NOTES TO THE FINANCIAL STATEMENTS AT 31ST DECEMBER, 2013
(continued)
13
DEVELOPMENT FUND
Balance at 1st January, 2013
Add: Allocation for year
2013
2012
101,313
100,564
94,243
101,313
195,556
201,877
Less: Remittance to Grenada Co-operative League
Limited
101,313
100,564
Balance at 31st December, 2013
$94,243
$101,313
The above fund is payable to The Grenada Co-operative League Limited and is made in accordance with Section 126 of
the Cooperative Societies Act No. 8 of 2011.
14.
EDUCATION FUND
Balance at 1st January, 2013
Add: Interest
Allocation for the year
50,281
47,122
62,012
56
-
Less: Adjustment
Expenses for the year
(25,899)
(11,787)
$71,504
$50,281
Balance at 1st January, 2013
72
62,068
Balance at 31st December, 2013
15.
97,403
576,840
636,125
Contribution during the year
501,104
466,710
1,077,944
1,102,835
Less: Settlement during the year
493,987
525,995
Balance at 31st December, 2013
$583,957
$576,840
LP/LS INSURANCE FUND