Chairman’s Address

It is with great pride and enthusiasm that I present to you the Annual Report of our Co-operative. This document serves as a testament to our collective achievements, showcasing not only our financial strength but also the unwavering commitment we share towards building a better future together.

 As we reflect on our accomplishments over the past year, we are reminded that this report encompasses much more than just numbers; it embodies the spirit of collaboration, innovation, and resilience that defines us. Our vision, “Excel through Innovation, Future Proofing, and SOLESOLEVAKI,” guides our efforts as we strive to address the challenges of today while laying a strong foundation for future generations.

 In the face of an ever-evolving landscape, we remain dedicated to fostering effective strategies and partnerships that drive sustainable growth and development. Together, we will continue to innovate and adapt, ensuring that our Co-operative, not only thrives today but also continues to serve as a beacon of progress for years to come.

 This year marks a significant breakthrough for the FTACTL, as we begin to reap the rewards of diversifying our revenue streams and expanding our core business operations. It has become evident that relying solely on traditional revenue sources, such as member subscriptions, shares, products and loan payments, is neither sustainable nor sufficient to meet growing demands in the long term. We are moving beyond traditional practices, toward long term strategic investments in property, land, Teachers’ Residential Village Project, commercial farming, value-added timber, sustainable forestry, and the tourism secto.

A TESTAMENT TO YOUR TRUST AND DEDICATION

I urge all members to take the time to review the full Annual Report. Within its pages, you will find a transparent and detailed account of our operation, a testament to the handwork of our management and board and most importantly, a clear demonstration of the power of your participation. Every page, every figure, tells a story of collaboration and shared success.

THE GROWING STRENGTH OF OUR COLLECTIVE EFFORT

Turning our attention to the heart of our financial well-being, I am happy to report that the total assets have soared from $25 million in 2023 to $29 million in 2024. This remarkable figure is not merely a number. Still, it represents the deep trust you place in our cooperative, your commitment to financial prudence and the compounding power of our collective effort. This substantial growth in total assets reinforces our financial stability, providing a robust foundation that allows us to pursue new opportunities and offer even greater benefits to each one of you. It clearly indicates our strength and resilience, especially in a dynamic economic climate.

GAME CHANGING INVESTMENTS: DIVERSIFYING FOR SUSTAINABLE RETURNS

Our responsibility extends beyond merely holding your total assets; it’s about converting those assets into cash, reserve and savings. I am excited to share that our strategies for investment developments this past year have been highly successful. We have diversified our portfolio, seeking a balance between security and growth. Our investment strategies have yielded positive results, directly contributing to the financial health of our co-operative. We continued to explore new avenues to enhance our returns, always with an eye on the long-term benefits of our membership.

Above all, the returns from these strategic investments, particularly the Teachers’ Village initiative, will significantly enhance the FTACTL’s resilience and create a strong foundation for the cooperative membership. For instance, if 20 members take loans from the FTACTL to purchase houses, land and property through the Teachers’ Village project, this would result in a long-term financial commitment of approximately $370,128.00 per year, amounting to about $7,402,560.00 over 20 years. To put this into perspective, this is equivalent to the contributions of 711 members, each contributing $20.00 per fortnight. This initiative not only fosters growth but will also strengthen our co-operative. We will no longer be dependent on membership subscriptions as the foundation of the co-operative.

• ULUINATABUA TEACHERS’ VILLAGE: A Vision Realized – This project, located near the Fiji National University (FNU) in Lautoka, is a true testament to the vision of the teachers. The 12 one-quarter- acre subdivision is complete, and I am delighted to report that the 10 housing units – comprising four three-bedroom homes and six two-bedroom homes – have been officially opened by the Honourable Prime Minister, Sitiveni Ligamamada Rabuka, the Prime Minister of the Republic of Fiji. It was a monumental achievement, transforming a long-held dream into a tangible reality for our members. Furthermore, looking ahead, we are currently constructing a supermarket on one of the adjacent two (2) one quarter – acre lots owned by the FTACTL, adding further value and convenience to the community.

• NAREWA TEACHERS’ RESIDENTIAL VILLAGE, NADI; Paving the Way for Affordable Living – Significant strides have been made on our Narewa project. The lease title for the 4.7 acres has already been surrendered by the previous title holder, and the crucial transfer of the title to the FTACTL is currently in progress at the Titles’ Office. This strategically located land, conveniently adjacent to the road leading to Denarau Island, holds immense potential. We are actively pursuing funding from the Fiji Development Bank (FDB) and the Merchant Bank of Fiji (MBF) to develop this parcel into 20 to 30 residential lots. Crucially, ten of these lots will be made available to the FTACTL members at genuinely affordable prices, reinforcing our commitment to addressing your housing needs. The remaining twenty lots will be sold to the public at market value. It will generate a strong return for our co-operative, with anticipated sales of at least $6 million. In other words, the Narewa Teachers’ Village will be self-funded and has the potential to subsidise the cost of housing for members, making these homes more accessible for teachers.