Nevis Co-operative Credit Union Reports Record Net Operating Income Of $2.7M In 2020
CHARLESTOWN, NEVIS, October 22, 2021 (MMS-SKN) — Federation’s oldest co-operative credit union, the Nevis Co-operative Credit Union (NCCU), though faced with the most challenging period in its recent history as a result of the outbreak of the COVID-19 pandemic, is reporting a successful year of operation which resulted in a record operating income of $2.7 million in 2020.
“Maintaining the daily operations of our Credit Union in the midst of the ongoing health crisis has been difficult but because we understand your need to access financial resources to support yourselves and your families, and to keep your businesses open and functional, we have made the necessary investment in technology, physical structures and amenities, and human resources to ensure that our services are delivered without disruptions,” said NCCU President Mrs Vernesia Walters.
Mrs. Walters made the remarks on Wednesday, October 20 as she delivered President’s Remarks at the 48th Annual General Meeting (AGM) of the Society held under the theme, ‘Building Resilience Through Innovation and Collaboration’. The AGM was held at the Nevis Performing Arts Centre (NEPAC), Pinney’s Industrial Site, St. Thomas Parish, Nevis, where the Annual Report for the Financial Year Ended December 31, 2020 was presented to the members.
“We have all had to make significant adjustments in ensuring that the Nevis Co-operative Credit Union Limited continues to be a safe place to work and conduct business, by adhering to and enforcing the protocols established by the COVID-19 Task Force.”
Looking back at the year under review, Mrs. Walters observed that many of the staff and committee members had to work remotely, attended multiple monthly meetings which at times went very late into the night, noting that many had to work long hours to keep abreast of their daily tasks. Despite the challenges, she said it was and still is their determination to ensure that the Nevis Co-operative Credit Union remains profitable and functional.
“Today, we celebrate the fruits of our labour in reporting to you another successful year of operation, which resulted in a record net operating income of $2.7 million in 2020,” said the President. “This is a significant moment in the journey of the Nevis Co-operative Credit Union Limited and we must commend the efforts of management and staff in ensuring that expenditures during this period were closely monitored and in keeping with our revised budget.”
The Annual General Meeting, which was held in a hybrid format with ‘In-Person’ participation by persons at the Nevis Performing Arts Centre and ‘Virtually’ via the Zoom Video Conferencing Platform, was chaired by General Manager Mr. G. Sydney Newton. Meeting’s quorum was confirmed by Registrar, International Insurance, Financial Services Regulatory Commission (FSRC), Nevis, Mrs. Simone Sargeant-Ottley.
“In just about nine months, on July 25, 2022, the Nevis Co-operative Credit Union Limited will celebrate its fiftieth (50th) anniversary,” President Walters told the members. “This is indeed an impressive achievement and a compelling reminder that we are a resilient people, who set out in 1972 to shape our destiny by our own efforts following the M.V. Christena disaster of 1970.”
She, however, regretted that many of their pioneers who blazed the trail have passed on to the great beyond but it was comforting that their hard work, personal sacrifices and labour of love have established a strong foundation on which the Nevis Co-operative Credit Union continues to build.
“We pause at this time to pay tribute to Mr. Arthur L. Evelyn, OBE, CSM, JP, and Mrs. Olvis Dyer, MH, two of our stalwart pioneers who served the NCCU selflessly and contributed significantly to the growth and development of the Society, both of whom passed within the last two months,” observed Mrs. Walters. “We wish to extend condolences to the families of the deceased and to say thanks for the contribution which their loved ones made to the Nevis Co-operative Credit Union.”
In honour of Mrs. Olvis Dyer, who will be buried on Saturday, October 30, the Credit Union moved its annual health walk that was slatted to have been held on that day to Saturday, November 6. Participants will walk from Oualie to the Nevis Co-operative Credit Union, Featherbed Alley in Charlestown.
Minutes of the 47th Annual General Meeting, which had been held on September 23 last year, were presented by Secretary Mr. Kris Liburd. Board of Directors’ Report for the year ended December 31, 2020, was presented by President Mrs. Vernesia Walters, while Independent Auditors’ Report for the same period was presented via video link by Ms. Raquel Glynn of BDO, Independent Auditors based in Antigua and Barbuda.
Treasurer’s Report for the year ended December 31, 2020, was presented by Treasurer Mr. Brian Carey. He later rose to announce the declaration of dividends as recommended by the Board of Directors. Assistant Treasurer Mrs. U. Alexa Pemberton presented the recommendation that the maximum liability (external borrowing) for Financial Year 2021 had been set at $10 million.
Credit Committee Report for the year ended December 31, 2020, was presented by Committee’s Chairperson Ms. Catherine Forbes; while the Supervisory and Compliance Committee Report for the same period was presented by its Chairperson, Ms. Hazel Chiverton, and Nominating Committee Report to the 48th Annual General Meeting was presented by Secretary Mr. Kris Liburd.