80 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2024 (expressed in Barbados dollars) 46 17 Other liabilities Notes 2024 $ 2023 $ Accounts payable and accrued expenses (i) 6,095,708 5,601,933 Amounts payable re Goodwill Credit Union 89,286 89,286 Fair value adjustment - staff loans (ii) 2,683,766 138,577 Interest rebate payable 203,026 203,026 Lease liability 12 1,349,159 2,280,339 Unallocated receipts to members 3,926,295 3,114,609 14,347,240 11,427,770 (i) Included in accounts payable and accrued expenses at March 31, 2024, is expected credit losses on undrawn loan commitments of $266,602 (2023: $276,106) and legal litigations of $250,000 (2023: $250,000). (ii) Fair value adjustment staff loans The fair value adjustment - staff loans represents the deferred interest income on staff loans associated with the difference between the market value and the carrying value of the loans as a result of the interest rates on the staff loans being lower than the market interest rate. This balance is related to the prepaid employee benefit recorded and included in other assets (Note 15). The deferred interest income will be recognised over the term of the staff loans. 18 Share capital Section 10 of the Co-operative Societies (Amendment) Act, 2007-39, requires that each member hold a minimum value of membership qualifying shares as determined by the Credit Union. The qualifying amount for membership amounts to $120 which comprises twenty-four (24) shares at a nominal value of $5 per share for members who have attained the age of sixteen (16) years. The qualifying amount for a member who has not yet attained the age of 16 years amounts to $50 which comprises ten (10) qualifying shares at a nominal value of $5. All shares are non-withdrawable except on the termination of membership. There is no limit to the number of shares the Credit Union is authorised to issue. During the year, the Credit Union issued 86,316 (2023: 108,816) shares at $5.00 each to its members for cash consideration of $431,580 (2023: $544,080). The Credit Union redeemed 22,992 (2023: 22,128) shares and subsequently repaid $114,960 (2023: $110,640) to previous members. At March 31, 2024, the total number of membership qualifying shares was 2,730,156 (2023: 2,666,832).
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