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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2014
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BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2014
(Expressed in Barbados dollars)
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18. Share Capital
Section 10 of the Co-operative Societies (Amendment) Act, 2007-39, requires that each member holds
a minimum value of membership qualifying shares as determined by the Credit Union.
The qualifying amount for membership amounts to $120 which comprises 24 shares at a nominal
value of $5 per share. All shares are non-withdrawable except on the termination of membership.
There is no limit to the number of shares the Credit Union is authorised to issue.
At March 31, 2014 the total number of membership qualifying shares was 1,648,056 (2013 –
1,552,080).
19. Statutory Reserves
Section 197(2) of the Co-operative Societies (Amendment) Act, 2007-39 requires for the Credit Union
that an appropriation equivalent to the greater of one half of one per cent (0.5%) of total assets or
twenty five per cent (25%) of net surplus shall be credited to the reserve fund annually until capital
equals ten per cent (10%) of total assets. The Registrar of Co-operatives may increase the
appropriation amount to forty per cent (40%) of net surplus or one per cent (1%) of total assets in
certain circumstances.
The movement in these reserves during the year is as follows:
2014
2013
Balance, beginning of year
$ 71,494,178
62,907,875
Transfers to reserve - statutory
4,382,960
4,135,300
Transfers to reserve - voluntary
5,824,590
4,433,568
81,701,728
71,476,743
Entrance fees
21,725
17,435
Balance, end of year
$ 81,723,453
71,494,178