85 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2021 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 59 22. Other Reserves, continued Reserve for interest on non-performing loans This amount totalling $6,255,697 (2020: $6,089,858) is created to set aside interest accrued on non-performing loans where certain conditions are met in accordance with IFRS 9. 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 consolidated financial statements include the consolidated 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 Certain transactions with related parties are made at terms equivalent to those that prevail in arm’s length transactions. Specifically, transactions with key management personnel are at arm’s length. Other related party transactions are non-arm’s length. For the years ended March 31, 2021 and March 31, 2020, 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 2021 2020 Short term employee benefits $ 2,424,412 2,440,069 Post-employment benefits 182,017 167,467 Total compensation paid to key management personnel $ 2,606,429 2,607,536 (ii) Transactions with key management personnel of the Group The Group 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.
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