55
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2015
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2015
(Expressed in Barbados dollars)
43
21. Statutory Reserves
2015
2014
Statutory reserve (i)
$ 89,803,786
81,891,199
$ 89,803,786
81,891,199
(i)
Statutory reserve
The movement in this reserve during the year is as follows:
2015
2014
Balance, beginning of year
$ 81,891,199
71,494,178
Transfers to reserve – statutory *
4,651,099
4,382,960
Transfer to reserve – statutory **
143,463
167,746
Transfers to reserve - voluntary
3,093,680
5,824,590
89,779,441
81,869,474
Entrance fees
24,345
21,725
Balance, end of year
$ 89,803,786
81,891,199
* 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. A transfer of
$143,463 was required during 2015 (2014 - $167,746).
