BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2020 54 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2020 (Expressed in Barbados dollars) 37 14. 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 7,416,070 33,675,967 7,882,168 14,325,962 103,657,568 Impact of IFRS 16 implementation 7,255,073 - - - - 7,255,073 Adjusted balance April 1, 2019 47,612,474 7,416,070 33,675,967 7,882,168 14,325,962 110,912,641 Additions/transfer 1,111,785 1,550,237 509,116 - (258,991) 2,912,147 Disposals - (191,475) (190,482) - - (381,957) Balance, end of year 48,724,259 8,774,832 33,994,601 7,882,168 14,066,971 113,442,831 Accumulated depreciation Balance, beginning of year 10,722,666 1,815,476 26,616,962 4,730,431 - 43,885,535 Impact of IFRS 16 implementation 1,042,706 - - - - 1,042,706 Adjusted balance April 1, 2019 11,765,372 1,815,476 26,616,962 4,730,431 - 44,928,241 Depreciation 2,199,649 1,133,065 2,259,517 1,254,421 - 6,846,652 Disposals - (45,477) (138,259) - - (183,736) Balance, end of year 13,965,021 2,903,064 28,738,220 5,984,852 - 51,591,157 Net book value, end of year $ 34,759,238 5,871,768 5,256,381 1,897,316 14,066,971 61,851,874 Assets beng 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 $5,273,522 related to the Group’s leased branches and offices. Refer to the following page.
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