77 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2022 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2022 (Expressed in Barbados dollars) 46 14. Property and Equipment, continued As at March 31, 2022, land and buildings includes right-of-use assets of $7,396,274 (2021: $4,024,051) 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 year: 2022 Right of Use Property Lease Liability $ $ Balance at April 1, 2021 4,024,051 4,255,145 Depreciation expense (1,667,691) - Disposal- depreciation 1,321,548 - Interest expense - 364,648 Addition 6,691,849 6,691,849 Disposal- costs (2,973,483) Lease payments - (3,671,340) As at March 31, 2022 7,396,274 7,640,302 2021 Right of Use Property Lease Liability $ $ Balance at April 1, 2020 5,273,523 5,464,738 Depreciation expense (1,309,568) - Interest expense - 244,803 Addition 60,096 153,527 Lease payments - (1,607,923) As at March 31, 2021 4,024,051 4,255,145
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