Consolidated Annual Report 2015

55 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2015 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2015 (Expressed in Barbados dollars) 43 21. Statutory Reserves 2015 2014 Statutory reserve (i) $ 89,803,786 81,891,199 $ 89,803,786 81,891,199 (i) Statutory reserve The movement in this reserve during the year is as follows: 2015 2014 Balance, beginning of year $ 81,891,199 71,494,178 Transfers to reserve – statutory * 4,651,099 4,382,960 Transfer to reserve – statutory ** 143,463 167,746 Transfers to reserve - voluntary 3,093,680 5,824,590 89,779,441 81,869,474 Entrance fees 24,345 21,725 Balance, end of year $ 89,803,786 81,891,199 * 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. ** Under the provisions of the Financial Institutions Act, a subsidiary is required to transfer a minimum of 15% of its after tax profits to a reserve fund until such fund equals the share capital. A transfer of $143,463 was required during 2015 (2014 - $167,746).