94 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2025 (expressed in Barbados dollars) 56 21 Statutory Reserves 2025 $ 2024 $ Statutory reserves 168,667,919 168,460,792 The movement in these reserves during the year is as follows: 2025 $ 2024 $ Balance, beginning of year 168,460,792 164,132,924 Transfers to reserve - voluntary 190,097 4,309,973 190,097 4,309,973 168,650,889 168,442,897 Entrance fees 17,030 17,895 Balance, end of year 168,667,919 168,460,792 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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