e 2018 · over 99%, you our members have demonstrated confidencein staying with us.The expansion in our membership and the retention rate are occurring against the back drop of stiff

reenoing

2018

/bwuccu

Cnr. Fairchild & Nelson Streets, Bridgetown, St. MichaelNorthern Business Centre, Queen Street, Speightstown, St. PeterSouthern Plaza, Oistins, Christ ChurchTel: (246) 436-5600 • Fax: 430-9229/419-3133Web: www.bwuccu.com • Email: [email protected]

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1ANNUAL REPORT 2018

ContentsOur Member Service Charter............

Vision Statement............

Mission Statement............

Core Values............

Notice of Agenda............

President’s Message............

Board of Directors............

Supervisory Committee............

Credit Committee............

Management Team............

Our Corporate Team............

Board of Directors’ Report............

Treasurer’s Report............

Financial Statements............

0203030304050607080910111719

ANNUAL REPORT 20182

Our Member Service Charter

The Credit Union’s Expectations of its Members

• ToremainloyaltotheirCreditUnion

• To maintain a professional manner whenconductingbusinessattheCreditUnion.

• To be respectful to employees and othermembers.

• To be co-operative by way of providing allthe necessary information requested by employees.

• Totaketheinitiativeonissuesaffectingthem.

• Toseekclarificationonproblematicissues.

• Tomaintainhighlevelsofhonestyandintegrity.

• TobepunctualforappointmentsandanyothermeetingsattheCreditUnion.

• To display care and consideration for CreditUnionpropertyandfacilities.

What Members can expect to receive in terms of service

• Prompt,professional,efficientservicewithanemphasis on service excellence.

• Dedication to adding value to the members’experience.

• Keen interest in making the member feelappreciated.

• Accuracyonmembers’accounts.

• Remittances processed in a timely manner(two(2)workingdays).

• InformationontheCreditUnion’sproductsandservices.

• Guidanceonfinancialplanning.

• EffectivecommunicationontheCreditUnion’spolicies and procedures.

• Timely response to queries and telephonecalls.

Vision Statement“Tobetheleadingprovideroffinancialsolutions

for all of our members”.

Core Values“TheCreditUnionshallbemanagedanddirected

in a manner that reflects the principles of integrity,transparency,honesty,care,teamwork,

operational excellence and adherence to the CreditUnion‘sethicalvalues.”

Mission Statement“Tobethemostefficientproviderofcreditunionservices

andproductswhichdevelopandsustainthesocio-economicstandardsofallmembersbasedonco-operativeprinciples.”

ANNUAL REPORT 20184

All members are invited to attend the Annual General Meeting of the BarbadosWorkers’ Union Co-operativeCreditUnionLimitedattheLloydErskineSandifordConferenceCentre,TwoMileHill,StMichael,on Saturday, June 30, 2018 at 3.00 p.m.

Agenda1. Ascertainment of Quorum

2. Calltoorder

3. Prayers/St. Francis of Assisi

4. Apologies for Absence

5. Welcome

6. Acknowledgementofotherorganisations

7. Presentation

8. Adoption of Standing Orders

9. Minutes of the LastAnnual General MeetingheldonJune24,2017.

10.MattersarisingfromMinutesofAnnualGeneralMeetingheldonJune24,2017.

11. Reports2017-2018. a) Board of Directors b) Credit Committee c) Supervisory Committee d) Auditors e) Financial Statements

12. FixingofMaximumLiability

13. Appropriation of Surplus

14. Appointment of Auditors

15.AmendmentstoBy-Laws

16. Resolutions

17. Nominating Committee Report

18.AppointmentofElectionChairman

19. Elections a) Board of Directors b) Credit Committee c) Supervisory Committee

20.AnyOtherBusiness

21. Adjournment

Yours co-operatively,

...........................................................

Carolyn BartonSecretary-Board of Directors

Members are advised that copies of the proposed amendments to the By-Laws and Financial Statements are available at the offices of the Credit Union.

Notice of Agenda

5ANNUAL REPORT 2018

PRESIDENT’S MESSAGE

Bro. Dalton MedfordPresident’s Message

This year we celebrate 35 years of service to you ourmembers,what an achievement for such an organization,comingoutofapredominatelyworkingclass;celebratewe

must.Iinviteyoutojoinmeinsayingthankyoutothefoundersandallwhowouldhave labouredandsacrificed toensure thatthisorganizationsucceeded.

Therewillbeanumberofeventsplannedtocelebrateour35thAnniversaryandIaskallmemberstomakeanefforttocelebratewithyourCreditUnion.

Thisyearourfinancialreportshowscontinuedimprovementinallareas,letmethankallvolunteers,staff,andcommittees.

WorkhascommencedontherenovationstoourHeadquarters,aprojectthatwaslongoverdue;itisscheduledtobecompletedbyOctober2018.Thebuildingwasdesignedwithyouthemembers,andthestaff,inmind.Itismyhopethatyouwillbepleasedtocallityourown.

IretirefromtheBoardofDirectorsassetoutintheCreditUnion’sBy-Laws;Iwanttoexpressmysincerestthankstoallvolunteersandmembers of staff with whom I have worked.Together wehave achieved a lot.

As I take a year’s break, I pledgemy continued support to theCreditUnionandwishiteverysuccessinthecomingyear.Ithasbeen my pleasure to serve as President.

THANK YOU ALL!

ANNUAL REPORT 20186

Board of Directors

Sis. Althea BishopAssistant Treasurer

Bro.HerbertHarewoodDirector

Sis. Carolyn BartonSecretary

Sis.NovalineBrewsterAssistant Secretary

Bro.SherwinGreenidgeVice-President

Bro. Dalton MedfordPresident

Bro.VereRockTreasurer

7ANNUAL REPORT 2018

BWUCCUL TEAM

Sis. Faye Arthur Secretary

Bro. Damien Chase Assistant Secretary

Sis.SafiyaWilkinson Member

Supervisory Committee

Bro.RobertGibsonDeputy Chairman

Bro. Ashton Turney Chairman

ANNUAL REPORT 20188

Bro. Devon Farrell Secretary

Sis.MarshaGreenidge Assistant Secretary

Bro.OvertonFranklyn Member

Sis. Daceia Bailey Deputy Chairperson

Sis.FionaGoodridge Chairperson

Credit Committee

9ANNUAL REPORT 2018

The Management Team

Sis. Shirleyne BestOperations Manager

Bro. Antonio ArthurInformation Systems Manager

Sis. Alana CadoganFinance and Accounting Manager

Sis.CorinneClarke General Manager

Bro.PeterBlackmanBusiness Development andCommunications Manager

Sis.Cheryl-AnnVaughanCredit Manager

BWUCCUL TEAM

ANNUAL REPORT 201810

Our Corporate Team

Sis.JaniceBurgess........................................LoansOfficerSis.LisaCollymore........................................LoansOfficerSis.YvetteJordan-Dottin........................SecuritiesOfficerBro.RajivWorrell..............................................LoansClerk

Member Experience DepartmentSis.GraceNorville-Clarke.................MemberExperience SupervisorSis.JessicaGibson.............................MarketingAssistantSis.ToniWorrell.........................MemberRelationsOfficerSis.KathleenSmith.........................................ReceptionistSis.LauralineGarrick.........................MemberExperience RepresentativeBro.JamaroYearwood.......................MemberExperience RepresentativeSis. Sherri Taylor.................... Outdoor Sales Ambassador

Operations DepartmentSis.KimHunte...............................OperationsSupervisorSis. Margo Jordan......................... Operations SupervisorSis.ShakiraForde..........................OperationsSupervisorBro.DamianGilkes...........................AccountsClerk/TellerSis.ShanaMcCollin.........................AccountsClerk/TellerSis.SachaMondesir.........................AccountsClerk/TellerBro.NevilleNurse............................AccountsClerk/TellerSis.ShaniceWard.............................AccountsClerk/TellerBro.DerrickHurdle.....................................SecurityOfficer

Temporary StaffSis.CharmaineJohnson Sis.KodiReidBro.OrdonCumberbatch Sis.JoakimaRochesterSis.AkaylaAlleyne Sis.ChereenGibsonSis.KeiraCumberbatch Sis.MichelleHusbandsSis.JessicaHolder

Management TeamSis.CorinneClarke.................................GeneralManagerSis. Alana Cadogan..... Finance and Accounting ManagerBro.PeterBlackman..............BusinessDevelopmentand Communications ManagerBro.AntonioArthur...........InformationSystemsManagerSis. Shirleyne Best............................ Operations ManagerSis.Cheryl-AnnVaughan...........................CreditManager

Internal AuditBro.WilliamPayne....................................InternalAuditor

Accounts DepartmentSis.DanaWilson...............................AssistantAccountantBro. Micaiah Boyce.............................. Accounts AssistantSis.KristinaBrowne............................AccountsAssistantBro.ShomariInniss.............................AccountsAssistantSis.ShonnelleHolmes..........................CollectionsOfficerSis.SharonHope..................................CollectionsOfficerSis.SashaGibbons..................................CollectionsClerk

Administration DepartmentSis.LucretiaHall.................................ExecutiveSecretarySis.GailCumberbatch.........................HumanResources/ AdministrationOfficerBro.MichaelFreeman................................OfficeAssistantSis.JaniceGriffith.....................................OfficeAttendantSis.MaryHaynes......................................OfficeAttendantSis.ColleenPhillips..................................OfficeAttendant

Information Systems DepartmentBro.DarioHolder...........................SystemsAdministrator

Loans DepartmentSis.WendyByer.................................SeniorLoansOfficerSis.KeishaGoddard......................................LoansOfficer

11ANNUAL REPORT 2018

BOARD OF DIRECTORS REPORT

Board of Directors Report

Refocus

Our Highlights in 2017 – 2018TheCreditUnionapproved$34.7millioninloansfortheperiod,upfrom$29.1millionora19%increaseonthepreviousyear.

Overall PerformanceTheCreditUnion’skeyperformanceindicatorsforthefinancialyear2017/2018showedmarkedimprovement

overthepreviousyear.OurCreditUnionrecordedasurplusof$816,070,anincreaseof18.46%over

the previous year. Our membership and loans portfolio also recorded improvements. Our membership now stands at 23,076, anincreaseof9%,withbusinessmembersrepresenting1%oftheportfolio.

The Credit Union approved $34.7million in loans for the period,up from $29.1 million or a 19%increase on the previous year. PersonalLoansandLinesofCreditdrove the growth in loans. TheLoans portfolio grew by $10.8mor 12% which is well within thePearlsguidelines.Non-performingloans at 4.25%, remained underthe industry level and the 5 %benchmark. This performance in

tough economic circumstances is testament to the high level of industry of

our employees and your commitment to settleyourdebts.Thankstoallborrowers

for honouring your commitments, andweurge you to continue to do so.


Risk ManagementThe adoption of our revised policies and procedures, along with close monitoring andscenario planning have moved most of our keyperformance indicators from high risk tomoderateandlowrisk.FinancialStructure(Net Loans/Total Assets) is low riskat67.83%which is reflected inourhealthy liquidity ratio of 18.29%.We alsomaintained a low riskforriskexposure(delinquencyratio) at 4.25%. Profitabilityis 0.55% and productivityimproved by 119 basis points to 88.35% (moderate risk).To ensure that this trend continues, the Credit UnionwillhireaComplianceOfficerto strengthen the corporate governance and the enterprise riskmanagementframework.

workeddiligently andassiduously toensure thatyou our members could transact your business at thestartofthenextbusinessweek,withminimaldisruption.

TheBoard,expressesitsgratitudetothestaff for its hard work, and to the

members for their support of the move.

Restructure

PRODUCTIVE BORROWINGAtourlastAnnualGeneralMeetingourPresident,Bro. Dalton Medford underscored the need for members and the general public to focus on productive borrowing. We therefore assistedmembers to further improve their financialstanding and help remedy their situations.

An increasing number of our members are borrowing to finance their own businessesincluding forstartupsandexpansion,butmostly,ourmembershavemetwithustodeterminetheirfinancial positions and seek to chart a course tofinancialfreedomthroughdebtconsolidation.Thisyearalone,wehaveassistedhundredsofpersonsin this pursuit.

Membership Growth and RetentionIn2017-2018, theCreditUnionattractedarecordnumberofnewmemberswithinthelasttenyearsandweareexcitedlylookingtoeclipsethisperformanceinthenewfinancialyear.

Moreover, with a membership retention rate ofover 99%, you ourmembers have demonstratedconfidenceinstayingwithus.Theexpansioninourmembership and the retention rate are occurring against thebackdropofstiff competitionandaninflux of lenders into the financial market. Wetherefore see this as further confidence in ourproducts, our technical advice, education of ourborrowers and the sterling efforts in customerservicethatweextendtoyouourmembers.

Trident House RelocationOur members were exceedingly pleased at theorchestration and execution of the relocation from the Fairchild Street headquarters (to allowfor renovations) to the temporaryTrident Housefacility.Thismove camewithminimal downtimeand with the full participation of all staff who



Green-StatementsDuringtheyearwelaunchedourgreen-statementpolicyandourmemberswelcomedthisinitiative.In fact, we have hadmore members sign on toour electronic banking so that they can havebettercontroloftheiraccountsand24/7accesstofinancialstatements.Weencourageallpersons,toswitchtoonlinebankinginordertobettermonitorandtakemorecontrolofyourfinances.

Summer LendingOurnewSummerSplashloanwasahitamongstour members and coupled with our Christmasloans, we saw members increasingly focusedon their debt consolidation, medical and homeimprovements needs.

Member Education & Training27 members have benefitted from educationalopportunities though the Barbados Cooperative and Credit Union League. We will continue toeducate our membership and the wider societywith regard to better borrowing methods as weseek to ensure that we create opportunities forourmembership inorder to improve their socio-economic standing.

of renovations which will transform the BWUCooperative Credit Union in to amore spaciousand comfortable environment for our staff and membership.

Ouradditionofanewfloorwhichhostsournewconferenceroomwillalsoprovidetheopportunityto lease the space for small meetings and events. This exemplifies our vision andmission to pushthis organisation to new heights in our serviceand product offerings.The Board, ManagementandStaffareeagertowelcomealltotheupgradedfacilityinthelatterpartof2018.

Our CommitmentDuring the year, key stakeholders met toconceptualize a three year strategic plan tofocus the Credit Union’s efforts on maximizingefficiencies through technology.We will seek toincreaseconvenienceformembers,whilstreducingoperationalcosts.Wearecommittedtoimprovingcustomer satisfaction through the implementation ofthefollowing:

• Enhanced savings and loan products withattractive interest rates to provide you withproductstosuityourever-changinglifestyle.

• Friendlyandaccessiblewebsiteforallpersons,youngandold,andtothedifferentlyabled.

• Newsavingsoptionsforthemillennialsinandoutside of our membership.

• ExpansionofourReadingprogramme,whichcontinues to excite young students across the membership.

• Theintroductionofonlineapplicationprocessesto provide seamless account management and access for members.

• Access to financial counsel offered by theSenior Personnel.

• Continuous member engagement: memberforums, marketing promotions, customerservice surveys.

• Improved turn-around time for loans andresponding to queries.Refurbished Headquarters

Two of the biggest events for our organisationduring thisyearwas regaining full controlofourheadquarters, followed by the commencement


Re-engergiseStaff TrainingOver the last year, our employees wereexposed to training in a number of diverse areas in order to help equip themwiththe skills necessary to better serveour internal and external customers. Trainingwasconductedincustomerservice, supervisory management,labour relations legislation,anti-money laundering, digitalmarketing, credit underwriting,credit management and debt recovery; cardiopulmonaryresuscitation (CPR) and finance-focused areas such as IFRS 9,managing finances, budgetingand forecasting. The personal wellbeingofouremployeeswasalsoconsidered,withsomestaffmembersattending a course in retirement planning. The range of training provided promotes a positive industrial relations climate, builds employeeconfidenceintheirabilitytoperform their duties and fosters customer trust in the organisation when members areserved by trained and knowledgeableemployees.

Credit CardsThe Credit Union is supporting the League’splans to offer credit card services to members. Suchfacilitieswilladdtoourotherformsofrevolving credit.

SurePayThisyearwealso introduced the

SurePay option for deposits and loan payments. An average of 150membersusethisserviceevery month. This very popular facility has resulted in added convenience for members, who now haveover 60 additional depositlocations, as well loanpayment facilities to makedeposits. Over half a million dollars in deposits were made

CONVENIENCESmartcardsThe distribution of our Smartcard ATM Debit Card has registered increased uptake as many of ourmembers see the convenience of having such a facility for after hourwithdrawals and point ofsale purchases. In addition, the card allows fordiscounts at participating partners.



by our members through this facility since its inceptionlastyear.WeencouragemoreofyoutouseSurepay,ifonlyfortheaddedconvenience.

Youth DevelopmentOur young citizens andmembers continue to beoneofourmajorfocalpointseachyear.Wehaveconducted outreach and promotional activities at several secondary schools as we embark onour quest to motivate young people to be more financiallyliterateandsavvy.Ourpresentershavebeen,amongstotherthings,teachinggoalsettingandbudgeting toyoung, interestedpersons,andwehaveplanstoincreasethescaleandscopeofthisproject.

This yearwewere pleased to be able to rewarddeserving students at every level at the Alexandra School and plans are afoot to expand this offer to other Schools.

Joys of ReadingOne project we are immensely proud of is ourReading Club. Along with the Kiwanis Pride ofBarbados Club and the selfless volunteerism of staff,wehavesustainedthis readingprogrammeoutside of school summer recess. Our young members, and indeedsomeparents, continue tolook forward to this programme.We commit toexpanding this programme nationally. Please stay tuned,asweinviteyourparticipation.

ParticipantsintheprogrammealsojoinedwiththeKiwanisClubstogivebacktoneedykidsthroughvarious toy donations.

Scholarship AwardsOur inaugural winner of theWinfieldBelle Memorial Scholarship, MeshiaClarke (ExecutiveDirectorofBREA)delivered an inspiring featured address at our annual scholarship awardsceremony.Shechallengedscholarship recipients to innovate andstandoutfromthecrowd.

Entrepreneurial ChallengeThis year marked our 4thanniversary as a sponsor in the Barbados EntrepreneurshipFoundation’s$20Challenge,theCreditUniondonatedthefollowingtrophiesforthewinners in thecategoriesofBestTeam

Work–SpringerMemorialGirls’School,RecyclingBusiness of theYear – Ursuline Convent School,Co-operative Spirit Plaque – Springer MemorialGirls’SchoolandLargestGroup–GraydonSealySecondary. Inaddition to their trophies, studentsreceivedapromotionalpackageandCreditUnionmembership.

OUR BROTHER’S KEEPERHealth First

AMembers’HealthForumwasheldinNovember2017 at the Savannah Beach Hotel. Attendeesbenefitedfromaninformativesessionbyfeaturedspeaker,Dr.AdrianLorde,andofficersofSagicorLife Inc. After the session, members activelyparticipated in a Question andAnswer segment.Theeventwas livestreamedforthefirst timeonFacebook.


Food HampersWepresentedfoodhamperstotheSalvationArmyfor distribution to needy families and a St. Ambrose Primary School student received a hamper from us forhis/herdeterminationandhardwork.Weintendto maintain these donations and increase them over time.

Independence TreatsTheCreditUnionstaff treatedmembers toBajandelicacies, during the country’s Independencefestivities.

Hold us AccountableAt all of our locations you, themember, has theopportunity toprovidefeedbackonourproducts,services and interactions. This information is critical to the provision of improved services to all of you.

[email protected],completeasurveyformoryoucanclickonthe“feedback”linkonourwebsitewww.bwuccu.com.

We remember Sis. Icilma Johnson, afounding member of the Barbados Workers’UnionCooperativeCreditUnion

Ltd.in1982.ShealsoservedontheCommitteeofManagement (nowcalled theBoardofDirectors)forelevenyearsasamember, asVicepresident,Treasurer(5years)andwiththedistinctionofbeingthefirstfemalePresident.Weextendourdeepestsympathy to her family. May she rest in peace.

We also continue to keep in memory our otherdepartedbrothersandsistersandweprayGod’sblessings on their families and friends.

Rest Eternal

THE LATE SIS ICILMA JOHNSON

We Appreciate You!

WetheBoardofDirectors,Managementandstaffattribute our success to you our loyal members who have supported us throughout the financialyear.

We welcome your feedback!


TREASURER’S REPORT

Bro.VereRockTreasurer’s Report

Despite the challenging economic environment, the CreditUnion recordedanother successfulperformance for2018.There was growth inmost areas including assets, loans,

deposits,membershipandtheassetqualityratiowasmaintainedbelowthe5%benchmark.

Totalassetsat31March2018were$138.2million,an increaseof$13.8million,or11.13%from2017.Likewise, member deposits increased by $15.2millionor13%to$131.1millionandiswithinthebenchmarkof10-20%.Thisisduetoourattractiverates on deposits, our average savings rate was

2.02%with termdepositsattracting interest ratesup to4.5%.Wehavesavingsproductscatered toour members’ various milestones in life and our members remain resolute in the use of these productstoassistwiththeirwealthaccumulation.Interestonmembers’depositswas$2.65million.


Loans tomembers increasedby11.67%,or $10.8million to $103.4 million and remains withinthe benchmark of 8% to 15%.This is due to ourflexible loan products and competitive interest rates. However, we remain prudent with ourlendingpracticesasourdelinquencyratioof4.25%stayed below the 5% benchmark and showedimprovement from last year’s ratioof 4.55%.TheCreditUnioniscommittedinitspledgetosupportmembersthroughtheirfinancialchallenges.

Our membership continues to increase, werecorded growth of 9% or 1,902 new membersjoining our Credit Union, and the benchmark is3%. This confirms the financial confidence thatBarbadianshaveinourCreditUnion.NetIncomefortheyearwas$0.82million,anincreaseof18%or$0.13millionfromlastyearandournetincomepermemberis$35.36for2018,anincreaseof9%or$2.83from2017.

Our Credit Union remains stable and we willcontinue to serve our members’, offering soundfinancialadvice,flexibleproductsandservices tomeet and exceed their requirements.

Our structure remains stable as Net Loans/Totalassetsis67.83%whichiscategorizedaslowriskastheCreditUnionensuresthatitmaintainshealthyliquidity.There was also deliberate improvementin our asset and liability management with ourliquiditygapimprovingby19.04%or$4.4millionasaresultofadjustmentsinourloanportfoliomix.

Appropriation of 2018 Surplus

Surplusavailablefordistribution 838,387

StatutoryReserves (741,982)

CommonGoodFund (8,541)

EducationFund (20,000)

RetainedinUndividedEarnings 67,864

Fixing of the Maximum LiabilityThe maximum liability is the total that the Credit Unioncanborrowinloans.Ourmaximumliabilityis 5% of total assets and shall be fixed at $7.4millionfor2018.

Appropriation of 2018 Surplus and Fixing of the Maximum Liability.

CONTENTSAuditors’ReporttotheMembers 20StatementofFinancialPosition 24StatementofChangesinEquity 25StatementofComprehensiveIncome 26StatementofCashFlows 28NotestoFinancialStatements 29

BARBADOS WORKERS’ UNIONCO-OPERATIVECREDITUNIONLTD

March31st,2018Financial Statements

1KPMG, a Barbados and Eastern Caribbean partnership, registered in Barbados, Antigua and Barbuda, Saint Lucia and St. Vincent and the Grenadines, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

INDEPENDENT AUDITORS' REPORT

To the Members of The Barbados Workers' Union Co-operative Credit Union Limited

Report on the Audit of the Financial Statements

OpinionWe have audited the financial statements of The Barbados Workers’ Union Co-operative Credit Union Limited (the “Credit Union”), which comprise the statement of financial position as of March 31, 2018, statement of changes in equity, statement of comprehensive income, and the statement of cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Credit Union as at March 31, 2018 and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS).

Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Credit Union in accordance with the ethical requirements that are relevant to our audit of the financial statements in Barbados, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other InformationManagement is responsible for the other information. The other information comprises the Board of Directors’ Report, Treasurer’s Report and Supplementary 2017 - 2018 in the Annual Report 2017 - 2018 but does not include the financial statements and our auditors’ report thereon. The Annual report is expected to be made available to us after the date of this auditors’ report.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

KPMG Hastings Christ Church, BB 15154 Barbados West Indies Telephone (246) 434-3900 Fax (246) 427-7123 P. O Box 690C Bridgetown, Barbados

INDEPENDENT AUDITORS' REPORT (CONTINUED)

To the Members of The Barbados Workers' Union Co-operative Credit Union Limited (Continued)

Report on the Audit of the Financial Statements (continued)

2

Other Information, continuedIn connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or appears to be materially misstated.

When we read the Annual Report 2017 - 2018, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the Financial StatementsManagement is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Credit Union’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Credit Union or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Credit Union’sfinancial reporting process.

Auditors’ Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


To the Members of The Barbados Workers' Union Co-operative Credit Union Limited (continued)


3

Auditors’ Responsibilities for the Audit of the Financial Statements, continuedAs part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Credit Union’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Credit Union’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Credit Union to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


To the Members of The Barbados Workers' Union Co-operative Credit Union Limited (continued)


4

Other MatterThis report is made solely to the Credit Union’s members, in accordance with Section 109 of the Co-operatives Societies Act of Barbados. Our audit work has been undertaken so that we might state to the Credit Union’s members those matters we are required to state to it in an auditor’s report and for no other purpose. To the fullest extent permitted by law and subject to any enactment or rule of law to the contrary, we do not accept or assume responsibility to anyone other than the Credit Union and the Credit Union’s members, for our audit work, for this report, or for the opinion we have formed.

Chartered AccountantsBridgetown, BarbadosJune 8, 2018

BARBADOS WORKERS’ UNIONCO-OPERATIVECREDITUNIONLIMITED

As at March 31, 2018 with comparative figures from 2017

(ExpressedinBarbadosdollars)Statement of Financial Position


Notes 2018 2017AssetsCashresources 6 $ 6,346,745 5,308,820Interestreceivable 7 333,786 278,394Investments 8 30,906,795 28,742,907Loansandmortgagestomembers 4&9 103,414,072 92,606,397Lessallowancefordoubtfulloans 4&9 (2,759,448) (2,536,561)

138,241,950 124,399,957

Other AssetsAccountsreceivable-net 10 286,191 313,926Prepaidexpenses 81,231 76,272Deferredexpense - 6,125Propertyandequipment 11 9,786,956 6,774,499

Total other assets 10,154,378 7,170,822

Total Assets $ 148,396,328 131,570,779

Liabilities and Members’ EquityLiability to non-membersAccountspayableandaccruedexpenses 12 $ 1,445,075 1,011,766Loanpayable 14 393,237 187,057

1,838,312 1,198,823

Liabilities to membersDepositsofmembers 13 131,111,220 115,873,067Regulatorycapital 15 2,117,250 1,932,600

133,228,470 117,805,667

Members’ equityRevaluationreserve 11 4,014,629 4,014,629Statutoryreserve 16(a) 7,484,428 6,742,446Educationfund 16(b) 20,700 20,700Commongoodfund 16(c) 37,188 31,344Unrealisedgainoninvestments 435,627 488,440Undividedearnings 1,336,974 1,268,730

Total members’ equity 13,329,974 12,566,289

Total Liabilities and Members’ Equity $ 148,396,328 131,570,779

See accompanying notes to financial statements.

Approved on by the Board of Directors:

------------------------------------------------- Director ------------------------------------------------- Director


BA

RB

AD

OS

WO

RK

ER

S’ U

NIO

NCO-O

PERATIVECREDITU

NIO

NLIM

ITED

For the year ended

March 31, 2018 w

ith comp

arative figures from 2017

(Exp

ressedin

Barb

adosd

ollars)

Statemen

t of Ch

ang

es in E

quity

Co

mm

on

U

nrealised

R

evaluatio

n

Statu

tory

Ed

ucatio

n

Go

od

G

ain (lo

ss) on

U

nd

ivided

No

tes R

eserve R

eserves Fu

nd

Fu

nd

Investm

ent

Earn

ing

s To

tal

Balan

ceatApril1,2016

$

4,014,6296,084,592

7,53224,982

364,4201,257,251

11,753,406Netin

comefo

rtheyear

-

--

--

688,863688,863

Revalu

ationofB

uild

ing

-

--

--

--

Transferto

statutoryreserves

16(a)-

657,854-

--

(657,854)-

Transferto

educatio

nfu

nd

16(b)

--

20,000-

-(20,000)

-Tran

sfertoco

mmongoodfu

nd

16(c)-

--

6,963-

(6,963)-

Disb

ursem

entsfro

mfu

nd

-

-(6,832)

(601)-

7,433-

Realised

gainonsaleo

finvestmen

t

--

--

--

-Unrealised

gainoninvestm

ents

forth

eyear

--

--

124,020-

124,020

Balan

ceatMarch

31,2017

4,014,6296,742,446

20,70031,344

488,4401,268,730

12,566,289

Balan

ceatApril1,2017

4,014,629

6,742,44620,700

31,344488,440

1,268,73012,566,289

Netin

comefo

rtheyear

-

--

--

--

Revalu

ationofB

uild

ing

-

--

--

816,070816,070

Transferto

statutoryreserves

16(a)-

741,982-

--

(741,982)-

Transferto

educatio

nfu

nd

16(b)

--

20,000-

-(20,000)

-Tran

sfertoco

mmongoodfu

nd

16(c)-

--

8,161-

(8,161)-

Disb

ursem

entsfro

mfu

nd

-

-(20,000)

(2,317)-

22,317-

Realised

gainonsaleo

finvestmen

t

--

--

-

-Unrealised

gainoninvestm

ents

forth

eyear

--

--

(52,813)-

(52,813)

Balan

ce at March

31, 2018

$ 4,014,629 7,484,428

20,700 37,188

435,627 1,336,974

13,329,546

See acco

mp

anying

no

tes to fi

nan

cial statemen

ts.

FINANCIAL STATEMENTS


For the year ended March 31, 2018 with comparative figures from 2017

(ExpressedinBarbadosdollars)Statement of Comprehensive Income


Notes 2018 2017Operating Income:Interestonloans $ 4,796,201 4,058,138Interestonmortgages 3,591,167 3,357,201

Total Loan Interest Income 8,387,368 7,415,339

LessInterestonMembers’DepositsInterestexpense (2,652,321) (2,495,188)

Net Interest Income 5,735,047 4,920,151

Investment IncomeInterestonsavingsaccount 517 15,575Dividendincome 68,819 71,918Interestoninvestments 930,112 730,375Lossonsaleofinvestment (12,481) -

Total Investment Income 986,967 817,868

Lessinvestmentfeesandcharges (99,523) (21,400)

Net Investment Income 887,444 796,468

Other IncomeOtheroperatingincome 635,187 477,010Rentalincome 30,000 64,500

Total Other Income 665,187 541,510

Total operating income $ 7,287,678 6,258,129

Operating Expenses:Payrollcosts $ 2,781,762 2,584,911Membershipprotectionandgovernance 18 537,640 505,519Occupancycosts 18 686,467 525,730Generalandadministrativeexpenses 18 313,163 273,186Allowanceforbadanddoubtfuldebts 713,723 385,435MarketingCosts 473,244 379,250Depreciation 418,627 452,090Amortization 6,125 -Informationsystemsexpense 507,671 440,905Penaltyandinterest/overages 496 230

Total operating expenses 6,438,918 5,547,256



(ExpressedinBarbadosdollars)Statement of Comprehensive Income (con’t)



Notes 2018 2017

Profit before interest for the year 848,760 710,873

Interestexpense 14 (10,373) (14,577)

Net profit for the year after interest and before disbursements to funds 838,387 696,296

Disbursementfromfunds:CommonGoodFund 16(c) (2,317) (601)EducationFund 16(b) (20,000) (6,832)

(22,317) (7,433)

Net income for the year 816,070 688,863

Other comprehensive income

ItemsthatareormaybereclassifiedtoprofitorlossUnrealised(loss)gainoninvestmentsfortheyear (52,813) 124,020

Othercomprehensiveincome,netoftax (52,813) 124,020

Total comprehensive income for the year $ 763,257 812,883

See accompanying notes to the financial statements.



(ExpressedinBarbadosdollars)Statement of Cash Flows


2018 2017Cash Flows from Operating ActivitiesNetincomefortheyear $ 816,070 688,863Adjustmentsfor: Depreciation 418,627 452,090 Amortization 6,125 - Allowancefordoubtfulloans 713,723 385,435 Gainonsaleofinvestments 12,481 - Dividendincome (68,819) (71,918) Interestincome (9,317,997) (8,161,289) Gainonsaleofasset - 7,814 Interestexpense 2,662,694 2,509,765 Taxesleviedonassets - -

Operatinglossbeforeworkingcapitalchanges (4,757,096) (4,189,240) Increaseinaccountspayable 213,943 22,136 Increaseinprepaidexpenses (4,959) (13,294) Decreaseindeferredexpense 6,125 6,125 (Increase)decreaseinaccountsreceivable (14,513) 9,645 Increaseinloanstomembers (11,030,562) (8,410,861) Increaseinregulatorycapital 184,650 141,200

Net cash used in operations (15,402,412) (12,434,289)

Interestreceived–loans 8,331,976 7,437,595Interestpaid (2,871,686) (2,575,156)Taxespaid - (54,874)

Net cash used in operating activities (9,942,123) (7,626,724)

Cash Flows from Investing ActivitiesAdditionstopropertyandequipment (3,450,852) (1,001,939)Netproceedsfromsaleofassets 18,051 106,754Netproceedsfromsaleofinvestments 37,895 -Interestreceivedoninvestments 972,877 696,035Dividendsreceived 68,819 71,918Increaseininvestments-net (2,111,075) (11,312,765)

Net cash used in investing activities (4,464,285) (11,439,997)

Cash Flows from Financing ActivitiesIncreaseinmembers’deposits 15,238,153 18,386,506Proceedsfromloanpayable 280,258 -Repaymentofloanprincipal (74,078) (55,861)

Net cash from financing activities 15,444,333 18,330,645

Increase(decrease)incashresourcesduringyear 1,037,924 (736,076)Cashresources,beginningofyear 5,308,820 6,044,896

Cashresources,endofyear $ 6,346,745 5,308,820

See accompanying notes to the financial statements.

BARBADOS WORKERS’ UNIONCO-OPERATIVE CREDIT UNION LIMITED


(Expressed in Barbados dollars)Notes to the Financial Statements



1. Reporting Entity

TheCreditUnionwasregisteredonJuly8,1983undertheCo-operativeSocietiesAct,Cap378andwascontinuedundertheCo-operativeSocietiesAct1990-23asevidencedbyaCertificateofContinuancedatedJuly14,1994.Itsprincipalobjectivesinclude:

(a) thepromotionofthriftamongitsmembersbyprovidingmeanswherebysavingscanbeeffectedandsharesinthesocietycanbeacquired,and

(b) thecreationoutofsavingsofitsmembersofasourceofcreditavailabletoitsmemberson reasonable terms and conditions.

The Credit Union’s registered office is located at the corner of Fairchild & Nelson Streets,Bridgetown,Barbados.

ThesefinancialstatementswereauthorisedforissuebytheDirectorsonJune8,2018.

2. Basis of Preparation

(a) Statement of compliance

ThesefinancialstatementshavebeenpreparedinaccordancewithInternationalFinancialReporting Standards (IFRS) and their interpretations as adopted by the InternationalAccountingStandardsBoard(IASB).

The financial statements have been prepared under the historical cost convention asmodifiedbytherevaluationoflandandbuildingsandavailableforsaleinvestments.

(b) The use of estimates and judgments

Thepreparationoffinancialstatements inconformitywith IFRSrequiresmanagementtomakeestimatesandassumptionsthataffectthereportedamountsofassets,liabilitiesand contingent assets and contingent liabilities at the reporting date and income and expenses for the year then ended. Actual results could differ from these estimates.

Theestimatesandunderlyingassumptionsarereviewedonanongoingbasis.Revisionstoaccountingestimatesarerecognisedintheperiodinwhichtheestimateisrevisediftherevision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

In particular, information about significant areas of estimation uncertainty and criticaljudgementsinapplyingaccountingpoliciesthathavethemostsignificanteffectontheamountsrecognisedinthefinancialstatementsaredescribedbelowinnote2(b)(i).





2. Basis of Preparation (continued)

(b) The use of estimates and judgments (continued)

(i) Key sources of estimation and uncertainty

The establishment of the total allowances for doubtful loans is based uponmanagement’sbestestimateof thecashflowsthatareexpectedtobereceived. Inestimatingthesecashflows,managementmakesjudgementsaboutthedebtorandthenetrealisablevalueofanyunderlyingcollateral.Inordertoestimatetherequiredallowance, assumptions aremade todefine theway inherent losses aremodelledandtodeterminetherequiredinputparameters,basedonhistoricalexperienceandcurrenteconomicconditions.Theaccuracyoftheallowancesdependsonhowwelltheseestimatethefuturecashflowsforspecificdebtorsandcollectiveloans.

Thedeterminationoffairvalueforfinancialassetsandliabilitiesforwhichthereisnoobservablemarketpricerequirestheuseofestimatesasdescribedinaccountingpolicy3(k).Forfinancialinstrumentsthattradeinfrequentlyandhavelittlepricetransparency,fairvalueislessobjective,andrequiresvaryingdegreesofjudgementdependingonliquidity,concentration,uncertaintyofmarketfactors,pricingassumptionsandotherrisksaffectingthespecificinstrument.

3. Significant Accounting Policies

(a) Functional and presentation currency

ThefinancialstatementsarepresentedinBarbadosdollars,whichistheCreditUnion’sfunctional and presentation currency.All financial information presented in Barbadosdollars has been rounded to the nearest dollar.

(b) Revenue recognition

Interest Interest income is recognised in the statement of comprehensive income using the

effective interest method. The effective interest rate is the rate that exactly discounts the estimatedfuturecashpaymentsandreceiptsthroughtheexpectedlifeof thefinancialassetorliability(or,whereappropriate,ashorterperiod)tothecarryingamountofthefinancialassetorliability.

Dividend DividendincomeisrecordedbytheCreditUnionwhentherightstoreceiveincomeare

established.

Rent Rentalincomeisrecognisedinprofitorlossonastraight-linebasisoverthetermofthe

lease.






3. Significant Accounting Policies (continued)

(c) Foreign currency

Transactions in foreign currencies are translated to Barbados dollars at the exchange rates ruling at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies as at the reporting date are translated into Barbados dollars at the exchange rate ruling at that date and the resulting gain or loss is included in the statement of comprehensive income.

(d) Loans receivable

(i) Loans to members

Loansarenon-derivativefinancialassetswithfixedordeterminablepaymentsthatarenotquotedinanactivemarketandthattheCreditUniondoesnotintendtosellimmediately or in the near term.

Loansare initiallymeasuredat fairvalueplus incrementaldirect transactioncosts,and subsequently at their amortised cost using the effective interest method.

(ii) Allowance for doubtful loans

Theallowancefordoubtfulloansisbasedonspecificidentificationofdoubtfulloansresulting from management’s internal review of the loan portfolio. An additionalblanketallowanceismadeforaccountsnotspecificallyconsidereddoubtful.Relatedaccruedinterestisincludedintheprovisionwhereappropriate.

(e) Property and equipment

Property and equipment are stated at historical cost less accumulated depreciation and impairmentlosses,exceptforthebuildingwhichisstatedatvaluationlesssubsequentdepreciation. Historical cost includes expenditure that is directly attributable to theacquisition of the items.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset,asappropriate,onlywhenitisprobablethatfutureeconomicbenefitsassociatedwith the itemwillflow to theCreditUnionand thecostof the itemcanbemeasuredreliably. All other repairs and maintenance are charged to the statement of comprehensive incomeduringthefinancialperiodinwhichtheyareincurred.

Depreciation is recognised in thestatementofcomprehensive incomeon thestraight-lineandreducingbalancebasesatratesdesignedtowriteoffthecostoftheassetsovertheperiodsof theirestimateduseful lives.Land isnotdepreciated.Nodepreciation ischarged on buildings in the year of valuation.






(e) Property and equipment (continued)

Thefollowingannualratesapply: Computer equipment - 10% to 20% Other furniture and equipment - 10% Motor vehicle - 20% (reducing balance method) Building - 2% Leasehold improvements - 10%

Theassets’residualvaluesandusefullivesarereviewed,andadjustedifappropriate,ateach reporting date.

Anasset’scarryingamountiswrittendownimmediatelytoitsrecoverableamountiftheasset’s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with carryingamount and these are included in the statement of comprehensive income.

(f) Defined contribution plans

Obligationsforcontributionstodefinedcontributionpensionplansarerecognisedasanexpense in the statement of comprehensive income as incurred.

(g) Taxation

IncomeTax-TheCreditUnionisexemptfromthepaymentofincometaxunderSection9(1)(g)oftheIncomeTaxAct,Cap.73.

TaxonAssets–TheCreditUnionissubjecttopaymentoftaxonAssetsasdefinedintheTaxonAssetsAct2015.ThistaxisleviedundertheActfortheperiodcommencingJuly1,2014andexpiringMarch31,2016.

(h) Impairment of non-financial assets

Ateachreportingdate,theCreditUnionreviewsthecarryingamountsofitspropertyandequipmentandothernon-financialassetstodeterminewhetherthereisanyindicationthat those assets have suffered an impairment loss. If any such indication exists, therecoverable amount of the asset is estimated in order to determine the extent of the impairmentloss(ifany).

Wherean impairment losssubsequently reverses, thecarryingamountof theasset isincreased to the revisedestimateof its recoverableamount,butso that the increasedcarryingamountdoesnotexceedthecarryingamountthatwouldhavebeendeterminedhad no impairment loss been recognised for the asset in prior years.







(h) Impairment of non-financial assets (continued)

Areversalofanimpairmentlossisrecognisedasincomeimmediately,unlesstherelevantassetiscarriedatarevaluedamount,inwhichcasethereversaloftheimpairmentlossistreated as a revaluation increase.

(i) Lease payments

Paymentsmadeunderoperatingleasesarerecognisedintheprofitandlossonastraightline basis over the term of the lease.

(j) Provisions

Aprovisionisrecognisedif,asaresultofapastevent,theCreditUnionhasapresentlegal or constructive obligation that can be estimated reliably, and it is probable thatan outflow of resources embodying economic benefits will be required to settle theobligation.Provisionsaredeterminedbydiscountingtheexpectedcashflowsataratethatreflectscurrentmarketassessmentsand,whereappropriate,therisksspecifictotheliability.

(k) Financial instruments

Theclassificationoffinancialinstrumentsatinitialrecognitiondependsonthepurposeandmanagement’sintentionforwhichthefinancialinstrumentswereacquiredandtheircharacteristics.Allfinancialinstrumentsaremeasuredinitiallyatcostbeingtheirfairvalueplus transaction costs that are directly attributable to its acquisition or issue. The Company classifies non-derivative financial instruments into the following categories: held–to-maturityfinancialassets,available-for-salefinancialassetsandloansandreceivables.

The Credit Union classifies non-derivative financial liabilities into the other financialliabilities category.

Non-derivative financial assets and financial liabilities – Recognition & Derecognition The Credit Union initially recognises loans and mortgages to members, deposits of

memberandloanpayableonthedatethattheyareoriginated.Allotherfinancialassetsandliabilitiesareinitiallyrecognisedonthetradedate,i.e.thedatethattheCreditUnionbecomes a party to the contractual provisions of the instrument.

TheCreditUnionderecognisesafinancialassetwhenthecontractualrightstothecashflowsfromtheassetexpire,orittransferstherightstoreceivethecontractualcashflowson thefinancial asset in a transaction inwhich substantially all the risks and rewardsofownershipofthefinancialassetaretransferred.Anyinterest intransferredfinancialassetsthatiscreatedorretainedbytheCreditUnionisrecognisedasaseparateassetorliability.






(k) Financial instruments (continued)

Non-derivative financial assets and financial liabilities – Recognition & Derecognition (continued) TheCreditUnionderecognizesafinancial liabilitywhen itscontractualobligationsare

discharged,cancelledorexpire.

Offsetting Financial assets and liabilities are set off and the net amount presented in the statement

offinancialpositionwhen,andonlywhen,theCreditUnionhasalegalrighttosetofftheamounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Incomeandexpensesarepresentedonanetbasisonlywhenpermittedbytheaccountingstandards.

Non-derivative financial assets – Measurement Held-to-maturity financial investments

Held-to-maturityfinancial investmentsarenon-derivativefinancialassetswithfixedordeterminable payments and fixedmaturities,which theCreditUnion has the positiveintention and ability to hold to maturity.

After initial measurement, held-to-maturity financial investments are subsequentlymeasured at amortised cost using the effective interest rate method (EIR), less anyimpairmentlosses.AmortisedcostiscalculatedbytakingintoaccountanydiscountorpremiumonacquisitionandfeesthatareanintegralpartoftheEIR.TheCreditUnionhasreportedgovernmentsecuritieswhichhaveallbeenclassifiedundertheheld-to-maturityclassification.

Impairmentlossesarereportedasadeductionfromthecarryingvalueoftheinvestment(through an allowance account) or investment balance. The amount recorded forimpairment is the cumulative lossmeasuredas thedifferencebetween the amortisedcostandthecurrentfairvalue,lessanyimpairmentlossonthatinvestmentpreviouslyrecognised in the statement of comprehensive income.

Held-to-maturity financial investments (continued)

IftheCreditUnionweretosellorreclassifymorethananinsignificantamountofheld-to-maturityinvestmentsbeforematurity(otherthanincertainspecificcircumstances),theentirecategorywouldbetaintedandwouldhavetobereclassifiedasavailable-for-sale.Furthermore,theCreditUnionwouldbeprohibitedfromclassifyinganyfinancialassetasheld-to-maturityforthecurrentandduringthefollowingtwofinancialyears.








Non-derivative financial assets – Measurement (continued) Available-for-sale financial investments

Available-for-sale financial investments include equity securities. Equity securitiesclassifiedasavailable-for-salearethosewhichareneitherclassifiedasheldfortradingnordesignatedatfairvaluethroughprofitorloss.

After initialmeasurement,available-for-salefinancial investmentsaresubsequently re-measured at fair value based on quoted bid prices or amounts derived from approved valuation models. Unrealised gains and losses on available-for-sale securities arerecognised directly in the fair value reserve in equity and reported under other comprehensive income.

Whentheinvestmentisdisposedof,thecumulativegainorlosspreviouslyrecognisedinequity is recognised in the statement of comprehensive income.

Unquoted equity instruments for which fair values cannot be measured reliably arerecognised at cost less impairment.

Foravailable-for-salefinancialinvestments,theCreditUnionassessesateachstatementoffinancialpositiondatewhetherthereisobjectiveevidencethataninvestmentisimpaired.

Wherethereisevidenceofimpairment,thecumulativeloss–measuredasthedifferencebetweentheacquisitioncostandthecurrentfairvalue,lessanyimpairmentlossonthatinvestmentpreviouslyrecognisedinthestatementofcomprehensiveincome–isremovedfrom other comprehensive income and recognised in the statement of comprehensive income.Impairmentlossesonequityinvestmentsarenotreversedthroughthestatementofcomprehensiveincome;increasesintheirfairvalueafterimpairmentarerecogniseddirectly in other comprehensive income.

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinablepayments that are not quoted in an active market. After initial measurement, suchfinancialassetsaresubsequentlymeasuredatamortisedcostusingtheeffectiveinterestratemethod(EIR),lessimpairment.







Non-derivative financial assets – Measurement (continued) Loans and receivables (continued)

Impairmentlossesarereportedasadeductionfromthecarryingvalueoftheloan(throughan allowance account) or balance and recognised in the statement of comprehensiveincome as loan impairment expense.

• Fairvaluemeasurement

Thedeterminationoffairvaluesoffinancialassetsandfinancialliabilitiesarebasedonquotedmarketpricesordealerpricequotationsforfinancialinstrumentstradedinactivemarkets.Forallotherfinancialinstrumentsfairvalueisdeterminedbyusingvaluation techniques.

• Identificationandmeasurementofimpairment

AteachreportingdatetheCreditUnionassesseswhetherthereisobjectiveevidencethat financial assets not carried at fair value through profit or loss are impaired.Financialassetsareimpairedwhenobjectiveevidencedemonstratesthatalosseventhasoccurredaftertheinitialrecognitionoftheasset,andthatthelosseventhasanimpactonthefuturecashflowsontheassetthatcanbeestimatedreliably.

The Credit Union considers evidence of impairment at both a specific asset andcollective level.All individuallysignificantfinancialassetsareassessedforspecificimpairment. All significant assets found not to be specifically impaired are thencollectively assessed for any impairment that has been incurred. Assets that are not individuallysignificantarecollectivelyassessedforimpairmentbygroupingtogetherfinancialassetswithsimilarriskcharacteristics.

Objective evidence that financial assets (including equity securities) are impairedcanincludedefaultordelinquencybyaborrower,restructuringofaloanoradvanceby theCreditUnionon terms that theCreditUnionwouldnototherwiseconsider,indicationsthataborrowerorissuerwillenterbankruptcy,thedisappearanceofanactivemarket forasecurity,orotherobservabledatarelating toagroupofassetssuchasadversechangesinthepaymentstatusofborrowersorissuersinthegroup,oreconomicconditionsthatcorrelatewithdefaultsinthegroup.

Lossesarerecognisedinprofitorlossandreflectedinanallowanceaccountagainstloansandadvances.Whenasubsequenteventcausestheamountofimpairmentlosstodecrease,theimpairmentlossisreversedthroughthestatementofcomprehensiveincome.

However,anysubsequentrecoveryinthefairvalueofanimpairedavailable-for-saleequity security is recognised directly in equity through the statement of comprehensive income. Changes in impairment provisions attributable to time value are reflected as a component of interest income.







(l) Cash resources

Cashresourcesincludenotes,coins,stampsheldonhand,balancesheldwithbanksandhighlyliquidfinancialassetswithoriginalmaturitiesoflessthanthreemonths.

(m) Deposits

DepositsaretheCreditUnion’ssourcesofdebtfundingandareinitiallymeasuredatfairvalue plus transaction costs and subsequently at their amortised cost using the effective interest method.

(n) Comprehensive income

Comprehensive income includes all changes in equity during the reporting period from transactions and events other than those arising from investments by and distributions totheshareholders.OtherComprehensiveIncomecomprisesrevenues,expenses,gainsandlossesthatarerecognizedinComprehensiveIncomebutexcludedfromNetIncome.Other Comprehensive Income during 2017 - 2018 comprises net unrealized gain onavailable-for-saleinvestmentsandtherevaluationofowneroccupiedproperty.

(o) Standards, interpretations and amendments to existing standards effective for the current year

TheCreditUnionhasconsistentlyappliedtheaccountingpoliciessetoutinNote3toallperiodspresentedinthesefinancialstatements.

Duringtheyear,certainnewstandards,interpretationsandamendmentstotheexistingstandards became effective. Management has assessed that these new standards,interpretationsandamendmentstotheexistingstandardswhererelevantdidnothaveanysignificantimpactonthepreparationofthesefinancialstatements.Theapplicationofthesepronouncementshasthereforenotbeenreflectedinthesefinancialstatements.

(p) Standards in issue but not yet effective

Newstandards, interpretationsandamendmentstoexistingstandardsthatarenotyeteffectiveandhavenotbeenearlyadoptedbytheCreditUnionareasfollows:

• Annual Improvements to IFRS2014-2016Cycle–Amendments to IFRS1First timeAdoptionofIFRSsandIAS28InvestmentsinAssociatesandJointVentures(effectivedateJanuary1,2018)

• IAS40(Amendments)–TransferofInvestmentProperty(effectiveJanuary1,2018)

• IFRS 2 (Amendments) – Classification andMeasurement of Share-based PaymentTransactions(effectivedateJanuary1,2018)

• IFRS4(Amendments)–ApplyingIFRS9FinancialInstrumentswithIFRS4InsuranceContracts(effectivedateJanuary1,2018)






(p) Standards in issue but not yet effective (continued)

• IFRS9-FinancialInstruments(effectiveJanuary1,2018)

• IFRS15–RevenuefromContractswithCustomers(effectiveJanuary1,2018)

• IFRS16-Leases(effectiveJanuary1,2019)

• IFRS17–InsuranceContracts(effectiveJanuary1,2021)

NoneoftheseisexpectedtohaveasignificanteffectonthefinancialstatementsoftheCreditUnion in theperiodofadoption,except for IFRS9Financial Instruments,whichtentativelybecomesmandatoryfortheCreditUnion’s2019financialstatements,andisexpectedtoimpacttheclassificationandmeasurementoffinancialassetsandfinancialliabilities.Adescriptionofthisstandardisprovidedbelow.

IFRS 9 — Financial Instruments IFRS9iseffectiveforannualperiodsbeginningonorafterJanuary1,2018,withearly

adoptionpermitted;theCreditUnionisthereforerequiredtoadoptIFRS9fromApril1,2018.ThestandardreplacesIAS39FinancialInstruments:RecognitionandMeasurementand sets out requirements for recognising and measuring financial assets, financialliabilitiesandsomecontractstobuyorsellnon-financialitems.

(i) IFRS 9 Implementation Strategy

TheCreditUnion’sIFRS9implementationprocessisgovernedbyaCommitteewhosemembersincluderepresentativesfromrisk,finance,operationsandITfunctions.TheCommitteemeetsonaregularbasistochallengekeyassumptions,approvedecisionsand monitor the progress of the implementation work across the Credit Union,includingevaluationofwhethertheprojecthassufficientresources.

The Credit Union is in the process of completing a detailed impact assessmentincludingmostoftheaccountinganalysisandwillthencommenceworkonthedesignandbuildofmodels,systems,processesandcontrols.

(ii) Classification – Financial assets

IFRS9containsanewclassificationandmeasurementapproachforfinancialassetsthat reflects thebusinessmodel inwhichassetsaremanagedand their cashflowcharacteristics.

IFRS9containsthreeprincipalclassificationcategoriesforfinancialassets:measuredatamortisedcost,fairvaluethroughothercomprehensiveincome(FVOCI)andfairvalue through profit or loss (FVTPL).The standard eliminates the existing IAS 39categoriesofheldtomaturity,loansandreceivablesandavailableforsale.








IFRS 9 — Financial Instruments (continued)

(ii) Classification – Financial assets (continued)

A financial asset is measured at amortised cost if it meets both of the followingconditionsandisnotdesignatedasatFVTPL:

• theasset isheldwithinabusinessmodelwhoseobjective is toholdassets tocollectcontractualcashflows;and

• thecontractual termsof thefinancialassetgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.

AdebtinstrumentismeasuredatFVOCIonlyifitmeetsbothofthefollowingconditionsandisnotdesignatedasatFVTPL:

• theasset isheldwithinabusinessmodelwhoseobjective isachievedbybothcollectingcontractualcashflowsandsellingfinancialassets;and

• thecontractual termsof thefinancialassetgiveriseonspecifieddatestocashflowsthataresolelypaymentsofprincipalandinterestontheprincipalamountoutstanding.

Oninitialrecognitionofanequityinvestmentthatisnotheldfortrading,theCreditUnionmayirrevocablyelecttopresentsubsequentchangesinfairvalueinOCI.Thiselectionismadeonaninvestment-by-investmentbasis.

AllotherfinancialassetsareclassifiedasmeasuredatFVTPL.

In addition, on initial recognition, the Credit Union may irrevocably designate afinancialassetthatotherwisemeetstherequirementstobemeasuredatamortisedcost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces anaccountingmismatchthatwouldotherwisearise.

Afinancialassetisclassifiedintooneofthesecategoriesoninitialrecognition.However,forfinancialassetsheldatinitialapplication,thebusinessmodelassessmentisbasedonfactsandcircumstancesatthatdate.Also,IFRS9permitsnewelectivedesignationsatFVTPLorFVOCItobemadeonthedateofinitialapplicationandpermitsorrequiresrevocationofpreviousFVTPLelectionsatthedateofinitialapplicationdependingonthe facts and circumstances at that date.

UnderIFRS9,derivativesembeddedincontractswherethehostisafinancialassetinthescopeofthestandardareneverbifurcated.Instead,thehybridfinancialinstrumentasawholeisassessedforclassification.








(ii) Classification – Financial assets (continued)

Preliminary impact assessment

Basedonitspreliminaryhigh-levelassessmentofpossiblechangestotheclassificationandmeasurementoffinancialassetsheld,theCreditUnion’scurrentexpectationisthat:

• loansandadvancestotheCreditUnionandtocustomersthatareclassifiedasloans and receivables andmeasured at amortised cost under IAS39would ingeneralalsobemeasuredatamortisedcostunderIFRS9;

• held-to-maturityinvestmentsecuritiesmeasuredatamortisedcostunderIAS39wouldingeneralalsobemeasuredatamortisedcostunderIFRS9;

• debtsecuritiesthatareclassifiedasavailableforsaleunderIAS39may,underIFRS9,bemeasuredatamortisedcost,FVOCIorFVTPL,dependingontheparticularcircumstances;

• equitysecuritiesclassifiedasavailableforsaleunderIAS39thatareheldforlong-termstrategicpurposeswouldgenerallybedesignatedasmeasuredatFVOCI.

TheCreditUnion’sassessmentishoweveron-goingandwillincludeadetailedreviewofthecontractualtermsofallfinancialassets.Atthatstage,thefinalimpactwillbedetermined.

(iii) Impairment of financial assets

IFRS9replacesthe‘incurredloss’modelinIAS39withaforward-looking‘expectedcreditloss’(ECL)model.ThiswillrequireconsiderablejudgementabouthowchangesineconomicfactorsaffectECLs,whichwillbedeterminedonaprobability-weightedbasis.

ThenewimpairmentmodelwillapplytothefollowingfinancialinstrumentsthatarenotmeasuredatFVTPL:

• financialassetsthataredebtinstruments;

• leasereceivables;

• financialguaranteecontractsissued;and

• loancommitmentsissued

Noimpairmentlosswillberecognisedonequityinvestments.









(iii) Impairment of financial assets (continued)

UnderIFRS9,lossallowanceswillbemeasuredoneitherofthefollowingbases:

• 12-month ECLs: these are ECLs that result from possible default events on afinancialinstrumentwithinthe12monthsafterthereportingdate;and

• lifetimeECLs:theseareECLsthatresultfromallpossibledefaulteventsovertheexpectedlifeofafinancialinstrument.

Lifetime ECL measurement applies if the credit risk of a financial asset at thereportingdatehasincreasedsignificantlysinceinitialrecognitionand12-monthECLmeasurementapplies if ithasnot.Anentitymaydeterminethatafinancialasset’screditriskhasnotincreasedsignificantlyiftheassethaslowcreditriskatthereportingdate.However, lifetimeECLmeasurementalwaysappliesfortradereceivablesandcontractassetswithoutasignificantfinancingcomponent.

TheassessmentofwhethercreditriskonafinancialassethasincreasedsignificantlywillbeoneofthecriticaljudgementsinimplementingtheimpairmentmodelofIFRS9.Whenassessing this, theCreditUnionwillconsider reasonableandsupportableinformationthatisrelevantandavailablewithoutunduecostoreffort,includingbothquantitative andqualitative information and analysis, basedon theCreditUnion’shistorical experience and expert credit assessment and including forward-lookinginformation.

Measurement of ECL

ECLsareaprobability-weightedestimateofcredit lossesandwillbemeasuredasfollows:

• financial assets that are not credit-impaired at the reporting date: the presentvalueofallcashshortfalls(i.e.thedifferencebetweenthecashflowsduetotheentityinaccordancewiththecontractandthecashflowsthattheCreditUnionexpectstoreceive);

• financial assets that are credit-impaired at the reporting date: the differencebetween thegross carrying amount and thepresent valueof estimated futurecashflows;

• undrawn loan commitments: the present value of the difference between thecontractualcashflowsthatareduetotheCreditUnionifthecommitmentisdrawndownandthecashflowsthattheCreditUnionexpectstoreceive;and

• financialguaranteecontracts:theexpectedpaymentstoreimbursetheholderlessanyamountsthattheCreditUnionexpectstorecover.








(iii) Impairment of financial assets (continued)

Financial assets that are credit-impairedaredefinedby IFRS9 ina similarway tofinancialassetsthatareimpairedunderIAS39.

Preliminary impact assessment

The most significant impact on the Credit Union’s financial statements from theimplementationofIFRS9isexpectedtoresultfromthenewimpairmentrequirements.TheCreditUnionisnotyetabletoprovidequantitativeinformationabouttheexpectedimpact, since the Credit Union is in the process of building and testing models,assemblingdataandcalibratingtheimpairmentstagetransfercriteria.However,theCreditUnionexpectslossallowancesunderIFRS9tobelargerandmorevolatilethanunderIAS39.

(iv) Classification – Financial liabilities

IFRS 9 largely retains the existing requirements in IAS 39 for the classification offinancialliabilities.

However, under IAS 39 all fair value changes of liabilities designated as at FVTPLarerecognisedinprofitorloss,whereasunderIFRS9thesefairvaluechangeswillgenerallybepresentedasfollows:

• theamountofchangeinthefairvaluethatisattributabletochangesinthecreditriskoftheliabilityispresentedinOCI;and

• theremainingamountofchangeinthefairvalueispresentedinprofitorloss.

TheCreditUnionhasnotdesignatedanyfinancialliabilitiesasatFVTPLandithasnocurrentintentiontodoso.TheCreditUnion’spreliminaryassessmentdidnotindicateanymaterialimpactregardingtheclassificationoffinancialliabilitiesunderIFRS9.

(v) Disclosures

IFRS9willrequireextensivenewdisclosures,inparticularaboutcreditriskandECLs.The Credit Union’s assessment included an analysis to identify data gaps againstcurrentprocessesandtheCreditUnionisintheprocessofimplementingthesystemandcontrolschangesthatitbelieveswillbenecessarytocapturetherequireddata.

(vi) Transition

ChangesinaccountingpoliciesresultingfromtheadoptionofIFRS9willgenerallybeappliedretrospectively,exceptasdescribedbelow.









(vi) Transition (continued)

• TheCreditUnionwilltakeadvantageoftheexemptionallowingitnottorestatecomparative information for prior periods with respect to classification andmeasurement (including impairment) changes. Differences in the carryingamountsoffinancialassetsandfinancialliabilitiesresultingfromtheadoptionofIFRS9willgenerallyberecognisedinretainedearningsandreservesasatApril1,2018.

• The following assessments have to be made on the basis of the facts andcircumstances that exist at the date of initial application.

- Thedeterminationofthebusinessmodelwithinwhichafinancialassetisheld.

- ThedesignationandrevocationofpreviousdesignationsofcertainfinancialassetsandfinancialliabilitiesasmeasuredatFVTPL.

- ThedesignationofcertaininvestmentsinequityinstrumentsnotheldfortradingasatFVOCI.

IFRS 16 Leases

IFRS16replacesexistingleasesguidance,includingIAS17Leases,IFRIC4DeterminingwhetheranArrangementcontainsaLease,SIC-15OperatingLeases–IncentivesandSIC-27EvaluatingtheSubstanceofTransactionsInvolvingtheLegalFormofaLease.IFRS16introducesasingle,on-balancesheetleaseaccountingmodelforlessees.Alesseerecognisesaright-of-useassetrepresenting its right to use the underlying asset and a lease liability representing its obligation tomake leasepayments.Therearerecognitionexemptions forshort-termleasesand leasesof low-value items. Lessor accounting remains similar to the current standard – i.e. lessorscontinuetoclassifyleasesasfinanceoroperatingleases.





4. Financial Risk Management

TheCreditUnionhasexposuretothefollowingrisksfromitsuseoffinancialinstruments:

• creditrisk• liquidityrisk• marketrisks• operationalrisks.

ThisnotepresentsinformationabouttheCreditUnion’sexposuretoeachoftheaboverisks,theUnion’sobjectives,policiesandprocessesformeasuringandmanagingrisk,andtheUnion’smanagement of capital.

FinancialassetsoftheCreditUnionincludecashresources,accountsreceivable,investments,loans and mortgages to members and interest receivable. Financial liabilities include deposits of members’ regulatory capital and accounts payable and accrued expenses.

(a) Credit risk

Credit risk is theriskoffinancial loss to theCreditUnion ifamemberorcounterpartytoafinancial instrumentfailstomeetitscontractualobligations,andarisesprincipallyfromtheCreditUnion’scashresources,loansandadvancestocustomersandinvestmentsecurities

(1) The Credit Union deposits its funds with registered Banks which are subject toregulations.

(2) CreditriskonloanstomembersismanagedusingtheTotalDebtservicingratioaswellasdetailedbackgroundchecksonmembersintheapprovalprocessandstringentdebt collection procedures.Two officers are assignedwith the task ofmonitoringthe delinquency portfolio on a daily basis. Management has documented a process to be followed for collection of outstanding debt.The Credit Committee has theresponsibilityof advising theBoardonPolicybasedonmarket trends.TheBoard,alongwithmanagement,revisespolicyperiodicallytoreduceoverallcreditrisk.TheCreditUnion’spolicy is toprovide fully for the totalbalance including interest lessthe value of any collateral as soon as it is determined irrecoverable. These loans are shownnetofprovisionforbadanddoubtfulloans.

(3) TheCreditUnionlimitsitsexposuretocreditriskbyinvestingonlyinentitiesthathavehighcreditratingsandGovernmentSecurities.TheCreditUnionhasadocumentedpolicy inplacewhichguidesthemanagementof thecreditriskon investment.TheCreditUnionexposureandthecreditratingofitsdebtorsarecontinuouslymonitoredand the aggregate value of transactions concluded is spread amongst approved entities.






4. Financial Risk Management (continued)

(a) Credit risk (continued)

Classified Loans This category of loans represents loans for which, in most cases, the collateral has

been realized and the Credit Union estimates that the outstanding balances may beirrecoverable.

Allowancesforimpairment Setoutbelowisananalysisofthegrossandnet(ofallowancesforimpairment)loansand

advances to members.

Loans and advances to members

2018 2017Delinquent Loans90daysandover $ 2,812,411 2,379,614ClassifiedLoansfullyprovided 1,584,841 1,834,766

Carryingamount 4,397,252 4,214,380Less:Allowancefordoubtfulloans (1,769,280) (1,652,640)

Carryingamountlessallowanceloans>90days $ 2,627,972 2,561,740

Loans in Good StandingNotyetdue $ 78,991,324 72,406,4251-29days 14,524,620 12,633,15230-59days 3,632,392 1,859,62060-89days 1,868,484 1,492,820

Carryingamount 99,016,820 88,392,017Less:Allowancefordoubtfulloans (990,168) (883,921)

Carryingamountlessallowanceforloansingoodstanding 98,026,652 87,508,096

Total carrying amount $ 100,654,624 90,069,836

Collateral TheCreditUnionholdsascollateralonloans,mortgagesonpropertyandland,billsof

saleonvehicles, cash surrender valueson life insurancepolicies, securitiesheldwithgovernmentorprivatelistedcompanies,cash,guarantorsandmutualfunds.Unsecuredloansaregrantedbasedoncreditriskupto$30,000.Thevalueofsecurityofloans>90daysisapproximately$6.05milliondollars.






(a) Credit risk (continued)

Carrying Amount 2018 2017

CreditriskExposuretocreditrisk

Interestreceivable $ 333,786 278,394Investments 30,906,795 28,742,907Loansandreceivables 100,654,624 90,069,836Cashresources 6,346,744 5,308,820

Total $ 138,241,950 124,399,957

(b) Liquidity risks

LiquidityriskistheriskthattheCreditUnionwillencounterdifficultyinmeetingobligationsfromitsfinancialliabilitiesastheybecomedue.

Liquidityrisksarisefromthemismatchincashflows.TheBoardmanagesitsliquidityriskbymatchingitscashinflowstoitscashoutflows.Shorttomediumtermloanshavebeenintroducedtoensurethattimingofcashinflowsarematchedtoloandisbursements.Thecash balances are monitored on a daily basis.







(b) Liquidity risks (continued)

Deposits from Members

Thematurityscheduleofthedepositsandloansisdetailedbelow:

2018 Interest Less than 3 months 1 year to 5 yearsDeposits by Type Rate Total 3 months to 1 year 5 years and over

Termdeposits 2.25-5.00% $27,972,030 3,408,599 17,400,769 6,713,238 449,424Othersavings 1-3.15% 3,161,192 2,524,159 17,783 306,040 313,210SpecialSavings 1.75% 4,999,311 4,531,757 16,533 192,987 258,034JuniorSavings 2.50% 2,723,790 2,692,481 - 5,309 26,000MembershipPrimeDeposit 1.75% 58,746,630 47,152,072 617,614 5,472,554 5,504,390SmartBuilder 3.00% 33,508,268 29,963,145 103,223 1,456,464 1,985,436

Total $ 131,111,220 90,272,213 18,155,921 14,146,592 8,536,494

Loan by Type

PersonalLoans 6.5-18% $31,432,159 127,240 782,327 17,598,221 12,924,370BusinessLoans 7-17% 1,854,829 40,570 23,467 446,754 1,344,038OtherLoans 8-18% 454,622 49,232 30,090 229,022 146,277RealEstateLoans 4.5-12% 57,365,941 181,761 - 1,237,415 55,946,765RevolvingLoans 17% 10,721,681 2,670,450 620,466 4,970,991 2,459,774ReclassifiedLoans 0% 1,584,841 1,584,841 - - -

Total $ 103,414,072 4,654,094 1,456,351 24,482,402 72,821,225

Liquidity Gap $ 27,697,148 85,618,119 16,699,570 (10,335,810) (64,284,731)






(b) Liquidity risks (continued)

Deposits from Members (continued)

Thematurityscheduleofthedepositsandloansisdetailedbelow:

2017 Interest Less than 3 months 1 year to 5 yearsDeposits by Type Rate Total 3 months to 1 year 5 years and over

Termdeposits 2.25%-5.00% $24,709,309 1,700,350 15,471,098 6,972,101 565,760Othersavings .5%-3.15% 2,568,419 2,014,521 32,061 247,125 274,711SpecialSavings 1.75% 5,042,893 4,618,464 25,450 199,612 199,367JuniorSavings 2.50% 2,724,519 2,703,010 - 8,509 13,000MembershipPrimeDeposit 1.75% 54,906,995 43,843,916 663,432 4,733,039 5,666,607SmartBuilder 2.50% 25,920,932 23,274,516 71,135 920,294 1,654,986

Total $ 115,873,067 78,154,777 16,263,177 13,080,681 8,374,431

Loan by Type

PersonalLoans 6.5%-18% $26,837,181 114,072 828,498 13,996,738 11,897,873BusinessLoans 7.0%–17% 2,052,646 20,555 14,952 403,595 1,613,544OtherLoans 8.0%-18% 860,810 32,322 29,267 561,369 237,852RealEstateLoans 4.5%-9% 49,244,504 968,408 50,335 855,378 47,370,383RevolvingLoans 15%-17% 7,578,861 2,989,044 384,579 1,586,726 2,618,512ReclassifiedLoans 5.5%-12% 6,032,395 - - 225,393 5,807,002

Total $ 92,606,397 78,154,777 1,307,631 17,629,199 69,545,166

LiquidityGap $ 23,266,121 74,030,376 14,954,545 (4,548,065) (61,170,735)

Accounts payable balances are all current.

(c) Market risk

Marketriskistheriskthatchangesinmarketprices,suchasinterestrate,equityprices,foreignexchangenotesandcreditspreadswillaffect theCreditUnion’s incomeor thevalueofitsholdingsoffinancialinstruments.Theobjectiveofmarketriskmanagementis tomanage and controlmarket risk exposureswithin acceptable parameters, whileoptimising the return.







(c) Market risks (continued)

TheCreditUnionmaybeexposedtomarketriskaschangesinmarketinterestratesaffectitsincome.Periodically,theBoardandmanagementreviewandapprovetheratessettoensuretheyarewellpricedtocontroltheserisks.

Interest rate risk Profile

Atthereportingdatetheinterestrateprofileoftheinterest-bearingfinancialinstrumentswas:

Carrying Amount 2018 2017

Fixed Rate InstrumentsFixedFinancialAssets $ 37,563,961 33,219,460FixedFinancialLiabilities (28,958,358) (24,996,349)

NetFixedRateInstruments $ 8,605,603 8,223,111

Variable Rate InstrumentsFinancialAssets $ 103,103,651 93,438,664FinancialLiabilities (104,158,547) (91,765,153)

NetVariableRateInstruments $ (1,054,896) 1,673,511

(d) Operational risks

OperationalriskistheriskofdirectorindirectlossarisingfromawidevarietyofcausesassociatedwiththeCreditUnion’sprocesses,personnel,technologyandinfrastructure,andfromexternalfactorsotherthancredit,marketandliquidityriskssuchasthosearisingfrom legal and regulatory requirements and generally accepted standards of corporate behaviour.OperationalrisksarisefromalloftheCreditUnion’soperations.

TheCreditUnion’sobjectiveistomanageoperationalriskbydevelopingandimplementingcontrolswithintheoperationthatwouldmitigatethisrisk.Thatresponsibilityisassignedto the Board and Management. There is a policy manual for the staff and volunteers oftheCreditUnion.ThepolicymanualaddressedindetaileveryfunctionalareaoftheCreditUnionandprovided forsomeof themorecritical function;primarilyLoansandOperations,procedurestocarryoutsuchfunctions.






(d) Operational risks (continued)

Compliancewith theCreditUnion’spolicies is supportedbyaprogrammeofperiodicreviews undertaken by the Internal Auditor.The results of Internal Audit reviews arediscussedwithmanagement,theSupervisoryCommitteeandtheBoardofDirectors.

(e) Capital management

TheCo-operativeSocieties(Amendment)Act2008-39,stipulatesthatanamountequalingorgreaterthan10%oftotalassetsmustbeheldascapital.TheBoardofDirectorscontinuestoreviewthecapitalstructure.Thecapitaltoassetsratioisnow7.37%(2017–7.56%).

TheFinancialServicesCommission(FSC)defines“capital”ofaCreditUnionasQualifyingShares,StatutoryandOtherReservesonly.

TheCreditUnionobjective,whenmanagingcapitalistosafeguarditsabilitytocontinueasagoingconcern,sothatitcancontinuetoprovidereturnstoitsmembersandbenefitsforotherstakeholdersandtomaintainastrongcapitalbasetosupportthedevelopmentofitsbusiness.(Seenote17(a))

(f) Fair value

Fairvaluerepresentstheamountsatwhichafinancial instrumentcouldbeexchangedinanarm’slengthtransactionbetweenwillingpartiesandisbestevidencedbyaquotedmarkedprice,ifoneexists.

Financial assets and liabilities are carried at amounts,which approximate to their fairvalueat the reportingdate. Fair valuesestimatesaremadeat a specificpoint in timebasedonmarketconditionsandinformationaboutthefinancialinstrument.

These estimates are subjective in nature and involve uncertainties and matters ofsignificant judgement and therefore cannotbedeterminedwithprecision.Changes inassumptionscansignificantlyaffecttheestimates.

The fair values of cash resources, accounts receivable, interest receivable, accountspayable,accruedexpenses,depositsloanpayableandregulatorycapitalarenotmateriallydifferent from their carrying amounts.







(f) Fair value (continued)

Theestimatedfairvaluesofthefinancialassetsandliabilities,togetherwiththeircarryingamountsshowninthestatementoffinancialpositionareasfollow:

2018 2017 Carrying Fair Carrying Fair Amount Value Amount Value

Cashresources $ 6,346,745 6,346,744 5,308,820 5,308,820Accountsreceivable 286,191 286,191 313,926 313,926Interestreceivable 333,786 333,786 278,394 278,394Investments(note8) 30,906,795 N/A 28,742,907 N/ADepositsofmembers 131,111,220 131,111,220 115,873,067 115,873,067Regulatorycapital 2,117,250 2,117,250 1,932,600 1,932,600Accountspayable 1,445,075 1,445,075 1,011,766 1,011,766Loanspayable 393,237 393,237 187,057 187,057Loansandmortgages(net) 100,654,624 100,654,624 90,069,836 9,069,836

(g) Loans and mortgages receivable

ThenatureoftheCreditUnionissuchthatloanscanonlybemadetomembersoftheCreditUnionorsimilarsocieties.Asaresultofthis,amarketratefortheseloansisnotreadily determinable and hence it is impracticable to estimate the fair value of these loans.

Investments TheInvestmentPortfoliocomprisesofassetsstatedatcostandfairvalue.

(h) Real Property Management

The Co-operative Societies (Amendment) Act 2007-39, sec. 196A states that a CreditUnionmaynotacquireorholdrealpropertywherethemarketvalueofthepropertytobeacquiredwouldcausetheaggregatevalueofthepropertytoexceed6%ofthestatedassetsoftheCreditUnion.AtMarch31,2018,theCreditUnionheld5.71%(2017-4.07%)in real property.





5. Determination of Fair Values

Anumberoftheaccountingpoliciesanddisclosuresrequirethedeterminationoffairvalue,forbothfinancialandnon-financialassetsandliabilities.Fairvalueshavebeendeterminedformeasurementandordisclosurepurposesbasedonthefollowingmethods.Whenapplicable,further information about the assumptions made in determining fair values is disclosed in the notesspecifictothatassetorliability.

(a) Investments in equity and debt securities

The fair valueof available-for-salefinancial assets is determinedby reference to theirquotedclosingpriceatthereportingdate.Itisnotpracticabletoestablishthefairvalueofheld to maturity investments.

(b) Trade and other receivables

The fair value of trade and other receivables is estimated as the amount recoverable at the reporting date.

6. Cash Resources

Thisbalanceconsistsof:

2018 2017

Cashequivalents $ 17,805 7,496Cashonhand 460,222 615,802Cashatbank 5,868,718 4,685,522

$ 6,346,745 5,308,820

7. Interest Receivable

2018 2017

Loan interest receivable $ 333,786 278,394

ThisinterestrelatestointerestaccruedonloansandmortgagesingoodstandingatMarch31,for the respective years.






8. Investments

(a) Investments comprise:

2018 2017Equitysecurities,mutualfundsandfixedincome,atfairvalue:SharesinInsuranceCorporationofBarbados $ 663,435 728,817CIBCFCIB“BlueEagle”portfoliofixedincome 371,829 1,547,060CIBCFCIB“BlueEagle”portfoliomutualfunds/equities 332,519 344,410

1,367,783 2,620,287

Equitysecurities,atcost:SharesintheBarbadosCo-operativeCreditUnionLeagueLtd. 21,020 21,020SharesinBridgetownCruiseTerminalsInc. 12,617 1,553SharesinCo-operatorsGeneralInsuranceCo.Ltd. 1,207,920 1,177,050

1,241,557 1,199,623

Otherinvestments,heldtomaturity:FirstCitizensInvestmentServicesLtd. 3,913,540 2,812,850CAPITAFinancialServicesInc 3,085,770 2,013,986BarbadosCo-operativeCreditUnionLeagueLtd-CentralFundFacilityTrust 1,612,798 2,565,994BarbadosTransportBoard 155,134 186,311BarbadosPortInc 681,404 768,263BarbadosTreasuryNotes 6,250,000 5,500,000BarbadosTreasuryBills 11,423,696 10,431,088UnitedEnterpriseCreditUnion 508,300 -BarbadosPublicWorkersCo-operativeCreditUnionLtd. 666,813 644,505

28,297,455 24,922,997

Total Investments 30,906,795 28,742,907

TheCreditUnionoutsourcesthemanagementofitsinvestmentportfolioreferredtoasthe“BlueEagle”toCIBCFirstCaribbeanInternationalBank’s(TheBank)wealthmanagementdepartment.The Bank was given an investment policy and parameters to guide theinvestmentdecisions.TheInvestmentpolicywaspreparedbyagroupofmemberswithan investmentcareerbackground.Reportsaresubmittedmonthly to themanagementwhere the performance of the fund is reviewed.The total fund undermanagement is$704,348(2017-$1,891,471).TheportfolioisvaluedbyCIBCFirstCaribbeanInternationalBankWealthManagementBarbados.





8. Investments (continued)

(b) Investment of funds

Section34(A)(1)oftheCo-OperativesSocietyActCap378AsetsoutindetailtheprofileofinstitutionsandsecuritiesinwhichtheCreditUnioncaninvestthefundsoftheSocietyincluding its reserves.

Section34(A)(2)limitsinvestmentsinequitiesofcompaniesincorporatedinBarbadosorinamemberstateoftheCaribbeancommunityandlistedonastockexchangeofthesestates.Thesecompaniesmusthavepaiddividendson its shares in theprecedingfiveconsecutive years. Alternatively they can invest in securities issued by a credit union that is registered in a member state of the Caribbean community. Such investments shall not exceed10%ofthestatutoryreserveoftheCreditUnion.

The Financial Services Commission can also exercise discretion in allowing otherinvestmentsexceptasdefinedinsection34(A)(2)

AsatMarch31,2018,theCreditUnionisinbreachoftheseinvestmentprovisionsandisindiscussionwithTheFinancialServicesCommissiontobringitsinvestmentportfolioinlinewiththeprovisionoftheAct.

9. Loans and Mortgages to Members

Loansandmortgagestomemberscomprise:

2018 2017

Loans $ 46,048,132 38,375,315Mortgages 57,365,940 54,231,082

103,414,072 92,606,397LessAllowancefordoubtfulloans (2,759,448) (2,536,561)

$ 100,654,624 90,069,836

Loansareclassifiedaspersonal,business,lineofcreditandotherloans.Personalandbusinessloansbearinterestatarateof6.5%to18%perannum,unsecuredloansandrevolvinglineofcreditat17%andotherloansat8%to18%perannumonthereducingbalance.Allloansarerepayable to theCreditUnion inmonthlyblendedprincipal and interest instalmentsover amaximum period of thirty years.






9. Loans and Mortgages to Members (continued)

Mortgagesusuallybearafloating interest rateof6.5%perannumonthereducingbalance.AsofMarch2018mortgagesarebeingofferedatavariablerateof4.5%to7.5%(2017-4.5%to7.5%)perannumonthereducingbalance.MortgagesarerepayabletotheCreditUnioninmonthly blended principal and interest instalments over a maximum period of thirty years.

Allowance for doubtful loans

2018 2017

Openingbalance $ (2,536,561) (3,012,406)Chargefortheyear (713,723) (385,435)Writeoffs 487,303 648,710Recoveries 3,533 212,570

Ending balance $ (2,759,448) (2,536,561)

Loansgreaterthan90dayspastdueareconsideredimpairedandassuchprovisionismadeinthe accounts for the uncollectable loan principal amounts and interest receivable on all such loans.

10. Accounts Receivable

2018 2017

Accountsreceivable $ 263,863 249,350Interestreceivable–Investments 22,328 64,576

$ 286,191 313,926

AccountsreceivablemainlyrepresentsamountsreceivablefromtheGovernmentofBarbadosfortaxeswithheldontheBlueEaglePortfolio.

Interestreceivablefrominvestmentsrepresentsinterestreceivableonfixedincomeinstrumentsheld in theBlueEagle account and interest receivable fromdeposit accounts held at otherfinancialinstitutions.





11. Property and Equipment

2018 Equipment & Computer Motor Land & Leasehold Software Vehicles Buildings Improvements Total

Cost/ValuationAtbeginningofyear $ 3,377,189 160,464 5,460,097 907,526 9,905,276Additions/WIP 207,424 - 3,216,544 26,884 3,450,852Disposals - - (19,768) -

(19,768)

At end of year $ 3,584,613 160,464 8,656,873 934,410 13,336,360

Accumulated DepreciationAtbeginningofyear $ 2,379,580 18,838 91,163 641,196 3,130,777Chargeforyear 269,035 28,486 87,639 33,467 418,627Disposals - - - - -

At end of year $ 2,648,615 47,324 178,802 674,663 3,549,404

Net Book Value $ 935,998 113,140 8,478,071 259,747 9,786,956

2017 Equipment & Computer Motor Land & Leasehold Software Vehicles Buildings Improvements TotalCost/ValuationAtbeginningofyear $ 3,038,847 158,442 5,025,000 839,490 9,061,779Additions/WIP 338,342 160,464 435,097 68,036 1,001,939Disposals - (158,442) - -

(158,442)

Atendofyear $ 3,377,189 160,464 5,460,097 907,526 9,905,276

Accumulated DepreciationAtbeginningofyear $ 2,146,028 41,342 - 559,263 2,746,633Chargeforyear 233,552 45,442 91,163 81,933 452,090Disposals - (67,946) - -

(67,946)

Atendofyear $ 2,379,580 18,838 91,163 641,196 3,130,777

NetBookValue $ 997,609 141,626 5,368,934 266,330 6,774,499

TheCreditUnion’sbuildingisvaluedonatri-annualbasisasdictatedbytheBoardofDirectors.






11. Property and Equipment (continued)

Thenextvaluationisscheduledtotakeplaceinthe2018-2019financialyear.Duringthe2015-2016financialyeartheBoardofDirectorsdeterminedthevalueoftheCreditUnion’sbuildingwas $5,410,540 based on a valuation prepared by an independent, professional valuer.Theresultingincreaseof$984,000wascreditedtorevaluationreserveinequity.Theaccumulateddepreciationof$184,500onthepropertyatthedateofthevaluationwaseliminatedagainstthegross carrying amount of the property and the net amount restated to the revalued amount of the property.

12. Accounts Payable and Accrued Expenses

Accountspayableandaccruedexpensescomprise:

2018 2017

Interestpayableondeposits $ 783,158 563,793Non-memberdeposits 36,266 138,410Professionalfees 79,625 98,719Otherpayables 446,026 210,845

$ 1,445,075 1,011,767

Interestpayablesondepositsrepresenttheaccruedamountsthatareoutstandingbutunpaidto members for their deposits and saving accounts.

Otherpayablesrepresentstaffpayables(P.A.Y.E,N.I.S)andmiscellaneoustradepayables.

13. Deposits of Members

Members’depositscomprisethefollowing:

2018 2017

Termdeposits $ 26,841,108 23,996,349Otherdeposits 44,392,560 36,368,329Primedeposits 58,746,630 54,795,429RegisteredRetirementSavingsPlan 1,130,922 712,960

$ 131,111,220 115,873,067





13. Deposits of Members (continued)

Termdepositsarefixed-terminterestbearingdepositswhichattractarateofinterestof2.25%to5.00%(2017-2.25%to5.00%).

Otherdepositsrepresentinterestbearingdepositsthatmaybewithdrawnondemand.Thesedepositsattractinterestatarateof1.00%-3.15%(2017-1.00%-3.15%).

PrimeDeposits,previouslyknownasMembers’Shares,isaninterestbearingdepositaccountwhichhasattractedanaveragerateof1.75%(2017–1.75%)duringthefinancialyear.

Registered Retirement Savings Plan is a retirement account registered with the BarbadosRevenueAuthority,withdrawalsincurawithholdingtax.Thisplanattractedaninterestrateof3.75%(2017–4%).

14. Loan Payable

Central Fund Facility Trust

2018 2017

Currentportion $ 60,065 52,930Longtermportion 66,387 134,127

$ 126,992 187,057

During2015theCreditUnionsecuredaloanfromTheCentralFundFacilityTrustintheamountof$300,000.Theloanisrepayableinequalinstalmentsof$5,870monthlyovera5yearperiod.TheloanissecuredbyinvestmentsintheCFFTvaluedat$332,519asatyearend.

NationalInsuranceBoard

2018 2017

Currentportion $ 4,013 -Longtermportion 252,232 -

$ 266,245 -






14. Loan Payable (continued)

During2017theCreditUnionsecuredaloanfromNationalInsuranceBoardintheamountof$4million.Theloanisrepayableinequalinstalmentsof$75,309overa5yearperiod.TheloanissecuredbyafirstlegalmortgageonthepropertylocatedatCrnFairchildandNelsonStreets,Bridgetown,St.Michael foravalueof$4.2million.Asat31March2018,only$280,258wasdisbursed.

15. Regulatory Capital

2018 2017

BalanceatApril1 $ 1,932,600 1,791,400Contributionsfortheyear 184,650 141,200

Balance at March 31 $ 2,117,250 1,932,600

Inaccordancewith therequirementsof IAS32and IFRIC2,sharecapital isclassified in thefinancial statementsasa liability as their termsprovide forwithdrawal at theoptionof themembers. Shares are classified as a liability and the appropriate payments classified asan expense and presented as a charge in arriving at net income for the year. The change in classificationdoesnotaffecttherightsandobligationsofthemembersassetoutintheActortheCreditUnion’sby-laws.

Regulatory Capital represents the amount that has been paid up by members in respect of shares. Each regularmember has twenty shares at a value of $5.00 per share. Each juniormemberhastensharesat$5.00pershare.ThereisnolimittothenumberofsharestheCreditUnionisauthorizedtoissue.

Thesesharesintheco-operativeentitleeachmembertoonevoteintheconductoftheaffairsof theco-operativeatgeneralmeetings.Sharesmayonlybewithdrawnwhen thememberwishestoendtheirmembershipwiththeCreditUnion.Nodividendorpatronagerefundhasbeen declared for the year.





16. Reserves

(a) Statutory Reserve

The statutory reserve is established pursuant to Section 197 (2) of the Co-operativeSocietiesAct,Cap378A.

The statutory reserve accumulated transfer from net income TheCreditUnionisrequiredundergoverninglegislationtotransferanamountequivalent

tothegreaterofonehalfofonepercent(0.5%)oftotalassetsortwenty-fivepercent(25%)ofNetIncome(beforedividends)tothestatutoryreserveannuallyuntilthecapitalratioequals tenpercent (10%).AtMarch31,2018,capital ratiowas7.40%(2017 -7.56%).Theallocationfortheyearwas$741,982(2017-$657,854).

(b) Education Fund

TheRegistrarofCo-operativeshasadvisedthat3%ofthenetincomecappedat$20,000be transferred to an education reserve. This reserve is periodically paid to the Barbados Co-Operative CreditUnion League.The amount transferred for the yearwas $ 20,000(2017-$20,000).

(c) Common Good Fund

ThecommongoodfundwasestablishedbytheCreditUnionandrepresentsamountsallocatedtofacilitatedonationstobenevolentcauses.Theamounttransferredis1%ofnetincome.Theamounttransferredfortheyearwas$8,161(2017-$6,963).

17. Mutual Benefits Plan

Thisamountrepresentscontributions to theMutualBenefitsPlan,which isadministeredby Co-operatorsGeneral InsuranceCompanyLimited.Theplanprovides loanprotection to theCreditUnion.






18. Major Operating Expenses

Thesecomprise:

2018 2017General and Administrative ExpensesAuditfees $ 82,653 76,898Stationeryofficesupplies 70,689 64,856Professionalfees 52,298 46,119Equipmentmaintenance 20,900 24,875Motorvehicleexpense 23,005 19,924Supplies 18,541 21,350Postage 39,830 11,964Motorvehicleinsurance 5,247 7,200

$ 313,163 273,186

Occupancy CostsUtilities $ 105,792 86,773Rentalexpense 252,997 157,443Security 134,577 120,326Propertyinsurance 83,480 66,498Maintenance 43,250 53,862Otherofficeexpenses 42,825 23,402Landtax 13,860 13,860Televisioncharges 775 2,045Otherpropertyexpense 10,075 -Miscellaneous (1,164) 1,521

$ 686,467 525,730

Membership Protection and Governance ExpensesMBPpremiums $ 257,043 219,690Leaguedues 75,000 88,912Convention 47,744 51,445Reimbursableexpenses 68,300 62,400Annualmeeting 38,438 24,257Committeemeetings 26,039 24,432Othermeetings 2,066 2,835Committeeexpenses 4,597 9,735Committeeactivities 12,443 16,938Fidelityinsurance–Directors 4,500 4,875Health&Safetycommittee 1,470 -

$ 537,640 505,519





19. Interest and Dividend Income

Recognised in profit or loss

2018 2017

Interestonloans $ 4,796,201 4,058,138Interestonmortgages 3,591,167 3,357,201Interestincomeonheld-to-maturityinvestments 930,112 730,375Interestincomeonbankdeposits 517 15,575Dividendincomeonheldtomaturityfinancialassets 68,819 71,918

Interestanddividendincome-gross 9,386,816 8,233,207Interestexpenseonfinancialliabilities measuredatamortisedcost (2,652,321) (2,495,188)

Netinterest,realisedgainanddividendincome recognisedinprofitorloss $ 6,734,495 5,738,019

Recognised directly in equityNetunrealizedgain(loss)oninvestmentsfortheyear $ (52,813) 124,020

20. Related Parties

(a) Identity of related parties

TheCreditUnionhasarelatedpartyrelationshipwithitsdirectors,committeemembersandkeymanagementpersonnel.

(b) Related party balances

These represent loans outstanding, shares and deposits held by related parties asidentifiedin(a)above.

Qualifying Loans Balance Deposits Shares

AsatMarch31,2018 $ 1,858,992 1,381,206 2,100

AsatMarch31,2017 $ 986,870 1,286,888 1,500






20. Related Parties (continued)

(c) Key Management personnel compensation:

2018 2017

Wagesandsalaries $ 661,118 604,646

Reimbursable expenses for directors andCommitteemembers $ 67,800 62,400

21. Commitments

Loan commitments

LoancommitmentsinrespectofundisbursedloansasatMarch31,2018amountedto$11,184,237(2017-$7,704,571).

22. Operating Lease

Leases as Lessor

TheCreditUnionleasedpartofrentalspaceatNorthernBusinessCentre,Speightstownthislease.Thefutureminimumleasepaymentsundertermsoftheleasesareasfollows:

2018 2017

Lessthanoneyear $ 30,000 30,000Betweentwoandfouryears 120,000 120,000

DuringtheyearendedMarch31,2018,$35,000(2017-$64,500)wasrecognisedasrentalincomein the statement of comprehensive income.





22. Operating Lease (continued)

Leases as Lease

The Credit Union leases the property which houses the Speightstown Branch from ABKInvestment, inOistinsat theSouthernPlazaComplexandhasalso temporarily relocated toTridentHouse.Thefutureminimumleasepaymentsundertermsoftheleasesasfollows:

2018 2017

Lessthanoneyear $ 224,328 141,168Betweentwoandfiveyears 564,671 564,671

During theyear endedMarch31, 2018, $252,997 (2017 - $157,443)was recognisedas rentalexpense in the statement of comprehensive income.

23. Contingencies

AtMarch31,2018,therewerecertain legalproceedingsagainsttheCreditUnion. Inviewoftheinherentdifficultyofpredictingtheoutcomeofsuchmatters,theCreditUnioncannotstatewhattheeventualoutcomeofsuchmatterswillbe;however,basedoncurrentknowledge,theCreditUniondoesnotbelievethatliabilities,ifany,arisingfrompendinglitigationwillhaveamaterialadverseeffectonitsfinancialpositionorresultsofoperations.

reenoing

2018

/bwuccu

Cnr. Fairchild & Nelson Streets, Bridgetown, St. MichaelNorthern Business Centre, Queen Street, Speightstown, St. PeterSouthern Plaza, Oistins, Christ ChurchTel: (246) 436-5600 • Fax: 430-9229/419-3133Web: www.bwuccu.com • Email: [email protected]

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e 2018 · over 99%, you our members have demonstrated confidencein staying with us.The expansion in our membership and the retention rate are occurring against the back drop of stiff