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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2014
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BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2014
(Expressed in Barbados dollars)
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2.
Accounting Policies...(continued)
(c) Summary of significant accounting policies...(continued)
h)
Property and equipment
Property and equipment are carried at cost less accumulated depreciation and accumulated
impairment losses. Subsequent costs are included in the asset's carrying amount or recognised
as a separate asset, only when it is probable that future economic benefits associated with the
item will flow to the Credit Union and the cost of the item can be measured reliably. All other
repairs and maintenance are included in the statement of income during the financial period in
which they are incurred.
Gains and losses on disposals are determined by comparing proceeds with carrying amounts and
these are included in the statement of income. The assets' residual values, useful lives and
depreciation methods are reviewed and adjusted, if appropriate, at each statement of financial
position date.
Items of property and equipment are depreciated from the date they are available for use.
Depreciation is recognised in the statement of income on the straight-line basis, at rates designed
to write off the cost of the assets over the periods of their estimated useful lives. Land is not
depreciated.
The following annual rates apply:
Buildings
2% - 4%
Motor vehicles
20%
Furniture and equipment
10% - 33.33%
Leasehold improvements
10% - 33.33%
i)
Employee benefits
Defined benefit plan
The Credit Union has a defined benefit plan for its employees
.
A defined benefit plan is a pension plan that defines an amount of pension benefit to be provided,
usually as a function of one or more factors such as age, years of service or compensation. The
Credit Union operates a defined benefit pension plan for its eligible employees, which requires
contributions to be made to a separately administered fund.
The Credit Union’s net obligation in respect of its defined benefit plan is calculated by estimating
the amount of future benefit that employees have earned in the current and prior periods,
discounting that amount and deducting the fair value of any plan assets.