43 CONSOLIDATED FINANCIAL STATEMENTS 2023 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2023 (expressed in Barbados dollars) 11 1 Corporate Information Barbados Public Workers’ Co-operative Credit Union Limited and its subsidiaries (“the Group”) are registered under the relevant financial, co-operative and corporate legislations within the countries in which they operate. The parent company, Barbados Public Workers’ Co-operative Credit Union Limited (“the Credit Union”) is a company incorporated and domiciled in Barbados with its registered office at Olive Trotman House, Keith Bourne Complex, Belmont Road, St. Michael. On March 23, 2010, the Group incorporated a 100% owned subsidiary, BPW Financial Holdings Inc. (“BPWFHI”), the principal activity of which is to hold the capital investments of the Group. On August 27, 2010, BPW Financial Holdings Inc. obtained 100% control over Clico Mortgage & Finance Corporation now renamed CAPITA Financial Services Inc. (“CAPITA FSI”). On September 11, 2015, CAPITA Financial Services Inc. incorporated a 100% owned subsidiary, Capita Insurance Brokers Inc., the principal activity of which is provision of insurance broker services. On June 22, 2007 the Group incorporated a 100% owned subsidiary, Allied Co-Operators Inc. (“ACI”), the principal activity is the provision of audit and compliance services. The Group provides savings products, credit facilities, lease financing, brokerage services and serves as a general and life insurance agent to its customer base. The Group’s operations span across Barbados and St. Lucia. The amendment of the financial statements is subject to the approval of the Credit Union’s Board of Directors. 2 Accounting Policies a) Basis of preparation These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These consolidated financial statements have been prepared on a historical cost basis, except for the following items in the consolidated statement of financial position: • Equity investments measured at fair value through other comprehensive income (FVOCI). • Net defined benefit asset, which is measured at the fair value of plan assets less the present value of the defined benefit obligation. Basis of consolidation The consolidated financial statements comprise the financial statements of the Credit Union and its subsidiaries, disclosed in Note 1, after elimination of intercompany transactions, balances, revenues and expenses. The financial statements of the subsidiaries are prepared for the same reporting year end as the Credit Union, using consistent accounting policies.
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