UCS update November 2020
A members’ newsletter
Managing in COVID times
As the country emerges from the long and challenging period of COVID19, recently notching up ‘double doughnut’ days – that is, no community transmissions or COVID deaths – the co-op finds itself in good shape.
Due to quick acting by our team early in the year, and the diligence of the Board, the welfare of our workers, members, tenants and the local community were prioritised.
We also responded rapidly and supported our tenants through the difficult trading time, strengthening our relationships with each of them.
We averted the looming and major losses at the outset and availed of the public financial support to supplement our income. An executive committee met weekly for months to monitor and manage the situation.
All of this proved to be effective and we have returned to pre-COVID levels of business activity, and the co-op precinct is again a busy and lively hub in Paddington.
You can find out more about this effort at the AGM and in the annual reports. See below for details.
The BWCC - back in business
Our Brisbane Workers Community Centre (BWCC) was closed for an extended period of time this year under the COVID-19 restrictions. It is open again!
The upcoming members’ AGM will be held in the centre, with full attention to attendee’s safety.
We have developed a new approach to the use of the centre, with weekday conferences, workshops, training and other business activities filling the gap left by parties, dining, and entertainment.
Members can get discounted use of the BWCC, so contact us if you are planning an event or function and we can help with your requirements.
2L-301 Green: making progress on the co-op’s development plans
The path to a redevelopment of our Paddington properties has been a long one… and would test the patience of Job.
We have made progress through the Planning and Environment Court this year and we are looking to resolve only one outstanding issue to clear the way to move ahead with the ‘2L-301 Green’ project.
We believe we have learnt much from this year about building in ‘resilience’ to such a long-term project, and our project will be an important contributor to local economic development as well as revive the co-op and what it stands for – equality, community and sustainability.
We will have a comprehensive update on the project at the AGM.
New Cooperative Laws
This year, on 19 August 2020, the International Cooperative Alliance (ICA) celebrated its 125th anniversary, “showing a longevity and strength that few international organisations can claim to have”.
The ICA is the custodian of the Statement on the Cooperative Identity, which enshrines the cooperative principles that are recognised around the world. These principles are central to what makes a co-operative a truly democratic social and economic organisation and part of an international movement encompassing cooperatives of all types in every country with over a billion people benefiting. These principles are reflected in dedicated legislation on countries throughout the world.
This year, Queensland joined with other states to pass a new Cooperatives National Law. This will come into effect in December and be the legislation the UCS will operate under from now on, replacing the Cooperatives Act of 1997.
The Board are looking at helpful rule changes that are enabled by the new Act and will discuss these with the members at the AGM and over next year.
UCS’s competitive interest rates
The UCS continues to offer members competitive interest rates on fixed term deposits. We presently provide up to 3% return on investments.
Members deposits have always been central to the success of the coop, providing a stable pool of funds backed by highly valuable assets.
We are able to take in more deposits currently, so if you’d like to discuss an investment with the co-op, please contact our executive officer.
There will be further investment opportunities as we approach our redevelopment and take advantage of the new facility for ‘Cooperative Capital Units’ provided under the cooperatives national law.
Our social media
We now have an updated website, and Facebook and Instagram accounts, and we will promote these as we move into a more active phase next year with our development plans.
Please connect and we will keep you updated on news and activities with the co-op.
NOTICE
2020 ANNUAL GENERAL MEETING
1:00pm, Saturday, 21st November 2020
Brisbane Workers Community Centre
2 Latrobe Terrace, Paddington
Dear member,
You are invited to attend the Annual General Meeting of the Union Cooperative Society Ltd.
Registration is from 1:00pm and the meeting will commence at 1:30pm.
The agenda includes –
The directors’ report on the current operations and finances of the Cooperative
Receipt of the audited financial statements for the 2019 - 2020 year
Rotation and election of members of the Board – 3 positions
Update on the Cooperative’s development project and other special business
Light food and refreshments will be provided.
The full set of audited accounts and other reports will be available at the meeting or from the Cooperative’s office upon request.
Your RSVP is essential!
Due to the need to plan for COVID safe requirements in holding the meeting, we request that you RSVP at the earliest opportunity if you are going to attend.
If you would like to attend but can’t be there in person, we will arrange for a video link to the meeting. Please advise us if you require this.
For a copy of reports and to RSVP, contact our administrator Cora Cherry on 07 3369 3407. If you wish to express interest in a position on the Board, please contact the Secretary, Anthony Esposito, on 0418 152 743.
The Secretary
THE UNION COOPERATIVE SOCIETY LIMITED
301 Given Terrace, Paddington
Brisbane, 4064
The Union Cooperative Society Ltd
Proposed agenda for the UCS AGM on 21st November 2020
1:00pm, Saturday, 21st November 2020
Welcome and confirmation of the quorum, the chairperson, and the agenda
Apologies from members unable to attend
Confirmation of the minutes of the Annual General Meeting held 16th November 2019
The Directors’ report from the Executive Officer on the operations of the Cooperative and the current position of the Society
Members’ questions and comments, and adoption of the Directors’ report
The Treasurer’s statement on the audited accounts 2019 - 2020
The Auditor’s report on the accounts 2019 - 2020
Resolution: to accept the Auditor’s report and Treasurer’s report
Resolution: to appoint O’Regan and Partners as the Cooperative’s auditor for the 2020 - 2021 financial year
Rotation and election of members to the Board
Special business:
a) The Cooperative’s development project
b) Other business