11 SEPARATE ANNUAL REPORT 2026 – 2.7 percent). During the fiscal the average monthly deposit cost was $6.7 million as compared to the prior year of $3.4 million. The Credit Union maintains above-market rates on its core deposits, enabling members to earn a premium return compared to similar products. This approach delivers strong member value while preserving competitiveness and supporting the financial strength and stability for which the Credit Union is recognized. Total Other Liabilities Total Other liabilities increased by $2.5 million (2025 – $7.4 million) or 5.1 percent (2025- 17.7 percent) to move from $49.1 million in 2025 to $51.6 million at March 31, 2026. Major contributors to this increase were increases in reimbursable shares of $2.6 million or 8.0 percent due to member estates. Unallocated receipts to members, which are unprocessed bills and payroll payments arising out of timing differences, increased by $3.5 million or 113.4 percent. Decreases were recorded in accounts payable and accrued expenses by $3.0 million or 28.8 percent, and lease liabilities decreased by $512.7 thousand or 87.4 percent over the prior year. 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, 2026, total members’ equity stood at $202.6 million, up from $197.1 million as at March 31, 2025. The increase of $5.5 million or 2.8 percent was predominantly attributable to the growth in the statutory and other reserves, and enhanced by the growth in retained earnings by $1.2 million or 17.2 percent. Distributions to members during the year were approximately $2.3 million, which comprised of a share dividend of $690.9 thousand or 5.0 percent and an interest rebate of $1.6 million or 2.0 percent. The Way Forward For the upcoming fiscal year and beyond, BPWCCUL will continue to strengthen its foundation as a resilient, agile, and member-centric Credit Union. Our focus is on building systems and services that anticipate change, embrace innovation, and deliver meaningful value to our members. Digital Transformation & Member Services We are advancing our digital transformation journey with the successful rollout of BimPay, our modern national payment system designed to give members greater convenience and flexibility in managing their finances. Soon, we will also introduce online loan applications, enabling members to access credit services seamlessly from anywhere. These initiatives lay the groundwork for digital maturity, where we will leverage technology to create intelligent, personalised member experiences. By integrating artificial intelligence and data analytics, we envision a Credit Union that automates routine processes, anticipates members’ financial needs, and provides proactive advice through the channels most relevant to them. This will free our teams to focus on complex, highvalue conversations that build lasting relationships. Cybersecurity & Data Protection In a world where data is one of our members’ most valuable assets, protecting it remains a top priority. We are committed to moving beyond a defensive posture to a proactive stance of cyber resilience. Our initiatives include enhanced predictive threat intelligence, stronger security architecture, and continuous upgrades to ensure our systems remain as dynamic as the threats they are designed to counter. Member confidence in our ability to safeguard their information is critical to our future success. Generational Engagement & Sustainability We are strategically focused on meeting the diverse needs of all membership demographics. We deeply value the loyalty of our long-standing members who have built and supported this institution, and we are equally committed to attracting and engaging younger generations. This means more than digital channels; it requires creative products that align with their love of technology, relevant financial literacy programs, and communication strategies that resonate with their aspirations. Culture & Talent Development None of these ambitions can be realized without investment in our people. Our employees are the engine of our progress, and we are dedicated to fostering a culture anchored in cooperative principles. We aim to be an employer of choice, attracting, developing, and retaining top talent in a competitive market. Continuous learning, empowerment, and accountability will be the hallmarks of our organizational culture, ensuring that every team member performs to their true potential. Cooperative Principles & Future Vision Our cooperative ethos of “people helping people” is not a relic of the past; it is the compass guiding us toward our desired future. By blending this foundational principle with bold, forward-looking strategies underpinned by technology, BPWCCUL is confident in its ability to navigate challenges, emerge stronger, and remain deeply connected to the members and communities we serve.
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