78 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2023 (expressed in Barbados dollars) 50 20 Other reserves …continued (ii) Special funds …continued 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. h) 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. i) Small and Micro Business Fund This Fund was established in September 2021 to provide assistance for credit unions members who wish to become entrepreneurs. 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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