Consolidated Annual Report 2021

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2021 120 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 97 Details of Consolidated Statement of Income Barbados Public Workers’ Co-operative Credit Union Limited and its Subsidiaries 2021 BPWCCUL BPWFHI CAPITA FSI Eliminations Interest on loans 3 $ 81,494,810 - 16,521,937 - Interest on investment 3 1,457,555 - 326,226 - Interest on cash resources 3 639,096 - 42,737 (478,780) Total Interest Income 83,591,461 - 16,890,900 (478,780) Interest on deposits 3 23,057,675 - 6,936,147 (478,780) Interest on lease liability 3 118,942 - 118,086 - Interest on loans payable 3 - - 130,812 (130,401) Total Interest Expense 23,176,617 - 7,185,045 (609,181) Net Interest Income 60,414,844 - 9,705,855 130,401 Expected credit losses 9,247,176 - 823,930 - $ 51,167,668 - 8,881,925 130,401 ARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED es to the Consolidated Financial Statements the year ended March 31, 2021 pressed in Barbados dollars) 97 Details of Consolidated Statement of Inc me Barbados Public Workers’ Co-operative Credit Union Limited and its Subsidiaries 2021 BPWCCUL BPWFHI CAPITA FSI Eliminations Interest on loans 3 $ 81,494,810 - 16,521,937 - 98,01 Interest on investment 3 1,457,555 - 326,226 - 1,78 Interest on cash resources 3 639,096 - 42,737 (478,780) 20 Total Interest Income 83,591,461 - 16,890,900 (478,780) 100,00 Interest on deposits 3 23,057,675 - 6,936,147 (478,780) 29,51 Interest on lease liability 3 118,942 - 118,086 - 23 Interest on loans payable 3 - - 130,812 (130,401) Total Interest Expense 23,176,617 - 7,185,045 (609,181) 29,75 Net Interest Income 60,414,844 - 9,705,855 130,401 70,25 Expected credit losses 9,247,176 - 823,930 - 10,07 $ 51,167,668 - 8,881,925 130,401 60,17 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Note to the Consolidated Financial Statements For the year ended March 31, 2021 (Expressed in B bados dollars) 97 Details of Consolidated Statement of Income Barbados Public Workers’ Co-operative Credit Union Limited and ts Subsidiaries 2021 BPWCCUL BPWFHI CAPITA FSI Eliminations I t r t loan $ 8 , 94,810 - 16,5 1,937 - Int r t investment 1,457,555 - 326,226 - Interest n ca h resources 3 639,096 - 42,737 (478,780) Total Interest Income 83,591,461 - 16,890,900 (478,780) Interest on deposits 23,057,675 - 6,936,147 (478,780) I t r t le se liability 118,942 - 18,086 - Interest on oans payable 3 - - 130,812 (130,401) Total Inter st Expense 23,176,617 - 7,185,045 (609,181) Net Int rest Income 60,414,844 - 9,705,855 130,401 Expected credit losses 9,247,176 - 823,930 - $ 51,167,668 - 8,881,925 130,401 BARBADOS PUBLIC WORKERS’ C -OPERATIVE CREDIT UNION L MITED Notes to the Consolidated Financial Stat ments For the year ended March 31, 021 Expressed in B rbados doll rs) 97 Details of Consolidated Statement of Income Barbados Public Workers’ C -operative Credit Union Limited and its Subsidiaries 021 BPWCCUL BPWFHI CAPITA FSI El minations Interest on loans 3 $ 81, 94,810 - 16,521,937 - 98 Interest o investment 3 1,4 7, 55 - 3 6,226 - 1 Interest on cash resources 3 639,096 - 42, 37 (4 8,780) Total Interest Income 83,591,461 - 16,8 0,900 (4 8,780) 1 Interest on deposits 3 23,05 ,675 - 6,936,147 (4 8,780) 29 Interest on l ase liability 3 118,942 - 118,086 - Interest on loans p yable 3 - - 130,812 (130,401) Total Interest Expense 23,176,617 - 7,185,045 (609,181) 29 Net Interest Income 60,414,844 - 9,70 ,855 13 ,401 70 Exp cted credit losses 9,247,176 - 823,930 - 10 $ 51,1 7,668 - ,881,925 130,401 60 DOS PU LIC WORKE S’ CO-OPERATIVE CREDIT UNION LIMITED o he Cons lidated Financial Statemen s year nded March 31, 202 ss d in Barb do dollars) 97 Details of Cons lidated Statem n f Incom Barb dos Public Worke s’ Co-operative Credit Union Limit d and its Subsidiaries 2021 BPWCCUL BPWFHI CAPITA FSI Eliminations To nterest on l ans 3 $ 81,494,810 - 16,521,937 - 98,016,7 nterest on investment 3 1,457,555 - 326, 26 - 1,783,7 nterest on cash resourc 3 6 9,0 - 42,737 (478, 0) 203, Total Interest Income 83,591,461 - 16,890,900 (478, 0) 100, 03,5 nterest on deposits 3 23,057,675 - 6,936,147 (478, 0) 29,515,0 nterest on leas liabili y 3 118,942 - 118,0 6 - 237,0 nterest on l ans payable 3 - - 130,812 (130,4 ) 4 Total Interest Expense 23,176,617 - 7,185,045 (609,181) 29,752,4 Net In erest Income 60,414,844 - 9,705,855 130,4 70,251,1 Expected credit losse 9,247,176 - 823,9 0 - 10,071,1 $ 51,167,668 - 8,8 1,925 130,4 60, 79,9 OS PUBLIC WORKERS’ CO-OPE ATIV ED T UNION LIM TED ns lida ed Financial Stateme ts nd d March 31, 2021 Barba os dollar ) 97 of Cons lidated Statemen of Income s Public Workers’ Co- perative Credit Union Limited and its Subsidiaries 2021 BPWCCUL BPWFHI CA ITA FS Eliminations Total on loans 3 $ 81,494, 10 - 16,521,937 - 98,016,747 on investme t 3 1,457,555 - 326,226 - 1,783,781 on cash resources 3 639,09 - 42,737 (478,780) 203,053 otal Interest Income 83,591,461 - 16,890,900 (478,780) 10 ,003,5 1 on deposi s 3 23,057,675 - 6,936,147 (478,780) 29,515,042 on l as liability 3 118,942 - 118,086 - 237,028 on loans payable 3 - - 130,812 (130,40 ) 41 otal Interest Expe s 23,176,617 - 7,185,045 (609,181) 29,752,4 1 rest Income 60,414,844 - 9,705,855 1 0,4 70,251,1 0 d credit losses 9,247,176 - 823,930 - 10,071, 6 $ 51,167,668 - 8,881,925 130,40 60,179,994 PUBLIC WORKERS’ CO-OPERATIV CR DIT UNION LIM TED olidated Financi l Statements d M ch 31, 2021 bados ollars) 97 ns id ted Statement of Income ublic Wo kers’ Co-operative Cr dit Union Limited and its Subsi i ries 2021 BPWCCUL FHI CAPITA FSI Eliminat ons Tot l oans 3 $ 81,494,810 - 16,521,937 - 98,016,747 v s m n 3 1,457,555 - 326,22 - 1,783, 81 ash r sources 3 639,096 - 42,737 (478,780) 203,05 Interest Income 83,591,46 - 16,890,90 (47 ,780) 100,003,58 eposi s 3 23,057,675 - 6,93 ,147 (478,780) 29,515,042 ease liabil ty 3 118,942 - 118,086 - 237,028 oans payable 3 - - 130,812 (130,401) 411 Interest Expens 23,176,617 - 7,185,04 (609,181) 29,752,481 Income 60,414,844 - 9,705,85 130,401 7 ,25 , 0 edit losses 9,247,176 - 823,930 - 10,071,106 $ 51,167,6 8 - 8,881,925 130,401 6 ,179,994 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the y ar nded March 3 , 2021 (Expressed in Barbados dollars) 98 Details f Consolidated Statement of Income Barbados Publ c Workers’ Co-operative Credit Union Limited and its Subsidiaries 2021 BPWCCUL BPWFHI CAPITA FSI Eliminations Non-Interest Income Fees and other $ 3,721,244 1,090,979 2,909,411 (1,385,076) 54,888,912 1,090,979 11,791,336 (1,254,675) Compensation and benefits 18,547,867 64,781 3,156,138 - Occupancy and operations 18,091,609 1,056,669 4,815,277 (979,675) Professional fees 2,335,448 46,325 654,344 - Members’ security and social benefits 5,406,258 - 8,382 - Promotions and other 2,488,010 - 240,008 - Total other operating expenses 46,869,192 1,167,7 5 8,874,149 (979,675) Net income before taxes 8,019,720 (76,796) 2,917,187 (275,000) and levies Taxes and levies - - 1,058,943 - Net income after taxes and levies $ 8,019,720 (76,796) 1,858,244 (275,000) BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements or the year ended March 31, 2021 Expressed in Barbados dollars) 98 Details of Consolidated Statement of Income Barbados Pu lic Workers’ C -operative Credit Union Limited and its Subsidiaries 2021 BPWCCUL BPWFHI CAPITA FSI Eliminations Non-Interest Income Fees and other $ 3,721,244 1,090,979 2,909,411 (1,385,076) 6, 54,888,912 1,090,979 11,791,336 (1,254,675) 66, Compensation a d benefits 18,547,867 64,781 3,156,138 - 21, Occupancy and operations 18,091,609 1,056,669 4,815,277 (979,675) 22, Professional f es 2,335,448 46,325 654,344 - 3, Members’ security and social benefits 5,406,258 - 8,382 - 5, Promotions and other 2,488,010 - 240,008 - 2, Total other operating expenses 46,869,192 1,16 ,7 5 8,874,149 (979,675) 55, Net incom before tax s 8,019,720 (76,796) 2,917,187 (275,000) 10, and levies Taxes and levies - - 1,058,943 - 1, Net incom after taxes and levies $ 8,019,720 (76,796) 1,858,244 (275,000) 9, B DOS PU LIC WORKE S’ CO-OPERATIVE CREDIT UNION L MITED o he Consolidated Fina cial Statemen s y ar ended March 31, 2021 ssed in Barbado dollars) 98 D tails of Con olid ted Statemen of Income arba os Public Workers’ Co-operative Credit Union Limited and its Subsidiaries 2021 BPWCCUL BPWFHI CAPITA FSI Eliminations Tot Non-Interest Inc me ees and other $ 3,721,244 1,090,97 2,909,411 ( ,385,076) 6,336,55 54,888,912 1,090,97 11,79 ,336 (1,254,67 ) 66, 1 ,5 Compensation and be efits 18,547, 67 64,781 3,156,138 - 21,768,7 Occupan y and operations 18,09 ,6 1,056,669 4,815,277 (979,675) 22,983,8 rofessi nal fees 2,335,448 46,325 654,344 - 3,036,11 Members’ security and social benefits 5,406,258 - 8,382 - 5,414,64 romotions and other 2,488,010 - 240,008 - 2,728,01 otal other perating expenses 46,869,192 1,167,775 8,874,149 (979,675) 55,931,4 Net income before taxes 8,019,720 (76,796) 2,917,187 (275,000) 10,585,1 and levies axes and levies - - 1,058,943 - 1,058,94 Net income after taxes and levies $ 8,019,720 (76,796) 1,858,244 (275,000) 9,526,16 S PUBLIC WORKERS’ CO-OPE ATIVE ED T UNION L MITED nsolidated Financ al Stateme ts nd d March 31, 2021 Barbados dollar ) 98 f Consolidated Statem n of Income s Publ c Workers’ Co-ope ative Credit Union Lim ted and its Subsidiaries 2021 BPWCCUL BPWFHI CA ITA FS Eliminations Total erest Income d other $ 3,721,244 1,090,979 2,90 ,411 (1,385,076) ,336,558 54,888,912 1,090,979 1,791,336 (1,254,675) 66,516,552 sation and benefits 18,547,867 64,781 3,156,1 8 - 21,768,786 ncy and operations 18,091,609 1,05 ,669 4,815,277 (979,6 5) 22,983,880 onal fees 2,335,448 46,325 654,344 - 3,036,117 s’ secu ity and social benefits 5,406,2 8 - 8,382 - 5,414,640 ons and ther 2,488,010 - 240,008 - 2,728,018 er operating xpens s 46,869,192 1,167,775 8,874,149 (979,675) 5 ,931,441 me befor taxes 8,019,720 (76,796) 2,91 ,187 (2 5,000) 1 ,585, 11 d levies nd l vies - - 1,058,943 - 1,058,943 me aft r taxes d levies $ 8,019,720 (76,796) 1,858,244 (275,000) 9,526,168 PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED lidate Financi l Statements Ma ch 31, 2021 bados ollars) 98 nsolidated Statement of Income bl c Wo kers’ Co-operativ Credit Union Limited and its Subsidiar es 2021 BPWCCUL FHI CAPITA FSI Eliminat ons Tot l t I come h r $ 3,721,244 1,090,979 2, 09,411 (1,385,076) 6,33 558 54,888,912 1,090,97 11,791,336 (1,254,675) 66,516 5 2 on and benefits 18,547,86 64, 81 3, 56, 38 - 21,768, 86 and operatio s 18,091,609 1,056,669 4,815,277 (979,6 5) 22 983,880 fees 2,335,448 46,325 654,344 - 3,036,117 curity and social benefits 5,406,258 - 8,382 - 5,414,640 a d ther 2,488,010 - 240,008 - 2,728,01 perating ex enses 46,869,192 1,167,7 5 8,874,149 (979,6 5) 55 931,44 befor taxes 8,019,720 (76,796) 2,917,18 (275,000) 10 585,111 vies vies - - 1,058 943 - 1,058,943 after taxes vies $ 8,019,720 (76,796) 1,858,244 (275,000) 9 526,168 BARBADOS PUBLIC W RKERS’ CO-OPERA IV CRED T UNION LIMITED Notes to th Co o idated Financial Sta ements For the year ended March 3 , 2021 (Expre sed in Barbados dollars) 98 D tails of Consolidated Stat ment of Income Barbado Publ c Workers’ C -operative Credit Un on Limited and its Sub idiaries 2021 BPWCCUL BPWFHI CAPITA FSI E minati n N n-Interest Income Fees and other $ 3,721,244 ,090, 79 2,909,411 (1,385,07 54,888,912 1,090,979 11,791,33 (1, 54, 7 Compe sation and benefits 18,547,86 64,78 3,156,138 Occupancy and perations 18,091,609 1,056,669 4,815,277 (979,67 Professional fees 2, 3 ,448 ,325 654,344 Members’ security and social benefits 5,406,258 - 8,382 Promotions and other 2,488,010 - 240,008 Total other operating expenses 46,869,192 1, 67,775 8,8 4,149 (979,67 N t income before taxes 8, 19,720 (76, 96) 2,917,187 (27 , 0 and levies Taxes and levies - - 1,058,943 Net income ft r taxes and levies $ 8, 19,720 (76,796) 1,858,244 (275,00

RkJQdWJsaXNoZXIy MTA2MDM=