BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2013
(Expressed in Barbados dollars)
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17. Loans Payable...(continued)
(i) During the year ended March 31, 2011, the Credit Union borrowed $15,000,000 from the National
Insurance Board at a fixed interest rate of 8.25% payable over ten years to finance the purchase of
Clico Mortgage and Finance Corporation (renamed Capita Financial Services Inc.) by its
subsidiary BPW Financial Holdings Inc. This loan has been secured by a mortgage assignment
over the property at Broad Street stamped to cover $10,000,000 and an assignment of a treasury
note for $5,000,000 due to mature October 31, 2015. As at March 31, 2013, the remaining balance
on this loan is $12,217,257 (2012: $13,354,801)
The other National Insurance Board loans amounting to $28,567,876 (2012 - $30,770,813) which
were acquired prior to March 31, 2011, are repayable over an average period of twenty years and
are secured by an equivalent value of first legal mortgages over residential properties funded by
the loan proceeds. The interest rates on these loans ranged from 5.50% - 6.00% (2012 – 5.50% -
6.00%) at year end.
(ii) The Housing Credit Fund loans are repayable over twenty-five years and are secured by an
equivalent value of first legal mortgages over residential properties. The interest rate on all loans
at year-end was 4.25% (2012 - 4.25%).
The Credit Union has not had any defaults of principal, interest or other breaches with respect to its
loans payable during the years ended March 31, 2013 and 2012.
18. Other Liabilities
Other liabilities is comprised of the following:
2013
2012
Accounts payable and accrued expenses
$
2,858,212
1,704,267
Interest rebate payable
203,026
203,026
Unallocated receipts to members
1,154,328
473,553
$ 4,215,566
2,380,846
19. Share Capital
Section 10 of the Co-operative Societies (Amendment) Act, 2007-39, requires that each member holds
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).
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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
