Consolidated Annual Report 2021

81 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2021 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 55 20. 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. During the year, the Credit Union issued 86,112 (2020: 146,424) shares at $5.00 each to its members for cash consideration of $430,560 (2020: $732,120). The Credit Union redeemed 16,392 (2020: 24,864) shares and subsequently repaid $81,960 (2020: $124,320) to previous members. At March 31, 2021 the total number of membership qualifying shares was 2,471,400 (2020: $2,401,680). The following table shows a reconciliation of all movements in the membership qualifying shares between the beginning and end of the reporting period: 2021 2020 Carrying No. of Carrying No. of Amount Shares Amount Shares Opening balance $ 12,008,400 2,401,680 11,400,600 2,280,120 Shares issued 430,560 86,112 732,120 146,424 Shares redeemed (81,960) (16,392) (124,320) (24,864) Closing balance $ 12,357,000 2,471,400 12,008,400 2,401,680

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