42
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
Notes to the Consolidated Financial Statements
For the year ended March 31, 2013, with comparative figures for 2012
(Expressed in Barbados dollars)
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, 2013 and March 31, 2012, 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
2013
2012
Short term employee benefits
$ 1,774,047
2,029,792
Post-employment benefits
94,051
95,548
Total compensation paid to key management personnel
$ 1,868,098
2,125,340
(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.
The following table provides the total amount of balances, which have been entered into with key management personnel
for the relevant financial year:
2013
2012
Loans and advances
$ 2,050,634
2,631,873
Deposits
724,024
973,994
The secured loans and advances are secured over property of the respective borrowers. Other balances are not secured
and no guarantees have been obtained.
No impairment losses have been recorded against balances outstanding during the period with key management
personnel, and no specific allowance has been made for impairment losses on balances with key management personnel
and their related concerns at the period end.
