BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2016
14
We will continue to focus on our future leaders of tomorrow,
through the provision of sponsorships and donations, to help
them reach their full potential and achieve their goals.
The advent of increased domestic tuition university fees,
prompted the Credit Union to boost its contribution to the
Scholarships and Grants portfolio. Existing special academic
awards such as the Ralph Boyce Scholarship and the Thrift Club
Awards celebrate high performers in the Common Entrance,
Caribbean Examinations Council and CAPE examinations.
Recognizing as well that high performers are not restricted to
the academic arena only, the Credit Union also extended awards
to students enrolled at the Barbados Community College and
the Samuel Jackman Prescod Polytechnic. During the fiscal year,
a total of $332,084 and $329,430 were disbursed respectively
in donations and academic sponsorships.
MEMBER COMMITMENT
As a member-based organization, the patronage of our
members remains a critical success factor to our viability. It is
acknowledged that devoid of membership, the organization
would experience an inevitable demise. It is therefore with a
profound sense of humility and gratitude that we reciprocate,
whether at the individual level, or through support of the
various community groups engaged in sports, educational and
or other cultural activities.
In addition to the usual membership focused initiatives, we
sought to provide singular focus in the area of health. To
this end, through our established philanthropic arm, (Legacy
Foundation Inc. Registered Charity No. 978) the Credit Union
made a donation to the Gastroenterology Unit at the Queen
Elizabeth Hospital. This equipment is expected to have a
significant impact in the lives of a predominant spectrum of
Barbadians. In addition, we are in the process of finalizing a
notable Memorandum of Understanding with the Heart and
Stroke Foundation of Barbados Inc., an initiative which is
expected to provide affordable healthcare to our membership,
as well as notable health education.
Both arrangements were undertaken with the view to
eradicate or at least substantially reduce the number of chronic
non-communicable diseases among our population and by
extension our burgeoning membership. It is anticipated that
the awareness programmes ancillary to these initiatives, will
ensure greater individual responsibility, leading to a heathier
nation/membership better able to enjoy the fruits of their
financial toil.
Our Annual Christmas Concert, now in its 6th year, the
GospelFest Sunset Concert and the Olive Trotman Memorial
Lecture all continue to be 100 percent subscribed and sponsored
by the Credit Union, as our way of giving back to our nation
and indeed you, our members, who support us unswervingly.
These community outreach activities continue to attract
positive acclaim and support our role as a responsible corporate
citizen. Of notable mention is our inaugural sponsorship of the
Professional Road Tennis Association’s competition, “Monarchs
of the Court”. In time, this will be added to our menu of staple
activities.
The Credit Union has continued to work assiduously with those
members impacted by job loss, critical illness and significant
challenges, undermining their ability to service their loans.
DIRECTORS’ STAFF AWARDS
Delivering on our renewed focus of employee development,
exposure and recognition, the Board of Directors offered two
annual incentive initiatives to the staff. In so doing, the primary
objectives were:
• The grooming of young, talented professionals within the
Credit Union, its subsidiary and affiliated companies.
• The retention and continued motivation of existing,
mature employees within the group, in consideration of
their ongoing significant contributions.
• Facilitation of invaluable education and job experiences.
Submissions were either in the form of a video recording or
a written essay. The initiative was very successful and well
embraced by staff. The winners were announced during our
annual Staff Christmas Celebrations.
LEGACY FOUNDATION, REGISTERED CHARITY NO. 978
Our charity concluded its largest and most impactful project
to date with a donation in excess of $200,000 in equipment
to the Gastroenterology Unit domiciled at the Queen Elizabeth
Hospital. Additionally, through the handover press conference,
the Unit was able to bring a greater level of awareness to
the public on colon and gastrointestinal health issues. The
Board of Trustees has also approved significant funding to the
St. Leonard’s Boys School, specifically to their much-vaunted
music department, as a contribution to the establishment of a
music laboratory.
The Foundation has adopted the theme Learning, Wellness and
Empowerment, further communicating its expansive scope of
support and undertaking.
CAPITA Financial Services Inc.
Within the fiscal year, CAPITA Financial Services Inc. registered
a consolidated pre-tax profit of $1.2 million, representing a
decrease in profitability of $65.6K or 5.2 percent compared
to the previous year. This decline was mainly due to increases
in loan impairment expenses of $218 thousand, asset tax of
$124.9 thousand and other expenses of $160 thousand. The
company also recorded assets of $237 million, an increase
BOARD OF DIRECTORS REPORT
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