Non-Consolidated Annual Report 2018

26 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2018 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2018 (Expressed in Barbados dollars) 11 1. Corporate Information The Barbados Public Workers’ 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. The non-consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board and are presented in Barbados dollars, which is the functional currency, rounded to the nearest dollar. The Credit Union elected to prepare separate financial statements in accordance with IFRS using the exemption from consolidation under IFRS 10, Consolidated Financial Statements . Under these requirements, the Credit Union’s investment in subsidiary is accounted for in the financial statements by the cost method. 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.