78 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2023 (expressed in Barbados dollars) 46 14 Property and Equipment …continued As at March 31, 2023, land and buildings includes right-of-use assets of $6,416,553 (2022 - $7,396,274) 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: 2023 Right of use property $ Lease liability $ Balance at April 1, 2022 7,396,274 7,640,302 Depreciation expense (1,430,074) – Interest expense – 354,378 Addition 450,353 450,353 Lease payments – (2,134,110) As at March 31, 2023 6,416,553 6,310,923 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
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