CO-OPERATIVE CREDIT UNION LTD. - KAMCCU Ghana · co-operative credit union ltd. kamccu the happy...

ANNUAL

REPORT2014-

... My trusted credit union

CO-OPERATIVE CREDIT UNION LTD.KAMCCU

The Happy Family

15

location

44 Jone Nelson Street, Adabraka

P.O BOX 12148 Accra North, Ghana

0302 247 164

[email protected]

[email protected] www.kamccughana.com

AGENDA

MISSION STATEMENT

TH NOTICE OF 12 ANNUAL GENERAL MEETING

STANDING ORDERS OF THE AGM

CREDIT UNION SONG

CHAIRMAN’S WELCOME ADDRESS

BOARD OF DIRECTORS REPORT

SUPERVISORY COMMITTEE REPORT

LOANS COMMITTEE REPORT

EDUCATION COMMITTEE

REPORT OF THE AUDITORS

STATEMENT OF COMPREHENSIVE INCOME AND EXPENSES

STATEMENT OF FINANCIAL POSITION

THMINUTES OF THE 11 ANNUAL GENERAL MEETING

PROJECTED INCOME AND EXPENDITURE FOR 2015 FINANCIAL YEAR

ATTENDANCE SHEET

CONTENTS PAGESNAME TELEPHONENAMETELEPHONE

MARY MALM

STEPHEN F. QUAYE

AHMED YAKUBU

LUCY QUAYE

ADU SAMUEL

A. K. LARNYOH

FELICIA OPOKUA

EUGENIA N. NETTEY

KENNETH ADJEI BOSOMPEM

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0156

KAMCCU CO-OPREATIVE CREDIT UNION LTD.KAMCCU CO-OP. CREDIT UNION LTD.

ATTENDANCE11TH ANNUAL GENERAL MEETING

ATTENDANCE�REGISTER

12357891011121314

... My Trusted Credit Union ... My Trusted Credit UnionKAMCCU KAMCCU

PROGARMME Time: 9:00am

1. Arrival and Registration

2. Call Meeting to Order

3. Opening Prayer

4. Notice of AGM

5. Credit Union Song

6. Introduction of Dignitaries

7. Welcome Address by Chairman th8. Con�rmation of the Minutes of 11 AGM

9. Matters Arising out of Previous Minutes

10. Committees Report

BOARD OF DIRECTORS

LOANS COMMITTEE

SUPERVISORY COMMITTEE

AUDITED ACCOUNT FOR JUNE 2015

11. Discussion of all Reports

12. Speeches From :

A. Cua

B. Doc

13. Address by the Guest Speaker

* Unveiling of KAMCCU Cloth.

14. Presentation, Discussion and Approval of 2015/2016 Budget

15. Presentation Of Awards

16. Raffle Draw

17. Any Other Business (AOB)

18. Closing Remarks By Chairman

19. Closing Prayer

20. Refreshments


NAME TELEPHONENAMETELEPHONE

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MARIAM AYIKU

YAA FRIMPONMAA

JANET KESEWAA GYIMAH

POKU KINGSLEY

ANITA J. AIDOO

PATIENCE AGYEMANG

BERNICE M. A . AIDOO

RUTH AIDOO

ELDER JOSEPH A. MIREKU

SAMUEL AKUETTEH

AMPONG K. PATRICK

MARGARET DAWORDZI

ALFRED DEI

AGBOMASSOU KOKOU

NORA LARTEY

LAWRENCE MANU

E. K. APPIAH

EMMANUEL AMOAKO T K.

KOFI ADOM GYIMAH

EGBERTA NUSENU

JOSEPH AKUETTEH

MEGAN AKUETTEH

PHILOMENA WOOLLEY

SOLOMON OBENG

GRACE SARPONG

DORA AKINNY

STELLA ARTHUR

AYIM FLORENCE A.

BYRON GYAMFI

EDWARD ARYEE

JAMES ARYEE

FREDERICK AKUFFO

WILLIAM BAAH ANIM

MARTHA KARH

CAROLINE A LARBI

0244764477

0275545000

0243229514

0242807396

0244453317

0241414744

0242541345

0244453317

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0249427685

0242869283

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THELMA O. ARYEE

A. B. GANGMAN

SAMUEL AIDOO

JOSHUA AKUETTEH

D. COFFIE

FELICIA KORANTEMAA

OHENEBA KWADWO NIT

JOSEPH K. ABEDU

JOHN E. AKOMANING

MILLICENT WELLINGTON

SHEPHERD ABOTSIVIA

RITA FORSON

SERIAT SULEMAN

LITICIA DARPOH

PRINCE SEANE

GODFRED DELOUSAAHE

INNOCENTIA ACKUNLEY

AGBENYEFIA HARRIET

BLAGOGEE KELVIN

VICTORIA TSEY

EMMANUEL O. DARKO

FRANCISCA A-KHEIN

GIFTY OSEKRE

CHARLES ANDOH

KWABENA M. AMPONSAH

LAMPTEY EDWIN

EMMANUEL SIEDU

ABRAHAM DJANGAMAH

AMOAKO ISAAC

BANYA MOSES

JAMES DENNIS ARMAH

DONZELRTUO VICTOR F.

LYDIA AMPONSAH

WHITNEY BOAKYE-MENSAH

0244630665

0232085275

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0277518984

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0271021735

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0244679588

0247145186

0244781122

0244987688

0244958411

0546257574

0277836136

0244476069

0540978780

0249628022

0208230741

0244761051

0205441573

0244515308

5502

KAMCCU CO-OP. CREDIT UNION LTD.


KAMCCU CO-OPREATIVE CREDIT UNION LTD.


CREDIT UNION SONG

It's a small world after all It's a small world after all It's a small world after all It's a small, small world It's a small world

It's a small world after all It's a small world after all It's a small after all It's a small, small world

It's a small world after all It's a world of laughter It's a world of tears and cheers It's a Credit Union World

It's a small world



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SAMUEL CLIFFORD N. M. DOKU

PATRICIA ELIKEM AKPAH

ABIGAIL SACKITEY

EDNA CAIQUO

CHARLES ASANTE

RICHLOVE AYIKU

FELIX K ATTAH

STEPHEN ARTHUR

OWUSUA MARTHA

ANDREWS HEVI

ERNEST NKANSAH

FRANAS ESHUN

ESTHER OMOD

CHRISTIANA ODAME

FAUSTINA DZOKOTO

PATIENCE AWUYE KPOBI

SIEDU MOHAMMED

FRANCIS KPOTIVI-KHEIN

STEPHEN ADU

NYARKO LARBI

PATRICIA BUADI

MILLICENT OPOKU

ADDO OTUTU BUABENG

HELINA SARPONG

CONSTANCES AKAFENA\

MERCY AMOBEA

HENRY LARBI

PATRICK ALLATEY PAPPOE

BENJAMIN N. K. ACQUAYE

GRACE OWUSUA

EDWARD QUANSAH

GLADYS ESI ENTSUAH

HARRIET OBUOBI

MIKE OBUOBI

STEPHEN YANKYRA AMOAH

0244706288

0243912745

0243489076

0243805370

0249510149

0277602165

0276058477

0209254703

0548774857

0246716544

0242161206

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0277384273

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0233882848

0280131780

0277613227

HELENA DOTTEY

EUGENE B. KATAH

ASHONG ELISHA

MOSES ADRAKPANYA

ASAMANI TETE

CLEMENT K. ANTWI

ANITA TETTEH

LETICIA DANSO

VIDA NEBEDON

RUBY OWUSU ANTWI

FLORENCE FUMEY

YAW GYIMA-LARBI

MILLICENT GYIMA LARBI

KWADWO GYIMA LARBI

SIMMS AMOATENG

GEORGE DANQUAH SAKYI

PATIENCE AMOAFO

ROMEO ODONKOR

SOPHIA ODONKOR

JACOB AMFO-OKYERE

SIMON MENSAH

BEJ IKAD FREEMAN

JONATHAN

COMFORT TOGGOH

A. ARICO ADJEI

G.G.C.D.A. LTD

GEORGINA ATTAH

KWASI BLANKSON

SETH BLANKSON

SLAMATU UNUR

WILLIAM APPIAH ASARE

ANDREWS S. WILLIAMS

SOLOMON K. D KORANCHIE

KWABENA BANDO

MARY LARBI

027761322702435706300208638092024677811602439114860544192727024475530802430827870207510116024687805102401449030208184638020814150102774163960271403097024372379402626540450277445197024410244802446598650244468855024480407602465362730242653060026073084202422260700242260370024148160502442874820208808878026645637302767218180203005284024236890302447540590244668946

0354

TO PROMOTE THE SOCIO-ECONOMIC AND POLITICAL DEVELOPMENT OF MEMBERS AND THE COUNTRY

TO OFFER COMPETITIVE FINANCIAL SERVICES TO MEMBERS SO AS TO IMPROVE UPON THEIR STANDARD OF LIVING

VISION

MISSION

1.

2.

3.

KAMCCU CO-OPREATIVE CREDIT UNION LTD.KAMCCU CO-OP. CREDIT UNION LTD.



1. PROFESSIONALISM - Strict adherence to courtesy, honesty and responsibility when dealing with members or other institutions in the business environment.

2. TRANSPARENCY – A situation in which business and �nancial activities of Kamccu are done in an open manner without secrets, so that people can trust that they are treated honest and fairly.

3. INTEGRITY – Kamccu doing the right thing even when nobody's looking, thus following the moral or ethical principles set.

4. ACCOUNTABILITY - Kamccu's ability to account for its activities, accept responsibility for them, and to disclose the results in a transparent manner. It also includes the responsibility for money and other entrusted property.

5. EQUITY - Fairness and impartiality towards all members based on the principles of equal treatment.

6. SOCIAL RESPONSIVENESS – Kamccu's obligation to contribute to its community or country in a way that makes the quality of life and environment better.

7. INSTITUTIONAL INCLUSIVENESS – Kamccu positioning itself such that people of all backgrounds and cultures feel included, welcome, and valued. Inclusion involves respecting individual differences and capturing the advantage they provide.

DEFINITION OF KAMCCU'S CORE VALUES ATTENDANCE�REGISTER


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DANIEL AGYEMAN

DARBO EMMANUEL

PATRICIA ASIADUA

AFIRIYIE NANANG KUM

MARY TETTEH

RICHARD KPORKU

EDITH DZIDORNU

ROBERT DAMSON

LUCY TETTEH

SAMUEL SINTIM MISSAH

JOSEPH DANSO ABEAM

HENRY D. ANGTUONGBA

JULIET TUT AYISI

FREDRICK OWUSU

ANIM SAMPONG JOHN

AKROFI YEBOAH GEORGE

ABOAH ERNEST

GLADYS ASIEDUA-AWUAH

FRANKLYN NYAKU

SEFAKOR NYAKU

KAFUI NYAKU

DORIS ANAGLO

GEORGE AMFAM

GLORIA ASANTEWAA

SAMUEL A. LAMPTEY D

ARFOUR ISAAC

MARCY OFFEI

R. ABOAGYE APPIAH

ADU KORANTENG

JOHN SAMPEH

CHESTER AMEVUVOR

MABEL KUGBLENU

STELLA TASA

CHARLES SEPENOO

0276186195

0543938072

0242579719

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0201983089

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ISAAC ODOI YEMOH

MARTIN KOOSONO

PS. ALEX AKUAMOAH OSEI

ELIZABETH ARHIN

YAW BAAH

STEPHEN AGYEI

KWAME MANKATTAH

MARY MANKATTAH

ALEX ABOTSIKUMA

SARAH OBENG

E. O. WILLIAMS

PATRICIA AMOAFO KUNI

PRECIOUS DARKOH

RUFUS K. MANFUL

PATIENCE OWARE AGYEPONG

CYNTHIA AYISI

DANIEL A. NUNOO

A. K. OPOKU

JAMES OKYERE BOATENG

LYDIA OSEI AKUAMOAH

AUGUSTINA AMATE

RAMSEY ABOSSEY

GODFRED YELEDOR

NICHOLAS CALEBA

ALFRED K. SANGMOR

DANIEL K. AFUM

WILIAM ELORM DZAH

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MALILK ABUBAKAR

WILLIE W. Y. AHLI

COMFORT AHLI

NII ARDAY

JACOB TAWIAH

STEPHEN K. AFORVE

ROBERT ODAME

02431449120244706288

5304



KAMCCU CO-OPREATIVE CREDIT UNION LTD.


thNotice is hereby given that the 12 Annual General Meeting (AGM) of Kamccu Co-operative Credit Union Ltd. will be held at the Apostolic Church - Ghana (Rev. Lartey

stAdotey Memorial Temple), Adabraka. Near CUA House–Accra on 21 November, 2015 at 9 : 0 0 a . m . :

thTo receive and con�rm the Minutes of the 11 AGMTo receive and consider the reports of the BOD and other CommitteesTo receive the Audited Accounts for July 2014 to June 2015

thTo consider proposed Dividend for the year ended 30 June, 2015To approve the budget for 2015/2016 Financial yearDiscussion of reports AwardsTo transact any other Business (AOB)

AGENDA:

JULIANA O. ASARE-BUDU(BOD SECRETARY)

STANDING ORDERS OF THE AGMAll members present shall ensure that they are duly registeredAll registered members shall stay at the meeting venue throughout the duration of the meetingThe Chairman shall conduct business in accordance with the standing orders and shall decide the order of all questions. He may end discussions on any subject if he is satis�ed that due consideration has been given to it.The Chairman for the occasion shall call to order any speaker who deviates from the subject or violates the courtesies of debateNo person shall speak more than twice on the same issue at any timeAll members and observers shall be in their seats when presentations are being madeA high standard of discipline is expected throughout the AGM. All members are therefore, called upon to give their maximum co-operation and assistance to the BOD and all present to ensure its smooth administration and successful end of the meeting.All decisions shall be taken according to the tenets of the Bye-laws of Kamccu Co-



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PRISCILLA Y. GADAGOE

DORA NTONI

DIANAH ASMAH DARKWAH

DANIELA TAY-AGBOZO

JOSPEH KESSHIE

KESSIE CUDJOE JOSEPH

PRINCE BOATENG

FRANK COLE BAIDEN

WILLIAM ADU AGYEI

JULIANA ATONGO

ERNESTINA GYAKYE

PRISCILLA AMOAKO

JOHN K. AFFRAM

OPOKU ATTA DUKE

EVELYN ASMAH DARKWAH

RUTH ASMAH DARKWAH

SANUEL K. OSEI

DANIEL K. COBBINAH

ALIYATU ABDUL YAKEEN

REBECCA AYITEY ADJIN

DAVID DOE AYONOO

FRANCIS K. ATTAH

F. A. AYISI

ERNEST OWUSU BOATENG

AARON QUANSAH

FRANCIS K. NGESAH

ALICE AYAMDOO

SUSAN ADU-YEBOAH

AMUZU REJOICE DZIFA

JOYCE ARTHUR

CAROLINE ANTWI

MICHAEL B. ANTWI

CHRISTIANA B. ANTWI

DANIEL B. FOFIE

JACQUELINE ODAME

BRIGHT AMOAKO

BISMARK OHENE BUABENG

EDWARD HOFFMANN

CATHERINE GABIANU

THOMAS K. MISSAH

JANE F. BAYIRINOBA

KOBINA AMPIAH

CHRISTIANA OPPONG

BARBARA SARPONG

BRIGHT K. BOAKYE

ANTHONY SARPONG

RICHARD B. N. A. TAGOE

GLADYS E. AFELETEY

BERNARD OSEI BAAH

JOHN BOATENG

ALEXANDER AHEMOR

YAW AHEMOR

LAWRENCE TETTEH

SIMON S. TETTEH

THERESA M. OGBEKRO

NELSON AGOLO

ASEWU KWASI BRUNO

CHARLES HAGAN

ALI YAKUBU

FRANCIS G. MENSAH

JAMES K. OBENG

ANTHONY O. K. SARPONG

ERNEST AIDOO

ASEDA F. AIDOO

NANCY ODURO

JAMES NTI-

VERA KABIR

NANA ANTWI BOASIAKO

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0552



NOTICE TH 12 ANNUAL GENERAL MEETING


to transact the following business of the Credit Union


On behalf of the Board of Directors, the other committees and staff, I warmly thwelcome you all to the 12•–¥¢…M§–·?¶⁄'ƒ¥‚›ƒ¥?lƒƒ•“fl¤?fƒflƒ·¢›?‘flfl‚¢›??

All too soon we are here to account for yet another �nancial year 2014/2015. The Co-operative Societies Decree – NLCD 252 of 1968 requires the Board of Directors to account for their stewardship for each �nancial year and to share their plans with the members.It is in line with this that general meetings are held annually to discusses the reports of the BOD and Committees.

Operational Performance and ActivityThe 2014/2015 �nancial year showed yet another successful one for the society. The Total Income improved signi�cantly by 27 per cent from that of the previous year.

Total Expenditure also decreased by 5 per cent resulting in a surplus of GH¢1.6 million an increase of 71 percent from that of the previous year.Total Assets increased from GH¢11 million in 2014 to close the year at GH¢13.9 million, driven largely by growth in deposits which was leveraged to create assets.

Kamccu remained in the 'A' category of Credit Unions Classi�cation as revealed by the Apex body CUA, in the just ended joint audit with DOC. Another feat was that Kamccu ended the year with a solvency ratio of 148 per cent.

We recount our success happening as a result of the adoption of prudent business strategies such as the development of a 5 year strategic plan, aggressive �nancial management and effective supervision.

Other areas we placed premium on were staff capacity building, mainly on member service delivery and also going the extra mile to create a platform where members are given education and �nancial counseling in the proper management of their businesses, records and resources to promote development.

Furthermore, we wish to reiterate our commitment in ensuring the commencement of our proposed office complex which is far advanced. We are pleased to inform you that the opening of an agency office in Kasoa is scheduled for January, 2016 to serve members within that enclave, this is part of the expansion drive of the union.


NAME TELEPHONE

JONAS ABEBEH

J. A. YEBOAH

BEN EBO NYARKO

KWAME OWUSU

SAMUEL BAIDEN

FLORENCE RASAKI

JULIANA ASARE-BUDU

GLADYS O. QUARTEY

VIDA KATAHENA

JUSTINE AGBO

BERNICE ASARE

PAUL KORLEY

BOSSO FRANCIS TETTEH

EVANS AYENSU OSAM

ERNEST AGYEI

LINDA BOTCHWAY

ADWOA ABRAFI OFFEH

GODFREY AGBEKO

GRACE DORGBADZI

JOHN DJORBUA

EVA AYENSU

YAKUBU LAFIA

YAW BOAKYE-MENSAH

WHITHNEY BOAKYE MENSAH

ROBERT TOTIME

ASIAMAH KODUAH

AHADZI EMELIA

SANDRA OWUSU BOAMAH

MINTAH GIDEON

EMMANUEL ODUANOJAMES ADEWU

CHARLOTTE ASIAMA

NAMETELEPHONE

0248286367

0208233979

0208130141

0246834234

0201576765

0542872702

0501340986

0277649585

0243243550

0247535728

0243508519

0243354377

0247018335

0232165447

0246249194

0243902922

0242884675

0243971676

0203965194

0244749270

0542781588

0245980291

0244675128

0244575308

0243056047

0549725736

0249928995

0546961758

0242839722

0543293328

0246556807

0244148713

STEPHEN KAINYAH

ISAAC ADDO

PETER FREEMAN COBINNA

LINDA ABOSSEY

AFIA SAKYIBEA ABOSSEY

COMFORT ABOSSEY

AKORFA O. AFFUM

BERNICE ODAI

VERONICA ANTWI

SAMUEL AKROFI

ISAAC AKROFI

STELLA AKROFI ANSAA

KWABENA BOAMAH

JANET TUTU-OSEI

FRANK ABOAGYE

JOHNSON WOTU

EDEM HANSAH ASAMOAH

PETER YAW GYAMFI

PETER OSEI

CECILIA ASAMOAH

WINFRED AMANKWAH

ERNESTINA V. AWUDJAH

ASUBONTENG D. KONADU

STEPHEN AYISI

FRANK NANA ADU

MARGARET LUCY MENSAH

CECILINE ATONGO

ALBERT SETH LANTY

MICHEAL A BOATENG

ISHAEL BAMPOE

SAMUEL ADU-PANIN

ADAM LAFIA

J. A. BINEY

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General

CHAIRMAN'S WELCOME ADDRESSKAMCCU CO-OP. CREDIT UNION LTD. KAMCCU CO-OP. CREDIT UNION LTD.



The gains chalked by Kamccu could not have been possible if not for the loyalty of members, commitment from the BOD and Committees and the dedication from staff.

On behalf of the BOD I express my sincere thanks to all the Committees for the crucial roles they continue to play. I also wish to thank Ms. Gladys Asiedua - Awuah, the Manager, and all the staff who provided excellent service to our members.

Finally, we extend our special thanks to CUA, DOC, Ministry of Finance, Bank of Ghana and other stakeholders who in diverse ways have contributed to our success.

thTo this end, I once again welcome everyone here present to the 12 Annual General Meeting of Kamccu. It is my greatest desire that we would have fruitful deliberations and a successful meeting.

Thank you.

…………………………JOHNSON KWAME WOTU(BOD CHAIRMAN)

0750


CHAIRMAN'S WELCOME ADDRESSKAMCCU CO-OP. CREDIT UNION LTD.

BUDGET


This report accounts for the activities of the Board of Directors (BOD) from July, 2014 to June 2015. In consonance with its constitutional mandate (Article 54(a), the BOD continued to oversee the activities of Kamccu throughout the year, and on behalf of

ththe Board of Directors, I am pleased to present this report to the 12 Annual General Meeting of Kamccu Co-operative Credit Union.

2.0 ADMINISTRATION

1.0 GENERAL

2.1 MEMBERS OF THE BOARD OF DIRECTORS The following are the members who pioneered the affairs of Kamccu Co-Operative Credit Union as BOD Members;

1. Johnson Wotu - Chairman2. Joshua Akuetteh - Vice Chairman3. Juliana O. Asare Budu - Secretary4. Linda Abossey - Asst. Secretary5. Samuel Adu –Panin - Treasurer6. Jacob A. Tawiah - Asst. Treasurer7. Edward Hoffman - Member8. Alex K. Awuah - Co-opted Ex – officio Member

The day to day administration of the Office was led by the Manager and eight other staff, composed of:

2.2 STAFF MATTERS

1. Gladys Asiedua – Awuah - Manager2. Stephen Ayisi - Accountant3. Michael Adarkwa Yeboah - Loans Officer 1 (Resigned)4. Frank Aboakye - Loans Officer 25. Samuel Aidoo - Accounts Officer6. Dora Asubonteng Konadu - Member Relation Officer7. Emelia O. Odame - Cashier8. Priscilla Yayra Gadagoe - Cashier9. Frank Nana Adu - Office Assistant

Mr. Michael Adarkwa the Loans Officer resigned his appointment in the course of the year. This vacancy has since been �lled , whiles we are considering additional staff to augment the work at the department.

The Chairman reiterated the earlier response by explaining that notice was served in the Daily Graphic and radio announcements were made on Joy/Peace FMs as well as three

thtext messages were sent with respect to invitation to the 11 AGM. He advised members to update their records right after the meeting since some members' telephone numbers still had either 9 or 11 digits.

Chairman's Closing RemarksIn a closing remark, the Chairman expressed his gratitude to the members present especially those who stayed till the end for their active participation and patience. He enquired whether members would want the raffle to be repeated to which there was an affirmative answer. He continued to remind members of the issue of shared responsibility between members and BOD/Committees work and Mr. Darko’s education that we stop complaining and take charge.

Vote of ThanksThe manager Ms. Gladys Asiedua- Awuah express appreciation to all.

Closing The motion for the close of the meeting was moved by Bismark Ohene - Buabeng and seconded by E.K. Appiah followed by a closing prayer by Gladys O. Quartey, bringing proceedings to an end at 1:35 pm.

4908

Emmanuel Kwame Mantey also complained of the fact that he did not receive the supposed text thmessages inviting members to the 11 AGM.

KAMCCU CO-OP. CREDIT UNION LTD. KAMCCU CO-OP. CREDIT UNION LTD.BOARD OF DIRECTORSREPORT REPORT

MINUTES OF THE 11TH AGM


The Staff Conditions of Service has been revised and operationalized.

Kamccu ended the year, thus as at June, 2015 with a total membership of 6,048 with 3,237 females, 2,427 males and 384 groups. During the period a total of 608 new entrants were admitted, which comprised of 281 females, 265 Males and 62 groups. Seventy-four (74) members withdrew their membership for various reasons. Our Education Committee by executing their scheduled programmes and plans for the year resulted in members becoming more informed in taking decisions. The outline for the usual bi-weekly education session for new entrants was revised to include teachings in basic accounting principles and record keeping, Contact have

3.0 MEMBERSHIP DRIVE

The BOD has developed a �ve-year strategic plan document to guide the operations of the Credit Union into the future. It is hoped that members and other associated stakeholders would be committed to the activities that will be rolled out to support the

4.0 OPERATIONAL STRATEGIES

The BOD has made suggestions for the review of the loans policy to re�ect review of the Loan Policy to re�ect the changes or trends as its been experienced in the �nancial sector. Subsequently, other policies on Shares and Savings are to be revised accordingly in the ensuing year. We therefore would entreat members to co-operate with management in achieving our desired goal of being a viable and trusted Credit

4.1 POLICY REVIEW

Kamccu developed and introduced two additional products in the year under review being; the Fixed Deposits and Youth Savings Accounts.

4.2 PRODUCTS / SERVICES

As part of the move to position ourselves in meeting the current economic challenges, more so when Kamccu is steadily growing and expanding in every facet, necessitating the need to hire a Lawyer to handle all our legal matters and advice management accordingly.

4.3 ENGAGEMENT OF A COMPANY LAWYER

09

TICKET NO.

240

114

256

249

305

009

314

077

089

026

S. Amo-Yankyera

Anthony Sarpong

George Dankwa Sakyi

Ruby Eyram Darteh

Edward Aryee

Vida Katahena

Joshua Akuetteh

Adu-Agyei William

David Doe Ayornoo

Robert Totimeh

NAME

Samsung Mobile

Nokia Mobile

Samsung Mobile

Consolation Prizes(10 Kamccu-branded exercise books)

1

2

3

4

5

6

7

8

9

10

AWARD

When the co-option of Kwame Tetteh Mankattah was raised, it was accepted by popular acclamation, therefore he was sworn-in formally as a member of the Supervisory Committee by the Metro Director of DOC, Mr. Braimah Oscar after which he was congratulated by Johnson Wotu, the BOD Chairman of behalf of the BOD.

Jonathan Tawiah complained of the use of only English language at the AGM depriving some of the members of full bene�ts of the discussions.

ANY OTHER BUSINESS

RAFFLE DRAW:A Raffle draw which was the �rst of its kind introduced had the following winning awards:

In addition to the above all the previous BOD/Committee members received awards for their service to Society during their tenure of office. All awards were accompanied with citations and cash donations.

The immediate-past BOD Chairman, Dr. Gyima-Larbi, on behalf of the awardees expressed gratitude to the BOD for the show of recognition. He appealed to members to take AGM attendances serious since that is where we meet new friends and the beginning of networking takes place.


REPORTMINUTES OF THE 11TH AGM

KAMCCU CO-OP. CREDIT UNION LTD.BOARD OF DIRECTORSREPORT


PRESENTATION OF 2014/15 BUDGET

The Treasurer, S. Adu-Panin presented the budget for 2014/2015 �nancial year as follows:

June 2015 Budgeted June 2014 Actual Total Assets GH¢14,499,019.00 GHC11,069,190.82

Total Income GH¢2,961,669.62 GH¢ 2,255,097.44

Total Expenses GH¢1,990,519.00 GH¢ 1,291,998.24

External Loan GH¢500,000.00 -

Net Surplus GH¢1,971,150.00 GH¢963,099.20

After the presentation, the Treasurer then moved for the acceptance of the budget for discussions and he was seconded by Aaron Quansah.

Adu-Koranteng asked why under operational expenses increase is almost 100%. It was explained that there were 9 staff members to cater for including the new accountant who had just been recruited. Further the anticipated opening of a branch at Kasoa had to be taken care of likewise making room for increase operational cost to cushion the society.

Both S. Amo-Yankyera and Aaron Quansah asked why the external loan of GHC500,000.00 to which it was explained as to be taken from CUA CFF to kick start the building project.

A motion for the adoption of the 2014/2015 Budget was carried out by Simon Mensah and was seconded by Alex Abotsi-Kumah.

DISCUSSIONS ON THE BUDGET:

The following were the awards presented to deserving members/groups:PRESENTATION OF AWARDS

Highest Share-holder (male) - Benjamin Kwame BaahHighest Share-holder (female) - Diana Asmah-CobbinaHighest Share-holder (group) - Mr. & Mrs. EshunHighest Saver (male) - Asamani TettehHighest Saver (female) - Florence S. BronyahHighest Saver (group) - Hope Co-operative Transport UnionSpecial Award - Emmanuel Oduro Darko & Patricia BuadiBest Staff Award - Frank Aboagye

4710

Our quest to earnestly commence with the construction of our new office building has slowed down by the bureaucratic nature of our public institutions in acquiring all the necessary documentation that would allow for commencement of work at the site. We aren't relenting on our effort because the sub-committee working on the project has since submitted all the necessary documentation to the appropriate quarters awaiting their response. We hope to commence work very soon at the site and believe

thto provide a positive report in our next 13 Annual General Meeting.

4.4 OFFICE COMPLEX

An Agency office has been opened in Kasoa at the New Market area on the main Bawjiase road, to serve our teeming members in and around that enclave.

4.5 AGENCY OFFICE

The BOD considered it necessary to review upwards the Interest on Savings thus from ten percent in 2014 to 12 percent per annum in 2015. ; the Union credited members' account with an amount of GH¢ 673,170.77 as Interest on Savings in 2014 / 2015 as compared to GH ¢584,865.00 in 2013 /2014.

5.0 INTEREST ON SAVINGS

The BOD has proposed a Dividend of 17 percent on Member-Shares for the �nancial thyear ended 30 June, 2015. To embark on vigorous Dividend policy, all members whose

Shares are below the minimum threshold of GH100.00 are to top up to meet the requirement with immediate effect.

6.0 DIVIDEND

The BOD in an effort at reducing the non-performing loans, sitting in the books of the Union, has instituted certain measures by going after loan defaulters while strengthening the risk management procedures to avert recurrences.

A debt collection agency (Equinox Credit Rating Agency) has been engaged to collect Kamccu's overdue loans. Again a task force has been constituted to augment the efforts of the collection agency. The Board has also submitted to the Company lawyer list of defaulters for court action, since all efforts in getting the defaulters pay their debts has proved futile.

7.0 DELINQUENCY AND RECOVERY EFFORTS





1146

Kamccu has had a successful year despite the continuing economic challenges. Our Total Assets grew by 26 percent, and our Surplus increased by 71 percent from last years �gures.

THEXCEPTS OF KAMCCU ACCOUNTS AS AT 30 JUNE, 2015

GH¢ GH¢Total Assets 13,997,566.92 11,069,190.82Total Income 2,869,664.98 2,255,097.44Total Expenditure 1,222,411.68 1,291,998.24Surplus 1,647,253.30 963,099.20Total Loans Outstanding 5,431,556.41 5,544,866.37Liquid Investment 7,114,431.88 4,530,567.72Liabilities (External Loan) 500,000.00 -

Other Investments

June 2015 June 2014

854,146.05 651,273.05

Kamccu presented to some selected educational institutions within the community it operate in Adabraka: King Tackie 1&2 Primary and JHS by donating some educational materials to the pupils. The total donation was valued at GH¢6,500.00.

8.0 CORPORATE SOCIAL RESPONSIBILITY

thThe 11 Annual General Meeting (AGM) was held at the Rev. Lartey Addotey Memorial thApostolic Church at Adabraka on Saturday 15 November, 2014 The list of attendees

as well as the Minutes are attached for your study.

9.0 ANNUAL GENERAL MEETING (AGM)

Fellow Co-operators, the Kamccu Co-operative Credit Union once again maintained its enviable position in the grade “A” Category, thereby holding onto as one of the best operated Credit Unions in Ghana.

Another feat chalked was that we ended the �nancial year with a 148 per cent Solvency ratio as reported by the auditors, In addition quality of services has improved with the introduction of SMS alert.

10. 0 ACHIEVEMENTS



The guest speaker was introduced as Mr. Yaw Gyam�, the Executive Secretary of GHAMFIN. He began his speech by touching on the theme growing together is the duel. He gave a brie�ng on micro-�nance institutions of which Credit Unions are a part just as commercial banks but Credit Unions such as Kamccu has a niche/unique steady growth in the provision of support services to their members. He mentioned that Kamccu could be the greatest credit union in the country in the face of the competitive environment. Mr. Gyam� elaborated on the 4A's in business for long-term sustainability as Applicability, Availability, Affordability and Affinity. He also stressed on how to attract micro saver as well as effective savings mobilability through the

ADDRESS BY THE GUEST SPEAKER

Strategies

Re-engineering good processes – Kamccu should be inscribed on all for marketing;

Develop Loans/Advance savings to stay focused

Do not promise on what you cannot deliver - be truthful

Know your market by conducting a market research from time-to-time esp. on the 2%

interest on loans within savings

Base product on market research

Learn from others through study

On strategies Mr. Gyam� gave the following hints:

The Guest Speaker also touched on the Kamccu front desk which he felt was good but could be improved further. On member-education he commended the BOD for their efforts.

Financial education – He said comparing what happens in other �nancial institutions could let members appreciate what they have. He said it is never too late to set new goals. He was quick to say the image of Kamccu resides in CUA thereby being overshadowed which was not good enough if it was to be considered it a business entity.

To management, he said the implementation of awards to improve incentives of staff for strong skilled management team was necessary to unleash the potentials in them on numbers for AGMS. Team work was above all needed to grow Kamccu together.



The BOD is committed in ensuring the implementation of all the good plans and strategies earmarked for Kamccu. It is therefore dependent on all of us to contribute our quota in bringing these desired dreams to reality.

To this end, we call for discipline, hard work and rededication of duty in all fronts to bring about total consolidation and better service which we all hope for.

Thank you and May God Bless us all.

15.0 CONCLUSION

……………………………....……………………………....

CHAIRMAN SECRETARY

4512

Persistent defaulting of LoansIrregular attendance to educational programme Dumpinglimited Office SpaceRampant Withdrawals

11.0 CHALLENGES

To complete the ground �oor of Kamccu Office complex buildingIntensify the Loan Recovery efforts in order to reduce our delinquency rateReview of Savings / Shares / Investment PoliciesExpansion drive / Marketing to increase membership

12.0 FUTURE PLANS

The Treasurer in a while will present the Budget for the year July 2015 to June 2016. We entreat all of you to approve the estimates to enable us execute the programmes for the Union

13.0 BUDGET

The Board would wish to express its gratitude to you, our members for your continued support, loyalty and belief in the Credit Union concept and its core principles of mutual self-help. Sincere thanks also due to the Loans Supervisory, and the Education Committees.

Finally, we acknowledge the hardworking staff led by the Manager – Gladys Asiedua–Awuah, we say AYEKOO.

14.0 ACKNOWLEDGMENT





Complaining about soccer or politics will make you remain static for about 10 years;Savings withdrawals does not exonerate you from problem;Don't live by the dictates of other peoples life because you are a unique individual;Don't depend on your children for survival because they may have their own challenges to deal with in life; Manage what you have by doing sustainable projects;Be truthful to the society and the society shall be truthful to you.Love yourself because God Loves You.

Mr. Darko ended his education by calling on those who collect loans and fail to pay to change their attitude for those deeds would bounce back on them one day.

Address by CUA General ManagerThe General Manager of CUA, represented by Mr. Romeo Odonkor, thanked members for the opportunity to address them and apologized for CUA management's inability to be part of the AGM. He commended the BOD/Committees and Staff for having been able to account for their stewardship. He however touched on some issues such as only

th7% of over 5,000 total members attending the 10 AGM, translating that most members do not care about what happens to their Society. The GM's speech also said Kamccu's 22% loan delinquency rate instead of CUA's standard of 5% called for concern. He implored the BOD/Loans Committee to access the capability of the borrower before granting credits and members should make efforts to pay up the loans in order not to deprive others taking advantage of the funds to develop themselves. He also noted with concern that most people had not paid the minimum Shares subscription of GHC100.00; with overall comparison over that of 2013 of 9% increase.

Address by Mr. Oscar Braimah – Department of Co-operativesHe started his speech by saying he thought that Kamccu was a Credit Union for professionals however 33% of members have not subscribed to Shares which meant that we do not adhere to our own policies. He tasked the BOD to strictly work on the recommendations made by the Auditors. He ended by commending the BOD/Committees, but noted that there was more room for improvement so the BOD should look for new areas of innovation whiles seeking the supreme interest of members. Mr. Braimah, likewise, applauded the donation to the Children's Hospital as part of Kamccu's Corporate Social Responsibility (CSR) efforts.

In summary, he gave the following advices;

1344




KAMCCU CO-OP. CREDIT UNION LTD.BOARD OF DIRECTORS

On whether a member who has taken a Loan on 3% Interest Rate can now pay 2% when his indebtedness equals his Savings balance, it was explained that since the original contract was on 3% until he completes that he can't access the 2%.

On his part Joseph Abeka-Biney commended the BOD/Committees and Management for a good work done, especially on the presentation made to the Children's Hospital, he however advised that we follow-up to verify how the people used the items donated.Michael Baah Antwi suggested if the 2% Interest on Loans within Savings could be reduced further, since the desired effect is not being felt.Still on the 2% Interest, David Ayornoo asked if one could enjoy the 2% interest having paid up to within his own savings but was told to end the �rst contract of 3% before he could signed onto a fresh contract that may attract the 2% Interest.Another member enquired how the Interest on Savings is paid – it was explained that Interest declared are credited to the individual's account.

Another member complained on not having ever received any notice of AGM. It was explained that there was a notice in the Daily Graphic and in addition radio announcements were made on Joy and Peace FMs as well three text messages were sent concerning the AGM invitation. The Chairman pleaded with Member’s to visit the office to update their records since some Member’s telephone numbers still had either 11 or 9 digits.After these discussions, Alfred K. Sangnor moved for the adoption of the BOD and Committees reports as well as the audited accounts. The motion was seconded by Charles Sepenoo.

Credit Union EducationThe immediate-past General Manager of CUA, Mr. E. Oduro Darko, in a general member-education admonished members to strive to survive irrespective of how the economy is moving. He mentioned population increase which includes all manner of persons therefore the wise should use his/her brains in order to succeed.

He said because the world economy shall grow harsher that is why we need a sustainable institution like Kamccu where you don't have to pay bribe before being offered service. Mr. Darko said that Credit Union leaders are sel�ess in catering for the needs of all manner of members; therefore people need to change the internal things that they can control by working harder and leave the external ones that are unchangeable to the government. Poverty, he said, does not come from God as some believe but from the mind. He urged members to stop complaining about politics/soccer and move on in life.

JOHNSON KWAME WOTUChairman

JOSHUA AKUETTEHVice Chairman

SAMUEL ADU-PANINTreasurer

JACOB TAWIAHLINDA ABOSSEYAsst. TreasurerAsst. Secretary

EDWARD HAFFMANMember

ALEX KWASI AWUAHEx- Officio

JULIANA O. SARE-BUDUSecretary

4314





REPORTSUPERVISORY COMMITTEE

TH FOR THE YEAR ENDED 30 JUNE 2015.

Mr. Chairman, the Guest of Honor, Distinguished Guest, Fellow Co-operators, Ladies and Gentlemen, I am very happy to present to you the Supervisory Committee Report

thfor the year ended 30 June 2015.; submitted on behalf of the following members

Stephen K. Reagan Aforve - Chairman

Ernest Aidoo - Secretary

Kwame Tettey Mankattah - Member

OVERVIEWAs part of our annual work plan for 2014/15, the Internal Auditors (Supervisory Committee) conducted an audit into KAMCCU's Operations. Generally speaking, the SC has reviewed the affairs of the KAMCCU with a lot of diligence, objectivity and always having the interest of the members at heart.

AUDIT OBJECTIVEThe overall objective of our audit was to assess and provide a reasonable assurance on the adequacy and effectiveness of the internal controls of KAMCCU. The audit also aimed to assist Management to continuously improve on the processes in place.

Key issues and Recommendation

1. RAMPANT SAVINGS WITHDRAWALSIt was observed that, the savings withdrawal is still having an adverse effect on our �nances,-liquidity and institutional Capital. This conclusion was drawn after critical analysis of deposit pattern was carried out. The total Savings/Deposits for the year under review was GH¢ 4,696798.44. Out of this an amount of GH¢ 4,306,012.41 was withdrawn leaving a balance of GH¢ 390,783.03 for the year under review. We see this picture not to be too encouraging.

2. LOANS DELINQUENCYThe total delinquent loans and write offs as at June 2015 stood at GHC 858,592.38 and GHC 5,302.87 respectively, representing 15.82% and 0.10% as compared to 24.56% and 2.61% of the previous year.

Auditors ReportThe Auditors report was presented by Henry D. Antoungba. Below were the excerpts:

Item 2014 in GHC 2013 in GHC Total Assets 11,069,190.82 8,862,868.21Liabilities 7,356,455.39 6,191,360.02Capital 3,712,735.43 2,671,868.21Total Income 2,255,097.44 1,909,795.71Total Expenditure 1,291,998.24 981,232.11Surplus for the year 963,099.20 928,563.60

The Auditors' opinion was that Kamccu had kept proper books of accounts and that they have received answers to all queries raised. After these, the MC explained the details in the Akan language to members.

A motion for the acceptance of the BOD and Committee reports as well as the Audit report was carried by Aaron Quansah and was seconded by Joseph Abeka-Biney.

Discussions of the Reports The discussions that ensued after the presentations were that:

Samuel Baiden wanted to know more about the branching and how easy to save in other regions/branches vis-à-vis irregular savings and loans taken.Quansah Aaron expressed appreciation and the decision taken on Loans within Savings.Alex Abotsi also commended the BOD/Committees reports. He however sought clari�cation on what constituted non-�nancial income to which he was referred to note 5 on page 28 of the report. He also enquired why the 2% interest on loans within savings was not yielding the desired impact and suggested that the total portion of the person's indebtedness be analyze for comparison. Full interest to have been quanti�ed. He suggested more education on the Kamccu branding for more membership.

Responses: The Chairman responded that the 2% Interest on Loans within Savings was an incentive to reduce Savings Withdrawal by Members but, have still not impacted positively due to lack of understanding. He said the only thing was to persuade Members through education. On the opening of a branch office at Kasoa, the Chairman noted that there were cost attached hence the slow pace, and assured that this will be done so that members in Kasoa catchment area could access the services of Kamccu easily.

1542







3. MARKETING/MEMBERSHIP EDUCATIONMarketing/Membership Education is a signi�cant determinant of the success of every Credit Union selling its products and services to the public. Credit Unions that have effective marketing/Membership drive tend to have strong Assets base, Capital Adequacy, high Liquidity and Pro�tability. However, it was observed that, Membership educational drive and marketing of KAMCCU's products and services to potential and existing Members was fairly encouraging, and the board could do better in the year ahead.4. STRATEGIC DIRECTIONSDespite the challenges in the business environment, the Board, other Committees and Management set out to accomplish the mission and the strategic plans as stipulated in the current �ve (5) years' strategic plan for KAMCCU. This will ensure that we remain best placed in the provision of �nancial services and products to our cherished Members in order to champion the realisation of development goals on membership empowerment, harnessing institutional capital and to promote Members economic development and standard of Living.

a. Operating EnvironmentDespite the hash economic atmosphere in our business environment, KAMCCU should be proud of its results. During the year, KAMCCU reported a turnover of GH¢ 1,647,262.24 in 2015 as against a turnover of GH¢ 963,099.20 in 2014; a growth of 71.04% over the previous year. KAMCCU's prudential ratios remained strong with:

Core Capital to Asset ratio was 39.4% (Compared to the Standard of 15%)Core Capital to deposit ratio was 68%

Institutional Capital to Total Asset ratio was 32.9 % compared to CUA standard of 10%.

Liquid Assets to Total Deposit & Short- Term Liabilities was 89.2% Total Expenses to Total Income was 42.6%

The impact of the above ratios is that, KAMCCU will continue to remain stronger in these current economic challenges.

b. Governance and Social InvestmentKAMCCU had indeed undergone and will continue to exhibit robust transformational process by way of re-engineering our marketing/membership educational strategies, prudent �nancial controls and staff professionalism in order to capitalize on business opportunities to yield returns for members.

surplus of GHC963,099.20 made, interest on savings, proposed dividend of 15% on shares, Deposit Guarantee Scheme signed by Kamccu and report from CUA Biennial & Educational Conference held in May, 2014 and resolutions thereof. Other areas covered were delinquency and recovery efforts, presentation of assorted items worth GHC3,000.00 and cash of GHC1,000.00 to the Princess Marie Louis Children's Hospital as part of KAMCCU Corporate Social Responsibility.

thThe report also touched on the state of Kamccu’s �nancial position as at 30 June, 2014, Kamccu Branching and Branding, achievements in the area of Kamccu maintaining the grade 'A' category in the annual classi�cation exercise, challenges and future plans. Paramount among them were to complete the ground �oor of the Kamccu office complex, opening of a branch at Kasoa, continue loan recovery efforts began with Equinox and the proposed Budget to be presented under separate cover by the Treasurer.

He also informed of the co-option of Kwame Mankattah to the Supervisory Committee. He ended by applauding all especially the immediate-past BOD/Committees Members led by Dr. Gyima-Larbi for their support.

Loans Committee This Report presented by Diana Asmah-Cobbina touched on their meetings (52 times), total loans applications received 1,522 out of which 15 were rejected. Total loans granted amounted to GH¢ 6,607,521.75. These were made up of the following categories - 887 for Males amounting to GH¢ 3,932,577.75, 556 for Females amounting to GHC1,815,087.00 and 64 for Groups amounting to GH¢ 859,857.00. It also touched on efforts at recovering delinquent loans which included telephone calls, personal visits and written noti�cations to defaulters. The report gave the details of the 5Cs policy used in granting loans and cited the issue of dumping and irregular savings as their observations and made recommendations for future work.

Supervisory Committee The Report presented by Stephen Reagan K. Aforve, among others, gave an overview of their work which included loan delinquency and write-offs, �nancial performance which was 4% over the previous year's performance. They gave recommendations regarding reduction in Savings Withdrawals, taking advantage of the 2% interest on loans within own Savings, retrieval of delinquent Loans, strategic direction and the operational environment in the context of value addition to our members economic status in order to continue stronger to compete in the market of diversi�ed products with the view to also strengthen our liquidity and capital value.

4116




1. Members are encouraged to take advantage of the 2% loan within savings policy in order to curtail and control the rapid withdrawals so that it will not affect our Savings portfolio which serves as an anchor.

2. Members should be particular and be responsible in the repayment of their loans taken at the Union

3 . Members to avail themselves for education and be particular about how the Union is run

RECOMMENDATIONS/ADVICE

Once again, we thank the entire members, BOD and other Committee members, Management Staff and other stakeholders for their committed support and co-operation.

Thank You

Stephen K. Reagan Aforve(CHAIRMAN SUPERVISORY COMMITTEE)




Other members of the BOD, Supervisory, Loans and Education Committees and representatives of some Sister-Credit Unions form BECCU, Standards Board, Western Power - Takoradi were introduced to the gathering. Chairman's Welcome Address

thThe Chairman, welcomed all members to the 11 AGM. He said even though the year had been very challenging, the Union made some substantial move, remained competitive. He enumerated some of the achievements chalked by the Society as follows:Kamccu maintained the 19.5% interest rateFlexible way of loan processing – 3 days maximumSigni�cant growth -

Total membership increased by 14%Total Income increased by 18%Total Assets increased 25%Asset growth by 18%Payment of interest on Members Deposits of GH¢ 548,865.18 as against GH¢ 469,346.12 .

Minutes of Previous MeetingThe Secretary took members through the Minutes of the 10th AGM After which J. Abeka-Biney moved for the acceptance of the previous Minutes and was seconded by Michael Baah Antwi.

Matters ArisingthThe Chairman informed members that responses to the Matters Arising out of the 10

AGM Minutes had been captured and treated in the BOD and Committees' reports.

Presentation of BOD & Committees ReportsThe BOD Chairman presented the BOD report while that of the Supervisory, Loans Committees as well as the Report of the Auditors were presented by the respective Chairpersons and that of the Auditors by Angtuongba D. Henry of CUA. Below are the excerpts of the various reports:

Board of Directors The Report touched on the administration by: 8-member BOD steering the affairs of Kamccu, 8-members staff strength headed by the Manager, The handing over, The operational strategies etc

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REPORTLOANS COMMITTEE



Another year of accountability is with us again so soon and we have assembled here for a Board of Directors, Committee Members' and Members of our Credit Union to re�ect on our performance, achievements and challenges for the past �nancial year

thending 30 June, 2015.

Our loans are basically focused on creating a meaningful impact for members. We supported our members by ensuring that their businesses experience a holistic and sustainable growth. The Committee also offered strategic �nancial advice to members. Again, we provided accurate and relevant advice on quality Business Management practices to our members.

INTRODUCTION

The Loans Committee is made up of three members namely:COMMITTEE MEMBERS

Mrs. Dianah Asmah Cobbinah - ChairpersonMrs. Vera Asare Amoafo - SecretaryMr. Wilberforce Ayensu - Member

During the year, the Committee met �fty-two (52) times, every Tuesday of the week to review and approve loan applications submitted by members.

LOANS APPROVEDThe three (3) member Committee approved a number of Loan applications throughout the period under review. Below are the details of Loans that were approved for members as at 30/06/2015.

MEETINGS

PARTICULARSNo. of applicationsNo. of applications RejectedAmount approved

July to Dec. 2014715

63,419,237.69

Jan. to June20151,518

146,402,378.79

Total2233

209,821,616.48

The above table shows that 715 and 1518, totalling 2233 loan applications were received during the two half years July to December, 2014 and January to June 2015 receptively. The total amount of loans granted during the two periods amounted to GH¢9,821,616.48. The rejected loan applications were 20, and were turned down for various reasons, including insufficient Shares holdings by members, a pre – requisite for loans to be granted

Opening The Chairman of the Kamccu Board of Directors (BOD), Johnson K. Wotu, called the meeting to order at 9:28a.m. with a prayer by Edward Hoffman. Members present at the time of opening were one hundred and �fteen (115).

Attendance

THMINUTES OF THE 11 AGM OF KAMCCU CO –OPERATIVE CREDIT UNIONTHHELD ON SATURDAY, 15 NOVEMBER, 2014AT THE REV. LARTEY ADOTEY

MEMORIAL APOSTOLIC CHURCH–GHANA, ADABRAKA ASSEMBLY

In all, three hundred and �fty three members attended as per the attached lists.

1thNotice of the 11 Annual General MeetingThe Secretary to the Board of Directors (BOD), Juliana O. Asare-Budu read the Notice of

ththe 11 Annual General Meeting (AGM) to members present.

Credit Union Song:Ernest Aidoo then led members to sing the Credit Union Song…'It's A Small World After All'

Introduction of Chairman and other DignitariesThe Chairman for the occasion was introduced as Johnson K. Wotu by the M.C., Yaw Boakye. In his acceptance speech of chairing the meeting; he thanked members for

ththe honour and welcomed members to the 11 AGM. He called for the co-operation among co--operators to ensure a successful meeting and wished them God's blessings.

1. Mr. Yaw Gyam� - Executive Secretary of GHAMFIN2. Mr. E. Oduro-Darko - Immediate-past General Manager of CUA3. Dr. Gyima-Larbi - Immediate-past BOD Chairman4. Mr. Willie Ahli - Immediate-past BOD Ex-officio Member5. Mr. Kenneth Bosompim - Accra Chapter Manager (CUA) 6. Mr. Oscar Braimah - Metro Director of Co-operatives7. Mr. Romeo Odonkor - Head of Audit Department of CUA8. Mr. Henry D. Angtuongba - Auditor – CUA9. Mr. Kyere Benson - Auditor – DOC10. Ms. Edith Dzidzornu - M etro Director of Co-operatives, Amasaman11. Mr. Stephen Amo-Yankyera - I mmediate-past Loans Committee Chairman

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The Committee employed the following methods among other means to recover defaulted loans :

LOAN POLICYThe following were the policies that guided the Committee in its operations: The interest rate on loans was 19.5% per annum that is 3% per month on reducing balance basis.

The allowable ratio for loans was 1:1 or 1:2 The 5C's of Credit

RECOVERY EFFORTS

Capacity of the borrowers to repay loan

Collateral (Savings / Shares and Guarantors) provided against default

Conditions at the time of borrowing and lending

Capital base of the Credit Union as at the time of appraising the loan

Character of the borrower

1. Telephone Calls2. Personal Visits3. Sent written noti�cations

At the 2013 Annual General Meeting, it was agreed that with effect from December 23, 2013 all loans within the Savings of members would attract 2% interest per month instead of 3%. We see it as an incentive for members to take advantage of.

OBSERVATIONSThe following important �ndings were made:

The habit of “dumping” still persist among members.Some members failed to save regularlySome members failed to meet the stipulated period of membership before applying for loans.Some members applied for amounts that are far beyond their savings threshold and at times above their paying ability.

Members should be encouraged to take note of the Loan threshold of 1:2 , and operate

within

the limits when applying for a loan in order to avoid any embarrassment .

Members must cultivate the habit of savings to attract higher loans

Members should abide by the repayment plan to loan agreed with the union

SUGGESTIONS AND RECOMMENDATIONS

STAFFKAMCCU CO-OP. CREDIT UNION LTD.

GLADYS ASEIDU -AWUAH STEPHEN AYISI FRANK ABOAGYE

PRISCILLA YAYRA GADAGOE SAMUEL AIDOO DORA ASUBONTENG KONADU

EMELIA O. ODAME DELALI AKPALIGAHFRANK NANA ADU

Manager Accountant Loans Officers

Accounts Officer Member RelationCashier

Office Assistance Casual StaffCashier

1938





We would like to express our gratitude to our members' who continued to meet their payment schedule despite the economic challenges. The Committee would like to show appreciation to members for their continuous support.

We wish to state that, the committee and staff would work together to provide quality services for our teeming members this year, together, we would transform lives by creating jobs, secure families and fuel the Ghanaian economy, because we are committed to helping our members transform their lives.

We would like to echo our praise to the staff for their tireless efforts over the past year, and we have also enjoyed working with the Board and other Committee Members, not forgetting the entire membership and everyone who has worked with us. The Committee will always strive to do better and continue to deliver effective and efficient Loan services to our members to propel our Union to greater heights.

After all, “it's a small world”Thank you.

Diana Asmah Cobbinah (Chairperson Loans Committee)

CONCLUSION



REPORTNOTES ON THE FINANCIAL STATEMENTS

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REPORTTH FOR THE YEAR ENDED 30 JUNE 2015.

NOTES ON THE FINANCIAL STATEMENTS


COMMITTEESCO-OPREATIVE CREDIT UNION LTD.

SUPERVISORY COMMITTEE

LOANS COMMITTEE

EDUCATIONAL COMMITTEE

STEPHEN AFORUE ERNEST AIDOO KWAME TETTEY MANKATTAH

DIANAH ASMAH DARKWAH VERA KABIR WILBERFORCE OSAM AYENSU

F.A. AYISI YAW BOAKYE MENSAH GLADYS QUARTEY

Chairman

Chairman

Secretary

Secretary Member

Member

MemberMemberMember

2136

TH FOR THE YEAR ENDED 30 JUNE 2015. TH FOR THE YEAR ENDED 30 JUNE 2015.


REPORTFINANCIAL HIGHLIGHTS





0.9

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STATEMENT OF COMPREHENSIVE INCOME



REPORTFINANCIAL HIGHLIGHTS

2334





GHANA CO-OPERATIVE CREDIT UNIONS ASSOCIATION (CUA) LTD(HEAD OFFICE). (Reg. #4032)44 Jones Nelson Street, Adabraka, P. O. Box 12148, Accra-North, Ghana, Tel.: 233-21-220299, 231717. Fax:233-21-231718Telex: 2166 Tricord: Email: HYPERLINK "mailto:[email protected]" [email protected]

KAMCCU CO-OP. CREDIT UNION LIMITED

We have audited the Financial Statements of the KAMCCU CO-OPERATIVE CREDIT UNION LTD., which have been prepared under the historical cost convention. We have obtained all the information and explanations we required.

Responsibility

These Financial Statements are the responsibility of the Union's Directors. Our responsibility is to express an independent opinion on these Financial Statements based on our audit.

Basis of Opinion

We conducted our audit in accordance with generally accepted auditing standards. These standards require that we plan and perform our audit to obtain reasonable assurance that the Financial Statements are free from material misstatements. An audit includes examining, on test basis evidence supporting the amounts and disclosures in the Financial Statements. We believe that our audit provides a reasonable basis for our opinion.

Opinion

In our opinion, Proper records have been kept and the Financial Statements which are in agreement there with, comply with the requirements of the Co-operative Societies Decree of

th1968 (NLCD252) and give a true and fair view of the state of affairs of the Society as at 30 June, 2015 and of the results of its business operations for the period then ended.

REPORT OF THE AUDITORS TO THE MEMBERS FOR THETHPERIOD ENDED 30 JUNE, 2015

Dated: 16-10-15

Bankers:Ghana Commercial Bank, Boundary Road / SSB (Foreign) / Standard Chartered, Liberia Road / Barclays Bank, Central Avenue (Foreign)

CUA LTD.Ernest Agyei-Okoampa

DOC.Willliam Elorm Dzah



FROM AUDITORS TO MEMBERS

3324





Approved by Management Board on..........................................

Approved by Department of Co-opereative:

Date:




REPORTSTATEMENT OF FINANCIAL POSITION

2532









3126





NOTES ON THE FINANCIAL STATEMENTSCASH FLOWS STATEMENT


CASH FLOW STATEMENT

2730







1.14. Employee Bene�ts(a) Post- Employment Bene�ts (I) Social Security and National Insurance Trust Under a National Deffered Bene�t Pension Scheme, the Credit Union contribution 13% of employee basic Salary to SSINT for employee pensions.

The Credit Union’s Obligations is limited to the relevant contribution, which were settled on due date. The pension liabilities and obligations, however, rest with SSINT.

(b) Co-operative Credit Union pension plan ( C-CUPP)

The Credit Union has a pension plan for all employees who have completed probation

Employee contribution 10% of their basic salary to the fund whilst the Credit Union contributes the same 10%. The Obligation under the plan is limited to the relevant contibutiopn and these are settled on due dates

1.15. Borrowing Cost Borrowing Cost on external loans are capitalized if the loan is used for a qualifying asserts i.e asserts that necessarily takes a substantial period of time to get ready for its intended use. In an event where the external loan is invested, the interest earned is less from the interest paid and the remainder is capitalized. However, in the event where the interest earned exceeds the interest paid, the difference is treated as an income.

1.16. Property, Plant and EquipmentAn item of property, Plan and equipment is initially recognized at cost and subsequently measured at cost less accumulated depreciation and any accumulated impairment losses, with the exception of land which is not depreciated

Depreciation is recognized in the statement of comprehensive income and is provided for on a straight - line basis over the estimated useful life of the asserts. The current annual depreciation rates for each class of property, plant and equipment are as follows

BuildingMotor VehicleOffice EquipmentFurniture and FittingsComputers and AccessoriesSoftware Gains or losses pn disposal of property, plant and equipment are recognized in the statement of comprehensive income

2%

20%

25%

10%

33.33%

33.33%

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NOTES ON THE FINANCIAL STATEMENTSKAMCCU CO-OP. CREDIT UNION LTD.



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