Consolidated Annual Report 2014

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED ANNUAL REPORT 2014 61 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2014 (Expressed in Barbados dollars) 47 21. Other Reserves...(continued) Special funds...(continued) (v) BPWCCUL Foundation This fund was established in June 2009 to fund major philanthropic initiatives undertaken by the Credit Union. (vi) 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. (vii) 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: March 31, 2014 Balance at Amounts Amounts Balance Beginning Appropriated Utilised at End Social Outreach Fund $ 159,916 129,340 (130,439) 158,817 Education Fund 33,402 355,685 (294,776) 94,311 Development Fund 64,811 350,000 (192,857) 221,954 BCCUL Training/Education Fund - 50,000 (50,000) - BPWCCUL Foundation - 100,000 (100,000) - National Development Fund 74,268 120,000 (72,673) 121,595 Credit Union Liability Insurance Fund 260,000 - - 260,000 $ 592,397 1,105,025 (840,745) 856,677 March 31, 2013 Balance at Amounts Amounts Balance Beginning Appropriated Utilised at End Social Outreach Fund $ 138,419 123,228 (101,731) 159,916 Education Fund 76,640 231,052 (274,290) 33,402 Development Fund - 350,000 (285,189) 64,811 BCCUL Training/Education Fund - 50,000 (50,000) - BPWCCUL Foundation - 100,000 (100,000) - National Development Fund 74,268 60,000 (60,000) 74,268 Credit Union Liability Insurance Fund 260,000 - - 260,000 $ 549,327 914,280 (871,210) 592,397