Separate Annual Report 2024

Group Vision Statement . . . . . . . . . . . . . . . . 2 Group Values . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Training and Development . . . . . . . . . . . . . . 3 Our Leaders Board of Directors . . . . . . . . . . . . . . . . . . . . . . 4 Management Team . . . . . . . . . . . . . . . . . . . . . 5 Financial Highlights . . . . . . . . . . . . . . . . . . . . 8 Management Discussion & Analysis . . . . . 10 Board of Directors’ Report . . . . . . . . . . . . . 16 Independent Auditors’ Report . . . . . . . . . . 34 Financial Statements 38 CONTENTS A Tribute to Sister Olive Trotman Celebrating Humble Beginnings, Big Dreams: A Tale of Success In the archives of our Credit Union’s history, one name stands out with enduring reverence – that of our beloved Sister the late Olive Trotman. A retired nurse of the Psychiatric Hospital, Sis. Olive’s Credit Union journey began in 1969, a time when visionaries like her carried the torch of financial empowerment. Sister Olive’s duty in her early days was to collect the deposits including registers and receipts, of the Civil Service Saving Society, the organisation from which BPWCCUL was born. Sis. Olive tirelessly visited the Government Treasury once, sometimes twice a week with the now infamous brown “valise” in hand. Armed with the “valise”, Sis Olive embodied tenacity and dedication, qualities that would shape the very ethos of our institution and would lay the foundation for our now billion-dollar enterprise. Through her unwavering commitment, Sis. Olive became one of the cornerstones upon which our values were built. Even in her retirement at the age of 70, Sis. Olive continued to serve and contribute to our Credit Union. Sis. Olive was a member of the Credit Committee having served from 1976, first as Chairman, Secretary and then as a member. In her words, Sis. Olive described her contribution as very rewarding, noting “lots of cars, trucks and small businesses have come out of Credit Union savings.” As we pay tribute to her invaluable contribution, we honor Sister Olive Trotman’s enduring legacy. Recently the “valise” was relocated and given pride of place and prominence in Clarence Greenidge House at the Credit Union’s headquarters at Belmont Road. Sis. Olive’s spirit continues to guide us, reminding us to uphold the principles of integrity and service that defined her tenure. In her memory, we pledge to continue to carry forward her vision, ensuring that our Credit Union remains a beacon of hope and opportunity for all.

2 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED

3 SEPARATE FINANCIAL STATEMENTS 2024 Training and Development Course Title • ACAMS Conference 2023 • ACFE: From Vulnerable to Vigilant: Tailoring Your Fraud Risk Assessment Approach • Administrative Professionals Seminar - “Coaching & Mentoring - A Gateway to Protecting Mental Health and Building Sustainability” • AML/CFT PF Training • An Examination of Parts A, B and C of the Fourth Schedule of the Employment Rights Act 2012-9 • Anti-Money Laundering & Cybercrime • Artificial Intelligence Strategy for Credit Unions: Transforming Financial Services • Audit Report Writing & Critical Thinking Workshop • Auditing For All • Auditing the Data Privacy Policy • BCCI Risk Management Breakfast Discussion Forum • Business Luncheon & Discussion Forum • CBB: Account Opening/Customer Onboarding • Certified Customer Service Trainer As part of the continuous organizational development, members of staff completed the following training programmes during the year. • Conducting Investigations • Crisis Communication and Management Programme • Customer Service Training Workshop • Data Privacy, Cyber Security & Risks to the Financial Services Industry • Delinquency Management & Collections • Fintech Conference • Fraud Conference 2023 • FSTI - Debt Collection Workshop • IIA: Auditing Sacred Cows • IIA: Model Risk Lessons from Silicon Valley Bank’s Failure • IIA: Words Never Lie But People Do • Mastering Road Transportation Management Systems Workshop • Staying Power: The Art of Retaining Talent in the Modern Workplace • The Role & Functions of the Corporate Secretary (Drafting Minutes and Resolutions) • Workforce Planning & Analytics

4 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Our Leaders Meet the Board of Directors Board of Directors Bro. Carl Padmore, B Sc Fine Arts (Creative Arts) (Hons) — President Bro. Mark Hope, B Sc , MBA, FCG, LLB, CCD — Vice President Sis. Rochelle Belgrave, A S – Business Administration; B Sc – Management, Cert - Auditing 1 and Basic taxation— Treasurer Sis. Anne Marie Burke-Brewster, MSc , J P — Secretary Bro. Gerard Prescod, BA Political Science, MSc Labour & Employment Relations, Dip Security Administration, NEBOSH Cert Occupational Health & Safety, Cert Law for Human Resources, Cert Administrative Management — Director Sis Cheryl Inniss, MSc Labour & Employment Relations, BA (Hons) Psychology, Certificate in Special Education & Exceptional Learning, TEACCH – Certificate in Autism, Introduction to Special Ed ADHD Certificate, Associate Degree in Applied Arts – Fashion Design, Cert in Microsoft Word & Excel, CCD— Director Sis. CarolineWoodroffe-Holder, BSM, J P, Assistant Secretary, BA - History (Hons), MEd - Educational Administration, MSc - Information and Library Science (Dist), EdD - Higher Educational Leadership — Director President Bro. Carl Padmore Vice-President Bro. Mark Hope Secretary Sis. Anne Marie Burke-Brewster Director Sis. Cheryl Inniss Director Bro. Hasani Evelyn Director Bro. Gerard Prescod Director Sis. Wendy Knight-Hunte Director Sis. Caroline Woodroffe-Holder Treasurer Sis. Rochelle Belgrave

5 SEPARATE FINANCIAL STATEMENTS 2024 Executive Management Team Bro. Glyne Harrison, BSc, MSc, MSc , CMA, CPA— Group Chief Executive Officer Ms. Jacqueline Caesar, MBA, BSc (Hons) — Chief Human Resources Manager Bro. LeVere Catlyn, MSc , CPA—CGA, CA, CCUE — Chief Financial Officer Bro. Irwin Gibson, BEng, MSc , MBA— Chief ICT Officer Sis. Natalie Holder, LLB, LEC — Chief Legal & Corporate Affairs Officer Bro. Richard Kennedy, B Sc, Pg Dip, Trade Relations — Chief Operations Officer Bro. Eric Small, BSc , CIA, CFE — Chief Internal Auditor Sis. Gail Best-Niles — Chief Marketing & Member/Customer Experience Officer Meet the Executive Management Team Group Chief Executive Officer Bro. Glyne Harriison Chief Financial Officer Bro. LeVere Catlyn Chief Human Resources Officer Sis. Jacqueline Caesar Chief Information, Communications & Technology Officer Bro. Irwin Gibson Chief Operations Officer Bro. Richard Kennedy Chief Legal & Corporate Affairs Officer Sis. Natalie Holder Chief Internal Auditor Bro. Eric Small Chief Marketing & Member/ Customer Experience Officer Sis. Gail Best-Niles

6 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Financial Highlights Financial Highlights - Five Year Review In Bds $’000 2024 2023 2022 2021 2020 Statement of financial position: Assets Cash and equivalents 365,133 356,952 376,390 350,989 261,089 Investments 158,379 113,377 69,958 62,840 55,075 Loans to Members (net) 1,131,733 1,146,391 1,114,980 1,054,665 1,046,080 Property and Equipment 46,780 48,657 51,377 52,507 53,772 Other Assets 59,334 58,364 60,493 56,176 56,696 Total Assets 1,761,360 1,723,741 1,673,198 1,577,177 1,472,712 Liabilities and Owner’s Equity Liabilities Deposits 1,524,797 1,500,899 1,453,146 1,374,306 1,279,598 External Debt - - - - - Other 41,708 34,153 35,658 29,705 24,150 1,566,505 1,535,052 1,488,804 1,404,011 1,303,748 Equity Share Capital 13,651 13,334 12,901 12,357 12,008 General & Other Reserves 175,200 170,439 166,742 156,436 148,952 Retained earnings 6,004 4,916 4,751 4,373 8,004 194,855 188,689 184,394 173,166 168,964 Total Liabilities and Owner’s Equity 1,761,360 1,723,741 1,673,198 1,577,177 1,472,712 Statement of income: Interest Income 87,099 88,928 86,601 83,591 89,897 Interest Expense 19,644 21,273 22,139 23,177 23,547 Net Interest Income 67,455 67,655 64,462 60,414 66,350 Other income 5,663 4,867 4,580 3,721 4,512 Net income and other income 73,118 72,522 69,042 64,135 70,862 Impairment expense 2,676 4,766 6,498 9,247 6,123 Net operating income 70,442 67,756 62,544 54,888 64,739 Total operating expenses 61,622 59,662 52,277 46,869 47,647 Net income before extra-ordinary items 8,820 8,094 10,267 8,019 17,092 Derecognition of Government Securities Reversal of Impairment on Investment in Subsidiary - 1,307 - Tax of Assets - - - - Net income after extra-ordinary items 8,820 9,401 10,267 8,019 17,092

7 SEPARATE FINANCIAL STATEMENTS 2024 2024 2023 2022 2021 2020 Financial statistics in percent: Asset Growth 2.18 3.02 6.09 7.09 8.90 Loan Growth -1.28 2.82 5.72 0.82 4.87 Deposit Growth 1.59 3.29 5.74 7.40 8.90 Net Surplus Growth -7.12 -8.43 28.03 -53.08 42.89 Return on Assets 0.50 0.55 0.63 0.53 1.21 Return on Equity 4.55 5.04 5.74 4.69 10.58 Operating Efficiency 87.59 88.05 83.58 85.39 73.60 Net Interest Margin 3.87 3.98 3.97 3.96 4.70 2024 2023 2022 2021 2020 Other statistics Delinquency ratio (%) 14.8 13.8 13.5 13.5 9.9 # of members 113.8 111.1 107.5 103.0 100.1 # of branches 6 6 6 6 6 2024 2023 2022 2021 2020 Net income per member $76.76 $84.61 $95.51 $77.85 $170.75 Financial Highlights Financial Highlights - Five Year Review In Bds $’000 Principal Bankers Republic Bank (Barbados) Ltd. Auditors PricewaterhouseCoopers SRL Barbados

8 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED This section of the Annual Report provides a discussion and analysis of the financial position and performance of the Barbados Public Workers’ Co-operative Credit Union Limited (BPWCCUL) for the financial year ended March 31, 2024, as compared to the financial year ended March 31, 2023. The Management Discussion and Analysis (MD&A) should be read in conjunction with the audited financial statements, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”). Barbados’ Economic Performance 2023-2024 The January-March 2024 report of the Central Bank of Barbados’, “Review of Barbados’ Economic Performance”, reported that the economy continued to grow despite global and domestic challenges such as increased interest rates on foreign debt. Geopolitical frictions stemming from conflicts in the Middle East, and the continuing Russian-Ukrainian war along with other global external frictions also placed upward pressure on domestic prices through higher freight, import and transportation costs. Despite these challenges, Real GDP increased by 4.1 percent which was primarily driven by visitor arrivals. The other performing sectors also contributed to the economic growth recorded for 2024 and the current account surplus which increased by $178.2 million during the first quarter of 2024 compared to $71.8 million recorded for the same period in 2023. The debt-to-GDP ratio fell from 119.6 percent to 114.3 percent mainly from the strengthened 2023/2024 economic activity and growth. A Summary break-down of Macro-economic Developments • During this period, the significant driver of growth was the tourism sector which recorded the highest arrivals since the 2019 pre-Covid peak. The increase in airlift capacity and promotional initiatives bolstered long-stay tourism by up to 14.8 percent compared to the same period last year. • The positive contribution from the tourism sector spilt over and improved the performance of other sectors such as restaurants, other food services and recreational activities. The construction sector also benefitted through private and public partnerships with key projects which included the construction of the new geriatric hospital, the roads project from the Mill & Pave Programme, Barbados Water Authority infrastructural works and the World Cup Cricket preparations. • The labour market showed signs of improvement with a decline in unemployment claims from the NISS which remained below pre-pandemic levels. The unemployment rate fell for the third consecutive year to reach 7.9 percent compared to 8.4 percent in the previous year. Management Discussion & Analysis (MD&A) • The international reserves were reported at a healthy balance of $3.2 million or 33.3 weeks of import cover as a result of the receipts from tourism and the incremental funding disbursements (policy-related loans) from multilateral development institutions (MDIs). • As global interest rates continue to trend upward from inflationary pressure, funding issued by the MDIs will become more expensive and therefore noninterest expense and capital spending management will continue to be critical elements of the Government’s focus. • Debt and financing were reduced during FY 2023/24 by $70.2 million from prior FY 2022/23 which resulted in a higher primary surplus. This was achieved notwithstanding the higher debt service due to the higher variable interest rates and the step-up interest rates feature of the restructured domestic government debt, issuances of the BOSS plus bonds and treasury bills. • The Middle East conflict and the ongoing Ukrainian-Russian war continue to cause supply and trade disruptions, and these along with adverse weather conditions all contributed to elevated but slowed inflation rates with a 12-month moving average of 4.8 percent and a point-topoint average of 4.2 percent as at the end of February 2024. In comparison, these fell from 5.6 percent and 6.5 percent respectively from the prior February 2023 period.

9 SEPARATE FINANCIAL STATEMENTS 2024 Financial Sector Developments • The financial system in Barbados continues to remain resilient and stable: o The Non-performing loans ratio showed a notable decline as reported during January to March 2024 indicating higher asset quality on the balance sheets of deposit-taking financial institutions. o Capital adequacy remained robust, healthy and above regulatory limits, with high liquidity due to an increase in the deposit base of Deposittaking Institutions. • Total deposits grew during the review period at marginally higher levels than FY 2023. Deposits grew by 1.6 percent driven by a build-up in local and foreign current deposits. Liquidity, which is also measured by the liquid assets ratio, remained high within the banking sector at 13.4 percent albeit lower in the finance companies due to a reduction in currency and deposits. • Overall, credit and loans in the non-financial private sector grew marginally over the threemonth review period. The increases in lending to households, hotels & restaurants, and the real estate sector, more than outstripped the significant repayments in the construction, hotel and restaurants and distribution sectors. New lending to individuals, particularly for mortgages, combined with slower repayments, drove the overall increase in loan growth. Barbados’ Economic Forecast Barbados’ economy is expected to remain on its growth path during 2024 and is projected to grow at 3.9 percent with tourism and private sector investments being key drivers of economic activity and expansion. It was reported that domestic inflation is expected to slow down further over the medium term in line with falling international commodity prices. The forecast for the 12-month moving average is expected to range between 3.5 and 4.0 percent by the end of 2024. This would, however, be dependent on the rise in inflationary pressures from domestic demand for discretionary goods and services as the economy expands. 8.3 -30 -20 0 -10 10 20 30 40 BDS $M Ch 8,574.6 8,598.8 7,400 7,600 7,800 8,000 8,200 8,400 8,600 8,800 BDS $M Outstanding Credit to the NFPS NPLs of Commercial Banks and Finance Companies Source: Central Bank of Barbados Source: Cen 5.0 5.1 12.2 0 11.0 2 4 6 8 10 12 14 16 18 0 100 200 300 400 500 600 700 800 900 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 % Mar-24 BDS $M 0 100 200 300 400 500 600 700 800 Mar-17 Total NPLs NPL Ratio - Banks (RHS) NPL Ratio - Finance Companies (RHS) Jun-17 Sep-17 Dec-17 Mar-18 BDS $M Figure 16: Liquid Asset Ratio 0 5 10 15 20 25 30 35 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Commercial Banks % Finance Changes in Domestic-Currency Deposits January - March Cha 400 BDS $M Households Government Private Sector Firms Other 200 BDS $M Hous Gove Source: Central B -20.6 -30 -20 -10 7,400 7,600 7,800 8,000 NPLs by Sector NPLs of Commercial Banks and Finance Companies Source: Central Bank of Barbados Source: Central Bank of Barbados 5.0 5.1 12.2 0 11.0 2 4 6 8 10 12 14 16 18 0 100 200 300 400 500 600 700 800 900 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 % Mar-24 BDS $M 0 100 200 300 400 500 600 700 800 Mar-17 Total NPLs NPL Ratio - Banks (RHS) NPL Ratio - Finance Companies (RHS) Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 BDS $M Other Distribution Construction Hotels and Restaurants Real Estate & Other Professional Services Individuals Figure 16: Liquid Asset Ratio 30.9 33.3 13.8 0 13.4 5 10 15 20 25 30 35 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Commercial Banks % Finance Companies Changes in Domestic-Currency Deposits January - March Changes in Foreign-Currency Deposits January - March Sources: Central Bank of Barbados and Financial Services Commission Sources: Central Bank of Barbados and Financial Services Commission -100 0 -50 50 100 150 200 250 300 350 400 2019 2020 2021 2022 2023 2024 BDS $M Households Government -50 0 50 100 Private Sector Firms Other 150 200 2019 2020 2021 2022 2023 2024 BDS $M Households Government Private Sector Firms Other Source: Central Bank of Barbados 8.3 -8.0 -20.6 -0.5 29.1 18.5 -2.6 24.1 -30 -20 0 -10 10 20 30 40 BDS $M Changes in Loan Balances of the NFPS March 2024 vs December 2023 8,574.6 8,598.8 7,400 7,600 7,800 8,000 8,200 8,400 8,600 8,800 BDS $M Outstanding Credit to the NFPS NPLs by Sector NPLs of Commercial Banks and Finance Companies Total NPLs NPL Ratio - Banks (RHS) Other Figure 16: Liquid Asset Ratio 30.9 33.3 13.8 0 13.4 5 10 15 20 25 30 35 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Commercial Banks % Finance Companies Source: Central Bank of Barbados 8.3 -8.0 -20.6 -0.5 29.1 18.5 -2.6 24.1 -30 -20 0 -10 10 20 30 40 BDS $M Changes in Loan Balances of the NFPS March 2024 vs December 2023 8,574.6 8,598.8 7,400 7,600 7,800 8,000 8,200 8,400 8,600 8,800 BDS $M Outstanding Credit to the NFPS NPLs by Sector NPLs of Commercial Banks and Finance Companies Source: Central Bank of Barbados Source: Central Bank of Barbados 5.0 5.1 12.2 0 11.0 2 4 6 8 10 12 14 16 18 0 100 200 300 400 500 600 700 800 900 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 % Mar-24 BDS $M 0 100 200 300 400 500 600 700 800 Mar-17 Total NPLs NPL Ratio - Banks (RHS) NPL Ratio - Finance Companies (RHS) Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 BDS $M Other Distribution Construction Hotels and Rest urants Real Estate & Other Professional Services Individuals Figure 16: Liquid Asset Ratio 30.9 33.3 13.8 0 13.4 5 10 15 20 25 30 35 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Commercial Banks % Finance Companies Changes in Domestic-Currency Deposits January - March Changes in Foreign-Currency Deposits January - March Sources: Central Bank of Barbados and Financial Services Commission Sources: Central Bank of Barbados and Financial Services Commission -100 0 -50 50 100 150 200 250 300 350 400 2019 2020 2021 2022 2023 2024 BDS $M Households Government -50 0 50 100 Private Sector Firms Other 150 200 2019 2020 2021 2022 2023 2024 BDS $M Households Government Private Sector Firms Other Source: Central Bank of Barbados 8.3 -8.0 -20.6 -0.5 29.1 18.5 -2.6 24.1 -30 -20 0 -10 10 20 30 40 BDS $M Changes in Loan Balances of the NFPS March 2024 vs December 2023 8,574.6 8,598.8 7,400 7,600 7,800 8,000 8,200 8,400 8,600 8,800 BDS $M Outstanding Credit to the NFPS NPLs by Sector NPLs of Commercial Banks and Finance Companies 5.0 5.1 12.2 11.0 6 8 10 12 14 16 18 300 400 500 600 700 800 900 % BDS $M 300 400 500 600 700 800 Total NPLs NPL Ratio - Banks (RHS) NPL Ratio - Finance Companies (RHS) BDS $M Other Distribution Construction Hotels and Restaurants Re l Estate & Other Professional Services Individuals Figure 16: Liquid Asset Ratio 30.9 33.3 13.8 0 13.4 5 10 15 20 25 30 35 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Commercial Banks % Finance Companies Source: Central Bank of Barbados

10 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED There are currently ongoing trade agreements with CARICOM countries to increase trade at more favourable prices aimed at reducing import-driven inflation. However, external international factors such as geo-political conflicts and wars, tensions in the Red Sea and persistent congestion in the Panama Canal pose significant risks to the measures put in place to lower and dampen domestic inflation. The most recently published, “World Economic Outlook”, forecast a more gradual economic slowdown than previously anticipated with an upward revision to the global prospects. The Barbadian tourism sector is expected to experience another productive period due to the ICC Men’s’ World Cup being hosted in June 2024, improved air passenger access and increased private and foreign direct investment. Overview Our focus at the Barbados Public Workers’ Cooperative Credit Union Ltd. continues to be on providing highquality financial products and services and promoting the financial and social well-being of our membership, whilst remaining committed to adding value through our product offerings and providing excellent service and support. During the period, membership grew by 2,663 or 2.4 percent to reach 113,781. Accordingly, there was a new deposit generation of $401.3 thousand and 149 new loans to first-time members totalling $1.5 million. Memberrelated expenditures granted through social outreach increased above the prior year by $30.1 thousand, however, demand for educational and social funds declined below the prior year by $31.9 thousand. Review of Financial Performance Total Income And Net Income Total income comprising of interest from loans and advances and, interest from cash resources and investments was reported at $87.1 million. This, along with non-interest income of $5.6 million, together totalled $92.7 million for the year ended March 31, 2024, compared to $95.1 million in the prior year; a 2.6 percentage decrease. As a result, net income for the year was reported at $8.8 million; a marginal decline of $581 thousand or 6.2 percent when compared to the prior year. Net Interest Income Net interest income comprises of interest earnings on assets, less interest expenses paid on lease liabilities, deposits and wholesale funding (the cost of funds). Net interest income decreased by $200.0 thousand or 0.3 percent at the end of the financial year, March 2024, when compared to the prior financial year, March 2023. This was mainly due to interest expenses declining by $1.6 million or 7.7 percent which was less than the decrease in total interest income of $1.8 million or 2.1 percent when compared to the prior year. Other Income Other income increased by $796.7 thousand or 16.4 percent during the financial year to end at $5.6 million, primarily due to an improvement in fee income which increased by $788.3 thousand or 32.1 percent. The collection of income from charged-off loans increased by $25.5 thousand or 2.2 percent, and rental income also increased by $8.2 thousand or 5.2 percent. These increases were offset by a negative movement in legal income which declined by $184.1 thousand or 17.9 percent. Efficiency And Expense Management The Credit Union’s strategy during the financial year focused heavily on adding valued member services which resulted in operating expenses increasing by $2.6 million or 8.2 percent compared to the prior year. Nonetheless, the organisation’s efficiency ratio reflected an improved position, moving from 88.1 percent at year end 2023 to 87.6 percent at year end 2024. Total Operating Expenses Total operating expenses for the year were reported at $61.6 million (2023 - $59.7 million), representing an increase of $1.9 million or 3.3 percent compared to the prior year. The increase in other operating costs accounted for 55.3 percent of the increase in total operating expenditure. Deposits Net Income 2 Net Interest Income Management Discussion & Analysis (MD&A) (Continued)

11 SEPARATE FINANCIAL STATEMENTS 2024 The break-down of the changes in Other operating expenses for 2024, with a comparison to 2023, is outlined below: • Increases were recorded in direct cost of services of $1.9 million or 100.1 percent, membership security of $647.2 thousand or 12.5 percent, bank charges of $543.5 thousand or 292.3 percent, office stationary and supplies of $537.4 thousand or 232.2 percent, and repairs and maintenance of $393.2 thousand or 6.5 percent. • Compensating reductions of $1.2 or 34.4 percent were recorded in legal and professional fees, while meetings and conferences, utilities and publicity and promotion recorded decreases of $375.3 thousand or 29.4 percent, $299.2 thousand or 15.9 percent and $196.7 thousand or 6.8 percent respectively. While routine maintenance of property, plant and equipment occurred during the reporting period, there were no significant upgrades which merited capitalisation and hence depreciation expenses decreased by $577.8 thousand or 13.5 percent. Net Operating Income Net operating income increased by $1.3 million or 1.9 percent, recording an end of year position of $70.4 million. This was primarily attributed to a notable decrease in interest expense of $1.6 million or 7.7 percent, an increase in other income of $796.7 thousand or 16.4 percent, and a decrease in expected credit losses (ECL) of $2.1 million. While there was a marginal increase in non-performing loans, the associated discounted market values of the collateral associated with those loans were higher than their carrying values and this positive position resulted in lower overall impairment losses. Assets Asset growth of $37.5 million was below the prior year’s growth of $50.5 million. The Credit Union’s assets have grown by $288.6 million or 27.5 percent over the last five years to reach $1.8 billion at March 2024. Net loans and advances to members were $1.132 billion, inclusive of the required allocation for expected credit losses which this year carried an overall ECL allowance of $39.6 million. This compares to $1.146 billion inclusive of an expected credit loss allowance of $40.7 million at the end of the 2023 financial year, resulting in a reduction in Net loans by $14.6 million or 1.3 percent over the prior year. Loan growth during the past year was primarily driven by an increase in mortgage loans, with net mortgages growing by $21.7 million (2023 - $45.8 million) or 4.4 percent (2023 - 10.3 percent). Outside of mortgages, the appetite for loans continues to be sluggish as there was a decline in consumer loans of $37.0 million (2023- $13.9 million) or 5.7 percent (2023 - 2.11 percent) and business loans contracted marginally by $552.2 thousand (2023 - $1.1 million) or 14.8 percent (2023 – 22.2 percent). Asset Quality Loans 90 days or more past due increased by $10.0 million or 6.2 percent during the period while nonperforming loans (90 days and over) were $172.6 million or 14.8 percent of the gross loans’ portfolio of $1,162 billion. Delinquent loans between 31 to 89 days decreased by $13.3 million or 32.9 percent to move from $40.3 million to $27.0 million, while loans less than 31 days past due decreased by $13.8 million or 1.4 percent. Given the cumulative impact of the movements, expected credit losses in relation to loans decreased by $2.4 million or 49.3 percent to move from $4.8 million in 2023 to $2.4 million at March 31, 2024. The delinquency rate moved from 13.8 percent to 14.8 percent at March 31, 2024, due to the increases in non-performing loans (the numerator) whilst the gross loan portfolio (the denominator) contracted during the reporting period. Loans to members Asset Growth Delinquency Ratio

12 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Liabilities The Credit Union’s operations continued to be funded solely by member deposits, which at March 31, 2024, totalled approximately $1.5 billion representing growth of $23.9 million (2023 - $47.5 million) or 1.6 percent (2023 – 3.3 percent). During the fiscal period the average monthly deposit cost was $1.6 million as compared to the prior year of $1.8 million. The organization currently maintains a higher-thanmarket rate on its core deposits to ensure its members receive a premium return on their savings compared to similar financial products in the market. This benefit to members was provided while balancing the need to remain competitive and ensuring the continued financial strength and stability for which we are known, both of which were achieved. Other Liabilities Other liabilities increased by $7.5 million (2023 – $1.5 million) or 22.1 percent (2023- 4.2 percent) to move from $34.1 million in 2023 to $41.7 million at March 31, 2024. Noted increases within other liabilities were accounts payable and accrued expenses, $493.8 or 8.8 percent, the fair value adjustment (benefit) relating to staff loans by $2.5 million or 1836.7 percent, and finally unallocated receipts to members, unprocessed bill payments and payroll arising out of timing differences increased by Management Discussion & Analysis (MD&A) (Continued) SAVE TIME ! Apply Online Save time with our hassle-free online loan application. Apply now and enjoy the convenience of a streamlined process from the comfort of your own home. Don’t waste precious time waiting in line or dealing with paperwork. Experience the power of technology and apply online today! Deposits Net Income Loans to members 2 Deposits Growth $811.7 thousand or 26.1 percent over the prior year. Decreases were recorded in the lease liability by $931.2 thousand or 40.8 percent. The amounts due to member estates (Reimbursable Shares) also increased by $4.6 million or 20.4 percent. Equity Total equity which comprises members’ share capital, retained earnings and statutory and other reserves provides a safety buffer, ensures financial stability and allows for future growth and development. As at March 31, 2024, total members’ equity stood at $194.8 million, up from $188.7 million as at March 31, 2023. The increase of $6.1 million or 3.2 percent was predominantly attributable to the contribution arising out of a positive net income of $8.8 million and was enhanced by growth in the share capital of $316.6 thousand or 2.4 percent. Distributions to members during the year were approximately $2.8 million and comprised of a share dividend of $648.4 thousand or 5.0 percent, and an interest rebate of $2.1 million or 2.5 percent. Way Forward As we look ahead to the financial year 2024-2025, our vision for the future of our credit union remains cautiously optimistic as the landscape of the financial services sector continues to rapidly evolve. We however remain steadfastly committed to positioning our credit union at the forefront of these changes, ensuring that we continue to deliver value to our members. Our foundation of member ownership and focus on member financial wellbeing remain our strongest assets and driver for change. Here is what we envision for the coming year: Embracing Technological Innovation One of the key areas of focus for the coming year will be the continued focus on our digital transformation initiative to facilitate the integration of advanced technology into our future service offerings. We recognise that our members expect and deserve seamless, secure,

13 SEPARATE FINANCIAL STATEMENTS 2024 and convenient digital solutions, and to meet these expectations we plan to enhance our current mobile and online banking platforms and introduce new features that improve user experience, increase transaction security, and provide more personalised financial tools. Strengthening Financial Health and Inclusion Our commitment to financial inclusion remains our bedrock and cornerstone. In the upcoming year, we will expand our financial literacy initiatives, and will offer more educational content, workshops and webinars to help our members make informed financial decisions. We will also continue to review our savings and loan products to ensure that wherever possible we meet the diverse needs of our membership through products designed to provide support at every stage of our members’ financial journeys. Sustainable Growth and Community Engagement Sustainable growth is essential for the long-term success of our credit union. In 2024-2025, through targeted outreach and partnerships, we aim to continue to seek out those who can benefit from membership so we can seek to introduce them to the credit union and welcome them into our credit union family. Additionally, as our contribution and to play our part in ensuring Barbados delivers on the Sustainable Development Goals (SDGs) 2030 Agenda we will explore opportunities to support environmentally sustainable projects and offer green finance options to our members. Regulatory Compliance and Risk Management In an ever-changing regulatory environment, maintaining compliance and managing risk are paramount. We are committed to continuously monitoring and adapting to new regulations to ensure that we remain compliant with regulatory requirements while concurrently protecting our members’ interests. By adopting robust risk assessments and risk mitigation strategies, we will continue to safeguard the financial health of members, our credit union and the wider financial services sector. Collaboration and Sectoral Development The success of the wider credit union movement is inextricably intertwined with the success of our credit union. In the coming year, we will continue to foster strategic partnerships from our position of leadership and, where it does not cause a conflict or negatively impact our operations, will collaborate with other credit unions and financial institutions to drive innovation, potentially through shared services, for the benefit of all. We will also become greater advocates for the credit union movement by actively and visibly participating in forums that promote the benefits of credit unions to a wider audience. 2024-2025 promises to be a period of growth and positive change. We are excited about the opportunities ahead and are confident that, together, we will continue to build a stronger, more resilient credit union that meets the needs of our members and our community – a credit union where every member can proudly say, “This is where I belong.” Thank you for your continued trust and support as we embark on this journey forward.

14 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Legacy Foundation’s mission is to inspire people and mobilize resources to strengthen the communities where our Group of Companies operate. We aim to make a significant positive social impact that will leave a lasting impression in areas that align with our impact objectives of Wellness, Empowerment & Learning. Donations can be made at any branch of BPWCCUL. CO-OPERATORS INCORPORATED www.alliedcoopinc.com (246) 622-9000 Affordable access to Best-in-class Assurance Services for small to medium sized entities. At Allied, the goal of our Assurance team is to help small to medium sized regional companies to meet and manage their regulatory obligations so that they imbue trust, maintain integrity and ultimately, promote financial stability and sustainability.

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16 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Board of Directors’ Report Overview “Despite facing global and local headwinds, the Barbados economy sustained its growth trajectory, driven by the robust performance of the tourism sector. Amidst challenges such as elevated foreign interest rates, geopolitical tensions, and local climatic events affecting agricultural output and local prices, the Barbadian economy demonstrated resilience…” The above extract from the 31 January 2024 Central Bank of Barbados’ Review of Barbados’ Economy in 2023 appropriately summarises the mixed fortunes of the past year which, while trending in the right direction from a macro-economic perspective, has not been an easy one at the household and individual level. Internationally there has been turbulence across the major economies with economic conditions of our major trading partners being characterised by rising interest rates and inflation – conditions that have in turn impacted our members and employees in various forms, in the management of your day to day affairs. Outside of economic conditions, the credit union as an entity has also been navigating a changing landscape as the sector on a whole was confronted with operational challenges, regulatory changes and technological advancements and threats from bad actors in the space. Some of the most significant factors included: • Risk Management - Heightened risks associated with e-commerce fraud, data protection compliance and other operational risk elements required us to revisit risk management practices, enhance internal controls, and review our contingency plans to safeguard financial stability and protect member interests. • Regulatory Changes - evolving regulatory frameworks and compliance requirements especially in areas such as data protection and governance. • Technological Threats - frequency of attacks on members’ debit cards through fraudulent e-commerce transactions at online merchants. These factors that have necessitated the need to ensure flexibility in our operational model as we adjusted to evolving needs and expectations. The prevailing cost of living, driven by the volatility in the international market, still continues to be a major challenge that has tested the average Barbadian’s resilience and ability to adapt. Despite this, we, the Board of Directors of the Barbados Public Workers’ Co-operative Credit Union Ltd., remain optimistic “ We are proud of what we have accomplished from an operational, member service and community perspective.

17 SEPARATE FINANCIAL STATEMENTS 2024 and believe that your Credit Union remains well positioned to help you through these times. History has shown that when uncertainties abound, our commitment to navigating the challenges with our members become stronger and we become even more resolute in contributing to the financial well-being of our members and by extension the Barbadian community. Credit Union Performance As we provide insight into the financial performance of our Credit Union and its subsidiaries over the past year, we do so against the backdrop of dynamic economic conditions in our local market and the wider Caribbean region. The past year brought forth a mix of opportunities and challenges and on each occasion your Credit Union has demonstrated resilience and agility, resulting in a continued positive performance in line with previous years. The Treasurer’s Report and the audited financial statements will provide a detailed narrative of the financial performance during a year when management demonstrated effective control over controllable factors, and exercised prudent financial judgment in the face of revenue projections not being realised due to lower than anticipated credit growth. A snapshot of some key aspects of the financial performance over the previous reporting period is outlined below: Statement of Financial Performance • Total interest income - $87.1 million • Total interest expense - $19.4 million • Total Other income - $5.6 million • Total Operating Expenses - $61. 6 million • Net Profit - $8.7 million Statement of Financial Position • Net Loans and Advances - $1.1 billion • Total Assets - $1.8 billion • Deposits - $1.5 billion • Total Equity - $194.8 million Subsidiary Performance Capita Financial Services Inc. (CFSI) During the reporting period, CFSI continued to make significant strides towards returning to operational normalcy and strengthening its position in the market. Following the severe public scrutiny and adverse publicity experienced, CFSI took proactive measures to enhance its governance structures and processes, resulting in the subsidiary having successfully re-established its credibility and image, reinforcing its position as a key entity within the Group, and a resilient entity dedicated to serving its customers. One of the key initiatives undertaken by the CFSI Board during the reporting period was the recruitment of a new Chief Executive Officer to lead the subsidiary into the next phase of growth and development. We are pleased to announce that an experienced executive was appointed to lead the subsidiary, bringing with him a wealth of industry knowledge and leadership acumen. Under his guidance, CFSI has formulated action plans to address areas of identified weaknesses and capitalise on opportunities for improvement. It has been a year of corrective action to stabilise the subsidiary and this has come at a cost, as business development and revenue generation was outpaced by stabilisation expenses. CFSI’s revenue and profitability position were marginally impacted by the actions of the past year and it finished the year below the budgeted projections. On the positive side, the work done to date has resulted in strong capital and liquidity build-up, both of which are critical to our long-term goals. Some key financial highlights for the past fiscal period are shown below: Statement of Financial Performance • Total interest income - $15.7 million • Total interest expense - $6.7 million • Total Other income - $8.4 million • Total Expenses - $15.5 million • Net Profit after taxes - $834.5 thousand Statement of Financial Position • Net Loans and Advances - $258.7 million • Total Assets - $335.5 million • Total Deposits - $282.8 million • Total Equity - $29.7 million Additionally, CFSI’s governance practices have been reviewed, and continue to be enhanced across the organisation to ensure compliance with regulatory requirements and best practices. As a Board, we remain committed to supporting CFSI’s growth initiatives and fostering a culture of transparency, accountability and innovation. Looking forward, CFSI is poised for future success that will add incremental value to the Group of Companies and contribute positively to the Group’s long-term

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

19 SEPARATE FINANCIAL STATEMENTS 2024 Regulatory Environment Review During the 2023-24 fiscal period, the financial services sector experienced intensified regulatory scrutiny and higher privacy standards due to newly introduced (or proposed) legislation and regulatory guidelines. These changes focused on areas such as corporate governance, fitness and propriety, data privacy, whistleblowing, anti-corruption and bribery, and cyber security and technology risks. In response, the Credit Union took proactive steps to enhance existing practices and/or establish new frameworks for these critical areas. Our commitment to maintaining the highest standards of compliance with regulatory requirements remains unwavering. Corporate Governance and Fitness & Propriety Regulatory Guidelines In January 2024, the Financial Services Commission (FSC) issued a notice advising that the Corporate Governance Guidelines became effective on November 20, 2023. Registrants were advised to update their fit and proper frameworks, policies, procedures and practices accordingly. Based on these guidance documents, BPWCCUL is considered a non-banking systemically important financial institution (NB-SIFI) given its size and complexity. Due to its NB-SIFI status, the FSC required BPWCCUL to enhance measures governing the AGM election process to ensure that all persons elected to office are fit and proper as defined in the Guideline and are aware of the new corporate governance standards. Technology & Cyber Risk Management Guideline In June 2023, the FSC issued a consultation paper regarding the draft Technology & Cyber Risk Management Guideline to its registrants for feedback. The draft aligned to requirements seen in the banking sector and international best practices. Hence, BPWCCUL assessed its existing practices to determine any gaps that need to be addressed to enhance its existing technology and cyber security framework. Whistleblowing While it is customary for complaints to be made through various contact channels, it is understood that there is a need to ensure that some concerns are brought to the organization’s attention confidentially. These matters are to be addressed through implementation of the Group Whistleblower Framework. Barbados Revenue Authority (BRA) In November 2023, the BRA issued a guidance note to provide reporting financial institutions (e.g. credit unions, banks and other deposit taking entities) with direction on their obligations for obtaining and reporting Tax Identification Numbers (TIN) of members to satisfy this requirement under the Common Reporting Standard (“CRS”). In November 2023, the BRA also, issued guidance to reporting Barbados financial institutions where an entity opening an account self-certifies as a financial institution to adhere to the requirements under the Common Reporting Standard. It is critical that members provide their TINs to satisfy these requirements. Data Privacy In keeping with data protection legislation, the BPWCCUL has implemented measures to ensure safe and effective collection, processing, usage, storage, distribution of personal data and protection of members’ personal data. There is therefore a legal obligation for BPWCCUL to ensure that all member information is protected from unauthorized access and use, and that information is only used within the confines of regular business activity. There is also a legal obligation for BPWCCUL to ensure that member information is updated as necessary as part of its Know-YourMember programme. Members are therefore, encouraged to update their information as a requirement. Current business practices rely heavily on technology to facilitate faster, easier and more convenient ways to conduct business activity. This increases the risk of outside forces attempting to gain information through cybercrime. Should such cyber incidents occur, there is a legislative requirement for such matters to be reported to the Data Commissioner and affected individuals. Members should ensure that they employ measures to protect their information. This includes, but is not limited to being mindful of entering information on suspicious websites, not sharing personal identification numbers (PINs) and not sharing personal information. Member Engagement During the 2023-24 reporting period, the Credit Union recorded a steady growth in membership, with total members closing at 113,781 a 2.4 % increase over the prior year. While we acknowledged that there were challenges within our operations,

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