YEAR IN REVIEW
2017
President’s Message CEO’s Message
Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017 | CONTENTS
CEO’s Message
........................................................................................................................................................ 5
Our Strategies
.......................................................................................................................................................... 6
Membership Benefits Communications
.................................................................................................................................. 4
Communications
.............................................................................................................................................. 8
Global Branding
................................................................................................................................................. 9 ................................................................................................................ 11
Training & Development
Training & Development
Global Branding
Membership Benefits ................................................................................................................................. 7
Events & Programmes ........................................................................................................................... 13 ........................................................................................................................... 17 ................... .................................................................... 20
Events & Programmes
Treasurer’s Report & Financials
Chamber Champions
Chamber Champions
PAGE PAGE 33
Treasurer’s & Financials
President’s Message
Our Strategies
Contents
President’s Message
PRESIDENT’S MESSAGE | Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017
Growth Campaign kicks off valuable advocacy work PRESIDENT KYLE BROADHURST It has been a busy and productive year for the Chamber. With the assistance of the Chamber Council and staff we have embarked upon a number of new initiatives for the benefit of our members and also continued to provide all of the support and services you, our members, have come to rely upon. One of the core things we accomplished this year was developing an Advocacy Agenda & Action Plan which will provide the Chamber a road map for the next three years. The plan addresses key areas impacting all our members such as Education, Employment, & Workforce Development; Economic Growth & Diversification; Regulatory Efficiency; and Community Development. The plan was formulated based upon feedback from you our members. Throughout the year through surveys, focus groups and other member initiatives we identified the key areas for the Chamber to address. Work on this plan is already well underway. I will provide some examples below. To increase recognition of the valuable contributions of our members we introduced the Business Excellence Awards. The event was well attended and recognised businesses of all sizes. It was a wonderful evening and I am sure that it will quickly become a favourite event in the Chamber calendar. The Chamber is completing arrangements to introduce a Small Business Centre. That centre will offer business support services to provide the assistance that small and micro business need to be successful. To increase recognition of our small business members the Chamber introduced the Small Business Showcase event which allowed eight micro and small businesses to introduce their products and services to the community in an event like the Business After Hours events held by our larger members. The event was a remarkable success and the Chamber will hold similar events going forward on a regular basis. We have worked hard to bring education and workforce development issues to the forefront of the community dialogue and to find paths forward for continued improvement. In this respect, we have toured the schools to learn first-hand the issues faced and also met with
Government to understand the steps that are being taken. We are now in the process of creating a new Education Committee to focus specifically on making improvements to the current systems. We have reintroduced the Golden Apple Awards to recognize excellence in teaching (scheduled for May 2018). We have continued the Mentoring Cayman programme to assist young students and will be expanding the programme to include summer work placement. This year the Chamber introduced our Growth Matters campaign to help shape the dialogue of the future of Cayman. The campaign was a resounding success, with the educational videos having been viewed hundreds of thousands of times by a worldwide audience. We were presented with two international industry awards for this outstanding campaign, and other Chambers from the Caribbean region have reached out to us for guidance in creating their own, similar initiatives. The Chamber intends to continue to expand the campaign and to introduce it into the local schools so that the discussion can continue. While doing all of the above, the Chamber continued to provide courses aimed at assisting local employers and employees. The Chamber was also active in the community in numerous ways including its annual organisation of the Earth Day Roadside and Beach clean-up. Next year the Chamber will be doing even more in this respect as it is preparing to launch an anti-littering campaign. It has been a successful year for the Chamber and I am confident that this success will continue into the future. It has been an absolute privilege to represent the Chamber and its members and I know that the Chamber is in safe hands going forward. I would like to thank you, our members, for your support of the Chamber over this past year. It is by working collectively that we have been able to accomplish great things and I would encourage you to continue your support of the Chamber in the future.
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CEO’s Message
Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017 | CEO’S MESSAGE
Business Excellence Awards highlight of a busy year CEO WIL PINEAU, CCE 2017 was an impressive year for the Chamber. The offerings of the Professional Development & Training Centre and Small Business Centre were expanded to improve our workforce and small business development services. Hundreds of people benefitted from these seminars and complimentary workshops. The Business Excellence Awards were introduced in October to recognise the outstanding achievements of our members in all areas of business performance. Dozens of businesses were recognised, and we are proud of our members for their initiatives, projects and contributions. Congratulations to Cayman National Bank and Tower Marketing for being recognised as the Chamber’s Business of the Year and Small Business of the Year respectively. Our annual flagship events united the community with a record number of volunteers participating in the Earth Day Roadside and Beach Clean-up, and hundreds of students benefitting from our Careers, Education & Training Expo and Mentoring Cayman programmes. The annual Golf Classic continues to be our most enjoyable and affordable businessto-business networking event. A Small Business Showcase was introduced to feature the products and services of several micro and small business members in a Chamber After Hours event at our offices in Governors Square. Speed Networking and membership orientation sessions also enabled our members to network and to promote their products and services at no cost.
Communications is an essential tool for any business and we continued to share your press releases, promotions and news with the world through our comprehensive email contact lists, websites and social media channels. We provided members with regular updates on advocacy and policy matters and organised a series of televised candidates’ forums in each of the electoral districts in Grand Cayman in partnership with Cayman 27. Members participated in focus groups on several topics including micro and small business issues, immigration and the cost of doing business. Recommendations from these sessions were shared with the Government leaders during quarterly meetings with Caucus to inform public policy decisions. None of this year’s achievements would have been possible without the support of the membership, the leadership of the elected Council and the dedicated and hardworking staff including Kerry Pratt, Nicola Burke, Ross Taylor, Nikita Durrant and Carolina Watler. The Chamber of Commerce is an essential business and community partner in the Cayman Islands. Together, we will continue to be catalysts for positive change.
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OUR STRATEGIES | Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017
Our Strategies
Our Strategies
The Council worked to develop the Advocacy Agenda & Action Plan (2018-2021)
In order to deliver the high-standard of support and care that you expect of us, we have a number of strategies and ideologies that we follow. This includes our mission to support, promote and protect all members, and our vision to be the catalyst for positive change in the business community. We also have specific strategies and initiatives that we follow to better understand your needs and address your concerns, including: Advocacy Agenda & Action Plan
Focus Groups
Under President Kyle Broadhurst’s leadership, we have shifted our focus and actions towards key areas of society such as Education. In order to more clearly identify our advocacy efforts for the future, President Broadhurst and the Chamber Council completed work on a three-year Advocacy Agenda & Action Plan for 2018-2021.
There is no better way to understand your concerns than through our focus groups, in which we invite members to our offices and discuss particular topics pertinent to your businesses and success.
• Community Development
This year, in partnership with the Cayman Islands Small Business Association, we held an in-depth focus group on the small business community. We used our findings from these focus groups to create a report which was presented to Government, and this can be accessed by visiting www. caymanchamber.ky.
• Economic Growth & Diversification
Salary Surveys
• Education, Employment & Workforce Development
Our salary survey is an essential tool for businesses to assess their care and support of employees, and these can be purchased from us at any time. This survey contains vital information for all businesses, and we highly recommend all business owners and managers to use this as a guide.
This living document shows the actions we will take to meet our set objectives on a range of different areas of concern, including:
• Regulatory Efficiencies The new plan of action was distributed to members and presented to government ministers, including the Premier, and elected officials is available to read in its entirety on www.caymanchamber.ky.
The surveys are reasonably priced, and those interested in purchasing a copy can contact our Operations Manager, Kerry Pratt at Kerry.pratt@caymanchamber.ky.
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Supervision
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Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017 | MEMBERSHIP BENEFITS
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Members will receive brand recognition they may not achieve otherwise, with the Chamber praising and acknowledging through the directory, press releases, flagship events, and more. The Chamber encourages all members to send us their breaking news in a press release so that we can share it with our social media followers and newsletter recipients. They can save money with the Chamber Discount Programme, giving them fantastic deals at restaurants, bars, car dealerships, salons, spas, entertainment attractions, and far more throughout the Islands. Over 20,000 of these cards are in circulation, saving members and their employees hundreds and thousands of dollars each year. Members also save money at the Professional Development & Training Centre, benefitting from some phenomenal discounts on already affordably priced training courses. They can also hire out the Chamber’s spacious and well-fitted conference room for discounted prices. Gone are the days of location-scouting headaches, as the conference room has everything a member might need. The Chamber also invites its members to information luncheons and speed networking sessions, the latter of which give members a fantastic opportunity to showcase their brand to their peers in an entertaining and engaging quick-fire format. Our information luncheons and Be Informed sessions also provide them with vital information about the Chamber itself and changes to the Cayman Islands, meaning we are always on hand to inform, support and protect them.
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Joining the Chamber membership is quick, easy, and affordable. Our membership of 600+ members is continuously growing, and 2017 showed that it was stronger than ever. We continue to attract new businesses with our services, and 2018 will be no different. PAGE 7
Membership Benefits
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COMMUNICATIONS | Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017
Communications Communications again played a vital role in our work during 2017, and we enhanced our online presence even further with numerous social media campaigns and newly developed websites. But we also prioritised traditional print publications also, ensuring that our messages and visions were spread both virtually and physically.
In September we released a brand new airport courtesy flyer at Owen Roberts International Airport. The handout contains a selection of discounts to a range of local businesses, ranging from restaurants to attractions.
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The Leadership Cayman programme has been a tremendous success since its launch in 2009, with hundreds of residents developing their leadership skills and giving back to our community. But the programme’s website had long been abandoned, so we thought it was time for a refresh. Partnering with Netclues, we developed a brand new, stateof-the-art website for the programme, which contains all of the information anyone might need to learn more about it.
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Our aim moving forward is to create similar websites for our other flagship programme, Mentoring Cayman. Chamber Directory In Annual Reports from the past, our membership has been listed in its entirety in alphabetical order, and details about each business has been made available on our website. This year, we thought we’d try something new. In order to make identifying members easier, we created a new Chamber Directory that can be accessed online and download at any time, on any device. Our hope is that this directory will make it easier to see who our members are, and what it is that they do. Rather than hunting online for hours trying to locate a particular member’s contact details, they’ll now be but a few clicks away.
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Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017 | GLOBAL BRANDING
Global Branding President Kyle and CEO Wil at WCC in Sydney (October 2017)
2017 was a particularly successful year for international recognition. Here are some of the key highlights of our global branding over the last year. International Marketing Awards
The Association of Chamber of Commerce Executives (ACCE) presented us with a ‘Best in Show’ award at their annual Awards for Communications Excellence ceremony in Nashville, Tennessee, and later in the year, the Internet Marketing Association (IMA) presented us with another award in Las Vegas at their annual conference, recognising us with the “Social Media Campaign, Integrated Strategy Winner” trophy.
Global Branding
The launch of our Growth Matters campaign back in April received a great deal of attention both locally and internationally, and the influence of the animated video series was incredible. Hundreds-of-thousands of people watched the videos, and Chambers from across the region approached us for guidance in developing similar campaigns.
Our Growth Matters Campaign won a Communications Excellence Award from the ACCE.
Our Growth Matters Video Screening
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GLOBAL BRANDING | Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017
10th World Chambers Congress In late September, President Kyle Broadhurst and CEO Wil Pineau, CCE, travelled to Sydney, Australia to attend the 10th World Chambers Congress. The three-day event saw Chamber leaders from across the globe gather to learn more about business development, economic growth, educational initiatives, and much more. Our organisation was the only Chamber from the Caribbean represented at this important international conference. CEO Wil also took this opportunity to visit the New South Wales Chamber of Commerce in Sydney, learning more about how they address the needs of their members, and the types of initiatives they implement. He was joined by representatives from the South Dublin, Cork and Oslo Chambers.
CEO and President with WCC attendees
Business Incubation Trip
Global Branding
At the end of October, CEO Wil travelled with Christina Pineda and Badir Awe to Eindhoven, Netherlands on a fact-finding mission to learn more about how to establish business incubators. The trip was sponsored by the European Union through the COSME initiative for Overseas Territories of the English, French and Dutch Caribbean. They attended several seminars acquiring additional information about business incubators and visited several incubators to see how they function.
CEO visits Incubators in Netherlands.
CEO Wil also travelled to London on a fact finding trip to the Cayman Islands Government’s London office where he met with representatives from the Department of Tourism, the Shipping Registry and the Cabinet office.
CEO visit to London Office for Cayman
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Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017 | TRAINING & DEVELOPMENT
Training & Development We restructured our Professional Development & Training Centre over the course of the last year, and we also continued to build our Small Business Centre. As our Advocacy Agenda & Action Plan shows, education and workforce development is a key area of focus for us, and our achievements in 2017 illustrate how we are successfully helping our members improve their skills.
Training & Development
Here are just some of the achievements from the past year.
Our restructured Training Centre saw more courses on offer and more attendees taking part.
Professional Development & Training Centre We restructured the format of our training centre in Governors Square to better suit the needs of our membership, and the results have been highly positive. We have introduced more half-day courses to ensure businesses don’t lose staff members for full days at a time, and we’ve offered a new selection of two-hour master classes to provide trainees with more valuable legal and business advice for incredibly affordable prices. The introduction of online training has also generated buzz amongst the membership, allowing trainees to develop their skills from the comfort of their own office or home.
Our Immigration masterclasses were among the most popular courses on offer.
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TRAINING & DEVELOPMENT | Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017
SMALL BUSINESS WORKSHOPS TOTAL NUMBER OF REGISTRANTS
527
TRAINING COURSES TOTAL NUMBER COURSES
TOTAL NUMBER OF REGISTRANTS
56
637
TOTAL NUMBER WORKSHOPS
18
AVERAGE NUMBER OF REGISTRANTS PER WORKSHOP
29.27
AVERAGE NUMBER OF REGISTRANTS PER COURSE
11.37
ATTENDEES
WORKSHOPS
ATTENDEES
COURSES
2017 2016
2017 2016
2017 2016
2017 2016
527
415
18
10
637
559
56
46
Small Business Centre As the majority of our members are small-and-micro businesses, we wanted to offer them more support by developing our Small Business Centre. Training & Development
We successfully renewed our contract with the Ministry of Commerce, Planning & Infrastructure to offer Small Business Workshops on a range of topics pertinent to conducting business in the Cayman Islands. We also worked alongside the Ministry of Commerce and Cayman Islands Small Business Association (CISBA) to conduct small business focus groups to better understand the needs of smaller organisations in our community, using our findings to improve our own services, as well as submitting our findings to government.
Marketing Expert Mike Ferrier facilitated several of our Small Business Workshops in 2017.
De La Rue, CIMA, RCIPS, CIBC First Caribbean and the United States Secret Service all joined us for the Fraud Prevention Seminars.
Fraud Prevention Seminars In November we held a series of Fraud Prevention Seminars in partnership with Cayman Islands Monetary Authority (CIMA) and the Financial Crime Unit of the Royal Cayman Islands Police Service. Hundreds of attendees learned some essential tips when it comes to monetary fraud from a range of expert speakers, including the United States Secret Service. Attendees learned how to identify counterfeit currency, how to protect themselves against credit & debit card fraud, and much more during the two-day event.
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Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017 | EVENTS & PROGRAMMES
Events & Programmes 2017 saw the return of our flagship events and programmes, as well as some brand new events to improve business-to-business networking opportunities, and some well-deserved acknowledgement. Our members did a terrific job in supporting these events and programmes, and without their help they would not have been possible. Take a look at some of the highlights of 2017. Business Excellence Awards The inaugural Business Excellence Awards on Saturday, October 14 was a massive success, and it finally gave our members an opportunity to receive the recognition they deserve for their outstanding contributions to the Cayman Islands. Further information about the Business Excellence Awards can be found by visiting www.businessexcellenceawards.ky.
AWARD
RECIPIENT
Business of the Year
Cayman National
Small Business of the Year
Tower
Outstanding Workforce Development Initiative
Grand Cayman Marriott Beach Resort
Commitment to Education
Ritz Carlton, Grand Cayman
Outstanding Innovation
SALT Technology Group
Marketing Campaign of the Year
Tower
Community Project of the Year
PwC
Eco Warrior
NCB Group
Lifetime Achievement
Cardinall DaCosta
Events & Programmes
Cayman National were presented with the Best in Show award for ‘Business of the Year’.
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EVENTS & PROGRAMMES | Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017
Careers, Education & Training Expo One of our several flagship events, the Careers, Education & Training Expo saw hundreds of students meet dozens of members and find out more about the services they offer. With Education being a priority focus of the Chamber for the foreseeable future, it was great to see so many talented students in attendance, as well as so many members showing their support for our future leaders.
NUMBER OF SPONSORS: 31
NUMBER OF STUDENTS IN ATTENDANCE: 700
700 students attended the 2017 Careers, Education & Training Expo.
Leadership Cayman 25 outstanding individuals within our community graduated from the 2017 Leadership Cayman programme. The group developed their skills during the intensive, six-month course and gave back to the community with a life-enriching redevelopment of the garden at Maple House.
NUMBER OF GRADUATES: 25
The 2017 Leadership Cayman Class.
Events & Programmes
Mentoring Cayman
Careers & Educational Workshops were added to the curriculum for Mentoring Cayman this year.
The 2017 Mentoring Cayman class was our largest to date, and it is encouraging to see so many talented young students develop their skills alongside community, business and government leaders. We partnered with the Ministry of Education, Youth, Sports, Agriculture & Lands to deliver our best programme to date, and together we introduced new sessions to the curriculum, including careers and education workshops.
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Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017 | EVENTS & PROGRAMMES
Over 2,000 volunteers joined the clean-up effort for Earth Day.
Earth Day Clean-up
NUMBER OF VOLUNTEERS: 2,308
The annual Earth Day Clean-up was our most successful clean-up to date, with a record number of volunteers coming out to maintain the natural beauty of our Islands. We were extremely lucky to have Dr. Guy Harvey participate in the event in 2017 also, and his unique, personally designed t-shirt was a hit with everyone involved.
NUMBER OF CLEAN-UP TEAMS: 118
NUMBER OF SPONSORS: 30
Events & Programmes
Earth Day volunteers were rewarded for their hard work with a complimentary breakfast at George Town Yacht Club.
Small Business Open House In an effort to promote our small business members, we introduced the new Small Business Open House event in which a selection of our members showcased their products and services to fellow members and the general public. The night brought in a brilliant number of visitors, and it was excellent to see new networking opportunities forged.
President Broadhurst presents a lucky winner with a basket of goods at the Small Business Open House.
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EVENTS & PROGRAMMES | Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017
Red Bay candidates met their voters at the 2017 Candidates Forums.
Candidates Forums Candidates Forums were organised in each electoral constituency to provide all voters and resident with an opportunity to meet their candidates and learn more about their visions and stances on national and district issues. Forums were held in all districts in Grand Cayman, and were broadcast live on Cayman27 with support from Hurley’s Media. Videos from each of the forums can be found on our YouTube channel. The Chamber has organised the forums for each election since the 1980s.
Business After Hours
Our Events & Programmes
We partnered with eight member businesses in 2017 to host a Business After Hours, during which Guy Harvey Studios celebrated their 10th anniversary, Home Gas celebrated their 50th anniversary, and Doctors Express opened their new, state-of-the-art Urgent Care. Other members hosting a Business After Hours included Cayman Registry & Civil Aviation Authority, Generali Worlwide, Heritage Holdings, Rubis, and the Westin & Sunshine Suites Resort.
NUMBER OF REGISTRANTS: 1,300+
Doctors Express were one of 8 businesses to host a Business After Hours.
+ NUMBER OF EVENTS: 8 The Guy Harvey Studio & Store celebrated its 10th anniversary with a Business After Hours.
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Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017 | CHAMBER CHAMPIONS
Chamber Champions Our Chamber Champions are members who have gone above-and-beyond the call of duty, providing generous support of our efforts. These members have contributed greatly to our comprehensive range of events, programmes and support services. We would like to thank all of these members for their outstanding support, and we look forward to working alongside them again in 2018.
CHAMBER ADVOCATES
CHAMBER ADVISORS
CHAMBER STEWARDS
CHAMBER SUPPORTERS Chamber Advocate These members generously contributed to the Chamber of Commerce over the last year. The following Advocates invested $10,000 or more. Kirk Freeport Ltd.: for serving as our Platinum Sponsor once again for
DMS Governance Ltd.: for utilising our training courses at the Professional
the Chamber Golf Classic, donating a
Development & Training Centre, and for
selection of high-end watches and gift
serving as a major supporting partner for
certificates as prizes for lucky golfers.
our Growth Matters initiative.
Yello Media Group: for serving as one of our major sponsors at the inaugural Business Excellence Awards and hosting
EisnerAmper: for assisting us with our annual audit for yet another year at no cost.
the after-party and VIP section on the night.
Mourant Ozannes: for sponsoring the Chamber Golf Classic and for consistently attending training sessions at our
Digicel: for serving as our partner for the inaugural Business Excellence Awards. They developed a brand-new website for the event, and helped make the ceremony a night to remember.
Professional Development & Training
Cayman Turtle Centre: for utilising our Professional Development & Training
DART Cayman Islands: for supporting several of our major events including the
Chamber Champions
Centre throughout the year.
Careers, Education & Training Expo, Earth Day Clean-up and Business Excellence
centre throughout the whole of 2017,
Awards, and for supporting our Growth
advertising on the Chamber website,
Matters initiative.
and for supporting our events, such as the Business Excellence Awards.
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CHAMBER CHAMPIONS | Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017
Chamber Advisors The following members contributed between $7,500 and $9,999 to the Chamber of Commerce last year. KPMG: for supporting the Leadership Cayman programme by sponsoring two seminars, for supporting the Earth Day Clean-up, and other initiatives. Island Heritage Insurance Company: for serving as a major sponsor for the Chamber Golf Classic and utilising our online advertising opportunities. Foster’s IGA: for serving as a major sponsor for the Careers, Education & Training Expo, supporting the Candidates Forums, and for utilising our Professional Development & Training Centre and online advertising opportunities.
Cayman National Corporation: for serving as the Reception Sponsor at the inaugural Business Excellence Awards and creating a welcoming, celebratory atmosphere on what was a night to remember. Davenport Development Ltd.: for serving as the bottle sponsor for the Earth Day Clean-up, for serving as a major sponsor for the Chamber Golf Classic, and for utilising our training and advertising opportunities.
Chamber Stewards The following members contributed between $5,000 and $7,499 to the Chamber of Commerce during the course of 2017.
Guy Harvey Studios: for hosting their very own Business After Hours to celebrate 10 years of business back in April 2010, and for Dr. Guy Harvey himself personally designing the 2017 Earth Day Clean-up t-shirt.
Cayman Islands Institute of Professional Accountants: for sponsoring the Careers, Education & Training Expo, utilising our online advertising opportunities, and for other supporting sponsorships.
RBC Royal Bank (Cayman) Ltd.: for supporting our Leadership Cayman programme, and for sponsoring various events and initiatives of ours throughout the year.
Health City Cayman Islands: for participating in the Careers, Education & Training Expo, for utilising our Professional Development & Training Centre, and by supporting other projects of ours.
Saxon Insurance: for utilising our comprehensive advertising opportunities, including banners on the www.caymanchamber.ky website and the Desktop Calendar. Chamber Champions
Appleby (Cayman) Ltd.: for sponsoring a booth at the Careers, Education & Training Expo, and for supporting other event and initiatives throughout the year.
Butterfield Bank (Cayman) Ltd.: for serving as a major sponsor for the Careers, Education & Training Expo, supporting the Leadership Cayman programme, utilising our Professional Development & Training Centre, and more. Bliss Media: for assisting us greatly in the development of a website and promotional materials for the inaugural Business Excellence Awards. With their help we spread the message about the event far-and-wide, and the end result was fantastic.
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Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017 | CHAMBER CHAMPIONS
Walkers: for supporting the Careers, Education & Training Expo, serving as a Gold Sponsor for the Chamber Golf Classic, and utilising our Professional Development & Training Centre.
Cox Lumber: for supporting both of our flagship programmes, serving as the title sponsor for Leadership Cayman and as a partner for the Mentoring Cayman programme. Both were an absolute success, with hundreds of students and leaders developing their skills.
Flow: for utilising our online advertising opportunities, supporting our bi-weekly e-newsletters, and for serving as a Gold Sponsor for the Chamber Golf Classic.
Chamber Supporters The following members contributed between $1,000 and $4,999 to the Chamber of Commerce in 2017.
Otis Air Conditioning
G.T. Automotive Ltd.
Cayman Registry
Caribbean Alliance Insurance
British Caymanian Insurance
Creative Tech Ltd.
Scotiabank & Trust
Knighthead Annuity & Life Assurance
(Cayman Islands) Ltd.
Deloitte Caribbean Utilities Company Cayman First Insurance Company Heritage Holdings Ltd. Intertrust (Cayman) Ltd. Burger King/Burger Holdings Broadhurst LLC International Healthcare Solutions Ltd. Margaritaville Beach Resort CIBC First Caribbean international
Carey Olsen Estera Trust (Cayman) Ltd. Wheaton Precious Metals Campbells Tourism Attractions Board Cayman Kimpton Seafire Resort & Spa Ogier Associated Industries Ltd. Blue Bison Software Conyers Dill & Pearman
National Workforce Development
Agency
Comfort Suites & Resort Bedside Manor
C.I. Government – Public Works Marriott Resort Grand Cayman Water Authority Governors Square Ltd. Complete Service Group Economics & Statistics Office Subway Civil Aviation Authority Island Paving (1985) Ltd. Logic
Cayman Immigration
Rawlinson & Hunter
Consolidated Water Company
Cashwiz
Chatterbox
Maples and Calder
Westin Grand Cayman
Rocky’s Diamond Gallery
Fidelity Bank (Cayman) Ltd.
Cayman Prep and High School CTMH Doctors Hospital Greenlight Capital RE Ltd. Cayman Airways Ltd. Security Centre Ltd. State Street Cayman Trust Island Taste Group Ltd. Doctors Express Puritan Cleaners Ltd.
Consultant Services
Seven Mile Beach
CML Offshore Recruitment
Kirk Office
Miracle Brokers International
Affinity Recruitment Ltd.
Cayman Islands Health Services Authority
Plantana Condominiums
Caribbean Marine Services Ltd. CICSA Credit Union University College
DHL International (Cayman) Home Gas Ltd. Rubis Cayman Islands Ltd.
of the Cayman Islands
Strategic Risk Solutions (Cayman) Ltd.
Cayman Distributors Ltd.
Cayman Islands Bankers’ Association
Chamber Pension Plan
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TREASURER’S REPORT | Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017
Financial position remains healthy after fruitful year I am pleased to be able to report that a review of the financial statements of your Chamber for the calendar year ended December 2016 indicates a surplus for the year of $64,105.This compares most favourably to the previous year’s recorded net surplus of $21,974. Turning to page 6 of the audited financial statements, you will note that total income at $934,829 was higher by approximately 29% from the previous year with total expenditure at $870,724 also higher by the 25%. As a result, Members’ equity, as shown on page 5, increased to $416,991 as at December 31, 2016 from $352,886 as at December 31, 2015. Financial highlights are as follows;
Treasurer’s & Financials
•
Membership dues income for the year showed an increase of 3.8% from 2015 at $326,419. Most satisfying is that our Membership retention rate remains stable at around the 93% level.
•
Net program income (after the deduction of program expenditure) represented, at $106,384, an increase of $16,240 over the previous year.
•
Net income from training courses totaled $52,074 which represented an increase of $21,156 over the previous year.
•
Net fundraising (two RE/MAX Golf Tournaments) contributed $42,021 to our net income. Since the golf tournament had to be cancelled in 2015 due to inclement weather, we received zero income in 2015. However, we did run two golf tournaments in 2016 thus increasing our fundraising net revenue.
•
Net income from publications contributed $6,025 to our bottom line compared to $7,988 in the previous year.
•
Rental income totaled $53,845 compared to a previous year total of $50,379.
•
Salaries & benefits of Chamber staff increased from $294,323 in 2015 to $352,099 in 2016.
2016 was certainly a very successful year for your Chamber, not only from a financial viewpoint but also from the myriad of services and programs that we continue to offer to our Members. The enthusiasm of your Council and the hard work and dedication of your CEO, Wil Pineau and our Chamber staff have all been exceptional. All have worked diligently & with great enthusiasm towards the aim of providing excellent service to our Membership and enhancing the reputation of our Chamber. I would like to thank all of you, our members, for your continued support over this last year and I would encourage members to support the Chamber in its programs, training courses, special events and fundraisers in 2018 so that we can fully re-establish the Chamber to its pre-eminent position in the Cayman Islands’ business community. In closing, two very big thank you’s, to Wil and our Chamber staff for their dedication, hard work & enthusiasm and also to EisnerAmper, for providing us with a first class, pro bono audit.
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Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017 | FINANCIAL STATEMENTS
The Cayman Islands Chamber of Commerce Financial Statements for the Year Ended
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Treasurer’s & Financials
December 31, 2016
FINANCIAL STATEMENTS | Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017
23-24
25
26
27
28
29-36
Treasurer’s & Financials
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Treasurer’s & Financials
Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017 | FINANCIAL STATEMENTS
FINANCIAL STATEMENTS | Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017
Treasurer’s & Financials
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Treasurer’s & Financials
Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017 | FINANCIAL STATEMENTS
FINANCIAL STATEMENTS | Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017
Treasurer’s & Financials
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Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017 | FINANCIAL STATEMENTS
FINANCIAL STATEMENTS | Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017
Treasurer’s & Financials
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Treasurer’s & Financials
Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017 | FINANCIAL STATEMENTS
FINANCIAL STATEMENTS | Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017
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Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017 | FINANCIAL STATEMENTS
FINANCIAL STATEMENTS | Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017
Treasurer’s & Financials
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Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017 | FINANCIAL STATEMENTS
FINANCIAL STATEMENTS | Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017
Treasurer’s & Financials
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Treasurer’s & Financials
Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017 | FINANCIAL STATEMENTS
FINANCIAL STATEMENTS | Cayman Islands CHAMBER OF COMMERCE YEAR IN REVIEW 2017
Treasurer’s & Financials
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YEAR IN REVIEW
2017 T
+1 (345) 949-8090
A
4-107 Governors Square West Bay Road PO Box 1000 Grand Cayman KY1-1102
W www.caymanchamber.ky