93 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) 61 24 Commitments and Contingencies …continued ii) Loan facilities Loan facilities committed but not recognised in the consolidated financial statements as at March 31, 2023 are as follows: a) an approved line of credit facility of $ 7,800,000 (2022 - $7,800,000) with a bank. This facility is secured by a first legal mortgage over the property at Belmont Road. At March 31, 2023 and 2022 this facility was undisbursed. b) an approved line of credit facility of $200,000 (2022 - $200,000) with a bank for the purpose of securing the corporate credits used by the Group during the normal course of business. This facility is secured by an equivalent value of debt securities measured at amortized cost. The commitment due on this facility at year end was $32,449 (2022 - $19,800). iii) Legal proceedings At March 31, 2022, there were certain legal proceedings against the Group. In view of the inherent difficulty of predicting the outcome of such matters, the Group cannot state what the eventual outcome of such matters will be; however, based on current knowledge, the Group has made provision for legal litigation liabilities of $250,000 (2022 - $500,000) and does not believe that liabilities, if any, arising from pending litigation will have a material adverse effect on its consolidated financial position or results of operations. iv) Lease commitments As Lessee The Group leases branch facilities and office space under operating leases. Payments made under these leases are amoritized over the term of the lease as a reduction to its lease liability for the principal portion and an interest expense for the associated finance cost. The future minimum rental payments related to these commitments are as follows: 2023 $ 2022 $ Less than one year 1,689,619 1,723,652 Between one and five years 4,087,495 3,622,701 Over five years 533,809 2,293,949 6,310,923 7,640,302 During the financial year ended March 31, 2023, $328,332 (2022 - $107,406) were recorded as an expense in the consolidated statement of income in respect of operating leases.
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