Consolidated Annual Report 2019

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2019 52 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2019 (Expressed in Barbados dollars) 37 11. Cash Resources 2019 2018 Cash $ 215,271,356 112,019,130 Short-term deposits 838,182 829,926 Cash and cash equivalents 216,109,538 112,849,056 Other term deposits 30,054,285 38,238,283 Mandatory reserve deposits with Central Bank of Barbados 6,350,828 5,800,828 Total cash resources 252,514,651 156,888,167 Less: expected credit loss allowance (22,551) - Balance at end of year $ 252,492,100 156,888,167 The average effective yield on cash resources during the year was 0.28% (2018 - 0.04%). The movement in expected credit loss allowance is as follows: Note 2019 2018 Balance at beginning of year $ - - Adjustment on initial impact of IFRS 9 2(b) 14,863 - Balance at beginning of year (adjusted) 14,863 - Expected credit loss on other term deposits 7,688 - Balance at end of year $ 22,551 - $22,551 of the expected credit losses allowance at March 31, 2019 relate to term deposits classified as stage 1. 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, 2019, cash resources with the exception of mandatory reserve deposits with Central Bank of Barbados carry interest rates varying from 0.0% to 4.5% per annum (2018 - 0.01% to 5%).