95 CONSOLIDATED FINANCIAL STATEMENTS 2024 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2024 (expressed in Barbados dollars) 55 21 Statutory Reserves 2024 $ 2023 $ Statutory reserves 168,460,792 164,132,924 The movement in these reserves during the year is as follows: 2024 $ 2023 $ Balance, beginning of year 164,132,924 158,063,412 Transfers to reserve - voluntary 4,309,973 6,046,842 4,309,973 6,046,842 168,442,897 164,110,254 Entrance fees 17,895 22,670 Balance, end of year 168,460,792 164,132,924 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.
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