Consolidated Annual Report 2014

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED ANNUAL REPORT 2014 20 6 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Consolidated Statement of Changes in Equity For the year ended March 31, 2014 With comparative figures for 2013 (Expressed in Barbados dollars) Share Statutory Other Retained Notes Capital Reserves Reserves Earnings Balance at April 1, 2012, as previously reported $ 7,393,680 62,953,919 1,254,701 4,125,722 Impact of change in accounting policy [Note 2.4 (iii)] - - 378,569 - Restated balance at April 1, 2012 7,393,680 62,953,919 1,633,270 4,125,722 Net income (restated) - - - 12,804,561 Other comprehensive income (restated) - - (598,381) - Issue of shares 418,440 - - - Redemption of shares (51,720) - - - Transfer to statutory reserves 20 - 8,568,868 - (8,568,868 Entrance fees 20 - 17,435 - - Transfer to special reserves 21 - - 914,280 (914,280 Special reserves released to retained earnings 21 - - (871,210) 871,210 Distributions to members 8 - - - (1,543,019 Restated balance at March 31, 2013 $ 7,760,400 71,540,222 1,077,959 6,775,326 Net income - - - 11,127,413 Other comprehensive income - - (291,645) - Issue of shares 521,400 - - - Redemption of shares (41,520) - - - Transfer to statutory reserves 20 - 10,329,252 - (10,329,252 Entrance fees 20 - 21,725 - - Transfer to special reserves 21 - - 1,105,025 (1,105,025 Special reserves released to retained earnings 21 - - (840,745) 840,745 Reserve for interest on non-performing loans - - 856,560 (856,560 Distributions to members 8 - - - (1,888,408 At March 31, 2014 $ 8,240,280 81,891,199 1,907,154 4,564,239 The accompanying notes form an integral part of these consolidated financial statements. Share Statutory Other Retained Notes capital reserves reserves earnings Total Balance at April 1, 2012, as previously reported $ 7,393,680 62,953,919 1,254,701 4,125,722 75,728,022 Impact of change in accounting policy [Note 2.4 (iii)] - - 378,569 - 378,569 Restat d bal nce at April 1, 2012 7,393,680 62,953,919 1,633,270 4,125,722 76,106,591 Net income (restated) - - - 12,804,561 12,804,561 Other comprehensive income (restated) - - (598,381) - (598,381) Issue of shares 418,440 - - - 418,440 Redemptio of shares (51,720) - - - (51,720) Transfer to statutory reserves 20 - 8,568,868 - (8,568,868) - Entrance fees 20 - 17,435 - - 17,435 Transfer to special reserves 21 - - 914,280 (914,280) - Special rese ves released to retained earnings 21 - - (871,210) 871,210 - Distributions to members 8 - - - (1,543,019) (1,543,019) Restated balance at March 31, 2013 $ 7,760,400 71,540,222 1,077,959 6,775,326 87,153,907 Net income - - - 11,127,413 11,127,413 Other comprehensive income - - (291,645) - (291,645) Issue of shares 521,400 - - - 521,400 Redemption of shares (41,520) - - - (41,520) Transfer to statutory reserves 20 - 10,329,252 - (10,329,252) - Entrance fees 20 - 21,725 - - 21,725 Transfer to special reserves 21 - - 1,105,025 (1,105,025) - Special reserves released to retained earnings 21 - - (840,745) 840,745 - Reserve for interest on non-performing loans 21 - - 856,560 (856,560) - Distributions to members 8 - - - (1,888,408) (1,888,408) At March 31, 2014 $ 8,240,280 81,891,199 1,907,154 4,564,239 96,602,872 The accompanying notes form an integral part of these consolidated financial statements.