Separate Annual Report 2021

69 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2021 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 47 17. Other Liabilities Other liabilities is comprised of the following: Note 2021 2020 Accounts payable and accrued expenses (i) $ 9,081,391 4,786,598 Amounts payable re Goodwill Credit Union 26 89,236 89,236 Fair value adjustment - staff loans (ii) 2,335,196 2,301,894 Interest rebate payable 203,026 203,026 Lease liability 2,079,483 2,770,181 Unallocated receipts to members 1,214,878 770,770 $ 15,003,210 10,921,705 (i) Included in accounts payable and accrued expenses at March 31, 2021, is expected credit losses on undrawn loan commitments of $412,604 (2020: $239,582) and legal litigations of $915,656 (2020: $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 related to 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. Other liabilities also include amounts due to Legacy Foundation of $1,261 (2020: $18,279). 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. 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.