88 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2023 (expressed in Barbados dollars) 56 22 Other Reserves Other reserves is comprised of the following: 2023 $ 2022 $ Fair value reserve (i) 1,871,533 1,961,008 Special funds (ii) 1,436,975 1,414,647 Donated equity (iii) 26,909 26,909 Defined benefit plan (iv) (151,640) 2,619,950 Reserve for interest on non-performing loans (v) 8,536,043 7,262,655 11,719,820 13,285,169 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: 2023 $ 2022 $ Balance, beginning of year 1,961,008 2,285,895 Unrealised fair value loss (89,475) (324,887) Balance, end of year 1,871,533 1,961,008 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.
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