Non-Consolidated Annual Report 2020

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 58 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2020 (Expressed in Barbados dollars) 41 20. Other Reserves, continued (ii) Special funds The special reserve funds comprise the following: a) Social Outreach Fund The Social Outreach Fund was created to provide charitable donations to members in need of financial assistance. b) Education Fund The Education Fund was established to provide grants and scholarships to members pursuing educational programmes. c) Development Fund In June 2004, the general membership approved the establishment of the Development Fund to assist with the exploratory cost relating to projects of a developmental nature. d) BCCUL Training/Education Fund The BCCUL Training/Education Fund was instituted in June 2002 to finance the education of credit union members and the general public in credit union philosophy and operations. e) BPWCCUL Foundation This fund was established in June 2009 to fund major philanthropic initiatives undertaken by the Credit Union. f) National Development Fund This fund was established in June 2009 to assist the Barbados Co-operative Credit Union League Limited in funding developmental initiatives for the credit union movement in Barbados. g) Credit Union Liability Insurance Fund This fund was established in June 2010 to facilitate the establishment of deposit liability insurance for credit unions.