Consolidated Annual Report 2016

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2016 40 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2016 (Expressed in Barbados dollars) 28 10. Cash Resources, continued 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, 2016, cash resources with the exception of mandatory reserve deposits with Central Bank carry interest rates varying from 0.50% to 5% per annum (2015 - 0.50% to 5%). 11. Financial Investments Financial investments comprise: 2016 2015 Held to maturity Government securities $ 28,061,741 25,109,000 Interest receivable 1,012,442 729,462 $ 29,074,183 25,838,462 During the year ended March 31, 2016, interest rates varied from 4.25% to 7.50% per annum (2015 - 4.13% to 8.50% per annum). 2016 2015 Available-for-sale Equities - quoted $ 1,650,939 1,350,698 Equities - unquoted 754,438 682,522 $ 2,405,377 2,033,220 2016 2015 Loans and receivables Government securities $ 3,470,869 3,045,493 Interest receivable 79,986 67,287 $ 3,550,855 3,112,780 During the year ended March 31, 2016, interest rates varied from 4.25% to 7.38% per annum (2015 – 6.12% to 7.38% per annum). Investments include treasury bills of $2,650,000 (2015 – $2,150,000) held as a result of a subsidiary’s regulatory requirement to maintain 1.5% of total domestic deposits as a statutory reserve.