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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2015
INDEPENDENT AUDITORS’ REPORT
To the Members of Barbados Public Workers’ Co-operative Credit Union Limited
We have audited the accompanying consolidated financial statements of Barbados Public Workersʼ Co-
operative Credit Union Limited (the “Credit Union”) and its subsidiaries (the “Group”), which comprise the
consolidated statement of financial position as of March 31, 2015, the consolidated statement of income,
consolidated statement of comprehensive income, consolidated statement of changes in equity and the
consolidated statement of cash flows for the year then ended, and notes, comprising a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements
in accordance with International Financial Reporting Standards and for such internal control as management
determines is necessary to enable the preparation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those standards require that we
comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated financial statements. The procedures selected depend on our judgment, including the
assessment of the risks of material misstatement of the consolidated financial statements, whether due to
fraud or error. In making those risk assessments, we consider internal control relevant to the entity's
preparation and fair presentation of the consolidated financial statements in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made by management, as well as evaluating the overall
presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated
financial position of the Group as of March 31, 2015, its consolidated financial performance and its
consolidated cash flows for the year then ended in accordance with International Financial Reporting
Standards.
Chartered Accountants
Bridgetown, Barbados
