BWUCCU 2021 ANNUAL REPORT

Contents

3 Our Prayer 10 The Management Team
St Francis of Assisi
11 The Corporate Team
5 Vision, Mission
and Core Values 14 The Presidents’ Message

6 Agenda 16 The Board of Directors Report
7 The Board of Directors
8 The Supervisory Committee 24 Management Analysis
9 The Credit Committee
27 Financial Statements

WE’RE PUTTING THE WORLD IN YOUR HANDS

Prayer of

St Francis of Assisi

Lord, make me an instrument of your peace;
where there is hatred, let me sow love;
where there is injury, pardon;
where there is doubt, faith;
where there is despair, hope;
where there is darkness, light;
and where there is sadness, joy.
O Divine Master,
grant that I may not so much seek to be consoled as to console;
to be understood, as to understand;
to be loved, as to love;
for it is in giving that we receive,
it is in pardoning that we are pardoned,
and it is in dying that we are born to Eternal Life.

This prayer of Saint Francis of Assisi is often used by Credit Union members’ at the beginning or at the end of
their meetings. It is even referred to in some places as the “Credit Union Prayer”.

3 ANNUAL REPORT 2021

Our

Member Service
Charter

THE CREDIT UNION’S EXPECTATIONS WHAT MEMBERS CAN EXPECT TO RECEIVE
OF ITS MEMBERS IN TERMS OF SERVICE

• To remain loyal to their Credit Union • Prompt, professional, efficient service with an emphasis on
service excellence.
• To maintain a professional manner when conducting
business at the Credit Union. • Dedication to adding value to the members’ experience.

• To be respectful to employees and other members. • Keen interest in making the member feel appreciated.

• To be co-operative by way of providing all the necessary • Accuracy on members’ accounts.
information requested by employees.
• Remittances processed in a timely manner (two (2)
• To take the initiative on issues affecting them. working days).

• To seek clarification on problematic issues. • Information on the Credit Union’s products and services.

• To maintain high levels of honesty and integrity. • Guidance on financial planning.

• To be punctual for appointments and any other meetings • Effective communication on the Credit Union’s policies
at the Credit Union. and procedures.

• To display care and consideration for Credit Union • Timely response to queries and telephone calls.
property and facilities.

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WE’RE PUTTING THE WORLD IN YOUR HANDS

OurVISION TO BE THE LEADING PROVIDER OF FINANCIAL SOLUTIONS FOR ALL OF OUR
MEMBERS

OurMISSION TO BE THE MOST EFFICIENT PROVIDER OF CREDIT UNION SERVICES
AND PRODUCTS WHICH DEVELOP AND SUSTAIN THE SOCIO-ECONOMIC
STANDARDS OF ALL MEMBERS BASED ON CO-OPERATIVE.

CoreVALUES THE CREDIT UNION SHALL BE MANAGED AND DIRECTED IN A MANNER
THAT REFLECTS THE PRINCIPLES OF INTEGRITY, TRANSPARENCY, HONEST,
CARE, TEAMWORK, OPERATIONAL EXCELLENCE AND ADHERENCE TO THE
CREDIT UNION’S ETHICAL VALUES.

5 ANNUAL REPORT 2021

NOTICE

All members are invited to attend the Annual General Meeting of the Barbados Workers’ Union Co-operative Credit Union
Limited at the Lloyd Erskine Sandiford Conference Centre, Two Mile Hill, St Michael, on Saturday, June 26, 2021 at 10:00 a.m.

Agenda 14. Fixing of Maximum Liability
1. Ascertainment of Quorum 15. Appropriation of Surplus
16. Appointment of Auditors
2. Call to order 17. Close of Voting for elections to the Board of Directors,
Supervisory Committee and Credit Committee
3. Prayers/St. Francis of Assisi 18. Amendments of Bylaws 14(3), 15, 32 (a) xii, 33(2), 40,
65,66, 80(c), 81 and 86
4. Apologies for Absence 19. Resolutions
20. Election Results
5. Welcome 21. Special Presentation
22. Any Other Business
6. Acknowledgement of other organisations 23. Adjournment

7. Credentials Committee Report Sis. Fiona Goodridge
SECRETARY
8. Appointment of Election Chairman

9. Commencement of Voting for election to the Board of
Directors, Supervisory Committee and Credit Committee

10. Adoption of Standing Orders

11. Minutes of the last Annual General Meeting held on
November 7, 2020

12. Matters arising from Minutes of Annual General Meeting
held on November 7, 2020

13. Reports 2020 - 2021.
a) Board of Directors
b) Credit Committee
c) Supervisory Committee
d) Auditors
e) Financial Statements

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WE’RE PUTTING THE WORLD IN YOUR HANDS

Board of

Directors

Bro. Dalton Medford
PRESIDENT

Bro. Herbert Harewood Sis. Faye Arthur Sis Fiona Goodridge
VICE PRESIDENT TREASURER SECRETARY

Bro. Ashton Turney Bro. Vere Rock Sis Marsha Greenidge
DIRECTOR ASSISTANT TREASURER ASSISTANT SECRETARY

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Supervisory

Committee

Sis. Carolyn Barton Bro. Sherwin Greenidge Sis. Juliet Pollard
CHAIRPERSON VICE CHAIRMAN SECRETARY

Bro. Sean Scott Bro. Harcourt Husbands
ASSISTANT SECRETARY MEMBER

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WE’RE PUTTING THE WORLD IN YOUR HANDS

Credit

Committee

Sis. Daceia Bailey Sis. Charmaine Ottley Sis. Michelle Hamblin
CHAIRPERSON VICE CHAIRPERSON SECRETARY

Bro. Kemar Holder Bro. Eric Smith
ASSISTANT SECRETARY MEMBER

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The

Management Team

Bro. Zandre Bowen Sis. Alana Cadogan Bro. Antonio Arthur
GENERAL MANAGER FINANCE AND MANAGER OF
ACCOUNTING MANAGER INFORMATION SYSTEMS

Sis. Shelley Nicholls Hunte Sis. Cheryl-Ann Vaughan Sis. Shirleyne Best
LEGAL & COMPLIANCE MANAGER CREDIT MANAGER
OPERATIONS MANAGER

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WE’RE PUTTING THE WORLD IN YOUR HANDS

Our

Corporate Team

GENERAL MANAGER MARKETING
Bro. Zandre Bowen ........................................................................
Sis. Jessica Gibson...........................................Marketing Assistant
ACCOUNTS
Sis. Alana Cadogan.............. Finance and Accounting Manager
Sis. Dana Wilson............................................ Assistant Accountant MEMBER SERVICES
Bro. Micaiah Boyce............................................Accounts Assistant
Sis. Shonelle Holmes........................................ Collections Officer Sis. Lucretia Hall......Assistant Manager - Member Experience
Sis. Sharon Hope................................................ Collections Officer
Sis. Sasha Gibbons.................................................Collections Clerk Sis. Toni Worrell.................................... Member Relations Officer

ADMINISTRATION Sis. Kathleen Broome...... Member Experience Representative
Sis. Gail Cumberbatch................................ Human Resource and
............................................................................ Administration Officer Bro. Dario Yearwood....... Member Experience Representative
Sis. Sharon Murrell..............................................................Secretary
Sis. Angela Mason...................................Administrative Assistant Bro. Jamaro Yearwood.... Member Experience Representative
Bro. Michael Freeman............................................ Office Assistant
Sis. Janice Griffith..................................................Office Attendant Sis. Omelle Broomes......................................Telephone Operator
Sis. Mary Haynes....................................................Office Attendant
Sis. Colleen Phillips...............................................Office Attendant
OPERATIONS
INFORMATION SYSTEMS
Bro. Antonio Arthur.............. Manager of Information Systems Sis. Shirleyne Best..........................................Operations Manager
Bro. Dario Holder........................................Systems Administrator
Sis. Kristina Browne.........................................Project Coordinator Sis. Shakira Forde........................................Operations Supervisor

INTERNAL AUDIT Sis. Kim Hunte..............................................Operations Supervisor
Bro. William Payne..................................................Internal Auditor
Sis. Shana McCollin....................................Operations Supervisor
LEGAL & COMPLIANCE
Sis. Shelley Nicholls Hunte ..... Legal & Compliance Manager Sis. Cherise Austin........................................ Accounts Clerk/Teller
Sis. Yvette Jordan.................................................. Securities Officer
Sis. Keira Cumberbatch.............................Accounts Clerk/ Teller
LOANS
Sis. Cheryl-Ann Vaughan......................................Credit Manager Sis. Shavonne Dottin..................................Accounts Clerk/ Teller
Sis. Lisa Collymore..........................................Senior Loans Officer
Sis. Janice Burgess....................................................... Loans Officer Bro. Damian Gilkes......................................Accounts Clerk/ Teller
Sis. Keisha Goddard.................................................... Loans Officer
Sis. Juann McCarthy.................................................... Loans Officer Sis. Sacha Mondesir....................................Accounts Clerk/ Teller
Sis. Michaela Niles.........................................Mobile Loans Officer
Bro. Rajiv Worrell......................................................... Loans Officer Bro. Neville Nurse........................................Accounts Clerk/ Teller
Sis. Lauraline Garrick.......................................Mobile Loans Clerk
Sis. Michelle Husbands..................................................Loans Clerk Sis. Joakima Rochester...............................Accounts Clerk/ Teller
Sis. Sherri Taylor................................Outdoor Sales Ambassador
Bro. Derrick Hurdle.............. Security and Maintenance Officer

Assigned to
Part-time Employees *

Bro. Dario Arrendell ........................................................... Accounts

Sis. Tia Clement............................................... Member Experience

Sis. Charmaine Johnson............................... Member Experience

Sis. Nikiesha Layne....................................................................Loans

Bro. Ronmar Mapp.......................................................... Operations

Sis. Akeelia Maynard..................................... Member Experience

Sis. Akilah Morgan.......................................................... Operations

Sis. Natalie Waithe...........................................................Collections

Bro. Edson Williams..................................................Administration

11 ANNUAL REPORT 2021

Members of staff showing their support during October, Breast Cancer Awareness Month
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WE’RE PUTTING THE WORLD IN YOUR HANDS

We continue to show support for our youth and enterprising mindsets,
with the BEF $20 Challenge.

13 ANNUAL REPORT 2021

President’s

Message

Bro. Dalton Medford From the outset, please  allow me to say a big thank you to the
PRESIDENT team  at  Barbados  Workers’  Union  Co-operative  Credit Union
Limited,  for their  courage  during the  COVID-19  pandemic;
We are happy especially those working on the front line. So, on behalf of the Board of
to report that Directors  and  you the  members,  I say a big thanks to  the team
we are closer to at the Credit Union. 

“Putting The It is my pleasure to report that your Credit Union’s performance
World In Your over the financial  year was commendable, especially when you
Hands”, with consider all that has transpired in the Barbadian economy and with
the international and domestic lockdowns worldwide, due to the
your very own COVID-19 pandemic; resulting in a devastating effect on the entire
Debit Mastercard. world’s economy. 

This  year our  surplus  is $2.7 million and our assets, $184.4 million. 
In addition, our membership has grown by 1,083 new members over
the last financial year; bringing our total membership to 26,934. 

As you know,  Barbados’  economy is driven  by tourism and this
industry has been one of those hardest hit as Governments impose a
number of measures to encourage their citizens to stay at home. The
magnitude  of  this  fallout from tourism has  rippled  throughout  the
economy; sparing no sector. 

The business community of  Barbados  responded  to this crisis  with
some defensive measures in an attempt to protect their businesses 
from going  under. These measures included business  induced 
layoffs, redundancies  and  consolidations;  unfortunately,  some
of our valued members  were at the  receiving  end  of such
decisions,  which  resulted  in their inability to service  their  loans  as
the measures instilled by some businesses were swift and
unexpected. However, as a member centered Organization, we tried
our best to offer assistance to those affected, wherever possible. 

Having offered a moratorium during the first lock down implemented 
in 2020, a decision was taken to again offer the loan moratorium; on
a case-by-case basis.  

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WE’RE PUTTING THE WORLD IN YOUR HANDS

Despite all of these challenges, your Credit Union continues to To date, we have received an engineer’s report that is currently
press ahead.  We are ensuring that we are compliant in both being reviewed in order to determine the level of repairs that
local and  international compliance standards are required. 
and  that  is  why we  continue to ask you, the members, to
update your account information.  Looking  ahead,  we will continue to  seek out  new  ways to
improve our services and product offerings to you, our valued
Let  me thank  those  of you that have done so  to date members.  
and I offer a gentle reminder to those yet to complete your
membership update  to  please do so soonest.  This The area of  green energy  offers  us  some opportunities  to 
process is  important -  both  for us and  for you, as make investments that will give us a good return. Your Board 
it helps to protect us all. We are happy to report that we are of Directors will continue to look for those areas of investment 
closer to Putting The World In Your Hands, with your very own  in other companies  as we did with  William  Industries. 
Debit Mastercard.  Additionally, we will be  joining the Barbados  Energy Coop
in the new  financial year  and  continue  to provide  our 
During the period, we  were  able to move more of our members with  the option of  Green Loans  so that they too
services online for  your  convenience.  We can now facilitate might be able to capitalise on opportunities such as these. 
online membership, Debit Mastercard online applications,
as well  as  member information updates.  In the coming In closing,  let me say on behalf of the  Board of Directors,
months, you will be able to apply for your loans and other thank you to the entire credit union team-this includes all of
services online as well.  the  volunteers  and you the members,  for your  continuous
support of your Credit Union. 
We  further  invite you to  give  us your  feedback
on your  experience  as  this helps  us to It has been a very  challenging  year  for our  country,  but
continuously improve our online services to you.  I  do  believe that with God on our side,  we  will  get
through this together.
As  reported  last year,  we  experienced  some challenges  with
the building  which houses our Head Office on Fairchild
Street, Bridgetown. Water has been penetrating the building
which has led to an air quality problem and mold  issue.  In
the interest  of  our  staff’s  health  and safety,  we  took  a
decision  to temporarily relocate  our operations  and
do necessary investigations. 

15 ANNUAL REPORT 2021

Board
of Directors

Report

WE’RE PUTTING THE WORLD
IN YOUR HANDS

The COVID-19 pandemic continues to create a challenging valued members. The recently launched Debit Mastercard
environment for all businesses locally and worldwide. With the brings a host of benefits to both individuals and small
continued decline of the main foreign exchange generating businesses who are members of the Credit Union. With this
industry - tourism, the situation is indeed fragile and constantly globally accepted card, in addition to completing local Point
evolving. of Sale (POS) transactions and cash withdrawals, the Debit
Mastercard can be used for overseas travel and to make online
According to the World Bank, in a report from the International international payments.
Labor Organization, ILOSTAT databases.
The new Debit Mastercard opens a world of e-commerce
Data retrieved on January 29, 2021, indicated that Barbados’ possibilities for our members as they can now receive payments
current unemployment rate reached a high of 12.7% in 2020, directly onto their card from websites such as PayPal.
up from 10.4% in the previous year. Furthermore, as
highlighted in the report, the unemployment rate is likely Other important technological developments such as the
to remain between 12-14 percent over the next four years. National Digital Identification Card and a national digital
However, it is anticipated that with the introduction of the payment system will significantly impact the way the Credit
COVID-19 vaccine, there will be an improvement in the Union does business with its members.
economy, which will, in turn, impact the country’s employment
situation. However, the effect may be gradual, and there is no The opportunities would reside in the Credit Union’s ability to
guarantee that change will be linear. attract new members from the ‘unbanked’ and ‘underbanked’
in our community. With the national digital payment system,
The macroeconomic outlook for the country is sobering. The the Credit Union can also expand on adopting its digital
further delays to pre-COVID tourism levels, will significantly platforms such as the SmartNet, online applications, and
impact our business. This “new normal” presents a unique facilitating online payments for membership.
environment in which the Credit Union must operate. The
challenges to increase our membership and maximize loan Regulatory requirements and compliance as it relates to
growth will undoubtedly require the Credit Union to “Think onboarding corporate members, still presents several
Outside the Box” by reconnecting with dormant account challenges. In this environment, we want the capacity to make
holders and exceeding current members’ expectations, corporate membership more attractive and viable. As we
seeking out new audiences, and ensuring that our products continue to follow the AML/CFT/CPF regime, we will need to
and services remain inclusive and competitive. remain especially vigilant in these times as there are increasing
instances of fraud in the marketplace.
In addition to the market’s economic conditions, the
advances in technological areas cannot be overlooked. We are conducting retrospective due diligence, which affects
These will present several opportunities for the BWU the credit union across several business lines. The importance
Co-operative Credit Union Limited to increase its of having up-to-date, accurate information and contact details
competitiveness and deliver top notch service to you, our on members allows the Credit Union to approach members

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WE’RE PUTTING THE WORLD IN YOUR HANDS

The new Debit Mastercard opens a world of e-commerce
possibilities for our members as they can now receive
payments directly onto their card from websites such as PayPal.

with relevant business products and services. It also helps the A SPECIAL THANK YOU
Credit Union understand and manage the risks associated with On behalf of the Board of Directors, Committees and Volunteers
the membership and satisfy the regulatory requirements. we would like to extend a heartfelt thank you to each team
member who facilitated members from the frontline. We
FINANCIAL PERFORMANCE AND OVERVIEW understand and can certainly appreciate that it was not easy
The Board of Directors of the Barbados Workers’ Union to come to work and deliver exceptional service during these
Co-operative Credit Union Limited, exercised financial uncertain times. We applaud and support every effort made to
prudence as it sought to maintain its strategic focus of ensure that the service delivered to the members was unfailing.
increasing the wealth of its membership.
DEALING WITH AN EXTRAORDINARY CRISIS
Despite difficult market conditions and economic uncertainty, The basic purpose of business strategy is to steer companies
the Credit Union maintained its stability and continued towards sustainable sources of growth and profit. The
to achieve its Key Performance indicators through close tremendous hardship and the damage brought on by the
monitoring and being nimbler in its response to the external COVID-19 pandemic have permitted our Credit Union to
shocks in a COVID-19 environment. The Credit Union embraced use the crisis as an opportunity to reposition our brand for
a more technological approach to serve its membership during the post-pandemic future. The heavy reliance on technology
the various country-wide shuts downs that occurred. means changing the way we have operated, from promotion
and marketing to maintaining consumer engagement, selling,
Communicating with the membership was key to best meeting and more.
their needs and requirements whilst doing business remotely.
For the Financial Year, the Credit Union recorded moderate Charles Darwin’s theory of evolution and the generally
growth. We welcomed 1,083 new members into our Credit accepted reality is that only those species who can adapt more
Union family; bringing total membership to 26,934. This successfully to their changing environment will survive.
contributed to 1.3 million in deposits. We recorded an
operational surplus for the year after distribution, before March 2020 has left an indelible impact on the BWU
disbursements from funds, of $2.7 million. The Management Co-operative Credit Union Limited and how we do business
Analysis provides more details of our Financial Performance. as it has brought tremendous shocks upon our entire
membership. When we gathered in late 2020 under new and
The Credit Union approved $36.8 million in loans during unfamiliar conditions for the Annual General Meeting, many
the year and we are proud to say that we have once again of us felt like the worse of the pandemic was behind and we
provided loans for first-time homeowners and vehicle owners. could usher in some form of normalcy back to our lives.

Our Collections Team gave yeoman service to ensure that Unfortunately, subsequent months would only bring an
our non-performing loans recorded at 5.05% and remained unprecedented second wave which has barreled across our
within industry standards. More detailed information on our shores. The months which followed would see untold impacts
financial performance will be highlighted in the Management on our businesses, a new and more restrictive set of protocols
Analysis. to govern, a national pause; all of which have impacted not
only our lives, but indeed our livelihood.
We wish to thank you, our loyal members, for your continued
commitment to this Credit Union. The Board of Directors, Management and Staff would like
to take this opportunity to acknowledge those who lost the

17 ANNUAL REPORT 2021

fight to COVID-19 on our shores and worldwide, we ask for supporting the timely finalisation of mortgage matters and
guidance for their families and loved ones. the registration of Bills of Sale. The Credit Union also embarked
on an extensive due diligence process and worked across
No matter the challenge, we managed the Credit Union various departments in the implementation of initiatives
consistently with principles that have stood the test of time. to update “Know Your Customer” member information, as
We have written about these inviolable principles often – the required by the Financial Services Commission. We continued
need for extremely talented and motivated employees; a to engage with local government authorities on AML/CFT/CPF
fortress balance sheet that allows us to invest in good times matters.
and in bad times; clear, comprehensive and accurate financial,
risk and operating reporting to dealing with an extraordinary CREDIT MANAGEMENT
crisis and which allows for quick and accurate decision- The Loans Portfolio remains an integral part of business for
making; a devotion to our membership and communities and the Credit Union. Recognising the very real possibility of
continuous investment in technology to better serve both our an economic fallout after the first cases of COVID-19 were
employees and members. recorded on our shores, a Board decision was made to institute
a series of loan moratoria for the membership. The programme
We are there for our members, employees and communities was officially launched in March 2020 and extended to
in good and bad times – the BWUCCUL is a safe harbour in Members who needed assistance with loan payments during
the storm. It is in the toughest of times that we need to use this time.
our capital and liquidity to help members. COVID-19 is one of
those extraordinary times. The Loan Moratorium programme was extended to the full
membership and we are happy to report that 423 members
Despite the challenges, the BWU Co-operative Credit Union were successfully offered this programme in the initial phase.
Limited increased its efforts to reconnect with the membership, The Loan Moratorium was further extended by three months
improve on operational efficiencies, increase productivity and to assist those members still experiencing financial constraints
human resources capacity, protect our employees and mitigate due to layoffs, reduced working hours and the overall impact
the impact of COVID-19 on our business. We promise to of the slow turnaround in the wider economy. The Loan
‘Put The World In Your Hands’ as we continue to operate in Moratorium period ended in August 2020.
the face of economic uncertainty.
However, as the true impact of the pandemic continued to be
LEGAL AND COMPLIANCE felt by many of our valued members, a decision was made to
The newly developed Legal and Compliance Department extend the programme for a further three months bringing
made significant strides during the reporting period to an end to the programme in November 2020. In addition to
ensure that the Credit Union established the necessary the Loans Moratorium, an ‘Ease the Burden’ loan was also
compliance protocols and made revisions to its Anti- introduced and extended to members. This $1,500 credit facility
Money Laundering/Counter-Financing of Terrorism/ was extended to members who needed financial assistance
Counter-Proliferation Financing (AML/CFT/CPF) Policy. The with meeting certain immediate and/or critical needs.
Department also embarked on continuous sensitisation of all
staff on AML/CFT/CPF, as it relates to improving detection of MEMBER EXPERIENCE
unusual/suspicious transactions. The Credit Union continued The Member Experience Team focused on encouraging
to strengthen its AML/CFT/CPF ethos through continuous members to sign up for online banking so that they could
engagement of the Board of Directors and the Compliance remain in control of their accounts. During this period,
Committee on such matters. The Legal and Compliance we increased our social and online interactions with the
team also supported the Board of Directors in proposing membership.
amendments to the By-Laws in order to maintain good
governance and to ensure that the By-Laws remained relevant During the Financial Year, the Credit Union sought to educate
to meet the needs of the members while providing for the its membership and equip them with practical information on
promotion of efficient operations of the Credit Union. topics such as Financial Counselling and Smart Budgeting.
These webinars were very well received and provided a
In addition, the team also developed and improved processes platform for the Credit Union to connect with its members
in the treatment, processing and reporting on legal matters during the COVID-19 pandemic. The first in our series of

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WE’RE PUTTING THE WORLD IN YOUR HANDS

member education sessions, was entitled ‘Weathering to effectively do so. Efforts were made by Management to
the Storm of Covid-19’ and facilitated by the CEO of R.M.H ensure that there was a constant flow of communication in
Financial Consultants Inc. This free webinar provided financial order to keep in contact with the members of the team who
counselling on tax filing and budgeting during financially hard were working remotely. The Human Resources Department
times and our memberswere invited to learn more about encouraged members of staff to avail themselves of the
available financial resources and how they could still save Employee Assistance programme which would enable them
despite the hardships of Covid-19. The Credit Union’s second to discuss confidentially any challenges they were facing in the
Webinar and member education session was entitled ‘SMART new COVID-19 work environment.
Budgeting-Easy Concept, Difficult Reality’ and this event was
held on Saturday August 08, 2020, featuring budgeting and CORPORATE SOCIAL RESPONSIBILITY
saving strategies in any environment; facilitated by financial Community Outreach
expert Krystle Howell. Our commitment to our youth and the community continues
to show. Our staff members came together to repaint the
We welcomed and successfully onboarded 1,083 new members Roland Edwards Primary School, despite challenges presented
to the Credit Union family during the financial year. This by the COVID-19 pandemic.
represented a 4% increase in total membership. The Credit
Union also welcomed six (6) corporate members, which must be The Credit Union’s Social Club spearheaded the repainting
applauded as this occurred despite more rigorous requirements project of this St. Peter school, while Berger Paints came on
and additional information required by the Financial Services board to sponsor the paint required for this project; we thank
Commission. Twenty-five (25) micro businesses applied for them for their kind contribution.
membership, an increase as a result of persons opting to own
their own business due to retrenchments caused by COVID-19. Scholarships
There was more interaction with our members via social This year’s scholarship presentation featured a small ceremony
media channels and our Business WhatsApp, which enabled and photo opportunity; it was held in the Ashton Turney
members and potential members to effortlessly reach out to Conference Room at our head office location. Collectively,
the Credit Union. eleven members, ranging from primary school to University
levels, received BWU Co-operative Credit Union Scholarship
OPERATIONS Awards which totalled in excess of $10,000. Scholars were
The Credit Union continued to make adjustments across awarded for achieving outstanding results in their exams,
its branches to ensure that both members and employees ranging from the Barbados Secondary School Entrance Exam
remained safe during this time. All branches are now outfitted (BSSEE), all the way to tertiary level examinations such as
with sneeze guards manufactured from plexiglass, to further Barbados Community College, Samuel Jackman Institute of
assist in minimising possible exposure to COVID-19. The Technology and the University of the West Indies. We continue
Credit Union’s Head Office located on Fairchild Street, has also to salute these young members and wish them the very best of
temporarily relocated to Trident House on Lower Broad Street. luck in their future academic pursuits.
This move will facilitate the renovations and maintenance
work needed to the Fairchild Street location. This move was We Care Outreach Programme
completed in late January 2021 and we reopened Trident The We Care Outreach Programme was conceptualised to
House to our valued members on 25 January, 2021. assist our members during this difficult period as the impact
of COVID-19 was felt across many households. This grant
HUMAN RESOURCES programme was extended to the Membership in May 2020 and
A number of policies and procedures including the Standard encouraged eligible members with school aged dependants,
of Business Conduct policy and the Business Continuity policy to apply if they had become unemployed during this crisis.
were revamped during the reporting period to ensure that the
Credit Union retains sound documentation to its risk mitigation The programme also invited contributions from the wider
strategy. As part of the company wide COVID-19 response, a membership, these contributions were in turn matched by the
number of policies were also updated, or created, to ensure Credit Union. We take this opportunity to thank all members
that the impact of the pandemic was taken into consideration. who were able to contribute to the programme and support
During this period many of our employees worked from home their fellow members during this time.
in the instances where their job function would allow them

19 ANNUAL REPORT 2021

Some of the 2020 BWUCCUL Scholarship Awardees. We continue our close relationship with Co-operators’ General
Insurance (CGI), enabling our members to pay their home and
STAY AT HOME SERIES auto insurance through the Credit Union. The Credit Union
Following a number of restrictions affecting Barbadians in early is also pleased to offer another convenience option of Smart
January, the Credit Union realised that a high volume of its Insurance with Co-Operators General, whereby members
members was now going to be back at home and so wanted can have their annual premiums deducted from a specialised
to ensure that we did our part to echo the Prime Minister’s saving account, to assist them with their annual property
statements to stay safe by staying at home. The ‘Stay At Home’ insurance and taxes. Credit Union members receive a special
series featured a number of elements including playlists and discounted rate through CGI and we encourage members
workout routines, to ensure that our valued members stayed to take advantage of their services. The Credit Union will be
motivated, entertained and healthy during this period. partnering with other entities such as Real Estate Agencies,
Funeral Homes, Car Dealerships, Home Improvement and
Money Savings Challenge Building Suppliers and Electronic Stores in the upcoming year,
The Credit Union launched the Money Savings Challenge in in order to provide our members with easier access to even
January 2021 which welcomed all Credit Union members to more valuable opportunities.
save $1,000. This initiative focused on encouraging saving
during a time when most persons make their New Year’s Community
resolutions. To help keep members motivated, we also created During this extraordinary crisis, one of the areas significantly
a Money Savings Challenge Booklet containing tips and tricks, impacted was the ability to gather and this affected the types
budgets and ideas, to assist them with saving each month. of events that could be held. However, our team members
were still able to safely attend some in-person events in order
Partnerships to help promote the Credit Union’s products and services.
Our two main partnerships remained vital arteries of the Credit
Union’s continued advancement, having been an essential part Independence Road Show
of our daily services and playing pivotal roles during the recent It was of particular importance for the Credit Union to
crisis. SurePay continues to be a critical convenience for our reconnect with the wider community. During the month of
members, especially during the Covid-19 pandemic when this Independence, the Credit Union moved beyond its physical
facility enabled our members to continue transacting business walls and headed out to a number of communities for the 1 st
with the Credit Union, while simultaneously providing both ever Independence Roadshow. A fifteen-member team from
members and non-members alike, the opportunity to the Credit Union visited a number of communities and popular
continue paying their monthly bills all during a period when
most companies were forced to close their doors.

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liming spots across the island. This promotional activity was Entrepreneurship
centered around raising community awareness of BWUCCUL The origin and foundation of the Barbados Workers’ Union
brand, increasing membership and developing leads for our Co-operative Credit Union Limited propels our appreciation
Christmas and Vehicle loans campaigns. for small businesses and entrepreneurship on the whole.
We continue to seek ways to promote and streamline our
International Credit Union Day operations to include staunch support in this area.
In addition to decorating our branches in the ICU day
colors for this year’s theme and paying tribute to the day As such, we continued to sponsor Minding Your Business –
by advertisement in the Nation, Advocate, Barbados Today a CBC TV Programme which gives recognition and visibility
newspapers and special social media messaging. Credit to small businesses and entrepreneurs, at no cost to them.
Unions across the island also came together under the theme We encourage all registered small business owners who are
“Inspiring Hope for a Global Community”, in order to spread members, to call if they are interested in being featured on the
the message about the benefits of Credit Union Membership. programme as we would be happy to discuss the business and
Representatives of the many notable local Credit Unions, identify all the areas where we can serve you and help make
gathered at the Barbados Co-operative and Credit Union members’ dreams a reality.
League on Collymore Rock, whilst observing all health and
safety protocols, to engage passersby while handing out We shared our financing solutions, along with the many Credit
promotional items on behalf of all Credit Unions present. Union membership benefits available, with up-and-coming
This initiative, instituted by the Barbados Co-operative & entrepreneurial students of the Samuel Jackman Prescod
Credit Union League, garnered much interest and the day was Institute of Technology, at the institution’s Skills Fair held
a resounding success. during April. As an institution producing high numbers of small
business people and entrepreneurs each year, we found it
beneficial to speak with the students and the Instructors about
the benefits of small businesses utilizing a Credit Union as a
viable source for all their financial and financing needs.

Celebrating International Credit Union Day 2020, a reminder of our commitment to the vision, mission and values of the BWUCCUL.

21 ANNUAL REPORT 2021

We remain a dedicated supporter of the Barbados to see a Loans Officer, or meet a Member Experience
Entrepreneurship Foundation’s ‘BEF $20 Challenge’ and again Representative, using the Facebook Appointment feature.
presented awards for ‘Best Example of Team Work’, ‘Green
Business of the Year’ and ‘Cooperative Spirit’, to a total of nine We also continued to communicate with our membership via
students and one school during the year. Our involvement email blasts. We encourage all members to ensure that their
also included the hosting of the Challenge’s twenty finalists email addresses are updated in the system so that they too
at educational sessions concentrated on presentation, might be added, as we circulate information regularly using
reporting and marketing skills, as well as workshops for the this communication tool. In addition to our email platform, we
teachers involved in the challenge. These sessions were held are now also featured on Google My Business which allows
in the Ashton Turney Conference Room, where the Facilitators prospective members and members to view our operating
shared their knowledge to help equip teachers with important hours, locations, special offers or important business updates.
tips and skills about topics such as ‘Access to Finance’, ‘Time
Management’, ‘Leadership’ and ‘Emotional Intelligence’. As we strive towards ‘Putting The World In Your Hands’,
Sessions were subsequently featured on our sponsored CBC we have made a number of improvements on our website
programme, ‘Minding Your Business’. platforms and thereby making it easier for members to find
the information that they are looking for; in as little steps as
Some of our upcoming projects shall incorporate further possible. Some of these changes are featured on the Home
mentorship, guidance and support of young Barbadian Page of our website, such as the option to become a member
Entrepreneurs, by utilising professionals to offer financial as well as the ability to register for the new Debit Mastercard;
management, debt management and business operating by simply clicking a link.
knowledge and guidance.
TECHNOLOGICAL ADVANCES
Assistance for Small Businesses Online Banking
In addition to providing free financial counselling and The Credit Union concentrated on improving its online banking
advertising opportunities for our registered small business platform and there were some welcomed improvements.
members, the Credit Union continues to find new and exciting Some of our upgraded offerings were direct sign up from the
ways to support entrepreneurship. mobile app, member-to- member transfers and account alerts
set-up. We are also happy to report that registration for online
From discount partnership opportunities, including banking increased by more than 10%.
highlighting these persons on our various communication
channels, we will also be offering training workshops and ATM Cards
educational opportunities for our enterprising members in There was a focus on increasing the amount of ATM cards held
the coming financial year. To learn more about these by the membership and we were able to see over 10,000 active
opportunities, stay tuned to our website and follow our social card users in the system. This represents a 50% increase in the
platforms @bwuccu.com. number of cards when compared to the previous year.

Social Platforms Firewall Upgrade
Now more than ever our valued members, and members of The Credit Union has upgraded its Firewall which provides
the wider public, are accessing information digitally via their protection against internal and external cyber threats, thus,
mobile phones, laptops, tablets and other smart devices. We it is of absolute importance that the Credit Union maintains
have therefore continued to increase our presence across a robust system. The Credit Union’s platform must never be
established social media platforms, including Facebook and compromised, especially as we embark on our MasterCard
Instagram. project implementation.

During the year, we have also extended our reach on social Online Applications
media via Twitter and YouTube. These two platforms will assist The Credit Union successfully launched its online applications
us in responding to member queries, announcing information to coincide with the launch of registrations for the Debit
quickly and creating content to reach new audiences and Mastercard. Members can now update their membership
potential members. As these platforms continue to rollout new information and apply for the Debit Mastercard, online. For
features, we want to ensure that these features can be used to those now joining our Credit Union family, we also facilitate
benefit our members. Members can now make appointments online membership where you can complete the application

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online; including the submission of two forms of valid photo trust companies. In addition, there was also broad support for
ID and proof of address. These forms can be completed using parity of treatment with respect to the seed capital for the
most devices, even your mobile phone. Fund which would involve a contribution from Government.
However, it is noted that no definitive commitment was
Mastercard Project received from Government during the period for seed capital
The Debit Mastercard project continued to move towards support.
implementation and with this we were able to soft launch this
product to the membership. We encouraged our members to To date, the consultants have submitted the following
register for their card online, where they could easily apply deliverables:
via our new Mastercard landing page. We have embarked 1. Tabulation of findings from deposit insurance stratification
on improving our internal procedures, thus, our pilot group survey
commenced testing of the card before its official launch. The
Mastercard is a worldwide brand which will revolutionize the 2. A report describing international credit union experiences
way that members transact business. and examples of public and private DI schemes

Deposit Insurance Project 3. A draft document to be submitted to the Ministry of Finance,
During the reporting period, the consultants, Dave Grace Economic Affairs and Investment to facilitate the preparation
& Associates, which had been contracted by the League of a Cabinet Paper.
to design a private deposit insurance scheme intensified their
efforts in the data gathering phase of the project supported by 4. Final Report re Recommendations for Including Credit
the League. This phase was somewhat protracted and had to Unions in Barbados Deposit Insurance
be completed by utilizing publicly available data and support
from the Financial Services Commission. It is noted that only 5. Report re Strengthening of weak Credit Unions (an adjunct
16 credit unions responded to the survey. to the main DI Project)

We can report that there has been a major policy shift. After Our Commitment
unsuccessful attempts to discuss Deposit Instance (DI) at the It is often said that adversity
highest levels of the New Administration, the League finally builds character and tough
got the opportunity to engage with the Ministry of Finance, times do not last but tough
Economic Affairs and Investment. After advocating for support people do! We know beyond
for credit unions to be part of the public DI scheme, the League a shadow of a doubt, that
was very pleased to receive the assurance from Government our members are resilient!
that support for the sector to be part of the public scheme So, as we look to the future,
would be forthcoming. Against this backdrop, the consultants we are cautiously optimistic.
were advised of the shift away from the design of a private DI This crisis has pushed each of
scheme to transitioning the sector into the public DI scheme. us to reassess ourselves and
In furtherance of entry into the public DI scheme the League make a change in our routines, how we do business and has
facilitated meetings between the consultants, Dave Grace caused our entire Credit Union to pivot and embrace different
& Associates, and key stakeholders viz: ways of doing business. It is important to acknowledge here
1. The Ministry of Finance, Economic Affairs and Investment that while the future will bring increased automation, we never
want to feel disconnected from our members, we understand
2. The Barbados Deposit Insurance Corporation (BDIC) that some of you might have strong views which should be
heard and fully ventilated. We therefore invite you to reach
3. The Central Bank of Barbados out to us with your queries, or to highlight any concerns, at
[email protected]. We are always willing to listen and remain
4. The Financial Services Commission thankful for your feedback which helps us to continually
improve our service to you.
These engagement sessions all went very well. There was
broad and unequivocal support for credit unions to be granted We are fully committed to ensuring that the entire Credit Union
access to the public DI scheme managed by BDIC, but with family is empowered so that they can become entrepreneurs,
a separate Fund. Further, it was agreed that there should be homeowners or simply have the opportunities they need to
parity with respect to the coverage limit of $25,000 which is build wealth for the next generation to come.
available to the customers of commercial banks, finance and

23 ANNUAL REPORT 2021

Management

Analysis

COVID-19 has adversely impacted the Credit Union in some Our Financial investments and cash increased by 18.09%, or
areas, namely Loans, although we recorded nominal growth. $8.3 million to $54.2 million. Investments increased by $5.9
We recorded continued growth in; cash, investments, million to a total of $39.9 million. We capitalised on some
membership and deposits. Total assets grew by 6.31% to $184 investment opportunities during the year that was in line with
million; we welcomed 1,083 new members to our Credit Union our corporate focus. We invested approximately $2 million in
family. medium-term green energy bonds, $1 million in a term deposit,
$1 million in BOSS bonds and $1.5 million in a medium-term
LOANS AND MORTGAGES TO MEMBERS corporate bond.
AND CREDIT RISK
Loans and mortgages to members increased by $830 Our liquidity remains healthy, and Cash resources totalled
Thousand or 0.68% to a total of $123.6 million. Net loans $14.3 million, an increase of $2.4 million. This growth was due
contribute to 65.74% of total assets. During these uncertain to an increase in members’ deposits.
times, our members moved away from personal borrowing,
and we recorded an increase in mortgage applications. We
approved $36.9 million in loans for the financial year; $23.3
million in mortgages, $11.3 million in personal loans, $2.2
million in Line of Credits and $35 thousand in Business Loans.

The Credit Union achieved a decline in delinquency from 5.8%
in 2019-2020 to 5.05%. We achieved this result due to our
proactive approach to collections management: continuous
communication, good customer service, financial solutions,
debt counselling, moratoriums, payment solutions, payment
re-organisations, and encouraging our members to contact us
in their times of difficulty.

LIABILITIES AND LIABILITIES TO MEMBERS
Deposits of members totalled $167.2 million and increased
by 4.30% or $6.9 million, as members continued to save their
money during the pandemic. The increase was due mainly to
increases in Membership Prime Deposits and Smart Builder of
$5.7 million and $3.6 million, respectively. The Credit Union
paid an average savings rate of 0.69% on all of its deposit
products.

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Qualifying shares grew by 3.29% or $.086 million and resulted
in 1,083 members’ on-boarded.

We note that the growth rate in deposits and new members
decreased due to the challenging financial environment
caused by the pandemic.

Total Members' Deposits and Deposit Growth

180,000,000 20%
160,000,000
140,000,000 18%
120,000,000
100,000,000 16%

80,000,000 14%
60,000,000
40,000,000 12%2,500,000.00
20,000,000
10%
-
8% TOTAL INCOME AND NET INCOME
6% 2,000,000.00
4% The Credit Union recorded a Total Operating Income of $9.8

2% million, an increase of 3.90% or $.380 million. Net Loan Interest
0% 1,500,000.00
Income increased by 4.47% or $.354 million to $8.3 million.
2017 2018 2019 2020 2021

1,000,000.00 This slow growth is a result of low growth in Loans due to

Deposits of Members Deposit Growth % the pandemic. Net Investment income increased by 19.68%

500,000.00 or $.112 million due to investment placements, while Other

Income decreased by 9.07% or $.086 million. This is also due

Qualifying Shares Growth to the low loan growth.

3,000,000 12%

2,500,000 10%

2,000,000 8%

1,500,000 6%

1,000,000 4%

500,000 2%

- 0%
2016 2017 2018 2019 2020 2021

Qualifying Shares Growth %

EQUITY EXPENSE MANAGEMENT
The Credit Union’s equity ratio increased this year to 5.93%. The Credit Union maintained prudent spending during the
The ratio decline in 2019 due to external shocks (IFRS 9 and financial year in an effort to control expenses and increase
government debt restructure). The FSC is in the process of profitability. We recorded an increase of 6.93% from last
introducing Risk-Weighted Capital to the Credit Union sector. financial year when the Expected Credit Loss reversal anomaly
Our estimated risk-weighted capital ratio is 11% which is above is removed. Payroll Cost increased with the introduction of staff
the benchmark of 10%. to ensure that the Credit Union runs efficiently and Information
Systems expense due to cost relating to the MasterCard debit
card implementation.

25 ANNUAL REPORT 2021

The Credit Union made a Net profit for the year of $2.7 million, Overall the Credit Union recorded a stable performance. We
a reduction from last year of $3 million. However, when the remained financially strong and profitably during these harsh
ECL Reversal anomaly of $2.97 million is removed, we are economic times. We achieved growth in many areas, albeit
slightly below last year’s levels by $.109 million. This reduction slower than before. We reduced our delinquency ratio to 5.05%
in Net Surplus is as a result of our slow loan growth due to the when the industry is recording double-digit delinquency. The
pandemic. Credit Union has remained a forced to be reckoned with due
to good corporate governance, management and dedicated
members.

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FINANCIAL
STATEMENTS

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30 - 32
33
34
35
37

38 - 73

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