19 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 continue to play our part in assisting our communities and citizens within those communities. Social Outreach Social outreach is important to us as we believe serving our members also means serving the communities in which they live and work. We completely understand and appreciate that our members are at different phases of life, and unfortunately there are some who are marginalized and who will require specific assistance with the basic activities others take for granted. Member economic participation at every level is the key to societal developmental and advancement, and in this regard we pay particular attention to those persons bold enough to ask for help when they need it most. In line with policy, assistance to members is considered across the following categories: • Medical procedures, tests, therapies, equipment or medication • Replacement of essential personal or household items lost due to fire or natural disaster • Funeral expenses • Circumstances where general personal financial hardship is present Our Credit Union strives to create prosperity for the communities in which we serve Our Social Outreach committee, comprised of a cadre of caring members, met over 15 times during the past year and provided assistance in the amount of $190,973.09 to 77 applicants. Distribution, by category, this year is as outlined below. Approved 77 Declined 37 Payments Deferred 4 Cancelled 6 Incomplete Requests 4 Referred (i e to Loans, Sponsorship etc ) 2 Total 130 In line with previous years the categories of medical expenses, food vouchers and funeral expenses continue to dominate requests for financial assistance, but in line with prevailing economic conditions and rising utility costs requests for assistance with utility bills i.e. utility are trending upward. Your credit union recognizes the hardships being faced by a section of our membership and will be reviewing other practical means that may be at our disposal to enhance member autonomy and independence. By providing impacted members with alternatives such as financial education and exposure to retooling opportunities we believe we can wean them away from what are supposed to be limited gratuitous payments under the social outreach scheme into more sustainable forms of income generation. Scholarships & Grants In keeping with its mandate to encourage the continuous development of members your credit union offers annual academic awards, scholarships and general education grant benefits on an annual basis. The Educational
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