21 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 We have a proud and rich history of giving back to our members and supporting the communities in which they live and work Legacy Foundation Legacy Foundation’s mission is to inspire people and mobilize resources to strengthen the communities where our Group of Companies operate. We aim to make a significant positive social impact that will leave a lasting impression in areas that align with our impact objectives of Wellness, Empowerment & Learning The past fiscal period was a challenging one for the Foundation as the pandemic significantly impacted the general membership and wider public on whose support we rely. Notwithstanding the impact of the current environment on our donors, the Foundation continued to provide much needed support in the community. Despite the slowdown and challenges brought on by Covid that impacted many of those seeking assistance, during the course of the past year we received seven applications for funding and were able to favorably respond with approvals in the amount of $172,000. As a result of this continued focus and commitment to supporting those who need it most, we were able to attain the landmark achievement of over $1,000,000.00 in cumulative project funding since our inception, something we should all be proud of. Please continue to make a difference in the lives of those we touch by way of your deposits in the donations’ boxes present in all of our branches, or by contacting the Foundation online at www.legacyfoundation.org for further information or instructions on donating. As the Foundation looks to the future we hold steadfast to the credit union ideal of people helping people. Our focus will be on making a bigger impact by pursuing projects that make a substantial, sustained and valuable difference to the community. To do so we will need to generate new funding streams by fostering meaningful relationships, forging partnerships that advance our cause, utilising our professional connections and leveraging our membership community. We acknowledge this will not be possible without enhancing and using our reputation, as Legacy Foundation and also as the Barbados Public Workers’ Co-operative Credit Union Ltd, to make a significant and sustained impact to attract strategic funding. The Foundation is committed to becoming stronger and self-sustaining, a proud representation of what it means to be a part of the Barbados Public Workers’ Cooperative Credit Union Ltd Group of Companies. Updates To Key 2021 Matters Of Significance Lower Broad Street Upgrade While this project was initially slowed then temporarily paused during the past reporting period, we are pleased to advise that, having accepted the recommendations arising out of the member requested forensic audit, we forecast the restarting of the project during the course of fiscal 2022-23. The project will be restarted within the context of sound project management and procurement principles and practices, and a robust framework is being put into place to support this. This includes the recruitment of a qualified and experienced project management professional, the updating and approval of the procurement policies and manual, the recruitment of dedicated procurement officers and the establishment of a full-time procurement sub-unit – all changes that align to recommended best practice. Debit Card During our 2021 AGM report we acknowledged the proximity of the repurposing and exit of CarIFS from the local financial services landscape and the importance of ensuring we were able to provide you with continued access to card services. One year later we are pleased to advise that despite some stumbles along the way we have been able to successfully implement the
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