Consolidated Annual Report 2018

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2018 69 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2018 (Expressed in Barbados dollars) 54 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: 2018 2017 Loans and advances $ 3,352,605 2,939,356 Deposits 1,245,142 1,682,374 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: 2018 2017 Less than one year $ 1,500,872 1,294,653 Between one and five years 2,929,980 2,537,894 $ 4,430,852 3,832,547 (ii) Loan commitments 2018 2017 Consumer loans approved and pending disbursement $ 19,245,734 16,336,526 Mortgage loans approved and pending disbursement 32,641,085 31,352,468 Available balances on line of credit accounts 15,095,054 15,371,476 $ 66,981,873 63,060,470