BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2016
54
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2016
(Expressed in Barbados dollars)
38
21. 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:
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
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
