Consolidated Annual Report 2016 - page 15

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED

CONSOLIDATED ANNUAL REPORT 2016

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 AUDITORSʼ REPORT

To the Members of Barbados Public Workersʼ Co-operative Credit Union Limited

We have audited the accompanying consolidated financial statements of Barbados Public

Workers’ 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,

2016, 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.

Auditorsʼ 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.

KPMG

Hastings

Christ Church, BB 15154

Barbados West Indies

Telephone

(246) 434-3900

Fax

(246) 427-7123

P. O Box 690C

Bridgetown, Barbados