BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2015
22
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2015
(Expressed in Barbados dollars)
9
1.
Corporate information
Barbados Public Workersʼ 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 Workersʼ Co-operative Credit Union Limited (ʻthe 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 23 March 2010, the Credit Union incorporated a 100% owned subsidiary, BPW Financial Holdings
Inc., the principal activity of which is to hold the capital investments of the Group.
On 27 August 2010, BPW Financial Holdings Inc. obtained 100% control over Clico Mortgage & Finance
Corporation now renamed Capita Financial Services Inc.
On September 11, 2014, Capita Financial Services Inc. incorporated a 100% owned subsidiary, Capita
Insurance Brokers Inc., the principal activity of which is provision of insurance broker services.
The Group provides savings products, credit facilities, lease financing, brokerage services and serves
as a general and life insurance agent to its customerʼs base. The Groupʼs operations span across
Barbados and St. Lucia.
2.
Accounting Policies
2.1 Basis of preparation
The consolidated financial statements have been prepared in Barbados dollars on a historical cost basis,
except for available-for-sale investments which have been measured at fair value.
Statement of compliance
The consolidated financial statements of the Group have been prepared in accordance with International
Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board
(IASB).
Basis of consolidation
The consolidated financial statements comprise the financial statements of the Credit Union and its
subsidiaries, disclosed in Note 1. The financial statements of the subsidiaries are prepared for the same
reporting year end as the Credit Union, using consistent accounting policies. All intra–group balances
and transactions, and any unrealised income and expenses arising from intra-group transactions, are
eliminated.
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or
has rights to, variable returns from its involvement with the entity and has the ability to affect those
returns through its power over the entity. The financial statements of subsidiaries are included in the
consolidated financial statements from the date on which control commences until the date on which
control ceases.
