81 SEPARATE FINANCIAL STATEMENTS 2024 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2024 (expressed in Barbados dollars) 47 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. 2024 2023 Carrying amount $ No. of shares Carrying amount $ No. of shares Balance, beginning of year 13,334,160 2,666,832 12,900,720 2,580,144 Shares issued 431,580 86,316 544,080 108,816 Shares redeemed (114,960) (22,992) (110,640) (22,128) Balance, end of year 13,650,780 2,730,156 13,334,160 2,666,832 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: 2024 $ 2023 $ Balance, beginning of year 162,810,107 156,740,595 Transfers to reserve - voluntary 4,097,877 6,046,842 4,097,877 6,046,842 166,907,984 162,787,437 Entrance fees 17,895 22,670 Balance, end of year 166,925,879 162,810,107
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