113
GROUP
CO-OPERATIVE
21. OTHER RESERVES
2013
2012
2013
2012
$’000
$’000
$’000
$’000
Fair value reserve
272,190 169,609
212,458 124,250
Foreign currency translation reserve (a)
(276)
(276)
-
-
Reserve fund (b)
64,739 64,739
64,739 64,739
Total
336,653 234,072
277,197 188,989
NOTES TO FINANCIAL STATEMENTS
March 31, 2013
(a) Foreign currency translation reserve comprises all foreign exchange differences arising from the translation of the
financial statements of foreign associates.
(b) Pursuant to Section 70(3) of the Co-operative Societies Act, Chapter 62, the Co-operative shall pay into the
Reserve Fund at least 20% of the profit before contributions and distributions arising from the operations of the
Co-operative during the financial year, provided that when the Reserve Fund has reached an amount that is equal
to 10% of its paid-up capital, such Co-operative shall transfer 5% of the profit before contributions and distributions
to the Reserve Fund.
From 2009, pursuant to the Co-operative Societies (Amendment) Act 2010, Section 70 has been repealed,
management has decided not to make any transfer to this Reserve Fund.
Revenue of the Group and the Co-operative represents invoiced value of goods sold. Transactions within the Group have
been excluded in arriving at the revenue of the Group.
22. REVENUE
