Non-Consolidated Annual Report 2015

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED NON-CONSOLIDATED ANNUAL REPORT 2015 56 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2015 (Expressed in Barbados dollars) 45 24. Financial Risk Management…(continued) Credit risk…(continued) Aging analysis of past due but not impaired loans and advances: 2015 1-30 days 31-60 days 61-90 days Total Loans and advances: Consumer $ 51,461,060 15,853,922 3,435,488 70,750,470 Mortgages 24,330,240 4,981,505 2,603,543 31,915,288 Business 991,501 182,012 28,034 1,201,547 Total $ 76,782,801 21,017,439 6,067,065 103,867,305 2014 1-30 days 31-60 days 61-90 days Total Loans and advances: Consumer $ 46,745,177 17,624,391 3,619,939 67,989,507 Mortgages 25,193,629 6,063,700 2,538,375 33,795,704 Business 809,638 599,402 126,189 1,535,229 Total $ 72,748,444 24,287,493 6,284,503 103,320,440 Impairment assessment For accounting purposes, the Credit Union uses an incurred loss model for the recognition of losses on impaired financial assets. This means that losses can only be recognised when objective evidence of a specific loss event has been observed. Triggering events include the following: - Significant financial difficulty of the customer. - A breach of contract such as a default of payment. - Where the Credit Union grants the customer a concession due to the customer experiencing financial difficulty. - It becomes probable that the customer will enter bankruptcy or other financial reorganisation. - Observable data that suggests that there is a decrease in the estimated future cash flows from the loans.