Non-Consolidated Annual Report 2020

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 56 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2020 (Expressed in Barbados dollars) 39 17. Other Liabilities Other liabilities is comprised of the following: 2020 2019 Accounts payable and accrued expenses (i) $ 4,786,598 4,396,883 Amounts payable re Goodwill Credit Union (Note 26) 89,236 89,236 Fair value adjustment - staff loans (ii) 2,301,894 2,910,793 Interest rebate payable 203,026 203,026 Lease liability 2,770,181 - Unallocated receipts to members 770,770 3,188,332 $ 10,921,705 10,788,270 (i) Included in accrued expenses at March 31, 2020, is a provision for undrawn loan commitments of $239,582 and legal litigations of $500,000. (ii) Fair value adjustment staff loans 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. (iii) Included in other liabilities are amounts due to Legacy Foundation of $18,279 (2019: $200,000). 18. 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, 2020, the total number of membership qualifying shares was 2,401,680 (2019 – 2,280,120).