22 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Board of Directors’ Report (Continued) implementation plan has been provided as part of the Ernst & Young report and recommendations coming out of which key initiatives, associated activities and timelines to develop and operationalize a privacy program are anticipated to be possible over a period of sixteen months. Community Involvement The fulfilment of our Credit Union mandate is realised by the returning of the annual surplus to our members in various forms. This includes the offering of attractive interest rates on loans and deposits, a no or low-fee environment, annual dividends and rebates to members, sponsorships and donations and participation and involvement in the communities we serve. During the 2022-23 reporting period we continued to actively participate in various initiatives to support our corporate social responsibility mandate of giving back to the members and communities we serve, including: • Financial literacy programs in various schools to educate students about responsible money management. • Donations and sponsorships support a wide cross-section of areas, • Various forms of social welfare • Initiatives aimed towards fostering community development. Diaspora Engagement The Credit Union and Legacy Foundation jointly conducted a diaspora outreach to the United Kingdom during the period June – July 2022, the first opportunity for diaspora outreach since the beginning of the COVID-19 pandemic. The contingent was hosted by the National Council of Barbadian Associations (UK) and the Barbados Cultural Organisation. It was a unique opportunity to partner with two UK based organisations, the National Council of Barbadian Associations (UK) and the Barbados Cultural Organisation, and to participate in their events. In addition to the two activities hosted by these non-governmental organisations (NGOs), the team was also able to have representation at events which the Barbados High Commission in the UK hosted during the period. These engagements provided the Credit Union and Legacy Foundation with the opportunity to network with Barbadians of all generations, to meet with the major NGOs and stakeholders with Caribbean affiliations, and to create a network of new and potential donors and new members while maintaining relationships with existing ones. Member Outreach Due to limitations imposed by the COVID-19 pandemic and resulting resourcing and facility challenges, the Credit Union regrettably was unable to host its usual quarterly member education sessions, either in-person or online during the reporting period. In the absence of these items and fully cognisant of the need to ensure interaction with members continued and visibility was maintained, the Credit Union participated in outreach presentations and visits to community groups and organizations to share information with respect to financial literacy, products and services. In addition, “popup” promotions in high traffic areas were used as a vehicle for marketing and the promotion of the Credit Union.With the continued return to higher levels of normalcy it is our intention to resume the hosting of an annual workshop for secondary school teachers to facilitate the teaching of co-operative principles, credit union studies and financial literacy in schools. Donations & Sponsorships The strength of the Credit Union as a co-operative organisation is not simply its financial position but also its position as it relates to giving back to those in need of help and support. We consider the role we play in the community and the contributions we make through our various committees and Legacy Foundation to be critical elements of our operations and they will continue to receive our support on an annual basis. Sponsorship Requests Received for Financial Year April 2022 - March 2023 Total sponsorship amounts disbursed to: Total ($) Individuals $ 10,699 05 Schools $ 13,850 00 Organizations $ 58,615 00 Churches $ 1,000 00 $ 84,164 05 No of sponsorships approved: 68 No of sponsorships declined: 91 Total no of sponsorship requests received: 159 Social Outreach Assistance The Social Outreach Assistance Committee met seventeen (17) times during the period and approved eighty (80) applications out of a total of one hundred and twenty-seven (127) received. A total amount of Barbados $255,395.43 was disbursed across various categories of needs, including but not limited to: • 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 Where a category is not clearly aligned to the request received, the Social Outreach Assistance Committee reserves the right
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