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Annual Report Consolidated Financial Statements for the Year

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Annual Report Consolidated Financial Statements for the Year fr '■ t t ( 'S 9 n I PKr tf :• 1 >. i f < THE SACCO SOCIETIES REfiUlATOW AUTHORITY received 2 9 MAR 2021 t (SASRA) p 0. Box 25059-00100. NAIROBI UNITED NATIONS SAVINGS AND CREDIT CO-OPERATIVE SOCIETY LIMITED ■ CS/2375 ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS i FOR THE YEAR ENDED 31 DECEMBER 2020 ?■ : ■, 5 ‘I approved 1 puhlication o'td pr^mahon M.. 1 10 AGhl or A »* ( J I 3 0 MAR 20il tt' SIGN: t. I THS »rn)i;nfii.TltsmMUTO«VAliTBWm 1 1 Ik I - k* I ■n . I, i' 'l i '1 4 V * 4 United Nations Savings and Credit Co-operative Society Limited - CS/2375 Annual report and consolidated financial statements W For the year ended 31 December 2020 CONTENTS PAGE Society information 1 Corporate information - vision and mission statement 2 Who we are - our history 3-4 Chairman's report 5-8 Corporate governance report 9-15 Environmental and social responsibility 16 Report of the directors 17-18 Sacco financial and statistical information 19 Five year financial performance review 20 Sacco trend analysis 21-24 Statement of directors' responsibilities 25 Report of the independent auditor 26-29 Financial statements; Consolidated statement of profit or loss and other comprehensive income 30 I Sacco statement of profit or loss and other comprehensive income 31 I Consolidated statement of financial position 32 Sacco statement of financial position 33 Consolidated statement of changes in equity 34-35 Sacco statement of changes in equity 36-37 Consolidated statement of cash flows 38 Sacco statement of cash flows 39 Notes 40-83 r H United Nations Savings and Credit Co-operative Society Limited - CS/2375 Annual report and consolidated financial statements V For the year ended 31 December 2020 SOCIETY INFORMATION BOARD OF DIRECTORS ; CPA Bernard Koech - Chairman : Grace Wangeci - Vice Chairperson : Dr. Jack Onyisi - Honorary Secretary : Julius Kipkoech - Treasurer ; Peter Kingori - Director : Dickson Aduwo - Director : Jeremiah Ougo - Director : James Ouka - Director : CPA Gabriel Wanga - Director SUPERVISORY COMMITTEE ; CPA Dominic Shikunyi - Chairperson ; CPA Charles Wambua - Secretary ; Fridah Karimi - Member MANAGEMENT STAFF Chief Executive Officer (Resigned in ; CPA Jack Gudo * January 2021) Deputy CEO and Head of Finance & : CPA Esther Mailu Administration : CPA Joseph Muraguri - Head of Internal Audit : Moses Amolo - Head of Credit : Evelyn Olunja - Head of Marketing and Customer Care ; Silas Alumasa - Head of FOSA and Operations : Assumpta Pius - Acting Head of ICT REGISTERED OFFICE United Nations Sacco Society Limited United Nations Complex UN Avenue. Gigiri P.O. Box 2210, 00621 NAIROBI INDEPENDENT AUDITOR PKF Kenya LLP Certified Public Accountants P.O. Box 14077, 00800 NAIROBI PRINCIPAL BANKERS KCB Group Pic Cooperative Bank of Kenya Limited UN Gigiri Branch Gigiri Branch PO Box 39402, 00623 PO Box 38764, 00600 NAIROBI NAIROBI Citibank N.A. Kenya Upper Hill Branch P. O. Box 30711, 00100 NAIROBI LEGAL ADVISORS Ombonya & Company Advocates 7"’ Floor, Harambee Co-operative Plaza P.O. Box 53781, 00200 NAIROBI SUBSIDIARY ; Wanamataifa Investments Company Limited : NAIROBI 1 United Nations Savings and Credit Co-operative Society Limited - CS/2375 Annuai report and consolidated financial statements For the year ended 31 December 2020____________________________ u CORPORATE INFORMATION - VISION - MISSION STATEMENTS OUR VISION To be the financial solutions provider of choice. OUR MISSION To uplift the social-economic status of our membership by offering them quality, affordable and diversified financial services. OUR VALUES The United Nations Savings and Credit Co-operative Society Limited in its commitment to realise the vision and mission upholds the following core values: Integrity by upholding the highest level of integrity in our dealings including acting in a transparent and professional manner; - Accountability by being accountable to our members and the general public Customer Focus by ensuring that the customer is at the centre of alt our work - Teamwork by working as a team to deliver results and value to our members A 2 United Nations Savings and Credit Co-operative Society Limited - CS/2375 Annual report and consolidated financial statements For the year ended 31 December 2020 WHO WE ARE - OUR HISTORY The United Nations Savings and Credit Co-operative Society Limited (the “Sacco") was founded in 1975 with the objective of providing a mechanism for United Nations ("UN”) employees in Kenya to save and borrow at a low cost in order to meet the employees’ socio-economic needs. The Sacco currently serves the staff and immediate family members of all UN and affiliate agencies all over the world. UN Sacco is among the top 10 Tier 1 deposit taking Saccos in the country in terms of Asset base and was licensed by Sacco Societies Regulatory Authority (SASRA) in 2011. This license is renewable annually in the third quarter of the preceding year and the Licence for 2021 was renewed in December 2020 after a rigorous assessment by the regulator. As at December 2020, the Sacco had a membership of over 6000 members from the initial membership of 123 who are both local and international staff of the United Nations and are spread across the globe from different nationalities. The Sacco runs a back office (BOSA) housed in Gigiri Square, second floor Wing A Nairobi as well as a front office (FOSA) which is situated within the UN-Gigiri Complex, UNSACCO Building. However, the FOSA office remained closed from March 25, 2020 for the remainder of the year following the advent of Covid 19 and closure of the UN Complex by the host landlord. The operations of the Sacco are governed by the Co-operative Societies Act 2004 and its revised Act of 2012, the Sacco Societies Act 2008, Sacco Societies Regulatory Authority (SASRA) regulations 2010. Internally, the Sacco operations are guided by the member approved By-laws and internally drafted policies that guide the operation of the different facets of the organization. The affairs of the Sacco are directed by the Board of Directors (BOD) elected by members in the Annual General Meeting (AGM) while the Supervisory Committee performs oversight over the Board. The Core Functions of the Sacco are: Deposit-taking, Disbursement of Loans and Investment. The regulator (SASRA) has stipulated the investment options which deposit taking Saccos can venture into and the board and management of the Sacco have complied with the set guidelines. The members of the Sacco have different needs due to the international as well as multicultural combination of membership. The Board and management carefully study the membership to understand their varying needs after which the Board, through the secretariat, develops various products to meet the various needs under BOSA and FOSA. The back office offers long and short-term loan products whose purpose ranges from property acquisition, genera! personal development, and education as well as emergency needs. At the front office, the Sacco offers short to medium term loan products to cater for members unforeseen needs. The Sacco has also adopted technology and currently offers 2 loan products through the mobile phone (Quick cash and Dividend Advance). The Sacco endeavours to concentrate on her core business and as part of value addition, the Sacco has partnered with other organisations to provide essential non-core but complimentary services for the benefit of the members. Such services include ATM’s, Mobile banking through the M-SACCO platform. Bankers Cheques and Mobile money Lending. Other partnerships include supply of water tanks, as well as partnership with financial institutions to facilitate remittance of funds from diaspora members. SUSTAINABILITY STRATEGY The operations of the Sacco are affected by both Macroeconomic and the micro economic environment since the Sacco does not operate in a vacuum. Globally, the last three quarters of 2020 were affected by the Corona Virus Disease (Covid 19). The pandemic caused major disruptions in the global economy. According to a World Bank report, economic activity was negatively affected by many factors including and not limited to reduced personal interactions (whether out of personal decision or government restrictions and protocols), the uncertainty about the post pandemic environment which has influenced investment decisions and has also dealt a blow to international trade, and human capital investment due to closure of education facilities. 3 United Nations Savings and Credit Co-operative Society Limited - CS/2375 Annual report and consolidated financial statements For the year ended 31 December 2020 WHO WE ARE - OUR HISTORY (CONTINUED) SUSTAINABILITY STRATEGY (CONTINUED) Indeed, the pandemic is expected to slow down the growth of global economic output. Investments collapsed in 2020, in both emerging markets and developing economies. This notwithstanding, investment growth is expected to resume in 2021 but not enough to reverse the decline witnessed in 2020 with digital technology expected to be a major player towards this growth. In order to counter the investment headwind, the World Bank proposes the need for a major push to improve business environments, increase labour, increase flexibility in product markets, and strengthening of transparency and governance. According to a World Bank report, Kenya’s economic growth averaged 5.7% in 2019, placing Kenya as one of the fastest growing economies in Sub-Saharan Africa. This economic expansion was facilitated by a stable macroeconomic environment, positive investor confidence and a resilient services sector. In 2020, this expansion was curtailed by both domestic and external demand and supply shocks. Apart from the widely publicised COVID-19 pandemic, Kenya was hit by locusts In the first months of 2020 and this has had an adverse effect on the food security and growth of the agriculture sector in the country. The economy is projected to start an upward trend in 2021. However, the growing public debt burden will put pressure on Kenya's credit ratings and minimize room for fiscal stimulus. Despite this anticipated challenge, the GDP is projected to grow by 5.0% in 2021 from 5.4% in 2019 (CBK) and 1% in 2020.
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