66 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2022 (Expressed in Barbados dollars) 39 12. Property and Equipment, continued As at March 31, 2022, land and buildings includes right-of-use assets of $2,794,199 (2021: $1,914,016) 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 year: 2022 Right of Use Property Lease Liability $ $ Balance at April 1, 2021 1,914,016 2,079,483 Depreciation expense (945,469) - Interest expense - 164,046 Addition 1,825,652 1,825,652 Lease payments (principal and interest) - (1,100,444) As at March 31, 2022 2,794,199 2,968,737 Additions to the right-of-use asset during the year were $1,825,652 (2021: nil). 2021 Right of Use Property Lease Liability $ $ Balance at April 1, 2020 2,620,961 2,770,181 Depreciation expense (600,763) - Interest expense - 118,942 Addition - - Lease payments (principal and interest) and amounts written off (106,182) (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.
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