MCCU Annual Report - page 74

74
16. Members' Permanent Share Capital:
2013
2012
$
$
Balance at Beginning of Year
68,667,011
57,198,000
Add Permanent Share Capital Subscribed
7,997,741
11,469,011
Balance at End of Year
76,664,752
68,667,011
17. Non-Institutional Capital:
2013
2012
$
$
Capital Reserves (Unrealised) (Note 23)
8,725,445
8,725,445
Other Reserves
30,758,338
30,000,119
Capital Development Reserves
70,000,000
65,000,000
Retirement Benefit Reserves (Note 11)
53,836,000
52,268,000
Other Non-qualifying Reserves (Note 25)
10,876,544
10,350,970
Permanent Share Transfer Fund
4,820,161
4,895,410
Undistributed Net Income
100,073,991
86,424,066
279,090,479
257,664,010
18. Institutional Capital:
2013
2012
$
$
Retained Earnings Reserves at Beginning of Year
246,947,255
206,947,255
Appropriation of Net Surplus
45,000,000
40,000,000
Retained Earnings Reserves at End of Year
291,947,255
246,947,255
Statutory & Legal Reserves (Note 24)
214,010,482
195,699,377
505,957,737
442,646,632
19. Other Financial Costs:
2013
2012
$
$
Life Savings Insurance
5,737,492
5,660,647
Loan Protection Insurance
4,129,378
3,891,127
Bank Charges and Interest
1,210,956
613,209
11,077,826
10,164,983
Under the International Financial Reporting Standards, Voluntary Shares in the Credit Union can no longer be
regarded as Share Capital but should now be treated as a liability. The Credit Union established a new category of
shares termed "Permanent Shares" in order to maintain its capital base. Special Bye-Laws were passed at the Annual
General Meeting held on 7th May 2009, in accordance with the Co-operative Societies Act and approved by the
Registrar. All new applicants for membership and existing members of the Credit Union are required to subscribe for
a minimum of one Permanent Share. These shares are issued at a par value of $2,000 each.
MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LIMITED
NOTES TO THE FINANCIAL STATEMENTS - (CONT'D)
YEAR ENDED 31ST DECEMBER 2013
MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
I...,64,65,66,67,68,69,70,71,72,73 75,76,77,78,79,80,81,82,83,84,...126
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