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2017 Unsacco-Annual-Report-And UNITED NATIONS SACCO SOCIETY LIMITED 31 December 2017 1 Contents >> 1 Corporate Information 2 Sacco information 3 Who we are 4 Sacco Statistical information 5-7 Chairman’s report 8-14 Corporate governance report 15-21 Five year financial performance review 22 Report of the directors 23 Statement of directors’ responsibilities 24-29 Independent auditors’ report Consolidated statement of profit or loss and other comprehensive income 30 Sacco statement of profit or loss and other comprehensive income 31 Consolidated statement of financial position 32 Sacco Statement of financial position 33 Consolidated statements of changes in equity 34 Sacco statements of changes in equity 35 Consolidated statement of cash flows 36 Sacco statement of cash flows 37 Notes to the financial statements 38-83 Contents >> Corporate Information VISION – MISSION STATEMENTS Vision The financial solutions provider of choice. Mission To uplift the social-economic status of our membership by offering them quality, affordable and diversified financial services. Core 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: ● Team work ● Customer focus ● Accountability ● Integrity ● Transparency ● Professionalism 4 Annual Report and Financial Statement 31 December 2017 Sacco Information For the year ended 31 December 2017 BOARD OF DIRECTORS ● Geoffrey Omedo Chairman ● Philomena Makena Vice Chairman ● Dickson Aduwo Honorary Secretary –Appointed 24th March 2017 ● Gabriel Wanga Treasurer ● Maurice Owalo Retired 30 January, 2017 ● Samson Legesse * Director ● Kimathi Mungania Director ● Jack Abebe Director –Appointed 24th March 2017 ● Peter Kingóri Director – Appointed 24th March 2017 ● Jeremiah Ougo Director- Appointed 24th March 2017 ● Phillip Migire Retired 24th March 2017 ● Jack Gudo Chief Executive Officer ● *Ethiopian SUPERVISORY COMMITTEE MEMBERS ● Gordon Onyatta Chairperson ● Rael Odhiambo Secretary ● Fridah K. Gitua Member- Appointed 24th March 2017 ● Stephen Ndeti Retired 24th March 2017 REGISTERED OFFICE United Nations Savings and Credit Co-operative SocietyLimited United Nations Complex, UN Avenue, Gigiri PO Box 2210 – 00621 Nairobi PRINCIPAL BANKERS Kenya Commercial Bank Limited Cooperative Bank of Kenya Limited Citibank NA UN Gigiri Branch Gigiri Branch Upper Hill Branch P. O. Box 39402 – 00623 P. O. Box 38764 – 00600 P. O. Box 30711 – 00100 Nairobi Nairobi Nairobi AUDITORS KPMG Kenya Certified Public Accountants 8th Floor, ABC Towers, Waiyaki Way PO Box 40612 – 00100 Nairobi LEGAL ADVISORS Ombonya & Company Advocates Harambee Co-operative Plaza, 7th Floor PO Box 53781 – 00200 Nairobi Annual Report and Financial Statement 31 December 2017 5 Who We Are – Our History For the year ended 31 December 2017 he United Nations Savings and Credit Co- regulations 2010 andits By-laws. The affairs of the Sacco operative Society Limited (the “Sacco”) was are directed by the Board of Directors (BOD) elected by started in 1975 with the objective of providing a members in the Annual General Meeting (AGM) while mechanism for United Nations (“UN’’) employees the Supervisory Committee performs oversight over in Kenya to save and borrow at low cost in order the Board. Tto meet the employees' socio-economic needs. The Sacco currently serves the staff and immediate family The Core Functions of the Sacco are: Deposit taking, members of all UN and affiliate agencies all over the Disbursement of Loans and Investment. The society world. drives investment opportunities for its members through a wholly owned investment vehicle known as The Sacco is one of the largest deposit taking Sacco’s Wanamataifa Investment Company Limited. in the country and was licensed by Sacco Societies Regulatory Authority (SASRA) in the year 2011. The Sacco offers various products under its back office and front office. At the back office, long and With an initial membership of 123 the Sacco currently short term loan products are issued to members for boasts of over 6,000 members comprising both local property acquisition and development needs as well as and international staff of the United Nations spread education and emergency needs. At the front office, across the globe from different nationalities. The Sacco the Sacco offers short to medium term loan products is housed in Gigiri Square, Second floor Wing A Nairobi to cater for members unforeseen needs. adjacent to Block F with some FOSA offices within the UN-Gigiri Complex. The Sacco has also partnered with some service providers to provide value additional services such The Sacco derives its mandate from the Co-operative as ATM’s,Mobile banking through MSacco platform, Societies Act 2004 and its revised Act of 2012, the Sacco online banking and automated alerts and emails Act 2008, Sacco Societies Regulatory Authority (SASRA) for transactions like loan processing, bank deposit receipting and new membership applications. 6 Annual Report and Financial Statement 31 December 2017 Sacco Statistical Information For the year ended 31 December 2017 MEMBERSHIP 2017 2016 No. No. Active 4,208 5,072 Dormant 2,460 1,225 Total 6,668 6,297 FINANCIALS SUMMARY KShs KShs Total assets 11,422,514,334 10,854,947,023 Members’ deposits 8,868,715,906 8,355,333,216 Loans to members 7,586,039,412 7,411,381,817 Investments 17,062,929 3,769,619 Core capital 1,780,269,490 1,594,095,272 Share capital 823,981,128 696,340,961 Institutional capital 956,116,797 897,754,311 Total revenue 1,298,597,970 1,300,313,857 Total interest income 1,060,445,908 1,077,298,895 Total expenses 1,117,767,680 1,073,987,538 Interest on members’ deposits 719,694,675 826,835,612 Cash and cash equivalents 3,025,010,978 2,589,216,133 Employees of the Sacco 26 25 KEY RATIOS CAPITAL ADEQUACY RATIO: Core capital/Total assets (Minimum requirement 10%) 16% 15% Core capital/Total deposits (Minimum requirement 8%) 20% 19% Institutional capital/Totalassets (Minimum requirement 8%) 8.4% 8% LIQUIDITY RATIO (15%): Liquid assets/Total deposits and long term liabilities 34% 31% Operating efficiency/Loan quality ratios: Total Expenses/Total income 86% 83% Interest on member deposits/Total income 55% 64% Interest rate on members deposits 8.7% 10.5% Dividend rate on members share capital 12% 18% Total delinquency loans/Gross loan portfolio 0.5% 0.4% The statistical data is extracted from the Sacco statement of comprehensive income and Sacco statement of financial position set out on pages 31 and page 33 respectively. Annual Report and Financial Statement 31 December 2017 7 Chairman’s Report For the year ended 31 December 2017 Dear Honourable Members UN SACCO Performance in 2017 In our review of our 2017 performance, we see a resilient institution. UNSACCO has managed to weather many am pleased to present the UNSACCO Financial storms, and still managed to post good results. 2017 Report for the year 2017. This Financial Report is was a difficult year not only for the Sacco but for the our accountability statement to our Esteemed entire country mainly due to the prolonged draught Membership, Partners and key stakeholders. It and the lengthy electioneering period slowing down shows how UNSACCO performed in the year 2017, economic activities in the last 5 months of the year. and therefore a critical measure of the trajectory the I In addition to the extended electoral cycle, the sector institution is taking. has had to deal with regulatory changes, especially the 2016 capping of interest rates as a result of the Banking 2017 Economic Environment Amendment Bill 2016. This bill has seen many banks Central Banks’ Policy stance in advanced economies issue profit warnings in the year and the Sacco has was biased towards economic tightening, with the US been equally affected. Federal Reserve raising the Federal Funds Rate three times in 2017, and the European Central Bank halving In September 2016, UNSACCO took the bold step of their monthly bond purchases and signalling an end reducing the rates charged on our loans, bringing our to their 3-year old stimulus package in 2018. Sub- average loan price from a high of 36% to a low of 12%. Saharan Africa economic growth remained relatively Therefore, 2017 is the year that we have observed a full strong in 2017 compared to 2016 with the region’s GDP year of operations under a reduced loan rates regime. growth averaging 2.4% for the first three quarters of Still, the Board took this decision because we are 2017 compared to the annual growth of 1.4% in 2016, gradually reverting to the primary cooperative model mainly driven by commodity exporting countries as commodity prices recovered in global markets. where affordable credit will be the key determinant for our business. We have also experienced 18 Months The Kenyan economy expanded by an average of without the 850 Million shillings that have been held 4.7% for the first three quarters of 2017 compared to at Chase Bank Limited (IR). The cumulative impact of all an average of 5.7% in a similar period in 2016. In Q3, these, is mixed performance for 2017. the economy grew by 4.4%, (lower than World Banks growth projection of 4.9% ) which is the slowest growth In the year under review, our loan portfolio grew by in a period of five years as per Kenya National Bureau 2% from Kshs. 7.4 Billion in 2016 to Kshs 7.6 Billion in of Statistics. The quarterly Gross Domestic Product 2017. The Member deposits have maintained a growth report attributed the reduced growth to uncertainty trajectory, registering a 6% growth from Kshs. 8.3 associated with political environment coupled with effects of adverse weather conditions. Billion in 2016 to Kshs. 8.9 Billion in 2017, signifying growing savings culture within the membership. Even In 2017, the yield on the 91-day T-bill declined by 50 more remarkable, is the 18% growth in Share Capital basis points to 8.1% from 8.6%.
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