Non-Consolidated Annual Report 2017

55 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2017 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2017 (Expressed in Barbados dollars) 40 21. Other Reserves Other reserves is comprised of the following: 2017 2016 Fair value reserve (i) $ 1,125,000 875,000 Special funds (ii) 943,962 1,008,479 Donated equity (iii) 26,909 26,909 Defined benefit plan (iv) 637,481 (50,870) Reserve for interest on non-performing loans (v) 2,750,622 2,565,380 $ 5,483,974 4,424,898 (i) 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: 2017 2016 Balance, beginning of year $ 875,000 555,000 Unrealised fair value gain (loss) 250,000 320,000 Balance, end of year $ 1,125,000 875,000 (ii) Special funds The special reserve funds comprise the following: a) Social Outreach Fund The Social Outreach Fund was created to provide charitable donations to members in need of financial assistance. b) Education Fund The Education Fund was established to provide grants and scholarships to members pursuing educational programmes. c) 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. d) 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.