BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2015
58
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2015
(Expressed in Barbados dollars)
46
22. Other Reserves...(continued)
Donated equity
This amount totalling $26,909 (2014 - $26,909) represents the value of donations bestowed upon the
Credit Union on incorporation.
Defined benefit plan
This amount totalling $238,848 (2014 - ($465,660)) represents the net amount of actuarial gains and
losses and other items recognised directly in other comprehensive income on the Groupʼs defined
benefit plan. (Note 14)
Reserve for interest on non-performing loans
This amount totalling $1,286,413 is created to set aside interest accrued on non-performing loans where
certain conditions are met in accordance with International Accounting Standard (IAS) 39. The guidelines
of Section 202 (2) of the Co-operative Societies Act Cap. 378A, however do not allow for the accrual of
such interest. The interest is therefore set aside in a reserve and is not available for distribution to
members.
23. Related Party Disclosures
Related parties include those entities and individuals that have the ability to control or exercise significant
influence over the Group in making financial or operating decisions, and entities that are controlled,
jointly controlled or significantly influenced by them.
The financial statements include the financial statements of the Group and the subsidiaries listed below:
Name of Entity
Country of Incorporation
Equity Interest %
BPW Financial Holdings Inc.
Barbados
100
Capita Financial Services Inc.
Barbados
100
Terms and conditions of transactions with related companies
The transactions with related parties are made at terms equivalent to those that prevail in armʼs length
transactions. For the years ended March 31, 2015 and March 31, 2014, the Group has not recorded any
impairment of receivables relating to amounts owed by related companies.
(i)
Compensation of key management personnel of the Group
2015
2014
Short term employee benefits
$
2,077,970
1,919,466
Post-employment benefits
94,089
106,294
Total compensation paid to key management personnel
$ 2,172,059
2,025,760
