89 CONSOLIDATED FINANCIAL STATEMENTS 2023 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2023 (expressed in Barbados dollars) 57 22 Other Reserves …continued Special funds …continued v) BPWCCUL Foundation This Fund was established in June 2009 to fund major philanthropic initiatives undertaken by the Group. vi) National Development Fund This Fund was established in June 2009 to assist the Barbados Co-operative Group League Limited in funding developmental initiatives for the Group movement in Barbados. vii) Credit Union Liability Insurance Fund This Fund was established in June 2010 to facilitate the establishment of deposit liability insurance for credit unions. viii) Small and Micro Business Fund This Fund was established in June 2017 to facilitate the support the growth and development of small businesses owned and operated by Credit Union members. viii) Health and Disaster Relief Fund This Fund was established in September 2021 to provide a resource for credit unions members and staff who need financial assistance because of medically introduced hardships or a climate related disastrous event. The movement in special funds during the year is as follows: 2023 Balance at beginning $ Amounts appropriated $ Amounts utilised $ Balance at end $ Social Outreach Fund 230,864 245,544 (243,020) 233,388 Education Fund 146,950 214,913 (196,610) 165,253 Development Fund 326,833 23,167 (21,666) 328,334 Health and Disaster Relief Fund 250,000 – – 250,000 BCCUL Training/Education Fund 50,000 50,000 (50,000) 50,000 BPWCCUL Foundation – 500,000 (500,000) – Small and Micro Business Fund 150,000 – – 150,000 National Development Fund – 60,000 (60,000) – Credit Union Liability Insurance Fund 260,000 – – 260,000 1,414,647 1,093,624 (1,071,296) 1,436,975
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