Consolidated Annual Report 2016

13 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2016 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 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 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 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 I T f F P