23 SEPARATE FINANCIAL STATEMENTS 2025 We also conducted regular employee training sessions to keep our team informed and vigilant about data privacy matters and have also completed the first phase of a comprehensive Fraud and Risk Assessment, which has allowed us to implement updated policies and procedures that further strengthen our ability to safeguard member assets. We understand that data privacy is not just a legal obligation but also a matter of trust, and are committed to maintaining your trust by continuously improving our operational practices. As part of this commitment, the board of directors has benefited from data privacy presentations as we work to create a safer digital environment for everyone within the context of the Barbados Data Protection Act 2019. Lower Broad Street Premises Update Our flagship project at Lower Broad Street is progressing well. We have completed the technical design phase, which included: • Engineering analyses to assess the strength of the existing steel structure and roof. • Fire safety reviews to ensure the building meets modern codes. • A full set of architectural and MEP designs, now submitted for planning approval. • Budget preparation and tendering for the first phase of construction, set to begin in 2025. To ensure the project comes in on time and on budget, our team is working diligently to secure the best prices for materials and services, despite global market uncertainties. Focus is also being placed on coordination measures to minimise delays during construction. Organisation Strategy Refresh Last year, we shared our commitment to refreshing our strategic plan with the help of the Sagicor Cave Hill School of Business at UWI, a commitment that has now culminated in a refreshed roadmap for 2025-2029. Our vision remains clear: we are a group of companies dedicated to improving the livelihoods of our members and their communities. This vision is the foundation of our strategy, which remains anchored to four key pillars – Winning Organisation, Brilliant Execution, Customer Focus and Sustainable Future. Each pillar is designed to ensure we meet your evolving needs while staying ahead in the financial services landscape. At the heart of our revised strategy is you, our member. We are committed to delivering member-centric experiences that not only meet your needs but exceed your expectations. Whether that is done through convenient, technology-enabled services or personalised support, we are focused on making your every interaction with us meaningful and seamless so we can earn your loyalty every day. Behind the scenes, we are continuing efforts to optimise our efficiency and ensure regulatory compliance. This includes streamlining our processes, improving our digital infrastructure, and leveraging our assets in smarter ways. By doing so, we will be laying a solid foundation for sustainable growth and profitability that benefits our members and the communities we serve. We recognise that our success depends on our people and behind the strategic pillars is a commitment to our team. That commitment is to foster a culture of collaboration, accountability, and continuous learning. From leadership development to creating a supportive work environment, we will be investing in our teams to ensure they have the skills and motivation to drive our vision forward. We are continuing to evolve, adapt and grow to meet the changing needs of you our members, as well as the environment we are operating within. This calls for continuous pivoting, reviewing and refreshing of all we do but you are assured that as we do so we will do so in a way that ensures we stay true to our cooperative roots. Looking Ahead 2025-2026 Looking ahead, we know that 2025 contains uncertainty ranging from the effects of tariffs and global conflicts to increased cyber threats and the expansion of Artificial Intelligence (AI). As we look toward the year ahead, I want to share with you the realities our credit union faces in today’s rapidly changing financial landscape. While we continue to offer the personal touch and community focus that sets us apart from the big banks, we must acknowledge that our members rightfully expect us to deliver both heart and innovation. The digital revolution isn’t coming—it is here. Our members now expect the same seamless online and mobile banking experiences they see elsewhere, complete with 24/7 service and smart technology that anticipates their needs. We are investigating use cases for artificial intelligence, not to replace our personal service, but to enhance it; allowing our staff to focus on what matters most while technology handles routine inquiries and transactions. Staying compliant in our heavily regulated industry remains a constant challenge, but we will continue to work hard, and smart with the right technological tools, to navigate these complex requirements more efficiently. Similarly, cybersecurity threats continue to evolve, with very noticeable increases in incidents targeting credit unions like ours. To combat this, we are strengthening our defences and IT tools because protecting your trust and your data is non-negotiable. Competition is fiercer than ever. Large banks have superior marketing budgets, and nimble and unregulated non-bank finance companies are creating innovative solutions that capture the interest of the public at large. Our response cannot be to outspend them, but it is to out-serve them. To out-serve them by combining our community values with ever improving technology
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