Consolidated Annual Report 2019

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2019 67 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2019 (Expressed in Barbados dollars) 52 20. Other Liabilities, continued (i) At March 31, 2019, a retention payable amounting to $ 476,555 (2018 - $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 16). The deferred interest income will be recognised over the term of the staff loans. 21. 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 Group. 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 Group is authorised to issue. At March 31, 2019 the total number of membership qualifying shares was 2,280,120 (2018 - 2,141,160). 22. Statutory Reserves 2019 2018 Statutory reserve $ 134, 694,284 121,093,797 The movement in this reserve during the year is as follows: 2019 2018 Balance, beginning of year $ 121,093,797 107,687,256 Transfers to reserve – statutory * 6,761,585 6,118,216 Transfer to reserve – statutory ** 71,127 84,253 Transfers to reserve – voluntary 6,734,415 7,173,652 13,567,127 13,376,121 134,660,924 121,063,377 Entrance fees 33,360 30,420 Balance, end of year $ 134,694,284 121,093,797