85 SEPARATE FINANCIAL STATEMENTS 2025 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2025 (expressed in Barbados dollars) 53 21 Related party disclosures …continued Due from related companies 2025 $ 2024 $ Due from Allied Co-operators Inc. (i) 704,920 577,203 Due from BPW Financial Holdings Inc. (i) 17,739,453 17,687,072 Due (to)/ from Capita Insurance Brokers Inc. (i) (20,188) 193,295 Due from Capita Financial Services Inc. (ii) 5,238,398 6,503,579 Due to Capita Financial Services Inc. (i) (1,453,736) (1,812,391) Due from/(to) Legacy Foundation (i) 58,121 (70,496) 22,266,968 23,078,262 (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, 2025 is $5,238,398 (2024: $6,503,579). Other transactions Cash resources include term deposits held with Capita Financial Services Inc. amounting to $66,220,679 (2024: $66,220,679) which resulted in interest income of $1,652,724 (2024: $1,642,343). At March 31, 2025 accrued interest receivable was $4,244,584 (2024: $2,992,884). 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, 2025, the Credit Union recorded management fees of $144,000 (2024: $144,000). Securitized deposit On July 28, 2023, the Credit Union negotiated and agreed the placement of a deposit of Thirty Million Barbados dollars ($30,000,000) with its subsidiary Capita Financial Services Inc. This deposit is secured by a block of mortgage loans held and maintained by Capita with an average life span of 22 years and a total collateralized market value in the amount of $30,000,000. An interest charge of 2% of the outstanding principal balance shall be paid to the Credit Union from the aggregate interest collected by Capita Financial Services Inc. on a monthly basis until such time as the deposit is fully amortized. As at March 31, 2025 the deposit held a balance of $27,649,919 (2024: $29,400,141). Total interest income for the year ended March 31, 2025 totalled $569,408 (2024: $299,886).
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