CAPITA FINANCIAL SERVICES INC. (ST. LUCIA BRANCH) Notes to the Financial Statements March 31, 2024 (expressed in Eastern Caribbean dollars) 26 6 Related Party Balances and Transactions Related parties include those entities and individuals that have the ability to control or exercise significant influence over the Branch in making financial or operational decisions, and entities that are controlled, jointly controlled or significantly influenced by them. i) Key Management Compensation: 2024 $ 2023 $ Salaries and allowances 123,421 150,619 National Insurance 2,500 5,730 Pension costs 1,492 8,938 Other costs 597 2,387 128,010 167,674 ii) Transactions with key management personnel of the Head Office The Branch 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: 2024 $ 2023 $ Key Management Loans 86,569 393,303 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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