37 CONSOLIDATED FINANCIAL STATEMENTS 2024 We anticipate increased credit demand from our members as economic activity rises, particularly in the tourism, infrastructure, and energy sectors highlighted by the still applicable BERT 2022 Plan. Our strategic initiatives, including the digital transformation project and more disciplined and focused managerial and staff actions, will enhance our ability to respond to the changing needs of our members in whatever form it may present itself. While we remain cognisant of the Central Bank of Barbados’ stated position regarding the uncertainties and risks to their projected positive future outlook for the Barbados economy, we believe that our strong financial position, refreshed strategic plan, digital transformation initiatives, and dedicated team will enable us to effectively navigate short-term challenges. By continuously monitoring the economic landscape and adapting our strategies as necessary, we will continue to act in a manner that best serves to meet the objectives of doing what is best for the financial well-being of our members and the long-term sustainability of our Credit Union. BPWCCUL is committed to maintaining adequate capital buffers and liquidity to support our members’ needs while contributing to the investment-driven growth of the Barbadian economy and are wellpositioned to seize the opportunities presented by the promising economic outlook. By being flexible enough to embrace change and leverage economic opportunities while staying firmly anchored to our Credit Union ethos of people serving people, we are confident in our ability to positively contribute to fulfilling the desires of our membership in the years to come. As we always have, we will navigate the challenges that may arise, seize the opportunities that present themselves, and work with our members to help them to build a brighter financial future in the manner that they desire. Our Credit Union is of significant importance, not only to our members locally and internationally, but also to the local and regional financial services sectors as evidenced by our classification as a non-banking systemically important financial institution (SIFI). We fully understand the expectations and responsibility that comes with that badge of honour, and despite what the future may bring we will stay true to our core values and our guiding Credit Union philosophies. We take immense pride in being more than just a financial institution and a provider of financial services, and appreciate the role we play as a catalyst for positive life-changes across our membership. Our success is inextricably linked to your success, and it is because of this that we will continue to work tirelessly to ensure that our Credit Union remains a beacon of hope, stability, and opportunity for the average Barbadian for generations to come. As a member of this Barbados Public Workers’ Cooperative Credit Union Ltd., know that you belong to an organisation that is not only financially strong but also deeply committed to making a difference in the lives of its members and the wider community – collectively in the lives of you, our family. As we look to the future, we remain committed to upholding our core values, fostering financial stability, and furthering the well-being of our members and the wider community. We are confident that, working together, we will forge a brighter and more prosperous future for the Credit Union and all those who proudly call it their own. Together, we will continue to build a brighter future, one in which every member can proudly say, “This is where I belong.” Acknowledgement The Board of Directors is immensely grateful for the collective efforts and dedication of our members, elected committees, sub-committees, and staff over the reporting period - their contributions, both individually and collectively, have been the driving force behind the Credit Union’s achievements and growth. The Board would also like to express heartfelt appreciation to the retiring directors, Bro. Hasani Evelyn, Sis. Wendy Knight-Hunte whose invaluable contributions and unwavering commitment to the Credit Union have been essential to our success. Condolences We take this opportunity to extend special condolences to the families of our long-standing and esteemed stalwarts who passed on and to extend our deepest sympathy to all our members, staff and the wider credit union family who lost loved ones during the reporting period.
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