Page 136 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2014
19. Related party balances and transactions
The following are transactions and balances with TCI Bank and TCIG, related parties by virtue of significant influence and common directors, including transactions with key management personnel, which are not separately disclosed elsewhere in these financial statements.
TCI Bank transactions
Repayment of interest on debenture loan - net US$ Repayment of debenture loan US$ Collection of long-term deposits with interest US$ Interest recognised on debenture loan US$ Legal fees charged to the liquidator US$
TCI Bank balances
Long-term deposits (gross of change in fair value) US$ Reduction in fair value of assets held with TCI Bank US$
Investment (before change in fair value) US$ Reduction in fair value of investment US$ Interest receivable (gross of change in fair value) US$ Unpaid liquidator’s costs regarding debenture loan US$
TCIG transactions
Collection of contributions US$ Contributions – private sector US$ Contributions – civil servants US$ Repayment of Treasury bond US$ Rent income US$ Interest income US$ Proceeds from sale of Hon. N.J.S. Francis Building US$ Payment of interest on unpaid employment
injury benefits in prior years US$
Payment for acquisition of
Hon. Headley Durham Building US$
Interest received on unpaid rent in prior years US$ Proceeds from sale of furniture and fixtures US$ Payment for lease of crown land US$
2014
822,695 – – – –
13,881,993 (9,814,407)
2,000,000 (2,000,000)
166,205 –
3,374,326 2,173,106 1,201,220
150,000 128,000 67,498 –
–
– – – –
2013
– 5,500,000 3,511,002 946,373 78,000
13,881,993 (9,814,407)
2,000,000 (2,000,000) 1,215,108
300,000
3,073,711 2,015,033 1,021,301
150,000 496,240 756,721
5,900,000
(3,150,000)
(1,257,808) 900,410 385,000
(70,000)
132| The National Insurance Board of The Turks and Caicos Islands
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