Consolidated Annual Report 2021

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2021 122 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) 101 Details of Consolidated Statement of Income Barbados Public Workers’ Co-operative Credit Union Limited and its Subsidiaries 2020 BPWCCUL BPWFHI CAPITA FSI Eliminations Interest on loans 3 $ 87,871,266 - 16,297,967 - Interest on investment 3 1,363,526 - 376,450 - Interest on cash resources 3 662,150 - 115,152 (379,524) Total Interest Income 89,896,942 - 16,789,569 (379,524) Interest on deposits 3 23,393,457 - 7,524,257 (379,524) Interest on lease liability 3 153,392 - 151,628 - Interest on loans payable 3 - - 208,394 (94,615) Total Interest Expense 23,546,849 - 7,884,279 (474,139) Net Interest Income 66,350,093 - 8,905,290 94,615 Expected credit losses 6,122,758 - 322,481 - $ 60,227,335 - 8,582,809 94,615 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) 102 Details of Consolidated Statement of Income Barbados Public Workers’ Co-operative Credit Union Limited and its Subsidiaries 2020 BPWCCUL BPWFHI CAPITA FSI Eliminations Non Interest Income Fees and other $ 4,511,788 930,516 2,612,922 (1,171,860) 64,739,123 930,516 11,195,731 (1,077,245) Compensation and benefits 20,199,992 64,781 3,234,708 - Occupancy and operations 17,514,759 1,089,761 4,471,602 (966,977) Professional fees 1,309,485 - 466,882 - Members’ security and social benefits 4,998,215 - - - Promotions and other 3,624,724 - 374,738 - Total other operating expenses 47,647,175 1,154,542 8,547,930 (966,977) Net income before taxes 17,091,948 (224,026) 2,647,801 (110,268) and levies Taxes and levies - - (1,010,770) - Net income after taxes and levies $ 17,091,948 (224,026) 1,637,031 (110,268) BADOS PU LIC WORKERS’ C -OPERATIVE CREDIT UNION LIMITED o the Cons lidated Financial Stateme ts year ended March 31, 2021 sed in Barbado dollars) 101 of Consolidated Statement of Income os Public Workers’ Co-operative Credit Union Limit d and ts Subsidiaries 2020 BPWCCUL BPWFHI CAPITA FSI Eliminations Tot nterest on loans 3 $ 87,871,266 - 16,297,967 - 104,169,23 terest on investm nt 3 1,363,526 - 376,450 - 1,739,97 nterest on cash resources 3 662,150 - 115,152 (379,524) 397,77 Total Interest Inc me 89,896,942 - 16,789,569 (379,524) 106,306,98 nterest on deposi s 3 23,39 ,457 - 7,524,257 (379,524) 30,538,19 terest on lease liability 3 153,392 - 151,628 - 305,02 nterest on loans payable 3 - - 208,394 (94,615) 113,77 Total Interest Expense 23,546,849 - 7,884,279 (474,139) 30,956,98 et Interest Income 66,350,093 - 8,905,290 94,615 75,349,99 xpected credit losses 6,122,758 - 322,481 - 6,445,23 $ 60,227,335 - 8,582,809 94,615 68,904,75 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) 102 Details of Consolidated Statement of Income Barbados Pu lic Workers’ Co-operative Cr di Union L mited and its Subsid aries 2020 BPWCCUL BPWFHI CAPITA FSI Eliminations Non Interest Income Fees and other $ 4,511,788 930,516 2,612,922 (1,171,860) 6, 64,739,123 930,516 11,195,731 (1,077,245) 75, Compensation a d benefits 20,199,992 64,781 3,234,708 - 23, Occupancy and operations 17,514,759 1,089,761 4,471,602 (966,977) 22, Professional e 1,309,485 - 466,882 - 1, Members’ s curity and social benefits 4,998,215 - - - 4, Promotions and other 3,624,724 - 374,738 - 3, Total other perating expenses 47,647,175 1,154,542 8,547,930 (966,977) 56, Net income before tax s 17,091,948 (224,026) 2,647,801 (110,268) 19, and levies Taxes and levies - - (1,010,770) - (1, Net incom after taxes and levies $ 17,091,948 (224,026) 1,637,031 (110,268) 18, B RBADOS PUBLIC WO KERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Sta ements or the year ended March 3 , 2021 Expressed in Barbados doll rs) 101 Details of Consolidated Statement of Income Barbados Pu lic Workers’ Co-operative Cr di Union L mited and its Subsid aries 2020 BPWCCUL BPWFHI CAPITA FSI El minations Interest on loan 3 $ 87,871,266 - 16,297,967 - 104, Interest on inv ment 3 1,363,526 - 376,450 - 1, Interest on cash r ources 3 662,150 - 115,152 (379,524) Total Interest Income 8 ,896,942 - 16,789,569 (379,524) 106, Interest n deposits 3 23,393,457 - 7,524,257 (379,524) 30, Interest on lease liability 3 153,392 - 151,628 - Interest on loan payable 3 - - 208,394 (94,615) Total Interest Expen e 23,546,849 - 7,884,279 (474,139) 30, Net Interest Income 66,350,093 - 8,905,290 94,615 75, Expected credit losses 6,122,758 - 322,481 - 6, $ 60,227,335 - ,582,809 94,615 68, DOS PUBLIC WORKE S’ C -OPERATIVE CREDIT UNION LIMITED o he Cons lidated Financia Stateme s year ended March 31, 2021 sed in Barbados dollars) 102 etails of Consolidated Statement of Income arbados Public Worker ’ Co-operativ Credit Union Limit d and its Subsidiaries 2020 BPWCCUL BPWFHI CAPITA FSI Eliminat ons Tot on Interest Income ees and other $ 4,511,788 930,516 2,612,922 (1,171,860) 6,883,36 64,739,123 930,516 1,195,73 ( ,077,245) 75,788,12 ompensatio and benefits 20,199,992 64,781 3,234,708 - 23,499,48 Occupancy and operations 17,514, 59 1,089,761 4,471,602 (966,977) 22,109,14 rofessi nal fees 1,309,485 - 466,882 - 1,776,36 Members’ security and social benefits 4,998,215 - - - 4,998,21 romotions and other 3,624,724 - 374,738 - 3,999,46 otal other perating exp nses 47,647,175 1,154,542 8,547,930 (966,977) 56,382, 7 et income before taxes 17,091,948 (224,026) ,647,801 (110,268) 19,405,45 and levies axes and levies - - (1,010,77 ) - (1,010,77 et income after t x s and levies $ 17,091,948 (224,026) 1,637,031 (110,268) 18,394,68 O C W ’ - E R IO M e Con in S em y ded sed i a b ar Con d S c k r -o a iv e t on it ubs di r es WC PIT t n s n r o ces 3 6 2 t nt re e 2 6, e s 2 0, n r t on leas ia lity 153, ay l 5 t l I er 3 0, e ntere t In me , 50 093 , xpe credit o s ,122, 5 3 2 4 8, OS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED nsolida ed Financial Stateme s nded March 31, 2021 Barbados dollar ) 102 f Consolidated St ment of Income s Public Workers’ Co- pe ative redit Union Limited and its Subsidiar e 2020 BPWCCUL BPWFHI CA ITA FS Eliminations Total erest Income d other $ 4,511,788 930,516 2,612,922 (1, 71,860) 6,883,3 6 64,739,123 930,516 11,195,73 ( ,077,245) 7 ,788,125 sation and benef ts 20,199,992 64,781 3,234,708 - 23,499,481 n y and operati ns 17,514,759 1,089,761 4,471, 02 (966,977) 22,109,145 onal fees 1,309,485 - 466,882 - 1,776,36 s’ security and social benefits 4,998,215 - - - 4,998,215 ons and other 3,624,724 - 374,738 - 3,999,462 er operating xpenses 47,647,175 1,154,542 8, 7,930 (966,977) 56,382,670 ome before taxes 17,091,948 (224,026) 2,6 7,801 (110,268) 19,405,455 d levies nd levies - - (1,010,77 ) - (1,010,77 ) ome aft r taxes d levies $ 17,091,948 (224,026) 1,637,031 (110,268) 1 ,394,6 5 OS PUBLIC WORKERS’ CO-OPERATIVE CR D T UNION LIMITED nsolidated Financial Stateme s nded March 31, 2021 Barbados dollar ) 101 solidated St ment of Income ic Workers’ Co- pe ative redit Union Limited and its Subsidiar e 2020 BPWCCUL BPWFHI CA ITA FS Eliminations Total on loa s 3 $ 87,871,266 - 16,297,9 7 - 104,169,233 on investment 3 1,363,526 - 376,450 - 1,739,976 on cash resourc s 3 662,150 - 115,152 (379, 4) 39 ,778 tal Interest Income 89,896,942 - 16,789,5 9 (379,524) 106,306,987 on dep sits 3 23,393,457 - 7,524,257 (379, 24) 30,5 8,190 on lease liability 3 153,392 - 151,628 - 305,020 on loans payable 3 - - 208,394 (94,615) 113,779 tal Interest Expe s 23,546,849 - 7,884,2 9 (474,139) 0,956,98 rest Income 66,350,09 - 8,905,290 94,615 7 ,34 ,998 d credit losses 6,122,758 - 322,481 - 6,445,239 $ 60,227,335 - 8,582,809 94,615 68,904,75 PUBLIC WORKER ’ CO-OPERATIV CREDIT UNIO LIMITED lidate Financial Statements M ch 31, 2021 ados llars) 102 nsolidate Statement o Income blic Workers’ Co-operative Credit Union Limited an its Subsidiar es 2020 BPWCCUL BPWFHI CAPITA FSI Eliminations Tot l I come r $ 4,511 788 930,516 2, 1 92 (1,17 860) 6 83 366 64,739 123 930,516 11,195 731 (1,077 245) 5 788 125 on and benefit 20,199 9 2 64,781 3,234 708 - 23,499 81 nd operatio s 17,5 4 759 1,089 761 4,471 602 (966, 77) 22 109 45 fees 1,309 485 - 466,882 - 1,776 367 curity and social benefits 4,998 215 - - - 4,998 215 a d ther 3,624 7 - 374,738 - 3,999 462 perating expenses 47,6 175 1,154 542 8,547 930 (966, 77) 5 382 670 befor taxes 17,091 948 (224,0 6) 2, 47 801 (110,268) 9 405 5 vies vies - - (1,010 77 ) - (1,010 77 ) aft r taxes vies $ 17,091 948 (224,0 6) 1, 37 031 (1 0,268) 8 394 685 PUBLIC WORKER ’ CO-OPERATIV CREDIT UNIO LIM TED lidate Financial Statements M ch 31, 2021 ados llars) 101 ate Statement o Income o kers’ Co-operative Cr dit Union Limited a its Subsidiar es 2020 BPWCCUL BPWFHI CAPITA FSI Eliminations Tot l ans 3 $ 87,871 266 - 16,297 96 - 104, 69 233 v stment 3 1,363 526 - 376,450 - 1,739 976 ash resources 3 662,150 - 115, 52 (379,524) 397,778 nterest Income 89,896 942 - 16,789 56 (379,524) 106 3 987 eposits 3 23,39 457 - 7,524 257 (3 9,524) 30 8 190 ase liability 3 153,392 - 151,628 - 305,020 ans payable 3 - - 208,394 (94,615) 1 3,779 nterest Expense 23,546 8 9 - 7,884 279 (4 4,139) 30 956 89 Income 66,350 093 - 8,905 290 94,615 75 349 998 dit losses 6,122 758 - 322,481 - 6,445 239 $ 60,227 335 - 8,582 809 94,615 68 904 759 R ADOS PUBLIC WO KERS’ CO-OPERAT VE CRED T U ION LIMITED No es to the Con o idated Fi ancial Sta ements For the year ended March 31, 2021 (Expres ed in Barbados dollars) 102 D tails of Consolidated Stat me t of Income Barbado Public Workers’ Co-operative Cr it Union Limited and its Subsidiaries 2020 BPWCCUL BPWFHI CAPITA FSI E iminati n N n Interest Income Fees and other $ 4, 1,788 30,516 2,612,922 (1,171,8 64,73 ,123 9 0, 6 11, 95,73 (1,077,24 Compensation a d benefits 20,199,992 64,781 3,234,708 Oc upancy and operations 1 ,514,759 1,089,761 4,4 1,602 (966 97 Pr fessional fees 1,309,485 - 466,882 Members’ security and social benefits 4,998,215 - - Promotions and other 3,624,724 - 74,738 Total other operating expenses 7,6 7,175 1,154,542 8,547,930 (966 9 N t income before taxes 17,091,948 ( 24,026) 2,647,801 (110 26 and levies Taxes and levies - - (1,010,770) Net income ft r taxes and levies $ 17,091,948 ( 24,026) 1,637,031 (110 26

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