CAPITA FINANCIAL SERVICES INC. (ST. LUCIA BRANCH) Notes to the Financial Statements March 31, 2024 (expressed in Eastern Caribbean dollars) 8 1 Reporting entity Effective August 2010, CAPITA Financial Services Inc. (the “Head Office”), an entity incorporated in Barbados and registered under Part III of the Financial Institutions Act, Cap 324A., purchased CAPITA Financial Services Inc. (St. Lucia Branch) (“the Branch”), an entity licenced under Section 3 (3) of the Banking Act 2015 of Saint Lucia to carry on banking business in the Eastern Caribbean Currency Union. Its ultimate parent is Barbados Public Workers’ Cooperative Credit Union Limited (BPWCCUL), a company incorporated in Barbados. The principal place of business is No. 8, William Peter Boulevard, Castries, St. Lucia. 2 Material accounting policy information a) Basis of accounting These financial statements of the Branch have been prepared in accordance with IFRS Accounting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). They were authorised for issue by the Board of Directors on July 4, 2024. New and amended standards and interpretations A number of new standards, amendments to standards and interpretations became effective during the financial year but these did not have a significant effect on the financial statements of the Branch in the period of adoption. Standards in issue but not yet effective No new standards or amendments to standards that are not yet effective and have not been early adopted by the Branch are expected to have a significant impact on the Branch’s financial statements in the year of adoption. b) Financial assets and financial liabilities i) Recognition and initial measurement The Branch initially recognises loans and advances, deposits and loans payable on the date on which they are originated. All other financial instruments are recognised on the trade date, which is the date on which the Branch becomes a party to the contractual provisions of the instrument. A financial asset or financial liability is measured initially at fair value plus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue. The fair value of a financial instrument at initial recognition is generally its transaction price.
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