UTG-SACCO 2014 ANNUAL REPORT
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1 UTG-SACCO 2014 ANNUAL REPORT Uganda Timber Growers Cooperative Savings and Credit Society Ltd Certificate Number 9759/RCS Plot 116 Bukoto Street, Kamwakya, P.O. Box 75063, Kampala, Uganda. Telephone contacts Office Chairman UTG-SACCO Officer
2 Table of Contents Table of Contents... 2 UTG-SACCO Vision and Mission Message from the Chairman Progress Report for Introduction Implementation of the Strategic Plan Strategic Objectives 1 and 2: Sales growth and marketing Strategic Objectives 3: Enhancing Competitiveness and Efficiency Strategic Objectives 5: Performance management Strategic Objectives 4 and 6: Governance and Human Resource Strategic Objectives 7: Systems (MIS/Operating System) and Risk Management Strategic Objectives 8: Funding and Financial Performance Work plan a)sales, Growth and Marketing... 7 b)performance Management... 7 c)governance and Human Resource... 7 d)systems and Risk Management... 7 e)funding and Financial Performance Conclusion P a g e
3 UTG-SACCO Vision and Mission 1. What is the UTG-SACCO? UTG-SACCO was formed in 2010 to provide financial services to tree growers in Uganda, whose financing needs were not addressed by the existing financial sector. Since then, the organization has achieved very impressive growth in term of growth of Savings, Shares, loan portfolio and profitability. A strategic plan for was approved by the Annual General Meeting (AGM) in 2012, which guides the drive for country wide growth of the SACCO. 2. UTG-SACCO VISION To be: The leading SACCO promoting prosperity of Commercial Tree Growers through enhanced savings and access to convenient credit. 3. UTG-SACCO MISSION To: Mobilize financial resources and provide services to members through competent and professional human resources, appropriate technology, and management practices in the dynamic competitive environment ensuring efficiency and sustainability. 3 P a g e
4 Message from the Chairman Dear Members, It is not only with pleasure but indeed with pride and emotion to welcome all of you, in your respective capacities, at this AGM as we convene to our fourth anniversary of existence I, on behalf of members of the Executive, Supervisory, Loans, Administrative and Management Committee, wish to convey to you all our gratitude for the continued and persistent efforts you have all put into this initiative that will go a long way in strengthening our ability to be self sufficient in terms of financing needs for the Commercial Forestry Sector in Uganda. The year that ended on December 31, 2014 was an excellent one for the UTG-SACCO, recording a fourth consecutive year of growth. The success marked by our UTG-SACCO is due to the sustained trust of the member/owners and the consistent efforts of the EXCOM and the Secretariat. Our cooperative Society has progressed again this year on a number of points, including assets, volume of business and surpluses. In this regard, the Annual General Assembly provides an opportunity to members to express themselves in support of the Executive Committees proposal to distribute the surpluses for this year to members as dividends. As of December 31, 2014, UTG-SACCO recorded total net assets of UGX 118,132,068, up by over UGX 30M compared to the previous year. On the other hand, earnings totaled to UGX 41,129,081 compared to UGX 32,627,695 of These results placed the UTG-SACCO, proportionally in the position, to meet its operations.. Despite the extremely competitive environment in which we do business, UTG-SACCO s enviable success shows the SACCO is becoming useful in supporting members and the forestry sector. UTG-SACCO took full advantage of its membership in disbursing loans. Our total loan turnover increased tremendously recording UGX 178,700,000 compared UGX 103,500,000 in UTG-SACCO was able to achieve this development commitment of our members to grow UTG-SACCO, commitment of EXCOM, efforts of the Secretariat and being efficient when serving members. For its part, the Executive Committee of UTG-SACCO has ensured that best efforts are put forward throughout the year to provide and oversaw the high standards of quality in services to members. With this in mind, our Officer took advantage of professional development programs to perfect the knowledge of services, and relationship with our members. Continuity and Durability. I am confident that, inspired by the successes recorded in the years since UTG-SACCO was founded in 2010 and guided by the principles of sound and prudent Executive Committee and Secretariat, will continue to provide skills, professionalism and energy toward making your Cooperative Society an institution that promotes the growth of its members assets in addition to providing increasingly high quality and accessible services for generations to come. I can therefore assure you that, no matter the challenges or unexpected events that the coming year may bring, UTG-SACCO will remain deeply committed to its core mission of mobilizing financial resources and provide services to members through competent and professional human resources and will take every opportunity to consolidate its assets and ensure growth. THANK YOU Ponsiano Besesa UTG-SACCO Chairman 4 P a g e
5 2.0 Progress Report for Introduction During the year ended December 2014, UTG-SACCO continued to register impressive growth. The dividends for 2013 were paid to members amounting to Shs 11,075,000; these being the second time dividend were paid to members. The Executive Committee continued to prioritize key items in the SP as approved by the AGM of March 2014, to ensure that UTG-SACCO achieve value for money given the limited human resource and financial capacity, which continues to militate against the full implementation of the SP. However these achievements came against a backdrop of challenging macroeconomic and policy environment which saw a now growth in membership and savings compared to previous years. In this report the Executive Committee presents the details of these achievements and challenges and proposes a work plan for Progress on Implementing the Work Plan for Sales, Growth and Marketing a) Activities and Targets Planned for 2014 and performance Increase SACCO membership by a minimum of 10 members at the end of UTG-SACCO EXCOM had planned to increase UTG-SACCO membership by 10 members. However due to some challenges, this target was not attained as no new member was recruited. However one dormant account was activated and a number of members increased their share capital. b) Challenges; SACCO officer attended on one UTGA event late in December and he met many prospective members who promised to join. Sign a memorandum of understanding (MOU) with UTGA, to market our products at all UTG events and mobilize funding. UTG-SACCO EXCOM through the General Secretary reached an understanding with UTGA and SPGS allowing UTG-SACCO Officer to attend all UTGA, SPGS Organized Client meetings to allow the Officer to reach out to prospective members. Sale UTG-SACCO branded products during UTGA and SPGS meetings so as to increase UTG-SACCO visibility. Print and distribute brochures and fliers. UTG-SACCO fliers, brochures and T-shirts were printed and they are always distributed to increase UTG- SACCO awareness and visibility with UTGA and SPGS members through mails and direct distribution. More so UTG-SACCO is always given a slot during clients meetings to present its issues. Communicate at least monthly to members including use of and sms. The Secretariat has been communicating to UTG-SACCO members by use . Members have always been informed of their Savings, Shares and loan status through monthly statement. The EXCOM and the Secretariat shall continue to communicate to members using even easier means such as sms. The SACCO will use the website as one of its marketing tools together with other materials like annual awards to the 3 members who purchase the highest shares, named Chairman s award. UTG-SACCO web site is active and we have information concerning the SACCO. UTG-SACCO EXCOM has organized the awards in three categories which include: (a) Savers award: this award shall go to the best saver of the year (b) Best loan payer of the year: this award shall go to the person who paid his/her loan on time and finally (c) the overall award: this award shall go to a member who performed well in all the three parameters. These awards are intended to boast Savings, proper loan repayment and to encourage UTGA members to join UTG - SACCO. b) Challenges Members have not visited the UTG-SACCO web site and they have not advertised on the site. 5 P a g e
6 2.2.2 Performance Management Visit Micro finance Support Center to check out for any development support available. UTG-SACCO EXCOM visited the Micro Finance Support Center for funding however the challenge was and is still low utilization of the available funds by members within the SACCO. Therefore the EXCOM thought not to borrow interest fund yet there was still a lot of funds on UTG-SACCO Account. In consultation with experts, draft an overall operations manual for the SACCO, especially to streamline and document the internal SACCO operations, loan approval processes and loan portfolio management in order portfolio growth and quality. A draft operations manual was drafted by Mr. Elvis Mulimba and it is being reviewed by the EXCOM before the final draft is compiled. Identify at least 2 potential strategic partners who can provide funding in future. A consultant has been identified to develop a funding proposal and find the strategic partners as part of his work Enhancing Competitiveness and Efficiency Conduct a review to reduce the time loan applicants to access funds to an average of 2 days, not compromising the SACCO BYE Laws. The EXCOM has always been efficient when it comes to members accessing fund. Some members have been able to access funds even in one day. The EXCOM pledge to continue being efficient even in other areas in order to serve members better Governance and Human Resource Build capacity of the SACCO Officer in CPA. The EXCOM facilitated 50% to the SACCO Officer to undertake a course in Credit Management at the Uganda Institute of Banker and he was awarded with a certificate during the October 2014 graduation. The EXCOM also facilitated the Officer to attend a two day skill development course in SACCO and MFI management that was organized by CPA Uganda. This has helped to boast capacity and productivity of the officer Systems and Risk Management With availability of funds, Executive Committee shall identify a suitable MIS Operating/loan monitoring system for possible purchase in future. The EXCOM identified MIS operating system that can be used for loan Monitoring, trucking of members shares and savings Funding and Financial Performance. Increase member s shares by 25%. This target was achieved. In 2014 Share capital grew by UGX 20,775,000 representing 36.2% equivalent to 1, shares each at UGX 20,000 compare to UX 16,800,000 in 2013 equivalent 840 only. However a lot is desired if UTG-SACCO is to achieve the desired growth Annual Increase of the Savings by 25%. The 25% projected on savings was achieved. In 2014 member s Savings grew from UGX 31,287,093 to UGX 40,037,068 representing 27.9%. However this is still too low if the SACCO is to grow its capital. 6 P a g e
7 3.1 Proposed Work Plan for 2015 The Executive Committee shall continue in 2015 to focus on the key activities identified in the strategic plan, given that there is limited funding to fully implement the whole Strategic Plan. Under each Objective, at least one activity will be implemented as detailed below. a) Sales, Growth and Marketing Increase SACCO membership by a minimum of 5 members at the end of The EXCOM shall use the working relationship between UTGA and SACCO to source membership. Sale UTG-SACCO branded products during UTGA and SPGS meetings so as to increase UTG-SACCO membership. Print and distribute brochures and fliers. Communicate at least monthly to members including use of , sms and writing in the UTGA News letter whenever we are given space. The SACCO will use the website as one of its marketing tools together with other materials. The EXCOM shall continue with the annual awards to the 3 members who perform better than others in terms Savings, Share purchase and Loan repayment. b) Performance Management Operationalize UTG-SACCO, operations manual to help guide the SACCO, especially to streamline and document the internal SACCO operations, loan approval processes and loan portfolio management in order portfolio growth and quality. EXCOM shall identify a consultant to develop a funding proposal and find strategic partners who can provide funding in future. c) Governance and Human Resource The EXCOM shall continue to Build capacity of the SACCO Officer in management by provide necessary refresher courses. d) Systems and Risk Management The EXCOM shall look for funds for the purchase of the identified MIS Operating/loan monitoring system in e) Funding and Financial Performance Increase member s Savings by 40%. Annual Increase of the share capital by 40%. Annual growth of the loan portfolio by 30%. 4.0 Conclusion The commitment and active participation of the all members, the Executive Committee and SACCO administration has led the UTG-SACCO to record growth during During 2015, we should continue to work together to improve savings and market the SACCO to realize the goal of making it the most competitive, financially sound, country wide and well known institution serving tree planters needs. 7 P a g e
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