80 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2022 (Expressed in Barbados dollars) 53 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. 2022 2021 Key management personnel: Loans and advances $ 2,604,567 2,138,973 Deposits 2,294,697 2,473,340 The secured loans and advances are secured over property of the respective borrowers. Other balances are not secured and no guarantees have been obtained. Expected credit loss allowance totalling $7,557 (2021: $5,026) has been recorded against balances outstanding during the year with key management personnel and their related concerns. Due from related companies 2022 2021 Due from Allied Co-operators Inc. (i) $ 422,418 88,587 Due from BPW Financial Holdings Inc. (i) 17,551,623 18,768,080 (Due to)/due from Capita Insurance Brokers Inc. (i) (22,012) 46,235 Due from Capita Financial Services Inc. (ii) 8,702,377 9,828,483 Due to Capita Financial Services Inc. (i) (903,187) (298,124) Due from Legacy Foundation. (i) 289,733 10,028 $ 26,040,952 28,443,289 (i) Amounts due from related companies are unsecured, non-interest bearing and have no fixed terms of repayment. (ii) On July 30, 2021, 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, 2022 is $8,702,377 (2021: $9,828,483).
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