NOTES TO THE FINANCIAL STATEMENTS AT 31ST DECEMBER, 2013
(continued)
10.
EQUITY SHARES
These shares are of a nominal value of $20.00 when fully paid up. Each member is required to own ten (10) shares of
$20.00 each. A minimum of $5.00 can be paid towards the acquisition of shares.
11.
STATUTORY RESERVE
Balance at 1st January, 2013
Add: Receipts from loans written off
Entrance fees
Allocations for the year - 25% of surplus
Balance at 31st December, 2013
2013
2012
7,740,088
7,156,837
49,933
16,405
471,215
65,626
11,060
506,565
$8,277,641
$7,740,088
In accordance with Section 125 (4) of the Cooperative Societies Act No.8 of 2011, at least 20% of the surplus for the year shall
be transferred to the Reserve Fund.
12.
STATEMENT OF CHANGES IN MEMBERS’ EQUITY
Accumulated surplus at 1st January, 2012
2012-net surplus for the year
Transfer deficit to reserves and funds
Rebate paid
Loss on investment
4,640,893
2,026,259
(607,878)
(425,217)
(190,128)
3,233,004
2,011,271
(603,382)
-
Balance at December 31st, 2012
5,443,929
4,640,893
2013-net surplus for the year
Transfer to reserves and funds
Dividends paid
Gain/(loss) on investment
1,884,860
(659,702)
(578,857)
11,640
2,026,259
(607,878)
(425,217)
(190,128)
Balance at 31st December, 2013
$6,101,870
$5,443,929
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