BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2015
13
KPMG
Telephone
(246) 434 -3900
Hastings
Fax
(246) 427 -7123
Christ Church, BB 15154
e-Mail
Barbados
P.O. Box 690C
Bridgetown, Barbados
KPMG
Telephone
(246) 434-3900
Hastings
Fax
123
Christ Church, BB 15154
e-Mail
Barbados
P.O. Box 690C
Bridgetown, Barbados
1
KPMG, a Barbados partnership and a member firm of the KPMG network of
Independent member firms affiliated with KPMG International Cooperative
(“KPMG International”) a Swiss entity.
INDEPENDENT AUDITORS’ REPORT
To the Members of
Barbados Public Workers’
Co-operative Credit Union Limited
We have audited the accompanying non-consolidated financial statements of
Barbados Public Workers’
Co-operative Credit Union Limited
(the “Credit Union”)
, which comprise the non-consolidated statement of
financial position as of March 31, 2015, the non-consolidated statement of income, non-consolidated statement
of comprehensive income, non-consolidated statement of changes in equity and the non-consolidated
statement of cash flows for the year then ended,
an
d 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 non-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 non-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 non-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 non-consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
non-consolidated financial statements. The procedures selected depend on our judgment, including the
assessment of the risks of material misstatement of the non-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 non-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 non-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 non-consolidated financial statements present fairly, in all material respects, the non-
consolidated financial position of the Credit Union as of March 31, 2015, its non-consolidated financial
performance and its non-consolidated cash flows for the year then ended in accordance with International
Financial Reporting Standards.
Chartered Accountants
Bridgetown, Barbados
May 28, 2015
KPMG
Telephone
0
Hasting
Fax
(246) 427-7123
Christ Church, BB 15154
e-Mail
Barbados
P.O. Box 690C
Bridgetown, Barbados
1
KPMG, a Barbados partnership and a member firm of the KPMG network of
Independent member firms affiliated with KPMG International Cooperative
(“KPMG International”) a Swiss entity.
INDEPENDENT AUDITORS’ REPORT
To the Members of
Barbados Public Workers’
Co-operative Credit Union Limited
We have audited the accompanying non-consolidated financial statements of
Barbados Public Workers’
Co-operative Credit Union Limited
(the “Credit Union”)
, which comprise the non-consolidated statement of
financial position as of March 31, 2015, the non-consolidated statement of income, non-consolidated statement
of comprehensive income, non-consolidated statement of changes in equity and the non-consolidated
statement of cash flows for the year then ended,
an
d 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 non-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 non-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 non-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 non-consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
non-consolidated financial statements. The procedures selected depend on our judgment, including the
assessment of the risks of material misstatement of the non-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 non-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 non-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 non-consolidated financial statements present fairly, in all material respects, the non-
consolidated financial position of the Credit Union as of March 31, 2015, its non-consolidated financial
performance and its non-consolidated cash flows for the year then ended in accordance with International
Financial Reporting Standards.
Chartered Accountants
Bridgetown, Barbados
May 28, 2015
