75 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2022 (Expressed in Barbados dollars) 48 18. Share Capital, continued 2022 2021 Carrying No. of Carrying No. of Amount Shares Amount Shares Balance, beginning of year $ 12,357,000 2,471,400 12,008,400 2,401,680 Shares issued 634,800 126,960 430,560 86,112 Shares redeemed (91,080) (18,216) (81,960) (16,392) Balance, end of year $ 12,900,720 2,580,144 12,357,000 2,471,400 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: 2022 2021 Balance, beginning of year $ 149,395,379 141,452,705 Transfers to reserve - statutory 6,406,986 4,892,297 Transfers to reserve - voluntary 911,780 3,032,437 7,318,766 7,924,734 156,714,145 149,377,439 Entrance fees 26,450 17,940 Balance, end of year $ 156,740,595 149,395,379
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