, Naval Post Graduate University and William. J. Perry Centre for Hemispheric
Defence Studies.
120
Wendy Williams-Dyce
Wendy Williams-Dyce began her teaching career on 1st October, 1987 at the Gloster
Lodge Moravian Primary School. She served in administration for fifteen years and retired
as Principal of Valencia South Government Primary School in September 2022.
Mrs Williams-Dyce joined the Credit Union Movement in 1988. She became a member
of Clico Credit Union in 2010. She served as Chairman of the Supervisory Committee of
another credit union from 2015 to 2017 and Director of the Board from 2017 to 2022, in
the capacity of Assistant Secretary and Member of the Executive in 2020. She was also
the Chairman of the North East Regional Chapter (NERC) of the Credit Union League of
Trinidad and Tobago in 2020 and 2021.
Mrs Williams-Dyce holds a Certificate in Guidance and Counselling from the University of
the West Indies, a Bachelor’s Degree in Educational Administration from the University
of the West Indies and, a Master’s Degree in Criminology and Criminal Justice from the
University of the West Indies.
Mrs Williams-Dyce has attended Leadership Conferences of the League and also
WOCCU, the World Conference. She is a Caribbean Development Educator, CaribDe
30, and has volunteered with the Adult Literacy Tutors Association (ALTA). She is a team
player who finds joy in empowering individuals.
121
Nominees
Afeisha Burke
Afeisha currently holds the position as Claims Administrator at COLFIRE. Has been
in the General Insurance industry for the last 8 years, entering as a Customer Service
Representative in the Claims department and is pursuing Certificate in Insurance (Cert
CII). Afeisha has been a member of the Credit union for the past 8 years and is offering up
herself for the nomination for supervisory committee member.
Analdo Russell
I am stakeholder focused and results oriented, I believe in always putting forward your
best efforts for the benefit of the team and the organization. Leadership goes hand in
hand with visionary thinking as such I believe this institution is well positioned to achieve
its goals by employing the best persons who believe in success. Critical, creative and
innovative financial strategies are the key factors for success in 2024 and beyond. As such
I offer myself for service to this esteemed organization as a member of the Supervisory
Committee.
I have an MBA, BA HRM and Diploma in Industrial Relations added to these credentials I
have over twenty-six (26) years’ experience in leadership and managerial positions within
the military and civil environment. I am a problem solver, communicator and team player
and I am very used to working in a fast paced competitive environment. I stand ready and
able to support Clico Credit Union and ensure we succeed in continuing to support our
membership in achieving their goals.
Chesterfield Sealey
Chesterfield has been a member of CLICO Credit Union for the past ten (10) years. He
holds a Master of Business Administration from Anglia Ruskin University and is pursuing
Level 3 ACCA. He is currently a Senior Finance Specialist at COLFIRE.
Chesterfield has over 15 years of experience in Finance and has previously served on the
Risk Management and Credit Committees during the periods 2019-2020 and 2020-2022
respectively. He is again submitting himself to serve the Credit Union.
122
Shannon Park
Mr Shannon Park has been an enlisted member of the Trinidad and Tobago Defence Force
(Coast Guard) for the past thirteen (13) years.
As a Writer, he has supported several strategic projects in the Defence Force including
Military Community Support System (MCSS) Secretariat, the Force Development
Department and as Assistant to the Lead Protocol/Media Relations Officer on the
Conference of Defence Ministers of the Americas (CDMA) Secretariat. He is presently
attached to the Defence Force Welfare Department.
Mr Park holds a Master’s of Arts Degree in New Media, Governance and Democracy.
In 2023, Mr Park established the Caura Valley Skills Development Centre (CVSDC)
with the aim of supporting the holistic development of children in the community. As the
Programme Coordinator for the CVSDC, he is responsible for planning activities such as
supervision of homework sessions and development of socialization skills.
Mr Park has served on CCU’s Credit Committee for the past two (2) years but would like to
offer himself for a position on the Board of Directors.
Tameika Mungo
Tameika Meleisha Mungo has been a health care administrator at the Eastern Regional
Health Authority with a passion to fostering environmental experiences for staff and clients
at health facilities. With over ten (10) years’ experience in health care management, she
possesses operating knowledge in project management, finance management, human
resource
management and strategic planning to name a few. She prides herself in using her strong
interpersonal and communication skills, to achieve her deliverables.
She possesses an International Master of Business Administration from the Arthur Lok
Jack
Global School Business attached to the University of the West Indies and a Bachelor of
Business Administration with concentrations in Human Resources and Marketing from the
University of New Brunswick, Fredericton Campus, Canada. In her spare time, she enjoys
volunteering with local NGOs, reading and long-distance running.
123
Nominees
Credit Committee
Brandon Deane
My name is Brandon Deane and I am a Field Collection Officer employed with Credit Chex
Ltd. My job entails of engaging with bad paying debtors, collection of money and report
handling. I am a graduate from the College of Science, Technology and Applied Arts of
Trinidad and Tobago (COSTAATT) with an Associate Degree in Information Technology.
I am also an entrepreneur in the Hospitality Industry which gives me the opportunity to
communicate with people daily. Given the opportunity, I would like to use my skills and
experience to serve the members of CLICO Credit Union Co-operative Society Limited.
Cindy Emamdie
Working for the oldest and second largest insurance Company in Trinidad & Tobago,
namely, COLFIRE for thirty (30) years has afforded me a wealth of training and experience
in underwriting various insurance policies. My tenure at COLFIRE allowed me to work in
various Teams throughout the Company, managing direct walk-in customers to Agents/
Salesforce to VIP customers and Brokers. My priorities were focused on analysing and
building a profitable book of Business by consistently and efficiently underwriting desirable
Personal and Commercial risks for the Company.
My current role is to manage the Customer Service Teams at all five (5) locations spread
over Trinidad & Tobago. As Manager Direct Business, I am tasked with championing
delivery of exceptional customer experience with the Company; drive customer retention,
new business, and reduce churn. Mapping the customer journey and identifying
opportunities to proactively intervene on the customer’s behalf; guiding a team in effective
customer issues resolution and handling any escalations; developing listening points in
the customer journey, defining segmentation of customer base and varying strategies, and
identifying opportunities for continuous improvement are some of strengths I possess to
support my career endeavours. Within the past year, I have been involved in contributing
to COLFIRE’s strategic plans and annual operating processes.
I have served three (3) terms on CCU Supervisory Committee, which has allowed me to
have a more comprehensive knowledge of the operations of our very forward thinking and
progressive Credit Union.
I am humble to offer myself once more, now to serve as a Candidate for the Credit
Committee.
124
Darlene Chapman
Darlene has worked in the insurance industry for over 25 years. She currently holds the
position of Internal Auditor at COLFIRE for over 17 years. Prior to this she worked in the
Finance Department.
A member of the CLICO Credit Union Co-Operative Society Limited for over 30 years,
Darlene has served as the Link officer for COLFIRE where she is committed to serving the
membership to the best of her ability, always seeking their interest, and ensuring that their
needs are met, and the Credit Union rules are adhered too with due diligence.
Darlene has an ardent desire to bring her experience and commitment to the Credit Union.
Darlene has served on the Supervisory Committee for the period 2017-2018 and as Chair
of the Supervisory Committee for the period 2019-2020. She has also given her services
on the Education and Events Committee.
Darlene served on the Credit Committee for the period 2020-2023 and is offering herself
again for Service on the Credit Committee.
Gleason Garraway
Gleason is currently the Chief Financial Officer (CFO) at the Agricultural
Development Bank of Trinidad and Tobago (ADB) with over 18 years’
experience within the Finance industry. He has acted as the Chief Executive
Officer (CEO) at the bank and is responsible for improving the financial
performance of the bank by presenting timely financial data and forecasting the bank’s
future finances based upon approved strategies.
He is a member of the Institute of Chartered Accountants of Trinidad and

Tobago (ICA TT), as well as, a Fellow of the Chartered Association of Certified Accountants
(FCCA). He is a results-oriented individual who holds an MBA from the Arthur Lok Jack
Graduate School of Business and holds many certifications. Gleason is a member of the
bank’s enterprise risk management council and has overseen several capital projects
which were all delivered within scope and time.
Gleason is involved in voluntary projects that assist small businesses with

financial advice and assistance in growing strategically and sustainably.
He is highly motivated with impeccable judgement and has the ability to make sound
decisions in a dynamic and fast paced environment. All these attributes, he believes will
prove to add value to any committee within the Credit Union he is elected to serve on.
125
Joel Gonzales
Corporal Joel Gonzales has dedicated over 18 years of his life to serving in the Trinidad
and Tobago Regiment, demonstrating unwavering commitment and dedication. In addition
to his military service, he actively participates as a member of the Clico Credit Union,
contributing to the community with enthusiasm also he was an alternate member of the
credit committee. Joel recently showcased his athletic prowess by proudly representing
CCU in a recent football tournament, eagerly anticipating future opportunities to display his
skills for his credit union.
With a fervent passion for sports, football remains Joel’s primary hobby, providing him with
recreational enjoyment. Renowned for his reliability and collaborative nature, Joel is
recognized as a quick learner who thrives in team environments. He prioritizes maintaining
a healthy lifestyle through regular exercise and is currently pursuing an Associate Degree
in Management Studies to further his professional development.
Joel’s empathetic demeanor enables him to forge strong connections with others, as he
actively seeks to understand their perspectives. During his leisure time he is continuously
striving for personal growth, Joel recently obtained his Class 4 Drivers permit, underscoring
his commitment to enhancing his skill set and becoming a valuable asset in various facets
of life.
126
Kelvin Clarke
Kelvin Clarke is an extraordinary individual who brings a wealth of experience and
expertise to his various roles and endeavors. With an impressive 18 years of dedicated
service in the Trinidad and Tobago Coast Guard (TTCG), he has established himself as a
highly valued member of the team.
Mr. Clarke’s breadth of knowledge spans across multiple domains, including Security,
Diving, Occupational Health and Safety, Pharmacy Technology, Cognitive Behavioral
Therapy, Physiotherapy, and Photography. This diverse skill set showcases his remarkable
dedication to lifelong learning and personal growth.
In addition to his remarkable career in the Coast Guard, Mr. Clarke is also a shining
example of an entrepreneur. He has successfully established two businesses,
namely Don’t Say It, Print It Out and Kel.Ml Janitorial and Landscaping Solutions. His
entrepreneurial spirit exemplifies his drive and determination to create opportunities and
make a positive impact in his community.
As an instructor at Defence Lab Trinidad and Tobago, Mr. Clarke shares his knowledge and
expertise with others, imparting valuable skills and promoting personal development. This
commitment to teaching highlights his desire to empower and inspire those around him.
Throughout his professional journey, Mr. Clarke has had the privilege of serving three of
Trinidad and Tobago’s esteemed Presidents. Currently stationed at the Office of the Prime
Minister, he takes pride in providing exceptional driving and security services. His previous
role at the Office of the President allowed him to showcase his exceptional talent as a
photographer and videographer, making significant contributions to the communication
team by capturing important moments at State functions.
Beyond his professional accomplishments, Mr. Clarke is a passionate advocate for Autism.
He tirelessly champions the availability of treatment and facilities for children on the
spectrum, making a meaningful difference in their lives.
Kelvin Clarke’s impressive achievements, diverse skills, and unwavering dedication truly
make him an exceptional individual. His warm-hearted nature and commitment to making a
positive impact are inspiring to all who have the pleasure of knowing him.
127
Makell Baptiste
I, Makell Baptiste am a thirty-three (33) year old, proud member of the Trinidad and Tobago
Defence Force (Coast Guard) who had a remarkable journey thus far. Despite facing
challenges at a young age, I remained focused and determined to achieve my goals. I
have been a long-standing member of the CLICO Credit Union for over ten (10) years.
Over the years, I have accomplished one of my long-term goals by obtaining certification
in Auto Mechanics and intend to share my knowledge with others. I understand the
importance of providing a strong support system for young people to help them reach their
fullest potential via entrepreneurship and working towards owning their own business.
Currently, I am mentoring and teaching cadets in the field of Auto Mechanics at Milat
Academy; helping young men become certified in this area for job opportunities and/or
starting their own business.
I am committed to youth development and would like to build a relationship with the credit
union and my very own organization Voice of the Youths. I see this as an opportunity to
instill the importance of saving and investing in business opportunities amongst the youths
I work with and members of the credit union.
128
Vanita Pooran
Vanita Pooran a Finance Professional with over seventeen years of experience in the
areas of Accounting, Credit and Investments. Ms. Pooran has been working with the
Credit Union Movement for the past six and a half years under the umbrella of the Central
Finance Facility Cooperative Society Limited.
Prior to working with the movement, she worked for ten years in the Manufacturing
Sector in the area of accounting. In addition to her work in the Finance Field, she is an
entrepreneur and has also worked on a number of Strategic Alignment Sessions with
Gbest Consulting Company Ltd. Ms. Pooran has a Master of Business Administration
Degree as well as the FIA {ACCA} qualification.
Ms. Pooran has been a member of Clico Credit Union Co-operative Society Limited for
the last six years and believes she can add value to the Credit Union through her many
years of experience and continued learning. She served as an alternate member of the
Credit Committee for the period 2023-2024 and is once again offering her service to be
nominated on the Credit Committee.
129
Career Day 2023
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473-1348 clicocu.com
clicocu.com
Unit #6, Piarco Plaza 473-1348 clicocu.com
Embracing Change

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Core principles of a

Management & Staff 8

Minutes of the 74th Annual General Meeting 20

Board of Directors’ Report 42

Supervisory Committee Report 46

Credit Committee Report 48

Education Committee Report 52

Nominations Committee Report 56

Statement of Management Responsibilities 60

Independent Auditors’ Report 61

Statement of Financial Position (Consolidated) 64

Statement of Comprehensive Income (Consolidated) 65

Statement of Appropriated Funds and Undivided Earnings (Consolidated) 66

Statement of Cash Flows (Consolidated) 67

Consolidated Notes to Financial Statements 68

Statement of Financial Position (Unconsolidated) 104

Statement of Comprehensive Income (Unconsolidated) 105

Statement of Appropriated Funds and Undivided Earnings (Unconsolidated) 106

Statement of Cash Flows (Unconsolidated) 107

By Order of the Board of Directors

4. A member may not speak twice on the same subject except:

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

10. The Chairman is to have the right to a “casting vote”.

13. No member shall impute improper motives against another member.

2. Introduce the Election Supervisors and their Assistants.

3. Start the distribution of the ballots.

4. Explain the voting process

6. Declare the positions vacant.

7. Announcement of the outgoing officers:

8. Introduce the nominees, by name and category.

9. Declare the voting process open.

11. Declare the voting closed.

12. Announce the results of the election

13. Call for the destruction of electronic and physical ballots.

Michelle Wallace Makini Cuffie

Marcus Girdharie Rodney Smart (Retired Major General)

Reading from Left to Right

Anna Stoute / Chesterfield Sealey / Cindy Emamdie

Reading from Left to Right

Holland Bronté Tinkew

Maritza Da Silva Karen Burnett

Team Piarco Plaza

The theme of this year’s AGM is ‘Metamorphosis: Reshaping our Future’.

Why did Silicon Valley Bank and Signature Bank Collapse?

What does this mean for credit unions?

Our priority was to ensure meaningful personal member interaction.

1. We have implemented a framework for listening to our members.

2. We are exploring partnerships with FinTech instead of going it alone

3. We have adopted a future-focused mind-set regarding the needs of our membership.

We are CLICO Credit Union.

Life is beautiful, enjoy your Retirement!

Thank you for another successful year.

Minutes of the 74th Annual General Meeting

MEMBERS OF THE BOARD

Mr. Ashraff Ali President (AA)

Mr. Holland Bronté Tinkew Chief Executive Officer (HBT)

1.2 First Credential Report

2.2 Safety Briefing

3. INVOCATION/CREDIT UNION’S PRAYER

1. Call to Order/Credential Report