Consolidated Annual Report 2019

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2019 66 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2019 (Expressed in Barbados dollars) 51 19. Loans Payable Loans payable is comprised of the following: 2019 2018 National Insurance Board (i) $ - 553,707 Housing Credit Fund (ii) 11,967,302 13,071,499 ECHMB (iii) 1,552,874 1,604,592 $ 13,520,176 15,229,798 (i) The National Insurance Board loans with a total balance of $553,707 at the end of March 31, 2018 were repaid in full during the financial year ended March 31, 2019. (ii) A subsidiary has loans with the Housing Credit Fund which are repayable over twenty-five years and are secured by an equivalent value of first legal mortgages over residential properties. The interest rate on all loans at year end was 3.00% (2018 – 3.00%). (iii) A subsidiary has taken a loan with Eastern Caribbean Home Mortgage Bank which is comprised of cash proceeds from the collateralized borrowing as discussed in note 13. The Group has not had any defaults of principal and interest repayment or any other breaches with respect to its loans payable during the years ended March 31, 2019 and 2018. 20. Other Liabilities Other liabilities is comprised of the following: 2019 2018 Retention payable (i) $ 476,555 513,609 Accounts payable and accrued expenses 6,044,618 5,868,139 Amounts payable re Goodwill Group (Note 29) 89,236 89,144 Fair value adjustment - staff loans (ii) 2,910,793 2,910,176 Premiums payable 1,264,121 974,672 Deferred loan commitment loan fees 399,824 410,090 Unallocated receipts to members 3,188,332 2,092,161 Interest rebate payable 203,026 203,026 Withholding tax payable 44,547 8,221 $ 14,621,052 13,069,238