Consolidated Annual Report 2015

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.