Non-Consolidated Annual Report 2015

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED NON-CONSOLIDATED ANNUAL REPORT 2015 20 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) 8 1. Corporate Information The Barbados Public Workersʼ Co-operative Credit Union Limited (the “Credit Union”) was registered on May 6, 1970, and continued under the Co-operatives Societies Act of Barbados 1990-23. Its registered office is located at “Olive Trotman House”, Keith Bourne Complex, Belmont Road, St. Michael. The principal activities of the Credit Union are the provision of savings products and credit facilities to its members and to educate them in co-operative principles. 2. Accounting Policies (a) Basis of preparation These non-consolidated financial statements have been prepared on a historical cost basis, except for available-for-sale investments which have been measured at fair value. Statement of compliance These non-consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Consolidated financial statements have been issued and reported on separately. (b) Significant accounting judgments, estimates and assumptions The preparation of the non-consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the amounts reported in the financial statements and accompanying notes. Actual amounts may differ from these estimates. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. The estimates and judgments that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below.