79 SEPARATE FINANCIAL STATEMENTS 2025 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2025 (expressed in Barbados dollars) 47 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 93,504 (2024: 86,316) shares at $5.00 each to its members for cash consideration of $467,520 (2024: $431,580). The Credit Union redeemed 26,544 (2024: 22,992) shares and subsequently repaid $132,720 (2024: $114,960) to previous members. At March 31, 2025, the total number of membership qualifying shares was 2,797,116 (2024: 2,730,156). The following table shows a reconciliation of all movements in the membership qualifying shares between the beginning and end of the reporting period. 2025 2024 Carrying amount $ No. of shares Carrying amount $ No. of shares Balance, beginning of year 13,650,780 2,730,156 13,334,160 2,666,832 Shares issued 467,520 93,504 431,580 86,316 Shares redeemed (132,720) (26,544) (114,960) (22,992) Balance, end of year 13,985,580 2,797,116 13,650,780 2,730,156
RkJQdWJsaXNoZXIy MTA2MDM=