Separate Annual Report 2021

16 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2021 Board of Directors’ Report Overview The year 2020 will no doubt be remembered as the year that the COVID-19 pandemic touched Barbados and significantly and materially changed the lives of many It not only affected the personal and household level, but it also significantly impacted businesses across all sectors, while testing the robustness and stability of the Barbados economy Overview There are signs that we are moving in the right direction as a country, region and world to remove ourselves from the clutches of the COVID-19 pandemic. Our Credit Union’s model has shown itself to be robust as we have continued to successfully navigate the impact of the COVID-19 pandemic, and while we expect further adversity in the year ahead, we commit to being there for you, as we respond to whatever challenges may come our way. What was to be a visible year of celebration and thanksgiving with you our membership for allowing us to achieve a Golden Jubilee, was muted into a year of caring and sharing for our brothers and sisters, and looking out for the health and welfare of our staff, members and the wider communities we serve. As a Credit Union, our guiding philosophy of “People Helping People” came to the fore as we were classified as essential services and were called upon to provide service to our members throughout the many lockdowns and curfews, and in the most difficult of circumstances. We could not have done this without the contributions of our staff body. Our sincere thanks must go out to the management and staff who stepped up and rose to each and every challenge that came their way. Likewise, we extend our thanks to you the membership for the patience you have shown as we have had to continue to enforce the sometimes inconvenient but yet very necessary social distancing protocols to protect you, as we went about delivering our various services to you. Special thanks go out to those of you in the frontline community especially, who we all continue to depend on even more as we go through these testing times. The year 2020-21 was one of unprecedented change. Following a 2019-20 that was already impacted by economic slow-down and uncertainty, the prevailing macro-economic conditions during the period remained unfavorable for business growth, as members continued to experience hardships including lay-offs and businesses continued to experience closures and restricted opening hours. The combination of these factors lead to an unavoidable and predictable slowdown in demand for loans, an increase in delinquency, continued requests for moratoriums and greater requests for assistance through social welfare. For those who had the wherewithal, there was an increase in cautious behavior evidenced by an increase in deposits as confidence in the economy deteriorated and members elected to save for a rainy day. Conscious of the impact of the changing environment on our membership, your Credit Union was able to put measures in place to soften the full impact of the financial fallout while still providing much needed help to many. As we recognised the reality and severity of the challenges of COVID-19 from early, we were able to acknowledge the varying needs as they emerged and responded accordingly. We committed funding to a Member Education and Relief Plan to engage and where needed, empower our members, and also increased the social welfare allocation so that we could serve more when called upon to do so. These were both well received and the various initiatives planned, “ We are proud of what we have accomplished from an operational, member service and community perspective