Separate Annual Report 2021

62 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2021 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 40 12. Property and Equipment, continued As at March 31, 2021, land and buildings includes right-of-use assets of $1,914,016 (2020: $2,620,961) related to the Credit Union’s leased branches and office premises. Set out below, are the carrying amounts of the Credit Union’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 2,620,961 2,770,181 Depreciation expense (600,763) - Interest expense - 118,942 Amounts written off (106,182) - Lease payments (principal and interest) - (809,640) As at March 31, 2021 1,914,016 2,079,483 Additions to the right-of-use asset during the period were $nil. 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. Year ending March 31, 2021 Up to 3 months 177,869 Within 3-12 months 533,606 Within 1-5 years 1,495,858 Thereafter 75,969 Total future payments on an undiscounted basis 2,283,302 Less: Present value discount (203,819) Present value of lease liabilities 2,079,483 Current portion 622,538 Non-current portion 1,456,945 Weighted-average remaining lease term (in years) 2.9 years Weighted-average discount rate 4.95% Lease liability is presented as part of ‘Other Liabilities’ in Note 17.