Consolidated Annual Report 2015

59 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) 47 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