Consolidated Annual Report 2016

59 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2016 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2016 (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: 2016 2015 Loans and advances $ 2,735,308 2,863,894 Deposits 1,569,400 862,959 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: 2016 2015 Less than one year $ 1,524,908 1,298,113 Between one and five years 3,828,325 2,903,100 $ 5,353,233 4,201,213 (ii) Loan commitments 2016 2015 Consumer loans approved and pending disbursement $ 18,408,702 17,526,447 Mortgage loans approved and pending disbursement 42,146,392 51,121,439 Available balances on line of credit accounts 15,104,437 14,120,598 $ 75,659,531 82,768,484