Has VAT taken its toll on the Choiseul Credit Co-Op?

The Credit Union has just released its "Statement of financial position" as of December 31, 2012.
The report shows Total Assets at $47,955,423.00, Total Liabilities at $40,208,031.00 and Members' Equity at $7,747,392.00. Total Liabilities and Members' Equity totalling $47,955,423.00, an increase of $477,771.00 when compared to 2011 financial report. This is not so big, when one will recalls an increase of $750,330.00 in 2011's report compared to 2010.
The Directors have pumped in over $3m more than last financial year into short term investment. Over $2m more was disbursed in loans to members. Regular savings stand at over $30m, while fixed deposits show about $6m. The statutary reserve increased by a mere $200,000.00.
It is worth noting here that the Co-op made more money in 2011 than 2012 financial year.
This blog continues to press the point that full statements be prepared well in advance to be distributed to members. Distributing the minutes of the last AGM and just a statement of financial position one week before the AGM leaves much to be desired when it comes to knowing the proper runnings of the Co-op. Distributing the booklets on the day of the meeting does little justice to the avid reader.
In closing one should give due kudos to the past manager for at least taking the Co-op to this present position.
This blog patiently awaits the other statements.
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