Non-Consolidated Annual Report 2020

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 48 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2020 (Expressed in Barbados dollars) 31 12. Property and Equipment Property and equipment is comprised of the following: 2020 Furniture Assets Land and Motor and Leasehold being Buildings Vehicles Equipment Improvements Acquired Total Cost Balance, beginning of year $ 40,357,401 2,907,990 31,841,094 5,575,146 14,325,962 95,007,593 Impact of implementation of IFRS 16 3,856,808 - - - - 3,856,808 Adjusted balance April 1, 2019 44,214,209 2,907,990 31,841,094 5,575,146 14,325,962 98,864,401 Additions/transfer 743,602 - 368,280 - (258,991) 852,891 Disposals - - (190,482) - - (190,482) Balance, end of year 44,957,811 2,907,990 32,018,892 5,575,146 14,066,971 99,526,810 Accumulated depreciation Balance, beginning of year 10,722,666 705,213 25,250,992 3,604,028 - 40,282,899 Impact of implementation of IFRS 16 617,923 - - - - 617,923 Adjusted balance April 1, 2019 11,340,589 705,213 25,250,992 3,604,208 - 40,900,822 Depreciation 1,510,544 367,786 2,233,011 880,772 - 4,992,113 Disposals - - (138,257) - - (138,257) Balance, end of year 12,851,133 1,072,999 27,345,746 4,484,800 - 45,754,678 Net book value, end of year $ 32,106,678 1,834,991 4,673,146 1,090,346 14,066,971 53,772,132 Assets being acquired represent purchases of property and equipment which were not yet in operation and on which no depreciation has been charged. As at March 31, 2020, land and buildings includes right-of-use assets of 2,620,961 related to Credit Union’s leased branches and office premises.