MCCU Annual Report - page 77

77
22. Appropriations:
2013
2012
$
$
Dividend on Permanent Shares
6,294,497
3,983,988
Social Outreach Programme
750,000
600,000
Sydney Carter Scholarship
600,000
450,000
Disaster Relief Fund
250,000
250,000
Share Building Fund
-
5,000,000
Capital Development Reserves
5,000,000
5,000,000
Institutional Capital
45,000,000
40,000,000
57,894,497
55,283,988
23. Capital Reserves:
2013
2012
$
$
Balance at Beginning of Year
8,725,445
8,725,445
Balance at End of Year
8,725,445
8,725,445
24. Statutory & Legal Reserves:
2013
2012
$
$
Balance at End of Year
195,699,377
179,609,985
20% transfer from Net Income
18,311,105
16,064,860
Entrance fees
-
24,532
Balance at End of Year
214,010,482
195,699,377
25. Other Non-Qualifying Reserves:
2013
2012
$
$
Special Reserve
57,587
57,587
Sydney Carter Scholarship Fund
4,191
4,191
Social Outreach Programme
657,749
355,299
Disaster Relief Fund
1,706,670
1,562,500
Share Building Fund
2,240,233
2,161,279
Stabilization Fund Reserves
1,210,114
1,210,114
Business Development Fund
5,000,000
5,000,000
10,876,544
10,350,970
NOTES TO THE FINANCIAL STATEMENTS - (CONT'D)
YEAR ENDED 31ST DECEMBER 2013
MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LIMITED
Statutory and Legal Reserves are maintained in accordance with the provisions of the Co-operative Societies Act
which requires that a minimum of 20% of Net Income be carried to a reserve fund. Upon application by a Registered
Society, the Registrar may allow the required percentage to be reduced but not below 10%.
This represents unrealised gain on the revaluation of the Co-operative's building.
MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
I...,67,68,69,70,71,72,73,74,75,76 78,79,80,81,82,83,84,85,86,87,...126
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