85 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2022 (Expressed in Barbados dollars) 58 23. Financial Risk Management, continued Introduction, continued Risk mitigation, continued Impact of COVID-19, continued COVID-19 continues to impact the Credit Union’s employees, members and community, impacting the Credit Union’s operations, financial results and present and future risks to the Credit Union’s business. For the year ended March 31, 2022, the Credit Union recognised net income of $10,266,837 (2021: $8,019,720). The Credit Union’s net assets as at March 31, 2022 were $184,394,602 (2021: $173,166,386). The Credit Union has $419,998,157 of resources comprising cash and cash equivalents and other highly liquid assets at the date of authorization of these financial statements. There is still uncertainty over how the future development of the outbreak will impact the Credit Union’s business and member demand for its products. Hence, the Credit Union is closely monitoring the potential effects and impact of the pandemic, which is an evolving situation. The Barbados government and the Credit Union’s regulator, the Financial Services Commission have taken, and are continuing to take, significant measures to provide economic assistance to individual households and businesses, stabilize the market, and support economic growth. The effectiveness of these programs will depend on the duration and scale of COVID-19. The Credit Union’s risk and capital management framework continues to be applied and the Credit Union continues to monitor the impact of COVID-19 on the Credit Union’s risk and capital profile. Non-financial risks emerging from global movement restrictions, and remote working by staff, counterparties and members are being identified, assessed, managed and governed through timely application of the Credit Union’s Risk Management Framework. Measures that the Credit Union employed to assist its members during this crisis, included: • Loan moratoriums - It was not expected that there will be reclassification of loans from Stage 1 to Stage 2, as these payment moratoriums were not expected to trigger a significant increase in the credit risk (SICR) unless other criteria indicating SICR were identified. • Special payment arrangements such as payment plan solutions and debt restructuring, based on approval by the Credit Committee and the Board.
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