81 SEPARATE FINANCIAL STATEMENTS 2023 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2023 (expressed in Barbados dollars) 53 21 Related party disclosures …continued Due from related companies 2023 $ 2022 $ Due from Allied Co-operators Inc. (i) 111,208 422,418 Due from BPW Financial Holdings Inc. (i) 17,627,590 17,551,623 (Due to)/due from Capita Insurance Brokers Inc. (i) 225,875 (22,012) Due from Capita Financial Services Inc. (ii) 7,562,112 8,702,377 Due to Capita Financial Services Inc. (i) (989,411) (903,187) Due from Legacy Foundation (i) 53,804 289,733 24,591,178 26,040,952 (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, 2023 is $7,562,112 (2022: $8,702,377). Other transactions Cash resources include deposits held with Capita Financial Services Inc. amounting to $66,040,679 (2022: $31,462,241) which resulted in interest income of $1,633,681 (2022: $720,562). At March 31, 2023 accrued interest receivable was $ 1,409,573 (2022: $952,843). The Credit Union receives a management fee for the provision of support services to Capita Financial Services Inc. on an annual basis which is reported within fee income (Note 4). During the fiscal ending March 31, 2023, the Credit Union recorded management fees of $144,000 (2022: $144,000). Deed of Sale and Administration agreement During the financial year ended March 31, 2023, the Credit Union purchased loans from its subsidiary, Capita Financial Services Inc. in the amount of $ 3,664,019 (2022: $5,363,161). Substantially all the risks and rewards of the said loan portfolio have been transferred to the Credit Union and consequently, the loans were included in the Credit Union’s statement of financial position. The balance as at March 31, 2023 was $nil (2022: $4,123,953). The Credit Union receives an administrative fee for the collection and remittance of loan payments on behalf of Capita Financial Services Inc. The administrative fees for the year ended March 31, 2023 was $22,948 (2022: $51,288). The Credit Union has determined that substantially all the risks and rewards of the said loan portfolio have been transferred to Capita Financial Services Inc. and consequently, the loans were eliminated from the Credit Union’s statement of financial position.
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