16 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 Board of Directors’ Report Overview The financial year 2021-22 continued along the path of its predecessor by presenting a myriad of challenges not only for your credit union, but also for the country and all businesses operating in it As a nation and a people we continued to face the many different tests invoked by the ongoing Covid-19 pandemic which continued to impact us all in different forms and fashion In many instances a firm resolve to not let the challenging circumstances determine our outcome in the face of adversity underpinned by the strong and resolute bajan spirit was the difference at the individual level At the corporate level our focus continued to be on ensuring the physical and financial welfare of members and staff while partnering with and supporting and guiding Management to allow them to operate the business successfully In recognition of the ongoing pandemic and the difficult and changing operating environment we faced, our operating plans reflected a transition from business as usual to one focused on supporting, helping and providing solutions to members affected and displaced by the virus Operating within the context of an extended pandemic, while having its definite downsides, also afforded us the opportunity to recognize and celebrate achievements in the face of adversity The strength of leadership of our management team, and the teamwork exhibited by management and staff as we navigated the operational challenges arising out of the pandemic was key to ensuring you, our valued members, were able to enjoy as seamless a delivery of service as possible The Board recognizes and commends their efforts and also takes the opportunity to thank you for your patience, cooperation, continued commitment and support through what have been trying times Audit Transition Outside of the operational and economical challenges we faced during the past fiscal, the year was also particularly challenging from an audit perspective as the Group transitioned from its legacy auditors KPMG, to new auditors PwC as approved at the Special General Meeting of 12th March 2022. The transition was not without its challenges as this year’s audit proved to be our most challenging one to date, and one that tested and called upon all of our resources during the audit exercise. There was a learning curve for both sides and those learnings, new processes and adaptations to same caused us valuable time. In hindsight, there were things that could have been done differently and better by all but there is truth to the statement that hindsight is 20/20 as lessons have been learnt that will be used to bring about improvements as we go forward with our new audit partner. This year, for the very first time, we are hosting our AGM without all entities in the Group having completed their audit process. Audits have been completed for the parent company, the Barbados Public Workers’ Co-operative Credit Union Ltd, and its subsidiaries Allied Co-operators Inc., Legacy Foundation, BPW Financial Holdings Inc. and CIB Insurance Brokers. As at the time of the completion of this report the separate financial statements for CAPITA Financial Services Inc. (Barbados and St. Lucia), and the consolidated financial statements for the CAPITA Financial Services Inc. Group, while substantively completed, had not yet been finalized with the auditors nor presented to their Boards for approval. That notwithstanding, the impact of the CAPITA Financial Group numbers on the overall Barbados Public Workers’ Group’s consolidated numbers was sufficiently immaterial from an auditing perspective for the Barbados Public Workers’ Co- “ We are proud of what we have accomplished from an operational, member service and community perspective
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