85 SEPARATE FINANCIAL STATEMENTS 2024 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2024 (expressed in Barbados dollars) 51 21 Related party disclosures Related parties include those entities and individuals that have the ability to control or exercise significant influence over the Credit Union in making financial or operating decisions, and entities that are controlled, jointly controlled or significantly influenced by them. Terms and conditions of transactions with related parties 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, 2024 and March 31, 2023, the Credit Union has not recorded any impairment of receivables relating to amounts owed by related parties. Compensation of key management personnel 2024 $ 2023 $ Short term employee benefits 2,089,780 1,984,286 Post-employment benefits 174,535 144,517 Total compensation paid to key management personnel 2,264,315 2,128,803 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. 2024 $ 2023 $ Key management personnel: Loans and advances 1,698,947 2,668,650 Deposits 955,117 2,454,661 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 $156 (2023: $653) has been recorded against balances outstanding during the year with key management personnel and their related concerns.
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