82 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2024 (expressed in Barbados dollars) 48 20 Other reserves Other reserves are comprised of the following: 2024 $ 2023 $ Fair value reserve (i) 1,109,861 995,081 Special funds (ii) 1,319,423 1,436,975 Donated equity (iii) 26,909 $26,909 Defined benefit plan (iv) (474,054) (151,639) Reserve for interest on non-performing loans (v) 6,290,702 5,321,302 8,272,841 7,628,628 (i) 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: 2024 $ 2023 $ Balance, beginning of year 995,081 1,034,165 Unrealized fair value gain/(loss) 114,780 (39,084) Balance, end of year 1,109,861 995,081 (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.
RkJQdWJsaXNoZXIy MTA2MDM=