Non-Consolidated Annual Report 2020

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 15 BOARD OF DIRECTORS REPORT LEGACY FOUNDATION Our philanthropic arm – Legacy Foundation continues to gain recognitionandsuccess in itsoperations. Duringtheperiodunder review, the Foundation continued to provide funding which met its criteria. However, our level of funding philanthropy is limited to the funds granted by the credit union and what we can raise through your generous donations. We encourage you to use the Foundation as your vehicle to make a difference to others less fortunate - no matter how great or small, your tax deductible donation makes a big difference to fellow Barbadians. Visit any of our branches to use the donations boxes which are present or contact the Foundation online at www.legacyfoundation.org for further information or instructions on donating. THRIFT CLUB AND THRIFT CLUB SCHOOL SAVERS PROGRAMME During the period, the Thrift Club and Thrift Club School Savers membership continued to grow as we experienced an almost 3% expansion in the portfolios by the end of the reporting period. Our annual Thrift Club events, the Thrifty Teens Workshop, Summer Camp, Academic Awards and Christmas activities, were well received and participation was high as we continued to effectively engage our future co-operators. There continues to be significant interest in the school savers programmes at the primary school level as we engaged with educators in various fora across the Barbadian landscape. While plans were in place for the launch of two additional schools during the last quarter of the financial year, regrettably these had to be postponed as a result of the changing environment we found ourselves in under the covid-19 pandemic. An increased number of opportunities to work with the youth and champion the importance of cooperatives and financial literacy were secured through this programme as we were able to host student saver member appreciation days and conduct lunch and learn sessions at the credit union. CREDIT UNION REPRESENTATIVES WeacknowledgetheAssociationofCreditUnionRepresentatives and their stellar contribution to our development and growth over the course of the past fifty years. Though having experienced some inactivity for varying reasons over the past year, the Association and its volunteers remain an important part of our Credit Union’s fabric. CORPORATE SOCIAL RESPONSIBILITY There are seven co-operative principles under which all credit unions operate and these are: • Open and Voluntary Membership • Democratic Member Control • Members’ Economic Participation. • Autonomy and Independence. • Education, Training, and Information. • Cooperation among Cooperatives. • Concern for Community We have continued to adhere to these principles in all we do. During the course of the past year however, our focus shifted strongly to co-operating with cooperatives as we recognized the fragility of some of our fellow credit union organisations in the testing economic conditions that prevailed. We started the process to build out our shared service arm of the group through – Allied Co-operators Inc. The objective of this new company is to provide the necessary assistance, through the Barbados Co-operative & Credit Union League Ltd. to smaller credit unions which need assistance due to resource and financial constraints. Initially to be focused on those wishing to remain compliant with regulatory guidelines in the areas of audit and anti-money laundering systems, this will be expanded over time to cover a full suite of support services in the long-term. Much of the work has been completed to date and we are currently in the final stages of transitioning this entity. As members, we ought to be proud that we can provide this supportive assistance to our more vulnerable brothers and sisters in the credit union movement. The cooperative principle of concern for community is key to the longevity of the Credit Union andmovement as a whole. It is our responsibility to build and keep up our communities by giving back. The year under review was no different as we reached out and assisted several members who appealed for assistance, provided scholarships through our annual educational grants and scholarships programmes, participated in reaching out to and through our thrift club to the junior credit union members and provided various forms of donations and sponsorships. Towards the end of the reporting period, we were forced into taking action that was more practicable to assist in our community. The 2020 COVID-19 pandemic forced us into contingent planning for the new fiscal to ensure that you our members could provide for yourselves and families, while at the same time ensuring that we remain economically sound. We have considered and approved a member educational and relief plan to help those members who may be displaced by the pandemic as well as to retool, re-educate and empower those who may want to enter the entrepreneurship arena. We are growing and evolving to better serve you and as we set-out on the journey of our next fifty years, the future of your Credit Union is bright. We are thankful for and acknowledge the leadership and commitment of our management team, the work of our staff and their overall dedication to ensuring that you our members remain the focal point of our activities. LOOKING AHEAD 2021 Operational Changes As we look to 2021, we foresee an environment of continued technological, regulatory and economic changes. Through these changes, we will ensure we adapt by continuing to work on enhancing our digital footprint and embedding member friendly technology into the way it delivers its services. Launch of our branded card products and greater in branch use of technology to support remote loan applications/delivery to members will be a major focus. We will also be working on updating our website and social media presence, augmented with other online tools and services