Consolidated Annual Report 2018

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2018 74 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) 59 25. Financial Risk Management, continued 25.2 Credit risk, continued Aging analysis of past due but not impaired loans and advances: 2018 1-30 days 31-60 days 61-90 days Over 90 days Total Loans and advances: Consumer $ 83,293,282 22,869,201 7,192,457 13,689,845 127,044,785 Mortgages 54,222,088 18,318,294 5,286,071 16,542,932 94,369,385 Business 1,967,284 2,312,013 65,836 2,538,782 6,883,915 Total $ 139,482,654 43,499,508 12,544,364 32,771,559 228,298,085 2017 1-30 days 31-60 days 61-90 days Over 90 days Total Loans and advances: Consumer $ 69,153,117 25,297,453 5,862,172 12,246,987 112,559,729 Mortgages 67,703,571 25,102,175 4,788,080 22,293,132 119,886,958 Business 1,037,423 421,335 125,163 355,545 1,939,466 Total $ 137,894,111 50,820,963 10,775,415 34,895,664 234,386,153 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.