Non-Consolidated Annual Report 2020

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 64 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) 47 22. Commitments and Contingencies, continued (ii) Loan facilities Loan facilities committed but not recognised in the non-consolidated financial statements as at March 31, 2020 are as follows: (a) an approved line of credit facility of $7,800,000 (2019 - $7,800,000) with a bank. This facility is secured by a first legal mortgage over the property at Belmont Road. At March 31, 2020 this facility was undisbursed. (b) an approved line of credit facility of $350,000 (2019 - $350,000) with a bank for the purpose of securing the corporate credits used by the Credit Union during the normal course of business. This facility is secured by an equivalent value of amortized costs. The commitment due on this facility at year end was $25,212 (2019 - $62,616). (iii) Legal proceedings At March 31, 2020, there were certain legal proceedings against the Credit Union. In view of the inherent difficulty of predicting the outcome of such matters, the Credit Union cannot state what the eventual outcome of such matters will be; however, based on current knowledge, the Credit Union does not believe that liabilities, if any, arising from pending litigation will have a material adverse effect on its financial position or results of operations. (iv) Lease commitments Under IFRS 16 The Credit Union leases branch facilities under operating leases. Payments made under these leases are amoritized over the term of the lease as a reduction to its lease liability for the principal portion and an interest expense for the associated finance cost. The future minimum rental payments related to these commitments are as follows: 2020 Less than one year $ 608,284 Between one and five years 1,979,290 Over five years 195,284 $ 2,782,858