82 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2025 (expressed in Barbados dollars) 50 20 Other reserves …continued (ii) Special funds …continued e) 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. f) BPWCCUL Foundation This Fund was established in June 2009 to fund major philanthropic initiatives undertaken by the Credit Union. g) Small and Micro Business Fund This Fund was established in September 2021 to provide assistance for credit unions members who wish to become entrepreneurs. h) 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. i) Credit Union Liability Insurance Fund This Fund was established in June 2010 to facilitate the establishment of deposit liability insurance for credit unions. The movement in special funds during the year is as follows: 2025 Balance at beginning $ Amounts appropriated $ Amounts utilised $ Balance at end $ Social Outreach Fund 201,236 290,012 113,950 377,298 Education Fund 165,520 214,913 265,425 115,008 Development Fund 242,667 107,332 85,000 264,999 Health and Disaster Relief Fund 250,000 – – 250,000 BCCUL Training/Education Fund 50,000 50,000 – 100,000 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 1,319,423 1,022,257 824,375 1,517,305
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