Non-Consolidated Annual Report 2018

60 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2018 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2018 (Expressed in Barbados dollars) 45 20. Other Reserves Other reserves is comprised of the following: 2018 2017 Fair value reserve (i) $ 820,000 1,125,000 Special funds (ii) 697,258 943,962 Donated equity (iii) 26,909 26,909 Defined benefit plan (iv) 1,001,965 637,481 Reserve for interest on non-performing loans (v) 2,972,743 2,750,622 $ 5,518,875 5,483,974 (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: 2018 2017 Balance, beginning of year $ 1,125,000 875,000 Unrealised fair value (loss) gain (305,000) 250,000 Balance, end of year $ 820,000 1,125,000 (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.