39
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
Notes to the Consolidated Financial Statements
For the year ended March 31, 2013, with comparative figures for 2012
(Expressed in Barbados dollars)
19. OTHER LIABILITIES
Other liabilities is comprised of the following:
2013
2012
Retention payable (i)
$ 5,015,798
5,315,798
Accounts payable and accrued expenses
3,246,903
1,777,723
Premiums payable
1,307,338
1,447,252
Deferred loan commitment loan fees
517,562
562,188
Unallocated receipts to members
1,154,328
473,553
Interest rebate payable
203,026
203,026
Withholding tax payable
(37,735)
75,508
$ 11,407,220
9,855,048
(i)
At March 31, 2013, a retention payable amounting to $5,015,798 remained due under the terms of the sale and purchase
agreement originating from the acquisition of a subsidiary.
20. 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 24 shares at a nominal value of $5 per share. 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.
At March 31, 2013 the total number of membership qualifying shares was 1,552,080 (2012 - 1,478,736).
21. STATUTORY RESERVES
2013
2012
Statutory reserve (i)
$ 71,494,178
62,907,875
General reserve (ii)
-
637,657
General reserve (Note 28)
46,044
(591,613)
$ 71,540,222
62,953,919
(i) Statutory reserve
The movement in this reserve during the year is as follows:
2013
2012
Balance, beginning of year
$ 62,907,875
56,541,995
Transfers to reserve – statutory
4,135,300
3,983,883
Transfers to reserve - voluntary
4,433,568
2,365,842
8,568,868
6,349,725
Entrance fees
17,435
16,155
Balance, end of year
$ 71,494,178
62,907,875
