9
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2015
initiatives to ensure the relevance of small Credit Unions, our
philosophy of “People Helping People” must be constantly
exemplified and applied as we respond positively to the
challenges of smaller Credit Unions reaching out to us.
Consistent with this conviction we were able to facilitate the
transfer of assets from the Goodwill Co-operative Credit Union
Limited. The exercise and associated processes were finalized
and concluded with regulatory cancellation of Goodwill’s
registration by the Financial Services Commission on April 16th
2015.
Additionally, we have been positioning ourselves to lend
support including but not limited to the sharing of technology
and other skills and expertise resident in our Credit Union.
LEGACY FOUNDATION, REGISTERED CHARITY NO. 978
As we continue to grow and develop as a financial co-operative
operating in a small open economy, tackling developmental
issues impacting our membership will become even more
critical. These include issues surrounding the advancement of
vulnerable and at-risk sectors of our nation. It was with this
view in mind that Legacy Foundation, Registered Charity No.
978 was formed.
Much of Legacy Foundation’s work this year has been around
creating awareness and building capacity, with one of its major
undertakings being the development of a website - www.
legacybarbados.org. The site, which is still being improved,
highlights some of the activities undertaken to date, lists the
trustees and most importantly, includes an application guide
which provides information on the types of initiatives that can
be funded.
In order to further advance the work of Legacy Foundation, the
Board is focused on the creation and execution of an annual
work plan. This includes a relook at the organization’s structure
as more day-to-day operational support will be required for
execution.
FINANCIAL SNAPSHOT
Barbados Public Workers’ Co-operative
Credit Union Limited
During the period under review the Credit Union’s total assets
increased from $876.6 million at March 31st, 2014 to $930.2
million at March 31st, 2015. This represented an increase of
6.1% or $53.6 million over prior year.
Deposit growth continued to be robust peaking in the last
quarter of the financial year. During the period under review
deposits grew by $53.3 million or 7.4% over the previous
period culminating in a year-end balance of $775.1million.
For the first time in the Credit Union’s history, an Asset Tax was
levied on the assets of the Credit Union during this financial
Roads. This branch which commenced operations on May 6th,
2008 will include the installation of two additional full serviced
ATMs and a coin counter. There will also be a modest increase
in staff complement to support increased member activity.
With this expansion members will now have access to our ATM
service twenty-four hours a day. The branch will be able to
more adequately accommodate the provision of the full suite
of services available at our other locations. Our expectations
are that the convenience, accessibility, service and satisfaction
levels to our members will be tremendously enhanced.
Additionally, our relentless search for the placement of an
ATM in the north of the island has paid off. We are delighted
to report that there are ATMs at the Jordan’s Complex in
Speightstown and at Junction Enterprises, Mile-and–a Quarter,
St. Peter, which have been operational since August and
December 2014 respectively. During the course of the coming
year it is anticipated that a branch will be established in St.
Peter. Regulatory approval has already been granted.
YOUTH ACTIVITY
We continue in our commitment to the development of
our young people. This investment has served us well as we
continue to see the growth in the young adult segment of our
membership. Our ability to attract and retain young members
is what will sustain us in the years to come. There were multiple
initiatives throughout the year targeted at this group.
In response to the announcement that Barbadian students
attending the University of the West Indies would have to pay
tuition fees, we developed a special facility to assist our members
with the completion, and in some cases commencement of
their studies.
Additionally, the Credit Union remains steadfast in its promise to
provide educational grants, scholarships and special academic
awards to our young members at all levels of their development.
During the year under review alone, we disbursed just under
half million dollars in educational grant funding.
To ensure that the philosophical importance of co-operatives
is passed on, we also hosted a workshop for secondary school
teachers to facilitate the teaching of Co-operative Principles,
Credit Union Studies and Financial Literacy in their schools.
In addition, we continue to develop this relationship by
providing programs through our Thrift Club Schools Savers
initiative in both the primary and secondary schools.
Further learning and developmental opportunities were also
realized through our Annual Easter Seminar and Summer
Camp.
SMALL CREDIT UNION SUSTAINABILITY
While it is the remit of the Credit Union League to create
