65 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2020 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) 48 22. Statutory Reserves 2020 2019 Statutory reserve $ 142,362,730 134, 694,284 The movement in this reserve during the year is as follows: 2020 2019 Balance, beginning of year $ 134,694,284 121,093,797 Transfers to reserve – statutory * 7,363,561 6,761,585 Transfer to reserve – statutory ** 274,380 71,127 Transfers to reserve – voluntary - 6,734,415 7,637,941 13,567,127 142,332,225 134,660,924 Entrance fees 30,505 33,360 Balance, end of year $ 142,362,730 134,694,284 * Section 197(2) of the Co-operative Societies (Amendment) Act 2007-39 requires for the Group 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 $274,380 was required during 2020 (2019 - $71,127). 23. Other Reserves 2020 2019 Fair value reserve (i) $ 1,721,228 1,384,868 Special funds (ii) 1,070,138 803,309 Donated equity (iii) 26,909 26,909 Defined benefit plan (iv) (214,667) (546,240) Reserve for interest on non-performing loans (v) 6,089,858 3,234,150 $ 8,693,466 4,902,996
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