87 CONSOLIDATED FINANCIAL STATEMENTS 2023 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2023 (expressed in Barbados dollars) 55 21 Statutory Reserves 2023 $ 2022 $ Statutory reserves 164,132,924 158,063,412 The movement in these reserves during the year is as follows: 2023 $ 2022 $ Balance, beginning of year 158,063,412 150,541,981 Transfers to reserve - statutory * 5,141,641 6,406,986 Transfers to reserve - statutory ** – 176,215 Transfers to reserve - voluntary 905,201 911,780 6,046,842 7,494,981 164,110,254 158,036,962 Entrance fees 22,670 26,450 Balance, end of year 164,132,924 158,063,412 * 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. No transfer was required in 2023 (2022 - $176,215).
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