Non-Consolidated Annual Report 2015

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.