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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2015
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2015
(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:
2015
2014
Loans and advances
$
2,863,894
2,935,316
Deposits
862,959
1,012,792
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:
2015
2014
Less than one year
$
1,298,108
867,127
Between one and five years
2,903,100
1,184,784
$ 4,201,208
2,051,911
(ii) Loan commitments
2015
2014
Consumer loans approved and pending disbursement
$ 17,526,447
14,435,214
Mortgage loans approved and pending disbursement
36,065,172
31,761,556
Available balances on line of credit accounts
14,120,598
14,876,099
$ 67,712,217
61,072,869
