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,
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