57
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2015
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2015
(Expressed in Barbados dollars)
45
22. 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, 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
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
