83 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2021 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 57 22. Other Reserves, continued Fair value reserve The fair value reserve represents the net effect of fair value gains or losses on FVOCI investment securities held. The movement on the fair value reserve for the year is as follows: 2021 2020 Balance, beginning of year $ 1,721,228 1,384,868 Unrealised fair value gain 564,667 336,360 Balance, end of year $ 2,285,895 1,721,228 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 Group members and the general public in Group philosophy and operations. (v) BPWCCUL Foundation This Fund was established in June 2009 to fund major philanthropic initiatives undertaken by the Group. (vi) National Development Fund This Fund was established in June 2009 to assist the Barbados Co-operative Group League Limited in funding developmental initiatives for the Group movement in Barbados. (vii) Group Liability Insurance Fund This Fund was established in June 2010 to facilitate the establishment of deposit liability insurance for Groups.
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