Non-Consolidated Annual Report 2018

61 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2018 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2018 (Expressed in Barbados dollars) 46 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: 2018 Balance at Amounts Amounts Balance Beginning Appropriated Utilised at End Social Outreach Fund $ 36,288 113,712 (150,000) - Education Fund 206,508 318,686 (390,493) 134,701 Development Fund 241,166 - (88,609) 152,557 BCCUL Training/Education Fund 50,000 - (50,000) - BPWCCUL Foundation - 200,000 (200,000) - 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 $ 943,962 692,398 (939,102) 697,258 2017 Balance at Amounts Amounts Balance Beginning Appropriated Utilised at End Social Outreach Fund $ 72,254 123,734 (159,700) 36,288 Education Fund 188,130 360,635 (342,257) 206,508 Development Fund 288,095 61,905 (108,834) 241,166 BCCUL Training/Education Fund 50,000 50,000 (50,000) 50,000 BPWCCUL Foundation - 100,000 (100,000) - 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 $ 1,008,479 756,274 (820,791) 943,962