Non-Consolidated Annual Report 2020

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 16 to provide an enhanced, more interactive and personalized member experience that educates and informs. In support of our colleagues in the movement we will also continue to operationalize the shared services of our subsidiary Allied Cooperators Inc. to ensure the movement remains strong through compliancewith rules and regulations. More information will be forthcoming on these initiatives as time progresses. As we continue to operate under a new and different norm, we encourage you to take up and utilise our digital and web- based technological services and solutions which are available across our many platforms - online banking, e-statements and co-optima connect to name a few. Our forms and application are all available online, and our payment processes can now be effected electronically to and from employers or any entity/ person from which funds are due or payable. We will work with you to make your transition to these convenient and time saving services easy and effortless. 50th Anniversary Celebrations The celebrations commemorating the 50th Anniversary of the Barbados Public Workers’ Co-operative Credit Union Ltd. were scheduled to commence 6th May 2020, the actual anniversary date of the Credit Union. Given the unexpected arrival of COVID-19 and its impact on gatherings and social events, it became necessary to defer planned activities. To ensure the health and safety of our members, staff and service providers we will continue to be guided by the Government and health authorities’ degree of comfort with the holding of mass events and will revisit our anniversary plans during the course of the year. Thrift Club and Thrift Club School Savers Programme We reaffirm our commitment to the development of our youth and the enhancement of financial capability among them. This will be well supported by a restart of training workshops for secondary school teachers, an initiative previously accommodated as part of our community outreach. These workshops will ensure a greater focus on co-operative principles and financial literacy in schools. Membership’s support will be sought for a reduction in the qualifying shares for potential youth members. We anticipate this change along with the implementation of membership accounts for children under 12 years of age to bring about increased growth in the portfolio. Credit Union Representatives Members’ support will be sought as we refocus on enhancing the Association of Credit Union Representatives by way of a re-launch of the programme, with an emphasis on increasing volunteer members from within the public and private sectors, as well as tertiary level educational institutions. Our objective is to revitalize this group as amajor support arm for the Credit Union, providing assistance primarily for community and corporate social responsibility initiatives but also in support of instilling financial literacy skills and cooperative principles and values among Barbadians. Member Education and Relief Plan Recognising our new Covid environment, the changes that have been thrust upon us and the impact they have had, and will continue to have, in our lives we will be introducing a specifically constructed member education and relief programme to help our Credit Union’s members. Fully supportive of the philosophy of ‘people helping people’ we will be supporting our members who are facing difficulties as a result of the COVID-19 pandemic by coordinating and providing resources and opportunities to you under this programme. Our efforts will be focused on educating, equipping and retooling through the use of free or heavily subsidized training initiatives supported by access to enhanced products such as our micro- loan product. This initiative will be open to all membership. The Credit Union remains resolute in our promise to nurture member development and growth by providing educational grants, scholarships and special academic awards at all levels. Two new scholarship programmes targeting young school leavers and recognizing sporting and artistic achievements will be added to our suite of awards during the coming year. These are unprecedented times we find ourselves in, but we will adapt to the changing environment and the new norms it brings and strive to provide the assistance you require while doing so. Throughout the trying times we will be here to help you get through… it is the co-operative way! ACKNOWLEDGEMENT The Board of Directors wishes to extend gratitude to members of the elected committees, our committed staff, sub-committees and of course, you, our members for the commitment, perseverance and resolute support of the achievement of the Credit Union during the year under review. The Board of Directors wishes also to place on record appreciation for the immense contribution, devotion and commitment of retiring directors Bro. Clint Hurley, Sis. Lydia Lewis and Sis. Tanya Chase. CONDOLENCES We take this opportunity to extend condolences to those of the Credit Union family, who lost loved ones during the past year. BOARD OF DIRECTORS REPORT (Continued)