83 SEPARATE FINANCIAL STATEMENTS 2025 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2025 (expressed in Barbados dollars) 51 20 Other reserves …continued (ii) Special funds …continued 2024 Balance at beginning $ Amounts appropriated $ Amounts utilised $ Balance at end $ Social Outreach Fund 233,388 194,457 226,609 201,236 Education Fund 165,253 214,017 213,750 165,520 Development Fund 328,334 21,666 107,333 242,667 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 1,436,975 1,040,140 1,157,692 1,319,423 (iii) Donated equity This amount totalling $26,909 (2024: $26,909) represents the value of donations bestowed upon the Credit Union on incorporation. (iv) Defined benefit plan This amount totalling ($960,923), (2024: ($474,054)) 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 $7,736,413 (2024: $6,290,702) 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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