Consolidated Annual Report 2016

57 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2016 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2016 (Expressed in Barbados dollars) 45 22. Other Reserves, continued Special funds, continued (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, 2016 Balance at Amounts Amounts Balance Beginning Appropriated Utilised at End Social Outreach Fund $ 154,649 45,351 (127,746) 72,254 Education Fund 61,110 456,450 (329,430) 188,130 Development Fund 119,690 230,310 (61,905) 288,095 BCCUL Training/Education Fund - 50,000 - 50,000 BPWCCUL Foundation - - - - Small and Micro Business Fund - 150,000 - 150,000 National Development Fund 82,812 - (82,812) - Credit Union Liability Insurance Fund 260,000 - - 260,000 $ 678,261 932,111 (601,893) 1,008,479 March 31, 2015 Balance at Amounts Amounts Balance Beginning Appropriated Utilised at End Social Outreach Fund $ 158,817 137,338 (141,506) 154,649 Education Fund 94,311 412,014 (445,215) 61,110 Development Fund 221,954 128,046 (230,310) 119,690 BCCUL Training/Education Fund - 50,000 (50,000) - BPWCCUL Foundation - 100,000 (100,000) - National Development Fund 121,595 60,000 (98,783) 82,812 Credit Union Liability Insurance Fund 260,000 - - 260,000 $ 856,677 887,398 (1,065,814) 678,261