73 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2021 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 47 14. Property and Equipment, continued As at March 31, 2021, land and buildings include right-of-use assets of $4,024,051 (2020 - $5,273,523) related to the Group’s leased branches and office premises. Set out below, are the carrying amounts of the Group’s right-of-use assets and lease liabilities and the movements during the period: Right-of-Use Lease Property Liability $ $ Balance at April 1, 2020 5,273,523 5,464,738 Depreciation expense (1,309,568) - Interest expense - 244,803 Additions 60,096 153,527 Lease payments - (1,607,923) As at March 31, 2021 4,024,051 4,255,145 Maturities of Leases Maturities of our lease liabilities on an undiscounted basis as of March 31, 2021 are presented below along with the current and non-current lease liabilities on a discounted basis. Within 1 year 1,751,222 Within 1 – 5 years 4,262,233 Thereafter 75,970 Total future payments on an undiscounted basis 6,089,425 Less: Present value discount (1,834,280) Present value of lease liabilities 4,255,145 Current portion 1,751,222 Non-current portion 4,338,203 Weighted average remaining lease term (in years) 2.76 years Weighted average discounted rate 4.95% Lease liability is presented as part of ‘Other Liabilities’ in Note 19.
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