BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2016
56
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2016
(Expressed in Barbados dollars)
44
22. Other Reserves
2016
2015
Fair value reserve
$
862,384
542,324
Special funds
1,008,479
678,261
Donated equity
26,909
26,909
Defined benefit plan
(50,870)
238,848
Reserve for interest on non-performing loans
2,565,380 1,286,413
$ 4,412,282 2,772,755
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:
2016
2015
Balance, beginning of year
$
542,324
632,668
Unrealised fair value gains (losses)
320,060
(90,344)
Balance, end of year
$
862,384
542,324
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 credit
union members and the general public in credit union philosophy and operations.
(v)
BPWCCUL Foundation
This fund was established in June 2009 to fund major philanthropic initiatives undertaken by the
Credit Union.
