85 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) 54 18. Loans Payable Loans payable is comprised of the following: 2022 2021 ECHMB $ 1,277,297 1,317,476 $ 1,277,297 1,317,476 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, 2022 and 2021. 19. Other Liabilities Other liabilities is comprised of the following: Note 2022 2021 Accounts payable and accrued expenses (i) $ 10,115,944 10,828,543 Amounts payable re Goodwill Group 28 89,236 89,236 Fair value adjustment - staff loans (ii) 2,018,130 2,335,196 Lease liability 14 7,640,302 4,255,145 Unallocated receipts to members 1,377,537 1,214,878 Deferred loan commitment fees 470,030 464,957 Premiums payable 1,426,426 1,733,649 Interest rebate payable 203,026 203,026 Withholding tax payable 672,671 2,234 $ 24,013,302 21,126,864 (i) Included in accrued expense at March 31, 2022 is a provision for undrawn loan commitments of $410,687 (2021: $441,071) and legal litigations $500,000 (2021: $915,656). (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.
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