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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2014
48
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2014
(Expressed in Barbados dollars)
38
20. Other Reserves…(continued)
(ii) Special funds...(continued)
e) BPWCCUL Foundation
This fund was established in June 2009 to fund major philanthropic initiatives undertaken by the
Credit Union.
f) 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.
g) 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:
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
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