23 SEPARATE FINANCIAL STATEMENTS 2023 to consider the request and help as they consider appropriate. The breakdown of the Committee’s consideration for this year’s application is as follows: Approved 80 Declined 26 Payments Deferred 12 Cancelled 5 Incomplete Requests 2 Referred (i e to loans, sponsorship etc ) 2 Total 127 Educational Scholarships & Grants The funds allocated to the Educational Scholarships & Grants Fund are used to assist members by way of gratuitous payments in accordance with the approved Annual Academic Awards, Scholarships and General Educational Grants Policy. Applications from members, are reviewed by an Educational Scholarships & Grants Committee appointed by the Board of Directors. Assistance is considered for annual academic awards, scholarships and general grants for tertiary level studies. The Educational Scholarships & Grants Committee met five (5) times during the reporting period and approved Barbados $194,510.00 for disbursement, distributed as follows: General Tertiary Level Grants $ 120,210 Annual Academic Awards $ 66,800 Ralph Boyce Scholarship Awards $ 7,500 Barbados Community College Awards $ 0 Samuel Jackman Prescod Polytechnic $ 0 BIMAP – MOU Educational Partnership $ 0 Career Development Institute – MOU Educational Partnership $ 0 Overcomer Scholarships – Local Secondary School Leavers $ 0 Sports And Arts Achievement $ 0 $ 194,510 The educational partnership with the Career Development Institute (CDI) which expanded the number and range of options offered to members ended during the reporting period. The CDI has expressed an interest in renewing the partnership and discussions are ongoing in this regard. We have received feedback that the online member application process for scholarships and grants is not as efficient as you would like, and are working with the service provider to introduce the necessary enhancements that will result in improvements to the user experience and to our internal monitoring and reporting capabilities. We look forward to introducing these enhancements during the course of the coming fiscal period. Organisation Strategy Our strategy is anchored in four critical themes, which we refer to as strategic pillars. These pillars of Winning Organisation, Brilliant Execution, Customer Focus and Sustainable Future help to guide the strategic activities we undertake and are the focal point of our actions and initiatives to drive long-term viability and sustainability. Recognising that a strategy is only as good as the capacity and capability to execute it, and that the various elements of board visioning and guidance, leadership skills, corporate culture, processes, competencies and organisation structure must be aligned to ensure success, we intend to review our existing strategy this year to determine its relevance for the 2023-26 period. This review and refresh will be critical if the credit union is to adapt and innovate in what is now a fluid and constantly changing environment where external opportunities and pitfalls meet organisational purpose, performance and execution. Looking Ahead 2023-2024 As we look ahead into the 2023-24 fiscal period we are heartened by the optimistic outlooks and positive predictions that continue to unfold from various commentators. If the predictions hold true they signal continued growth and rebounding of the economy and by extension a potential improvement in conditions for our members and our Group. This positive outlook underscores the importance of remaining focused and building out an infrastructure and environment that supports you, as you too continue to return to a semblance of normalcy in your everyday life. In order to ensure we can meet your needs we re-affirm our commitment to remaining flexible and agile in adapting to whatever conditions may unfold, while ensuring the establishment of positive behaviours, values and culture within the organization to safeguard the sustainability of the business. 1 1 Strategy Summary This means that we continue to grow by providing our members and customers with products, services and experiences that they value, delivered through the appropriate channel and entity. Our sales culture drives our continued growth. Customer propositions are clearly aligned to the different markets and customer segments to ensure mutual benefit. CUSTOMER FOCUS SUSTAINABLE FUTURE BRILLIANT EXECUTION This means that we leverage our strengths and scale, build on our brand value and explore opportunities for profitable growth to ensure our business sustainability and future readiness. We utilise our position and strong relationships to influence, advocate for and invest in social, economic and environmental change that benefits the credit union sector and the communities in which we serve. WINNING ORGANISATION This means that we continuously improve our business processes, policies and practices in line with the changing needs of the market and our financial commitments. Data analytics drive our decision making and performance management, always considering risk implications to enable progress. As a result, we cause no prudential concerns with the regulator and set the standard. The outcome of our strategy is for our Group of companies to be positioned as the leading indigenous financial services provider in the region making a material difference to the social, environmental and economic wellbeing of our members, customers and the communities in which we serve, underpinned by our sustainable profitable growth. The entities of the Group create a whole which is greater than the sum of its parts. This means that we inspire, motivate and lead high performing teams. Our culture enables our strategy, creating a constructive environment that fosters collaboration, accountability for individual and collective performance and customer centricity. We lead by example and live our values as one team, consistently demonstrating this in our everyday behaviours and actions. We ensure that our communication is coherent, consistent, continuous and relevant, is multidirectional and engages everyone in our success. Our organisation and capabilities are aligned to our strategy and our people development ensures that we are future ready and can adapt to change. We are proud to be a part of this organization and act in accordance with our principles.
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