76 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2023 (expressed in Barbados dollars) 48 18 Share capital …continued The following table shows a reconciliation of all movements in the membership qualifying shares between the beginning and end of the reporting period. 2023 2022 Carrying amount $ No. of shares Carrying amount $ No. of shares Balance, beginning of year 12,900,720 2,580,144 12,357,000 2,471,400 Shares issued 544,080 108,816 634,800 126,960 Shares redeemed (110,640) (22,128) (91,080) (18,216) Balance, end of year 13,334,160 2,666,832 12,900,720 2,580,144 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: 2023 $ 2022 $ Balance, beginning of year 156,740,595 149,395,379 Transfers to reserve - statutory 5,141,641 6,406,986 Transfers to reserve - voluntary 905,201 911,780 6,046,842 7,318,766 162,787,437 156,714,145 Entrance fees 22,670 26,450 Balance, end of year 162,810,107 156,740,595
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