BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2016
54
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2016
(Expressed in Barbados dollars)
42
19. Other Liabilities
Other liabilities is comprised of the following:
2016
2015
Retention payable (i)
$
513,609
513,609
Accounts payable and accrued expenses
5,111,101 3,440,495
Amounts payable re Goodwill Credit Union (Note 28)
100,377
255,088
Fair value adjustment - staff loans (ii)
3,196,129 2,320,167
Premiums payable
1,602,519 1,312,293
Deferred loan commitment loan fees
425,828
444,432
Unallocated receipts to members
1,331,048 1,421,395
Interest rebate payable
203,026
203,026
Withholding tax payable
232,840
112,992
$ 12,716,477 10,023,497
(i) At March 31, 2016, a retention payable amounting to $513,609 (2015 - $513,609) remained due
under the terms of the sale and purchase agreement originating from the acquisition of a subsidiary.
(ii) The fair value adjustment - staff loans represents the deferred interest income on staff loans
associated with the difference between the market value and the carrying value of the loans as a
result of the interest rates on the staff loans being lower than the market interest rate. This balance
is partially offset by the prepaid employee benefit recorded and included in other assets (Note 15).
The deferred interest income will be recognised over the term of the staff loans.
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, 2016 the total number of membership qualifying shares was 1,881,480 (2015 - 1,752,768).
