BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2020 64 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2020 (Expressed in Barbados dollars) 47 20. Other Liabilities Other liabilities is comprised of the following: 2020 2019 Retention payable (i) $ - 476,555 Accounts payable and accrued expenses (ii) 6,192,377 6,044,618 Amounts payable re Goodwill Group (Note 29) 89,236 89,236 Fair value adjustment - staff loans (iii) 2,301,894 2,910,793 Lease liability 5,464,738 - Premiums payable 1,360,995 1,264,121 Deferred loan commitment loan fees 466,650 399,824 Unallocated receipts to members 770,770 3,188,332 Interest rebate payable 203,026 203,026 Withholding tax payable 15,180 44,547 $ 16,864,866 14,621,052 (i) The retention payable relates to the sale and purchase agreement originating from the acquisition of a subsidiary. The amount outstanding at March 31, 2019 of $476,555 was settled during the financial year ended March 31, 2020. (ii) Included in accrued expense at March 31, 2020 is a provision for undrawn loan commitments of $251,309 and legal litigations of $500,000. (iii) 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, 2020 the total number of membership qualifying shares was 2,401,680 (2019 - 2,280,120).
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