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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2014
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repaid within the financial year. Other liabilities increased by
$3.8 million or 88.9 percent, while reimbursable member
shares decreased by $374.6 thousand or 6.5 percent.
EQUITY
Total equity comprised of share capital, retained earnings,
statutory and other reserves and is the backbone of financial
stability allowing for future growth and development.
As at March 31, 2014, equity totaled $97.8 million up from
$89.1 million as at March 2013. The increase of $8.7 million
primarily reflects net income of $10.4 million, growth in share
capital of $0.5 million offset by distributions to members of
$1.9 million.
GOING FORWARD
The financial year ending March 31, 2015 will prove to be a
time of great innovation and proactivity as the Credit Union
faces the various challenges in the economy.
One of those challenges is the expected payment of 0.2% tax
on its assets. This tax is required to be paid even if the Credit
Union does not realize a net surplus. Using total assets at March
31, 2014 a payment of $1.8 million is anticipated excluding
any additional amounts payable on growth occurring during
the year.
As a result of projected job cuts it is anticipated that the Credit
Union’s delinquency will most likely increase in the coming
financial year. The Credit Union recognizes that it has to
adopt a proactive approach to protect our assets while doing
everything we can with regards to helping our members in this
difficult time.
In this environment, it is more important now than ever that
we earn and maintain the trust of our members, and work
with them to grow and become financially better off. We will
continue the process of realigning our operations to better
address the needs of each member. As a result, we envisage
a greater level of direct member engagement and interaction
going forward as we seek to better serve you.
MANAGEMENT DISCUSSION AND ANALYSIS
(continued)