Consolidated Annual Report 2014

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED ANNUAL REPORT 2014 63 48 Terms and conditions of transactions with related companies The transactions with related parties are made at terms equivalent to those that prevail in arm’s length transactions. For the years ended March 31, 2014 and March 31, 2013, the Group has not recorded any impairment of receivables relating to amounts owed by related companies. (i) Compensation of key management personnel of the Group 2014 2013 Short term employee benefits $ 1,919,466 1,774,047 Post-employment benefits 106,294 94,051 Total compensation paid to key management personnel $ 2,025,760 1,868,098 22. Related Party Disclosures...(continued) (ii) Transactions with key management personnel of the Group 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) 49 The Group enters into transactions, arrangements and agreements involving directors, senior manageme t nd their relat d co cerns i th ordi ary course f 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: 2014 2013 Loans and advances $ 2,935,316 2,050,634 Deposits 1,012,792 724,024 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. 23. 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: 2014 2013 Less than one year $ 867,127 598,167 Between one and five years 1,184,784 1,040,145 $ 2,051,911 1,638,312 (ii) Loan commitments 2014 2013 Consumer loans approved and pending disbursement $ 14,435,214 14,688,864 Mortgage loans approved and pending disbursement 31,761,556 27,882,596 Available balances on line of credit accounts 14,876,099 15,265,307 $ 61,072,869 57,836,767 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) 49 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: 2014 2013 Loans and advances $ 2,935,316 2,050,634 Deposits 1,012,792 724,024 The secured loan and advances are secured over prop rty of the respective borrowers. Oth r balanc s are not ecured and no guarantees h ve 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. 23. Commitments and Contingencies (i) O r tin l s commitments Where the Group is the lessee, the future minimum lease payments under non-cancellable operating leases are as follows: 201 2013 Less than one year 867,127 59 ,167 Between one and five years 1,184,784 1,040,145 $ 2,051,9 1 1,638,3 2 (ii) L an commitments 2014 2013 Consumer loans approved and pending disbursement $ 14,435,214 14,688,864 Mortgage loans approved and pending disbursement 3 ,761,556 2 , 82,596 Available balances on line of credit accounts 14,876,099 15,265,307 $ 61,072,869 57,836,767