Page 150 - RFHL ANNUAL REPORT 2024_ONLINE

148 Notes to the Consolidated Financial Statements
For the Year Ended September 30, 2024.
Expressed in millions of Trinidad and Tobago dollars, except where otherwise stated.

18. Other reserves

Translation Unallocated Other
reserves shares reserves Total

Balance at October 1, 2022 (604) (72) 169 (507)
Translation adjustments (60) – – (60)
Net transfer to other reserves from retained earnings – – 112 112
Shares purchased for profit sharing scheme – (100) – (100)
Allocation of shares – 52 – 52
Other – – (3) (3)

Balance at September 30, 2023 (664) (120) 278 (506)
Translation adjustments (15) – – (15)
Net transfer to other reserves from retained earnings – – 154 154
Shares purchased for profit sharing scheme – (25) – (25)
Allocation of shares – 57 – 57
Other – – 1 1

Balance at September 30, 2024 (679) (88) 433 (334)

Translation reserves
This balance represents assets and liabilities of subsidiary companies translated into Trinidad and Tobago dollars at the ruling
rates of exchange at the Consolidated statement of financial position date.

Other reserves
This balance represents the difference between regulatory reserve requirements and specific provisions under IFRSs and is an
appropriation of retained earnings for certain subsidiaries in the Group in accordance with regulatory requirements in those
jurisdictions.

Unallocated shares in the staff profit sharing scheme
The Republic Bank Limited staff profit sharing scheme purchases Republic Financial Holdings Limited shares to build its
stock for allocation in the annual profit sharing exercise. During the 2024 financial year, $25 million in advances were made
by Republic Bank Limited for purchase of shares to the staff profit sharing scheme (2023: $100 million). As at September 30,
2024, shares costing $88 million (2023: $120 million) remain unallocated from the profit sharing scheme.

Number of ordinary
shares (000’s)
2024 2023

Balance brought forward 870 527
Add shares purchased 205 728
Allocation of shares (403) (385)

Balance carried forward 672 870