BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2015
49
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2015
(Expressed in Barbados dollars)
38
21. Other Reserves…(continued)
(iii) Donated equity
This amount totalling $26,909 (2014 - $26,909) represents the value of donations bestowed upon
the Credit Union on incorporation.
(iv) 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 Credit Unionʼs
defined benefit plan. (Note 13)
(v) Reserve for interest on non-performing loans
This amount totalling $1,286,413 (2014 - $856,560) 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.
22. Related Party Disclosures
Related parties include those entities and individuals that have the ability to control or exercise significant
influence over the Credit Union in making financial or operating decisions, and entities that are
controlled, jointly controlled or significantly influenced by them.
Terms and conditions of transactions with related parties
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 Credit Union has not
recorded any impairment of receivables relating to amounts owed by related parties.
Compensation of key management personnel
2015
2014
Short term employee benefits
$
1,447,250
1,317,037
Post-employment benefits
57,337
69,542
Total compensation paid to key management personnel
$ 1,504,587
1,386,579
Transactions with key management personnel
The Credit Union enters into transactions, arrangements and agreements involving directors, senior
management and their related concerns in the ordinary course of business at commercial interest and
commission rates.
