BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2015
56
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)
44
22. Other Reserves
2015
2014
Fair value reserve
$
542,324
632,668
Special funds
678,261
856,677
Donated equity
26,909
26,909
Defined benefit plan
238,848
(465,660)
Reserve for interest on non-performing loans
1,286,413
856,560
$ 2,772,755
1,907,154
Fair value reserve
The fair value reserve represents the net effect of fair value gains or losses on available-for-sale
investment securities held.
The movement on the fair value reserve for the year is as follows:
2015
2014
Balance, beginning of year
$
632,668
593,705
Unrealised fair value (losses) gains
(90,344)
38,963
Balance, end of year
$
542,324
632,668
Special funds
The special reserve funds comprise the following:
(i)
Social Outreach Fund
The Social Outreach Fund was created to provide charitable donations to members in need of
financial assistance.
(ii)
Education Fund
The Education Fund was established to provide grants and scholarships to members pursuing
educational programmes.
(iii)
Development Fund
In June 2004, the general membership approved the establishment of the Development Fund to
assist with the exploratory cost relating to projects of a developmental nature.
(iv)
BCCUL Training/Education Fund
The BCCUL Training/Education Fund was instituted in June 2002 to finance the education of
credit union members and the general public in credit union philosophy and operations.
