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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2016
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2016
(Expressed in Barbados dollars)
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23. Related Party Disclosures,
continued
(ii) Transactions with key management personnel of the Group
The Group 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:
2016
2015
Loans and advances
$ 2,735,308 2,863,894
Deposits
1,569,400
862,959
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 impairment losses have been recorded against balances outstanding during the period with key
management personnel, and no specific allowance has been made for impairment losses on balances
with key management personnel and their related concerns at the period end.
24. Commitments and Contingencies
(i)
Operating lease commitments
Where the Group is the lessee, the future minimum lease payments under non-cancellable
operating leases are as follows:
2016
2015
Less than one year
$ 1,524,908 1,298,113
Between one and five years
3,828,325 2,903,100
$ 5,353,233 4,201,213
(ii) Loan commitments
2016
2015
Consumer loans approved and pending disbursement
$ 18,408,702 17,526,447
Mortgage loans approved and pending disbursement
42,146,392 51,121,439
Available balances on line of credit accounts
15,104,437 14,120,598
$ 75,659,531 82,768,484
