Separate Annual Report 2021

74 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2021 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 52 20. Other Reserves, continued (iii) Donated equity This amount totalling $26,909 (2020: $26,909) represents the value of donations bestowed upon the Credit Union on incorporation. (iv) Defined benefit plan This amount totalling $271,016 (2020: $214,667) represents the net amount of actuarial losses and other items recognised directly in other comprehensive income on the Credit Union’s defined benefit plan (Note 13). (v) Reserve for interest on non-performing loans This amount totalling $4,875,917 (2020: $5,210,079) 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. 21. 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 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 Credit Union has not recorded any impairment of receivables relating to amounts owed by related parties. Compensation of key management personnel 2021 2020 Short term employee benefits $ 1,745,864 1,814,098 Post-employment benefits 138,723 139,389 Total compensation paid to key management personnel $ 1,884,587 1,953,487