MCCU Annual Report - page 18

MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
18
The effects of the NDX on the Credit Union were expected to be minimized by the Organization’s
strong capital base. Therefore, the Organization’s participation in this crucial national effort
was forecasted to have limited impact on the overall viability and soundness the Organization.
CONCLUSION
In concluding, Mr. Scott said that the financial performance for the year 2012 was evidence
that the Credit Union remained a viable entity amidst the current economic challenges.
He commended the team of hardworking staff and volunteers for a job well done and also
applauded the contribution that the members have made to the success of the Credit Union.
Mr. Scott urged everyone to remain faithful, active members of this noble Institution. He said
that the Credit Union was prepared to be responsive and supportive in any way that would
be beneficial to individuals and to the corporate body. Together we can survive and even
prosper during the difficult times.
Auditor’s Report
THE AUDITOR’S REPORT WAS PRESENTED BY EXTERNAL
AUDITOR, MRS. LISA COUSINS OF PAUL GOLDSON &
COMPANY.THE REPORT WAS SUMMARIZED AS FOLLOWS:
Paul Goldson and Company had audited the financial statements of the Credit Union which
comprised the statement of financial position as at December 31, 2012, the statement of
comprehensive income, statement of changes in equity and cash flows for the year ended,
together with a summary of significant accounting policies and other explanatory notes.
In the auditors’ opinion, proper accounting records have been kept and the financial statements
which are in agreement therewith, give a true and fair view of the Credit Union’s affairs as
at December 31, 2012, and of its financial performance, changes in equity and cash flows for
the year that ended, in accordance with International Financial Reporting Standards (IFRS)
and complied with the provisions of the Co-operative Societies Act.
QUESTIONS AND COMMENTS
Mr. Alvin Murray asked why did return on asset move from 6.4% in 2010 to 2.9% in 2011
and 2.6% in 2012.
Mr. Allen explained that the Credit Union used to earning higher returns on investments;
however, since the introduction of the JDX the Organization was forced to replace the high
earning investments with low ones.
Mr. Berresford South commended the Board, management and staff for taking the initiative
to make more loans accessible to members and also, although unemployment increased, the
Credit Union managed to control the delinquency rate.
Mr. Claude Rattray also commended the Board, staff, the other volunteers and members for
their hard work in keeping the Organization afloat. He also said that, not-with-standing the
JDX and NDX, he was heartened when the Treasurer said that it would not seriously affect
the Credit Union.
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