Consolidated Annual Report 2016

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2016 58 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2016 (Expressed in Barbados dollars) 46 22. Other Reserves, continued Donated equity This amount totalling $26,909 (2015 - $26,909) represents the value of donations bestowed upon the Credit Union on incorporation. Defined benefit plan This amount totalling $50,870 (2015 - ($238,848) ) represents the net amount of actuarial gains and losses and other items recognised directly in other comprehensive income on the Group’s defined benefit plan. (Note 14) Reserve for interest on non-performing loans This amount totalling $2,565,380 (2015 - $1,286,413) 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. 23. Related Party Disclosures Related parties include those entities and individuals that have the ability to control or exercise significant influence over the Group in making financial or operating decisions, and entities that are controlled, jointly controlled or significantly influenced by them. The financial statements include the financial statements of the Group and the subsidiaries listed below: Name of Entity Country of Incorporation Equity Interest % BPW Financial Holdings Inc. Barbados 100 Capita Financial Services Inc. Barbados 100 Terms and conditions of transactions with related companies 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, 2016 and March 31, 2015, the Group has not recorded any impairment of receivables relating to amounts owed by related companies. (i) Compensation of key management personnel of the Group 2016 2015 Short term employee benefits $ 2,462,709 2,077,970 Post-employment benefits 141,961 94,089 Total compensation paid to key management personnel $ 2,604,670 2,172,059