BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2013
(Expressed in Barbados dollars)
32
21. Other Reserves…(continued)
(iii) Donated equity
This amount totalling $ 26,909 (2012 - $26,909) represents the value of donations bestowed upon
the Credit Union on incorporation.
22. 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
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 Credit Union has not
recorded any impairment of receivables relating to amounts owed by related parties.
Compensation of key management personnel
2013
2012
Short term employee benefits
$
1,179,265
1,432,132
Post-employment benefits
56,339
58,743
Total compensation paid to key management personnel
$ 1,235,604
1,490,875
Transactions with key management personnel
The Credit Union 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 held with related parties for the relevant
financial year.
2013
2012
Key management personnel:
Loans and advances
$
1,849,455
2,467,077
Deposits
724,024
973,994
41
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
