BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2021 82 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) 56 21. Statutory Reserves 2021 2020 Statutory reserve $ 150,541,981 142,362,730 The movement in this reserve during the year is as follows: 2021 2020 Balance, beginning of year $ 142,362,730 134,694,284 Transfers to reserve – statutory * 4,892,297 7,363,561 Transfer to reserve – statutory ** 236,577 274,380 Transfers to reserve – voluntary 3,032,437 - 8,161,311 7,637,941 150,524,041 142,332,225 Entrance fees 17,940 30,505 Balance, end of year $ 150,541,981 142,362,730 * Section 197(2) of the Co-operative Societies (Amendment) Act 2007-39 requires for the Credit Union 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 $236,577 was required during 2021 (2020 - $274,380). 22. Other Reserves 2021 2020 Fair value reserve (i) $ 2,285,895 1,721,228 Special funds (ii) 1,521,415 1,070,138 Donated equity (iii) 26,909 26,909 Defined benefit plan (iv) (271,016) (214,667) Reserve for interest on non-performing loans (v) 6,255,697 6,089,858 $ 9,818,900 8,693,466
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