Non-Consolidated Annual Report 2020

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 61 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2020 (Expressed in Barbados dollars) 44 21. Related Party Disclosures, continued 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. 2020 2019 Key management personnel: Loans and advances $ 1,219,356 1,897,241 Deposits 1,914,308 1,791,545 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 expected credit loss allowance has 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 yearend. Due from related companies 2020 2019 Due from Allied Co-operators Inc. (i) $ 9,600 - Due from BPW Financial Holdings Inc. (i) 17,943,194 19,496,207 Due from Capita Insurance Brokers Inc. (i) 142,061 2,765 Due from Capita Financial Services Inc. (ii) 10,940,609 - Due from Capita Financial Services Inc. (i) (303,997) (185,767) Due from Legacy Foundation. (i) 15,082 - $ 28,746,549 19,313,205 (i) Amounts due from related companies are unsecured, non-interest bearing and have no fixed terms of repayment. (ii) On July 30, 2019, the Credit Union entered into a loan agreement with Capita Financial Services Inc. The Credit Union advanced $11,674,344 with a term of 10 years and an interest rate of 1.25% per annum. Fixed annual repayments are $1,242,528 over the life of the loan. The outstanding balance as at March 31, 2020 is $10,940,609.