18 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 Board of Directors’ Report (Continued) previous years ending figure of $313.1 million. Loans and advances constituted 86.7 percent of total assets accounting for $283.3 million while customer deposits which funded the loans accounted for 93.1 percent of the total liabilities. Total shareholders’ equity continued on a positive trajectory, increasing to $28.5 million; a 3.4% growth. From an income perspective the CAPITA’s Group net income decreased year on year by 24.2 percent to finish the period at $1.4 million versus the prior year’s $1.8 million. This $1.4 million was however negatively impacted by a material change in other comprehensive income that resulted in a $471.6 thousand offset against total income to bring it to $936.8 thousand for the reporting period; a 49.8% reduction. Of note, the CAPITA Group’s revenue lines improved across all areas during the past fiscal to record a 21.7 percent growth rate, but this was not significant enough to offset the 32.4 percent growth in operating expenses that fully eroded that revenue growth. From a product and services perspective, the CAPITA Group continues to focus on the diversification of its income stream through the provision of electronic payment services, and the strengthening of the operations of its group entities to ensure improved performance from both an operational and governance perspective going forward. There will be key business development and operational support recruitments to fix noticeable shortcomings in the coming fiscal period, and these operational changes coupled with implementation of the recommendations arising from the ongoing independent corporate governance review will help in realising the objective of improving the CAPITA Group’s performance and overall contribution. Allied Co-operators Inc. (ACI) In line with its mandate of assisting with the improvement of the regulatory compliance landscape and internal control environments of smaller credit unions, ACI officially began to provide services to the smaller Credit Unions in August 2021 following its introduction to the sector in the prior fiscal period. The sector was receptive of the services being offered by the subsidiary and as at the end of the reporting period ACI has provided services to approximately 50% of the total credit union movement in Barbados; a very commendable achievement in its embryonic years. ACI’s assistance to the smaller credit unions was primarily through the provision of recurring monthly compliance services. As recipient of these services smaller credit unions were able to improve their AML/CFT frameworks, enhance their internal governance through improved Board of Director understanding of compliance responsibilities, increase their understanding of the importance of adequately implemented policies and procedures and ultimately improve their level of regulatory compliance. ACI maintains a close working relationship with the Financial Services Commission and through respectful dialogue and interactions ensures that the relationship continues to positively develop which redounds not only to the benefit of your credit union, but also to the movement in general. The following testimonial speaks to the quality of service ACI seeks to provide on a consistent basis: “Allied Co-operators Inc. is the partner you need in your corner if you want your compliance needs to be taken care of promptly and professionally. We don’t know what we would have done without them in the face of increasing, sometimes overwhelming, compliance requirements. As a small credit union, we had no idea where to start when it came to getting the necessary policies and procedures in place. The Allied team came to our rescue, ensuring we fully understand the current AML/CFT landscape and the Board’s responsibilities. They helped us create an action plan and training schedule and they consistently walk us through everything step by step. More importantly, they keep us on track, never missing a beat so we always have up-to-date compliance information and stay on top of crucial deadlines. They are accommodating and always ready and able to come up with creative solutions that are easy for us to implement. Choosing Allied Co-operators Inc. to function as our Compliance Officer was the best decision we ever made.” 2021-2022 In Review Your Credit Union continued to be an anchor for our members, employees and communities throughout the past year and we did it in a way that demonstrated the strength and value of the Co-operative way, not operating for profit but to help to improve our members’ financial lives and support and enhance the communities in which we live and serve. 2021-2022 was a strong year for your Credit Union in this regard as our financial strength and stability allowed us to navigate the burdens and demands of an increasingly pressured financial services sector while meeting the ongoing and growing needs of our members and communities. Donations & Sponsorships We continually strive to support efforts in the communities we serve. This year to help our communities, we provided in excess of Barbados $120,000 dollars in support to over 50 individuals and organizations across a variety of areas during the period. Total sponsorship amounts disbursed to: Total Individuals $ 15 545 00 Schools $ 6,451 00 Organizations $ 103 224 95 Churches $ 2 395 00 $ 127615 95 This financial support aided in various areas and allowed the recipients and receiving entities to realize some of their set objectives. We see this assistance as being aligned with the key cooperative principle of concern for community and we will
RkJQdWJsaXNoZXIy MTA2MDM=