Consolidated Annual Report 2016

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2016 54 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2016 (Expressed in Barbados dollars) 42 19. Other Liabilities Other liabilities is comprised of the following: 2016 2015 Retention payable (i) $ 513,609 513,609 Accounts payable and accrued expenses 5,111,101 3,440,495 Amounts payable re Goodwill Credit Union (Note 28) 100,377 255,088 Fair value adjustment - staff loans (ii) 3,196,129 2,320,167 Premiums payable 1,602,519 1,312,293 Deferred loan commitment loan fees 425,828 444,432 Unallocated receipts to members 1,331,048 1,421,395 Interest rebate payable 203,026 203,026 Withholding tax payable 232,840 112,992 $ 12,716,477 10,023,497 (i) At March 31, 2016, a retention payable amounting to $513,609 (2015 - $513,609) remained due under the terms of the sale and purchase agreement originating from the acquisition of a subsidiary. (ii) The fair value adjustment - staff loans represents the deferred interest income on staff loans associated with the difference between the market value and the carrying value of the loans as a result of the interest rates on the staff loans being lower than the market interest rate. This balance is partially offset by the prepaid employee benefit recorded and included in other assets (Note 15). The deferred interest income will be recognised over the term of the staff loans. 20. Share Capital Section 10 of the Co-operative Societies (Amendment) Act, 2007-39, requires that each member hold 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, 2016 the total number of membership qualifying shares was 1,881,480 (2015 - 1,752,768).