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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2016
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)
43
21. Statutory Reserves
2016
2015
Statutory reserve (i)
$ 97,657,847 89,803,786
$ 97,657,847 89,803,786
(i)
Statutory reserve
The movement in this reserve during the year is as follows:
2016
2015
Balance, beginning of year
$ 89,803,786 81,891,199
Transfers to reserve – statutory *
5,101,250 4,651,099
Transfer to reserve – statutory **
101,605
143,463
Transfers to reserve – voluntary
2,620,906 3,093,680
97,627,547 89,779,441
Entrance fees
30,300
24,345
Balance, end of year
$ 97,657,847 89,803,786
* 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
$101,605 was required during 2016 (2015 - $143,463).
