BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2021 80 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) 54 18. Loans Payable Loans payable is comprised of the following: 2021 2020 ECHMB $ 1,317,476 1,341,586 $ 1,317,476 1,341,586 A subsidiary has taken a loan with Eastern Caribbean Home Mortgage Bank which is comprised of cash proceeds from the collateralized borrowing as discussed in Note 13. The Group has not had any defaults of principal and interest repayment or any other breaches with respect to its loans payable during the years ended March 31, 2021 and 2020. 19. Other Liabilities Other liabilities is comprised of the following: Note 2021 2020 Accounts payable and accrued expenses (i) $ 10,828,543 6,192,377 Amounts payable re Goodwill Group 28 89,236 89,236 Fair value adjustment - staff loans (ii) 2,335,196 2,301,894 Lease liability 4,255,145 5,464,738 Unallocated receipts to members 1,214,878 770,770 Deferred loan commitment fees 464,957 466,650 Premiums payable 1,733,649 1,360,995 Interest rebate payable 203,026 203,026 Withholding tax payable 2,234 15,180 $ 21,126,864 16,864,866 (i) Included in accrued expense at March 31, 2021 is a provision for undrawn loan commitments of $441,071 (2020: $251,309) and legal litigations $915,656 (2020: $500,000). (ii) The fair value adjustment - staff loans represents the deferred interest income on staff loans associated with the difference between the market value and the carrying value of the loans as a result of the interest rates on the staff loans being lower than the market interest rate. This balance is related to the prepaid employee benefit recorded and included in other assets (Note 16). The deferred interest income will be recognised over the term of the staff loans.