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)
33
22. Related Party Disclosures...(continued)
Transactions with key management personnel…(continued)
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.
Amounts due from related companies
2013
2012
Due from BPW Financial Holdings Inc.
$ 13,022,375
12,613,112
Due from Capita Financial Services Inc.
12,200
228,000
$ 13,034,575
12,841,112
Amounts due from related companies are unsecured, non-interest bearing and have no fixed terms of
repayment.
Other transactions
Cash resources include deposits held with Capita Financial Services Inc. amounting to $20,807,642
(2012 - $20,550,220) which resulted in interest income of $886,013 (2012 - $866,614).
During the year ended March 31, 2013, there were no deposits held on behalf of Capita Financial
Services Inc. Amounts held at March 31, 2012 - $1,017,452, which resulted in interest expense during
2012 of $18,915.
23. Commitments and Contingencies
(i) Loan commitments
2013
2012
Consumer loans approved and pending disbursement
$ 14,688,864
13,031,524
Mortgage loans approved and pending disbursement
8,676,055
9,124,459
Available balances on line of credit accounts
15,265,307
14,086,275
$ 38,630,226
36,242,258
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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
