Non-Consolidated Annual Report 2015

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED NON-CONSOLIDATED ANNUAL REPORT 2015 46 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2015 (Expressed in Barbados dollars) 35 19. 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, 2015 the total number of membership qualifying shares was 1,752,768 (2014 - 1,648,056). 20. 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: 2015 2014 Balance, beginning of year $ 81,723,453 71,494,178 Transfers to reserve - statutory 4,651,099 4,382,960 Transfers to reserve - voluntary 3,093,680 5,824,590 89,468,232 81,701,728 Entrance fees 24,345 21,725 Balance, end of year $ 89,492,577 81,723,453