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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2014
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2014
(Expressed in Barbados dollars)
23
8. Cash Resources
2014
2013
Cash on hand
$
5,295,019
5,348,876
Cash at bank
43,983,032
40,511,900
Total cash and cash equivalents
49,278,051
45,860,776
Term deposits
59,950,451
64,379,644
Total cash resources
$ 109,228,502 110,240,420
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. (Note 16)
The average effective yield on cash equivalents during the year was 0.20% (2013 - 0.42%).
9. Financial Investments
The amount comprises:
2014
2013
Held to maturity
Government securities
$ 20,109,000
16,109,000
Interest receivable
286,633
268,955
$
20,395,633
16,377,955
The average effective yield during the year on held to maturity investments was 6.15% (2013 - 6.03%).
2014
2013
Available-for-sale
Equities – quoted (i)
$
1,290,000
1,250,000
Equities - unquoted
664,348
604,710
$ 1,954,348
1,854,710
(i) This represents the Credit Union’s investment in 500,000 (2013: 500,000) common shares. As at
March 31, 2014, the quoted bid price of these common shares was $2.58 (2013: $2.50) per share.