Consolidated Annual Report 2018

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2018 50 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2018 (Expressed in Barbados dollars) 35 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 consolidated statement of cash flows. At March 31, 2018, cash resources with the exception of mandatory reserve deposits with Central Bank carry interest rates varying from 0.01% to 5% per annum (2017 - 0.10% to 5%). 11. Financial Investments Financial investments comprise: 2018 2017 Held to maturity Government securities $ 25,618,465 28,260,012 Interest receivable 374,889 276,195 $ 25,993,354 28,536,207 During the year ended March 31, 2018, interest rates varied from 4.25% to 8.50% per annum (2017 - 4.13% to 8.50% per annum). 2018 2017 Available-for-sale Equities - quoted $ 1,623,030 1,909,642 Equities - unquoted 1,096,644 1,085,724 $ 2,719,674 2,995,366 2018 2017 Loans and receivables Government securities $ 3,867,227 3,647,680 Interest receivable 91,174 68,734 $ 3,958,401 3,716,414 During the year ended March 31, 2018, interest rates varied from 4.25% to 7.5% per annum (2017 – 4.25% to 7.38% per annum). Investments include treasury bills of $2,900,000 (2017 – $2,650,000) held as a result of a subsidiary’s regulatory requirement to maintain 1.5% of total domestic deposits as a statutory reserve .