87 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2022 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2022 (Expressed in Barbados dollars) 56 21. Statutory Reserves 2022 2021 Statutory reserve $ 158,063,412 150,541,981 The movement in this reserve during the year is as follows: 2022 2021 Balance, beginning of year $ 150,541,981 142,362,730 Transfers to reserve – statutory * 6,406,986 4,892,297 Transfer to reserve – statutory ** 176,215 236,577 Transfers to reserve – voluntary 911,780 3,032,437 7,494,981 8,161,311 158,036,962 150,524,041 Entrance fees 26,450 17,940 Balance, end of year $ 158,063,412 150,541,981 * 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 $176,215 was required during 2022 (2021 - $236,577). 22. Other Reserves 2022 2021 Fair value reserve (i) $ 1,961,008 2,285,895 Special funds (ii) 1,414,647 1,521,415 Donated equity (iii) 26,909 26,909 Defined benefit plan (iv) 2,619,950 (271,016) Reserve for interest on non-performing loans (v) 7,262,655 6,255,697 $ 13,285,169 9,818,900
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