75 SEPARATE FINANCIAL STATEMENTS 2026 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2026 (expressed in Barbados dollars) 50 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: 2026 $ 2025 $ Balance, beginning of year 166,977,273 166,925,879 Transfers to reserve - voluntary 5,896,283 34,364 172,873,556 166,960,243 Entrance fees 17,560 17,030 Balance, end of year 172,891,116 166,977,273 20 Other reserves Other reserves are comprised of the following: 2026 $ 2025 $ Fair value reserve (i) 1,082,993 1,003,087 Special funds (ii) 1,620,675 1,517,305 Donated equity (iii) 26,909 26,909 Defined benefit plan (iv) (2,832,285) (960,923) Reserve for interest on non-performing loans (v) 7,502,947 7,736,413 7,401,239 9,322,791 (i) Fair value reserve The fair value reserve represents the net effect of fair value gains or losses on FVOCI investment securities held. The movement on the fair value reserve for the year is as follows: 2026 $ 2025 $ Balance, beginning of year 1,003,087 1,109,861 Unrealized fair value gain/(loss) 79,906 (106,774) Balance, end of year 1,082,993 1,003,087
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