Consolidated Annual Report 2021

87 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) 61 24. Commitments and Contingencies, continued (i) Loan commitments, continued The movement in the expected credit loss allowance 2021 2020 Balance at beginning of year $ 251,309 231,587 Expected credit losses 189,762 19,722 Balance at end of year $ 441,071 251,309 The expected credit allowance for the undrawn loan commitments is included in other liabilities in Note 19. (ii) Loan facilities Loan facilities committed but not recognised in the consolidated financial statements as at March 31, 2021 are as follows: (a) an approved line of credit facility of $7,800,000 (2020 - $7,800,000) with a bank. This facility is secured by a first legal mortgage over the property at Belmont Road. At March 31, 2021 this facility was undisbursed. (b) an approved line of credit facility of $350,000 (2020 - $350,000) with a bank for the purpose of securing the corporate credits used by the Group during the normal course of business. This facility is secured by an equivalent value of debt securities measured at amortized cost. The commitment due on this facility at year end was $29,014 (2020 - $25,212). (iii) Legal proceedings At March 31, 2021, there were certain legal proceedings against the Group. In view of the inherent difficulty of predicting the outcome of such matters, the Group cannot state what the eventual outcome of such matters will be; however, based on current knowledge, the Group does not believe that liabilities, if any, arising from pending litigation will have a material adverse effect on its consolidated financial position or results of operations.