85 CONSOLIDATED FINANCIAL STATEMENTS 2023 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2023 (expressed in Barbados dollars) 53 18 Loans Payable Loans payable is comprised of the following: 2023 $ 2022 $ ECHMB 1,232,484 1,277,297 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, 2023 and 2022. 19 Other Liabilities Other liabilities are comprised of the following: Notes 2023 $ 2022 $ Accounts payable and accrued expenses (i) 8,750,193 10,788,615 Amounts payable re Goodwill Credit Union 28 89,236 89,236 Fair value adjustment - staff loans (ii) 138,577 2,018,130 Lease liability 14 6,310,923 7,640,302 Unallocated receipts to members 3,114,609 1,377,537 Deferred loan commitment fees 506,413 470,030 Premiums payable 1,682,774 1,426,426 Interest rebate payable 203,026 203,026 20,795,751 24,013,302 (i) Included in accrued expenses at March 31, 2023, is a provision for undrawn loan commitments of $309,198 (2022 - $410,687) and legal litigations $250,000 (2022 - $500,000). (ii) Fair value adjustment - staff loans represent 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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