Consolidated Annual Report 2015

9 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2015 initiatives to ensure the relevance of small Credit Unions, our philosophy of “People Helping People” must be constantly exemplified and applied as we respond positively to the challenges of smaller Credit Unions reaching out to us. Consistent with this conviction we were able to facilitate the transfer of assets from the Goodwill Co-operative Credit Union Limited. The exercise and associated processes were finalized and concluded with regulatory cancellation of Goodwill’s registration by the Financial Services Commission on April 16th 2015. Additionally, we have been positioning ourselves to lend support including but not limited to the sharing of technology and other skills and expertise resident in our Credit Union. LEGACY FOUNDATION, REGISTERED CHARITY NO. 978 As we continue to grow and develop as a financial co-operative operating in a small open economy, tackling developmental issues impacting our membership will become even more critical. These include issues surrounding the advancement of vulnerable and at-risk sectors of our nation. It was with this view in mind that Legacy Foundation, Registered Charity No. 978 was formed. Much of Legacy Foundation’s work this year has been around creating awareness and building capacity, with one of its major undertakings being the development of a website - www. legacybarbados.org. The site, which is still being improved, highlights some of the activities undertaken to date, lists the trustees and most importantly, includes an application guide which provides information on the types of initiatives that can be funded. In order to further advance the work of Legacy Foundation, the Board is focused on the creation and execution of an annual work plan. This includes a relook at the organization’s structure as more day-to-day operational support will be required for execution. FINANCIAL SNAPSHOT Barbados Public Workers’ Co-operative Credit Union Limited During the period under review the Credit Union’s total assets increased from $876.6 million at March 31st, 2014 to $930.2 million at March 31st, 2015. This represented an increase of 6.1% or $53.6 million over prior year. Deposit growth continued to be robust peaking in the last quarter of the financial year. During the period under review deposits grew by $53.3 million or 7.4% over the previous period culminating in a year-end balance of $775.1million. For the first time in the Credit Union’s history, an Asset Tax was levied on the assets of the Credit Union during this financial Roads. This branch which commenced operations on May 6th, 2008 will include the installation of two additional full serviced ATMs and a coin counter. There will also be a modest increase in staff complement to support increased member activity. With this expansion members will now have access to our ATM service twenty-four hours a day. The branch will be able to more adequately accommodate the provision of the full suite of services available at our other locations. Our expectations are that the convenience, accessibility, service and satisfaction levels to our members will be tremendously enhanced. Additionally, our relentless search for the placement of an ATM in the north of the island has paid off. We are delighted to report that there are ATMs at the Jordan’s Complex in Speightstown and at Junction Enterprises, Mile-and–a Quarter, St. Peter, which have been operational since August and December 2014 respectively. During the course of the coming year it is anticipated that a branch will be established in St. Peter. Regulatory approval has already been granted. YOUTH ACTIVITY We continue in our commitment to the development of our young people. This investment has served us well as we continue to see the growth in the young adult segment of our membership. Our ability to attract and retain young members is what will sustain us in the years to come. There were multiple initiatives throughout the year targeted at this group. In response to the announcement that Barbadian students attending the University of the West Indies would have to pay tuition fees, we developed a special facility to assist our members with the completion, and in some cases commencement of their studies. Additionally, the Credit Union remains steadfast in its promise to provide educational grants, scholarships and special academic awards to our young members at all levels of their development. During the year under review alone, we disbursed just under half million dollars in educational grant funding. To ensure that the philosophical importance of co-operatives is passed on, we also hosted a workshop for secondary school teachers to facilitate the teaching of Co-operative Principles, Credit Union Studies and Financial Literacy in their schools. In addition, we continue to develop this relationship by providing programs through our Thrift Club Schools Savers initiative in both the primary and secondary schools. Further learning and developmental opportunities were also realized through our Annual Easter Seminar and Summer Camp. SMALL CREDIT UNION SUSTAINABILITY While it is the remit of the Credit Union League to create