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)
29
20. 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:
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
71,476,743
62,891,720
Entrance fees
17,435
16,155
Balance, end of year
$ 71,494,178
62,907,875
21. Other Reserves
Other reserves is comprised of the following:
2013
2012
Fair value reserve (i)
$
600,000
695,000
Special funds (ii)
592,397
549,327
Donated equity (iii)
26,909
26,909
$ 1,219,306 1,271,236
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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
