24 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED sustainability. With strong renewed leadership and more focused activities, we are confident that CFSI will achieve this desired objective. We look forward to sharing further successes with you in the coming years. Allied Co-operators Inc. (ACI) ACI was established in response to the Barbados Co-operative & Credit Union League Ltd.’s search for a reliable partner to provide services in light of impending regulatory changes. However, despite our best efforts, ACI has faced considerable challenges in achieving the anticipated uptake from the Credit Union sector. To date, demand for ACI’s services has been limited and well below expected levels. The sector’s interest in ACI’s services has not been widespread, with repeat and new business primarily concentrated among the smallest credit unions, which are the most vulnerable and in need of the support envisioned by Cooperative Principle #6 – Cooperation Among Cooperatives. It is because of this ideological anchor and binding principle amongst Credit Unions that we have continued to persevere to do what is right for the sector through ACI. During the 2023-24 period, ACI’s Board and management maintained their focus on enhancing revenue and revenue-generating potential by promoting the adoption of ACI’s services, including Enterprise Risk Management, Internal Audit, AntiMoney Laundering Managed Services, Anti MoneyLaundering Remediation and Sanctions Services, Independent Anti-Money Laundering Audits, Accounting services, and Anti-Money Laundering staff training. By the end of the reporting period, revenue totalled $217.6 thousand, a decrease of approximately $35.5 thousand or 14% compared to the previous year. The lack of demand and support from the larger and more established players in the sector presents a significant obstacle to ACI’s revenue growth and longterm prospects. The board of the company is actively addressing this challenge as it evaluates ACI’s future options, taking into consideration its current financial situation, market outlook, and demand for its services. 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 and learning. As the Foundation looks to the future we hold steadfast to the Credit Union ideal of people helping people. During the past year Legacy Foundation received five (5) applications, three (3) of which were approved for community-focused projects aimed at making a positive social impact. The approved projects are set to enhance local educational, mental health, and entrepreneurial opportunities within the community. Legacy Foundation will continue to monitor the progress of these projects and provide support as needed to ensure the realisation of the stated objectives. Board of Directors’ Report (Continued) Project Overview Expected Impact Funding Amount New Growth Aquaponics & Farming Project – Ellerton Primary School Aims to educate students about sustainable farming practices while also providing a fresh source of produce for the school and surrounding community. Through hands-on learning and agricultural activities, students will gain valuable knowledge about food production and environmental stewardship This project promotes self-sufficiency and sustainability within the community $40,000 Sheltered Workshop Project – Psychiatric Hospital Provides vocational training and employment opportunities for individuals with mental health The project will offer therapeutic and skillsbuilding activities that can lead to stable employment, reducing stigma and fostering social inclusion for individuals with mental health challenges $48,400 Legacy Foundation / BARP Members – Business Centre Business centre aimed at supporting senior citizens in the transition to a digital economy. The business centre will provide resources, mentoring, and training for senior citizens, empowering them to engage in the digital economy This initiative promotes active aging and self-reliance among the elderly population $75,000
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