ECCB 2022-2023 Annual Report and Financial Statements

Eastern Caribbean Central Bank Notes to the Financial Statements For the year ended 31 March 2023 (Expressed in Eastern Caribbean dollars)

16. Leases

The Bank leases properties mainly for its Agency Offices operations with lease terms ranging from 1 to 10 years. The leases include an option to renew for the same or shorter duration after the end of the contract term, which the Bank is expected to exercise. The Bank has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and leases for which the lease term ends within 12 months.

Information about leases for which the Bank is a lessee is presented below:

(a) Amounts recognised in the statement of financial position:

(i) Right-of-use asset

The carrying amounts of right-of-use assets recognised and movements during the year are as follows:

Buildings $ 2,209,083 1,263,833

At 1 April 2022

Effect of modification of lease

Depreciation

(788,370)

Balance at 31 March 2023

2,684,546

Buildings $ 2,809,271

At 1 April 2021

Effect of modification of lease

127,618

Depreciation

(727,806)

Balance at 31 March 2022

2,209,083

(ii) Lease liabilities

The carrying amounts of lease liabilities and movements during the year are as follows:

Buildings $ 2,414,020 1,263,833

At 1 April 2022

Effect of modification of lease

Interest expense Lease payments

152,314

(911,594)

Balance at 31 March 2023

2,918,573

102