BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2013
(Expressed in Barbados dollars)
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23. Commitments and Contingencies...(continued)
(ii) Loan facilities
Loan facilities committed but not recognised in the financial statements as at March 31, 2013 are
as follows:
(a) an approved line of credit facility of $10,000,000 (2012 - $10,000,000) with a bank. This facility
is secured by a first legal mortgage over the property at Belmont Road. At March 31, 2013 this
facility was undisbursed.
(b) an approved line of credit facility of $125,000 (2012 - $125,000) with a bank for the purpose of
securing the corporate credits used by the Credit Union during the normal course of business.
This facility is secured by an equivalent value of held-to-maturity investments. The
commitment due on this facility at year end was $13,740 (2012 - $19,853).
(iii) Legal proceedings
At March 31, 2013, there were certain legal proceedings against the Credit Union. However, based
on the advice of legal counsel it is not practicable to determine the potential loss to the Credit
Union.
(iv) Lease commitments
The Credit Union leases branch facilities under operating leases. Payments made under these
leases are recognised in the statement of income on a straight-line basis over the term of the
lease.
The future minimum rental payments related to these commitments are as follows:
2013
2012
Less than one year
$
278,571
21,996
Between one and five years
1,040,145
87,984
$ 1,318,716
109,980
During the year, $171,665 (2012 - $ 21,996) was recorded as an expense in the statement of
income in respect of operating leases.
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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
