Consolidated Annual Report 2016

55 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2016 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) 43 21. Statutory Reserves 2016 2015 Statutory reserve (i) $ 97,657,847 89,803,786 $ 97,657,847 89,803,786 (i) Statutory reserve The movement in this reserve during the year is as follows: 2016 2015 Balance, beginning of year $ 89,803,786 81,891,199 Transfers to reserve – statutory * 5,101,250 4,651,099 Transfer to reserve – statutory ** 101,605 143,463 Transfers to reserve – voluntary 2,620,906 3,093,680 97,627,547 89,779,441 Entrance fees 30,300 24,345 Balance, end of year $ 97,657,847 89,803,786 * 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 $101,605 was required during 2016 (2015 - $143,463).