27 CONSOLIDATED FINANCIAL STATEMENTS 2025 Celebrating Excellence In September, we proudly celebrated 47 young achievers at our Annual Thrift Club Academic Awards Ceremony, distributing $55,800 across categories ranging from Common Entrance to Government Scholarships. Award Category Awardees Amount Common Entrance Examinations 20 $20,000 Common Entrance Examinations (Special Awards) - $- Caribbean Secondary Education Certificate (CSEC) Examinations 12 $14,400 Caribbean Advanced Proficiency Examinations (CAPE) 10 $15,000 Government Exhibition 4 $4,200 Government Scholarship 1 $2,200 TOTAL 47 $55,800 Furthering our commitment to education, we granted two Ralph Boyce Scholarships, valued at $7,500 each, to promising university students. Community Outreach and Contributions The credit union played an active role in the community, participating in events such as Barbados Gospelfest, the National Senior Games, and the World Heart Day Luncheon. Through our sponsorships and donations program, we invested $245,785 into causes that support youth, education, health, and culture. Our social outreach efforts also provided $156,241 in direct assistance to members facing challenges, showcasing our dedication to uplifting those in need. Nurturing the Next Generation During the period changes were member-approved for by-laws 2(2) & 21 and 13-1 which has resulted in the removal of the age restriction previously required for Credit Union membership, and the introduction of a separate qualifying share for members under 16 years of age. Our Thrift Club continued to inspire and engage youth through initiatives like our summer camp and Christmas party, while our School Savers Programme expanded to four primary schools, fostering financial literacy at an early age. The Thrift Club Advisory Committee played a key role in advocating for youth services and empowering young members. Selection of a new Committee is slated for August/September 2025. There will be seven seats available to any young Credit Union member 14 to 18 years old. Committee members serve for two (2) years with the opportunity for reappointment. Strengthening Member Connections This year, we hosted our first Meet-the-Board session, creating an open and transparent dialogue between members and our leadership. We also celebrated our heritage during International Credit Union Day and various Member appreciation days across our branch network. As we look to the future, we’re focused on expanding diaspora engagement through e-newsletters, launching a national financial literacy competition, and deepening our youth programs. At BPWCCUL, community is at the heart of everything we do. Your participation and trust drive our efforts to build stronger, more resilient communities. Together, we are not just making a difference - we are shaping a brighter future for all. Regulatory Environment Review During the fiscal period, the financial landscape continued to evolve with the Financial Services Commission’s (FSC) issuance of four key regulations, which required its registrants to either enhance or revamp their operational and reporting frameworks. These regulations; the Material Changes Disclosure, Fitness and Propriety, Domestic Non-Bank Systemically Important Financial Institutions, and Technology and Cyber Risk Management Guidelines, aimed to strengthen established practices. In addition, focus on anti-money laundering/combatting financing of terrorism/combatting proliferation financing (AML/CFT/CPF) continued to be a critical aspect. The commitment by all stakeholders involved in maintaining a robust AML/CFT/CPF system within the island resulted favorably, with Barbados being removed from the Financial Action Task Force’s (FATF) Grey List in February 2024.
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