71 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2020 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) 54 25. Commitments and Contingencies (iv) Lease commitments As Lessee The Group leases branch facilities and office space 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 $ 335,395 Between one and five years 5,438,404 Over five years 195,284 $ 5,969,083 Under IAS 17 The Group’s lease payments were recognized in the consolidated statement of income on a straight-line basis over the lease term. The future minimum rental payments related to these commitments are as follows: 2020 2019 Less than one year $ - 1,567,517 Between one and five years - 2,916,396 $ - 4,483,913 During the financial year ended March 31, 2020, $8,828 (2019 - $1,689,647) were recorded as an expense in the consolidated statement of income in respect of operating leases.
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