Non-Consolidated Annual Report 2016

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 (continued)