81 SEPARATE FINANCIAL STATEMENTS 2025 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2025 (expressed in Barbados dollars) 49 20 Other reserves Other reserves are comprised of the following: 2025 $ 2024 $ Fair value reserve (i) 1,003,087 1,109,861 Special funds (ii) 1,517,305 1,319,423 Donated equity (iii) 26,909 26,909 Defined benefit plan (iv) (960,923) (474,054) Reserve for interest on non-performing loans (v) 7,736,413 6,290,702 9,322,791 8,272,841 (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: 2025 $ 2024 $ Balance, beginning of year 1,109,861 995,081 Unrealized fair value (loss)/gain (106,774) 114,780 Balance, end of year 1,003,087 1,109,861 (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) Health and Disaster Relief Fund This Fund was established in September 2021 to provide a resource for credit unions members and staff who need financial assistance because of medically introduced hardships or a climate related disastrous event.
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