Consolidated Annual Report 2014

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED ANNUAL REPORT 2014 44 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2014 (Expressed in Barbados dollars) 30 9. Cash Resources 2014 2013 Cash $ 24,475,164 19,853,505 Short-term deposits 43,983,031 45,283,952 Cash and cash equivalents 68,458,195 65,137,457 Other term deposits 50,243,920 48,920,167 Mandatory reserve deposits with Central Bank of Barbados 3,925,828 3,375,829 Total cash resources $ 122,627,943 117,433,453 Term deposits amounting to $5,000,000 (2013 - $5,000,000) were pledged as security for a line of credit facility with a commercial bank. Mandatory reserve deposits with the Central Bank are non-interest bearing and represent a subsidiary’s regulatory requirement to maintain a percentage of deposit liabilities as cash or deposits with the Central Bank. These non-interest bearing funds are not available to finance day-to-day operations and as such, are excluded from cash resources to arrive at cash and cash equivalents for the purpose of the statement of cash flows. At March 31, 2014, cash resources with the exception of mandatory reserve deposits with Central Bank carry interest rates varying from 0.50% to 1% per annum (2013 - 0.50% to 1%).