BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2013
(Expressed in Barbados dollars)
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21. Other Reserves…(continued)
(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:
2013
2012
Balance, beginning of year
$
695,000
875,000
Unrealised fair value losses
(95,000) (180,000)
Balance, end of year
$
600,000
695,000
(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.
e) BPWCCUL Foundation
This fund was established in June 2009 to fund major philanthropic initiatives undertaken by the
Credit Union.
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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
