Consolidated Annual Report 2014

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED ANNUAL REPORT 2014 46 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2014 (Expressed in Barbados dollars) 32 11. Loans and Advances (i) Loans and advances are comprised of the following: 2014 Consumer Business Mortgages Total Performing loans $ 467,840,785 2,570,533 316,321,985 786,733,303 Impaired loans 31,108,593 721,534 24,586,589 56,416,716 Gross loans 498,949,378 3,292,067 340,908,574 843,150,019 Less: provision for impairment (16,754,197) (462,395) (5,395,013) (22,611,605) $ 482,195,181 2,829,672 335,513,561 820,538,414 Add: interest receivable 4,610,710 $ 825,149,124 2013 Consumer Business Mortgages Total Performing loans $ 444,594,494 8,623,594 279,369,698 732,587,786 Impaired loans 33,642,427 717,336 25,171,083 59,530,846 Gross loans 478,236,921 9,340,930 304,540,781 792,118,632 Less: provision for impairment (17,068,869) (240,879) (3,293,557) (20,603,305) $ 461,168,052 9,100,051 301,247,224 771,515,327 Add: interest receivable 3,099,172 $ 774,614,499 Finance leases at March 31, 2014 amounted to $28,770 (2013 - $28,770). A portfolio of mortgage loans of a subsidiary has been pledged as security for certain customer deposits totalling $18,800,000 (2013: $18,800,000). At March 31, 2014 a floating charge of $15,000,000 (2013: $15,000,000) over these deposits had been formalised.