Consolidated Annual Report 2024

98 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2024 (expressed in Barbados dollars) 58 22 Other Reserves …continued Special funds …continued 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 Donated equity This amount totalling $26,909 (2023 - $26,909) represents the value of donations bestowed upon the Group on incorporation. Defined benefit plan This amount totalling $(474,056) (2023 - $(151,640)) represents the net amount of actuarial gains and losses and other items recognised directly in other comprehensive income on the Group’s defined benefit plan. (Note 15) Reserve for interest on non-performing loans This amount totalling $9,505,972 (2023 - $8,536,043) 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 Cooperative 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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