Non-Consolidated Annual Report 2015

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 info@kpmg.bb Barbados P.O. Box 690C Bridgetown, Barbados KPMG Telephone (246) 434-3900 Hastings Fax (246) 427-7 123 Christ Church, BB 15154 e-Mail info@kpmg.bb 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 (246) 434-390 0 Hasting Fax (246) 427-7123 Christ Church, BB 15154 e-Mail info@kpmg.bb 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