91 CONSOLIDATED FINANCIAL STATEMENTS 2023 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2023 (expressed in Barbados dollars) 59 23 Related Party Disclosures Related parties include those entities and individuals that have the ability to control or exercise significant influence over the Group in making financial or operating decisions, and entities that are controlled, jointly controlled or significantly influenced by them. The consolidated financial statements include the consolidated financial statements of the Credit Union and its subsidiaries listed below: Name of Entity Country of Incorporation Equity Interest % Allied Co-operator Inc. Barbados 100 BPW Financial Holdings Inc. Barbados 100 Capita Financial Services Inc. Barbados 100 Terms and conditions of transactions with related companies Certain transactions with related parties are made at terms equivalent to those that prevail in arm’s length transactions. Specifically, transactions with key management personnel are at arm’s length. For the years ended March 31, 2023 and March 31, 2022, the Group has not recorded any impairment of receivables relating to amounts owed by related companies. i) Compensation of key management personnel of the Group 2023 $ 2022 $ Short term employee benefits 2,440,323 2,818,122 Post-employment benefits 176,953 190,332 Total compensation paid to key management personnel 2,617,276 3,008,454 ii) Transactions with key management personnel of the Group The Group 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, which have been entered into with key management personnel for the relevant financial year: 2023 $ 2022 $ Loans and advances 4,298,778 4,234,695 Deposits 2,454,661 2,294,697 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 their related concerns.
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