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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2014
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)
39
20. Other Reserves…(continued)
(iii) Donated equity
This amount totalling $ 26,909 (2013 - $26,909) represents the value of donations bestowed upon
the Credit Union on incorporation.
(iv) Defined benefit plan
This amount totalling $(465,660) (2013 - $(135,052)) represents the net amount of actuarial gains
and losses and other items recognised directly in other comprehensive income on the Credit
Union’s defined benefit plan. (Note 12)
(v) Reserve for interest on non-performing loans
This amount totalling $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.
21. 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 arm’s length
transactions. For the years ended March 31, 2014 and March 31, 2013, the Credit Union has not
recorded any impairment of receivables relating to amounts owed by related parties.
Compensation of key management personnel
2014
2013
Short term employee benefits
$
1,317,037
1,179,265
Post-employment benefits
69,542
56,339
Total compensation paid to key management personnel
$ 1,386,579
1,235,604
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.