79 SEPARATE FINANCIAL STATEMENTS 2023 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2023 (expressed in Barbados dollars) 51 20 Other reserves …continued (ii) Special funds …continued 2022 Balance at beginning $ Amounts appropriated $ Amounts utilised $ Balance at end $ Social Outreach Fund 404,286 52,975 (226,397) 230,864 Education Fund 351,796 57,438 (262,284) 146,950 Development Fund 305,333 44,667 (23,167) 326,833 Health and Disaster Relief Fund – 250,000 – 250,000 BCCUL Training/Education Fund 50,000 50,000 (50,000) 50,000 BPWCCUL Foundation – 300,000 (300,000) – 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 1,521,415 815,080 (921,848) 1,414,647 (iii) Donated equity This amount totalling $26,909 (2022: $26,909) represents the value of donations bestowed upon the Credit Union on incorporation. (iv) Defined benefit plan This amount totalling ($151,640), (2022: $2,619,950) represents the net amount of actuarial losses and other items recognised directly in other comprehensive income on the Credit Union’s defined benefit plan (Note 13). (v) Reserve for interest on non-performing loans This amount totalling $5,321,302 (2022: $4,906,175) is created to set aside interest accrued on non-performing loans where certain conditions are met in accordance with IFRS 9. The guidelines of Section 202 (2) of the Co-operative Societies Act Cap. 378A, however do not allow for the accrual of such interest. The interest is therefore set aside in a reserve and is not available for distribution to members.
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