Consolidated Annual Report 2016

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2016 64 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) 52 25. Financial Risk Management, continued 25.2 Credit risk, continued Aging analysis of past due but not impaired loans and advances: 2016 1-30 days 31-60 days 61-90 days Over 90 days Total Loans and advances: Consumer $ 70,057,917 24,737,853 5,557,450 11,584,529 111,937,749 Mortgages 50,811,153 20,581,322 4,725,521 32,986,590 109,104,586 Business 1,018,186 186,519 - 342,462 1,547,167 Total $ 121,887,256 45,505,694 10,282,971 44,913,581 222,589,502 2015 1-30 days 31-60 days 61-90 days Over 90 days Total Loans and advances: Consumer $ 61,091,423 17,863,386 3,452,289 13,225,041 95,632,139 Mortgages 51,174,355 11,082,816 2,740,710 28,811,695 93,809,576 Business 991,501 182,012 28,034 312,287 1,513,834 Total $ 113,257,279 29,128,214 6,221,033 42,349,023 190,955,549 Impairment assessment For accounting purposes, the Group 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 Group 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.