Separate Annual Report 2021

70 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) 48 18. Share Capital, continued 2021 2020 Carrying No. of Carrying No. of Amount Shares Amount Shares Balance, beginning of year $ 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) Balance, end of year $ 12,357,000 2,471,400 12,008,400 2,401,680 19. Statutory Reserves 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. The movement in these reserves during the year is as follows: 2021 2020 Balance, beginning of year $ 141,452,705 134,058,639 Transfers to reserve - statutory 4,892,297 7,363,561 Transfers to reserve - voluntary 3,032,437 - 7,924,734 7,363,561 149,377,439 141,422,200 Entrance fees 17,940 30,505 Balance, end of year $ 149,395,379 141,452,705