Guyana National Cooperative Bank
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BOARD OF DIRECTORS Donald Augustin Chairman Stephen G. Backer Managing Director E.A. Sills Deputy Chairman M. Brassington Y. Persaud M. Wharton E. Fraser J. Fraser A. Prashad Sukhdeo C. Walcott Corporate Secretary PRINCIPAL OFFICERS OF THE BANK HEAD OFFICE Managing Director Stephen G. Backer Deputy General Manager John Alleyne Senior Assistant Manager Credit Department Henley Adams SeniorAssistant Manager Staff and Administration Clarence R. Walcott Personnel Manager Staff and Administration Joyce Hendrickson Assistant Manager Legal Department Frederick Anthony Assistant Manager Securities Department William Argyle AssistantManager Audit Department John Barnes Assistant Manager Accounting Department Joseph Alfred Assistant Manager Data Processing Department Yvo Morris MAIN BRANCH Manager John Butters LINDEN BRANCH Manager Mushtaq Khan HIGH STREET BRANCH Manager Edgar Spencer G.P.0. BRANCH Manager Laurence Farley ANNA REGINA BRANCH Manager Walton David CORRIVERTON BRANCH M!lllager Premnauth Hardowar NEW AMSTERDAM BRANCH Manager Kenneth Richmond ROSEHALL BRANCH Manager Dennis Greaves VREED-EN-HOOP BRANCH Manager Marilyn Persico KWAKWANI SUB BRANCH Officer-in-Charge Mark Nurse MELANIE DAMISHANA SUB BRANCH Officer-in.Charge U. Sanichara TIMEHRI AGENCY Officer-in-Charge Ashton Taylor GUYANA NATIONAL CO-OPERATIVE BANK Notice of Annual General Meeting NOTICE is hereby given that the 13th Annual General Meeting of Shareholders of the GUYANA NATIONAL CO-OPERATIVE BANK, will be held from 5.30 p.m. on Friday, 17th June, 1983 at the Roof Gardens,Bank of Guyana Building, Avenue of the Republic. AGENDA: 1. To consider the Annual Report, the Balance Sheet and Accounts for the year ended 1982. 2. To elect Five Directors. 3. To consider motions submitted by Shareholders. 4. Any other business. Notice of motions must reach the Secretary, Board of Directors (GUY ANA NATIONAL CO-OPERATIVE BANK, 1 LOMBARD & CORNHILL STREETS) not later than Wednesday 10th June, 1983, BY ORDER OF THE BOARD. CLARENCE WALCOTT Corporate Secretary Guyana National Co-operative Bank 1, Lombard& Comhill Streets, GEORGETOWN. GUYANA NATIONAL CO-OPERATIVE BANK - FIVE YEARS GROWTH RECORD - G$M Average Total Average Share- Operating Dividends Return on Assets holder's Income Per Share (%) Average Equity (%) Equity 1978 b.i 5.2 1979 1'78.1 17.9 8.5 13.2 1980 220.3 5.8 25.8 10.5 15.1 1981 305.8 6. 37.7 10.5 15.8 1982 354.8 8.2 73.5 11.5 29.6 1 GUYANA NATIONAL CO-OPERATIVE BANK Report of the Board of Directors The Directors have the pleasure in presenting their report with the Audited Accounts for the year end ing 1982, December 31. DonaldAgustin Stephen G. Backer Chairman ManagingDirector RESULTS Gross Income from operations increased by $35.8M. The amount was $73.5M as compared with $37.7M for 1981. Interest expenses was $43.7M in 1982, an increase of $24.0M over 1981 amount of $19.7M. Other ex penses relating to the operations of the bank increased from $12.7M for 1981 to $16.7M. The operating results shows a net surplus before taxation of $6.4M, an increase of $3. 7M over the previous year amount of $2.7M. From the surplus an amount of $3.9M was set aside for the payment of taxes and a transfer of $.6M was made to the General Reserve Fund increasing the balance on the Fund to $1.7M. The surplus retained was $1.2M increasing the amount from 1981 to $2.0M. During the year, your bank continued to enjoy the confidence.of its customers. Deposits by customers moved from $213.9M in 1981 to $276.9M for 1982, an increaseof $63.0M for the year. There was also significant expenditure during the year to provide better accommodation and efficient services to our customers at Main Branch. Capital expenditure of $1.7M was incurred to carry out the expansion and providing equipment. The past year has been difficult and the success achieved was as a result of skilful management of funds acquired on a short term basis and our ability to maximise our investment income against competing demands for these resources. DIVIDEND The Board of Directors recommends the payment of a final dividend of 11.5% for the financial year ended 1982, December 31. STAFF We wish to express our sincere appreciation to the staff for their continued dedication to the Bank. They performed creditably at times under difficult circumstances and it would have been impossible without their efforts and good team spirit to achieve our success during the year. PROSPECTSFOR 1983 We do not expect that 1983 would be significantly different from 1982. We perceive tight monetary policies by the Central Bank and significant customers demands for money. The bank would continue to show the progress it has over the years because of increasing customers confidence in our ability to offer them the type of services that they need. We wish to extend our thanks to our shareholders and to assure them of our intention to maintain a balanced growth and a profitable Institution. 2 GUYANA NATIONAL CO-OPERATIVE BANK 1983 May 10. Report of the Auditors to lhe Members of the Guyana National Co-operative Bank Under Section 48ot Lhe Co-operativeFinancial Ins lit utions Act 1976 We have examined the accounts set out on pages 4 to 13 which have been prepared under the historical cost convention and have obtained all the information and explanations we have required. In our opinion, these accounts give, under the accounting convention stated above, a true and correct view of the state of affairs of the Bank at 31 December 1982, and of the results of its operations and the source and application of its funds for the year then ended, in accordance with generally accepted accounting principles applied on a consistent basis. THOMAS, STOLL, DIAS & CO. Certified Accountants 5, America Street, Georgetown, Guyana. 3 GUYANA NATIONAL CO-OPERATIVE BANK Statement of Surplus and Deficit for the year ended 31st December,1982 Notes 1981 G$ G$ Total revenue from loans, investments and other sources 73,488,301 37,700,980 Total expenses including depreciation and provision for loan losses 67,102,507 34,960,664 Surplus for the year before taxation 1 6,385,794 2,740,316 Taxation 13 3,959,192 1,698,996 Surplus for the year after taxation 2,426,602 1,041,320 Transfer to reserve fund 17 606,651 260,330 Proposed dividends 14 643,724 535,616 1,176,227 245,374 STATEMENT OF RETAINED EARNINGS Balance at 1 January as previously reported 938,849 593,178 Less: Prior year adjustment 2 ( 100,297) Balance at 1 January as restated 838,552 593,178 Transfer from statement of surplus and deficit 1,176,227 245,374 Balance at 31 December 2,014,779 838,562 4 GUYANA NATIONAL CO-OPERATIVE BANK Balanc.eSheet asat 31st December,1982 Notes 1981 G$ G$ Assets Cash and balance with Bank of Guyana 3 18,350,108 11,173,064 Balance with and cheques in course of collection on other Banks and Government Institutions 4 ( 399,461) 20,961,33 1 17,950,647 32,134,395 Money at call and short notice 5 33,328,152 16,987,984 Time deposits with foreign banks 6 5,753,605 13,500,000 Investments 7 1,118,405 1,429,981 Loansand advances to customers 8 272,923,739 289,513,593 Customers' liability for acceptances and engagements 9 92,293,084 81,663,855 Bank premises and equipment 10 5,494,912 3,835,740 Other assets 11 5,638,818 10,003,628 Total assets 434,501,362 449,069,176 Liabilities Customers deposits 12 276,898,467 213,908,170 Acceptances, guarantees and letters of credit 92,293,084 81,663,855 Provision for taxation 13 1,843,612 1,006,300 Dividends 14 743,125 601,679 Other liabilities 15 53,371,604 144,817,006 Total liabilities 425,149,792 441,997,010 Net assets 9,351,570 7,072,166 Represented by: Share capital 16 5,610,153 5,113,627 Reserve fund 17 1,726,638 1,119,987 Retained earnings 2,014,779 838,552 9,351,570 7,072,166 � Y) dw�I(_ � . �-7: ............................................................... 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Sec retary 5 GUYANA NATIONAL CO-OPERATIVE BANK Statement of Sourceand Applicationof Funds for the year ended 31 sl December,1982 1981 G$ G$ Source of funds Surplus from operations after taxation 2,426,602 !,041,320 Adjustment for item not involving the movement of funds Depreciation 379,206 297,231 Funds generated from operations 2,805,808 1,338,551 Funds from other sources Increase in share capital 496,526 436,098 Disposal of fixed assets (net) 6,358 14% loan 2,500,000 Redemption of Government debentures 561,026 1,383,388 3,863,360 5,664,395 Application of funds Taxes paid 3,121,88fl 1,800,000 Purchase of Defence premium bonds 258,000 Capital repayments on 6% debentures 73,333 73,334 Capital repayments on 14% loan 158,560 91,846 Additions to fixed assets '1,806,485 746,901 Payment of dividends 502,278 455,394 lncrease/(Decrease) in working capital ( 2,057,176) 2,496,920 3,863,360 5,664,395 lncrease/(Decrease) in working capital is represented by: lncrease/(Decrease) in advances and other accounts (20,954,664) 145,386,973 (Deere�) in other current�ets ( 5,598,525 ) ( 19,037,629) (26,553,189) 126,349,344 lncrease/(Decrease) in deposits, current and other accounts (24,496,013) 123,852,424 (2,057,176) 2,496,920 6 GUYANA NATIONAL CO-OPERATIVE HANK Summaryof Accounting Policies· Amalgamation The financial statements include the results of operations and the assets and liabilities of Head Officeand the following branches of the Bank:- Timehri (Sub) Anna Regina Corriverton North Road (G.P.O.) New Amsterdam Melanie Damishana (Sub) Linden Rose Hall Kwakwani (Sub) High Street Vreed-en-Hoop Securities Securities are held for investment purposes and are carried at cost or valuation except for treasury bills which are adjusted for accretion of discounts.