Consolidated Annual Report 2019

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2019 86 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) 71 26. Financial Risk Management, continued 26.2 Credit risk, continued 2019 2018 Stage 1 Stage 2 Stage 3 Total Individual Collective Total Loans and advances at amortized cost Balance at April 1 1,856,184 1,565,070 23,297,751 26,719,005 19,346,702 5,347,637 24,694,339 Impact of IFRS 9 implementation 614,337 422,404 (571,877) 464,864 - - - Balance at April 1 (adjusted) 2,470,521 1,987,474 22,725,874 27,183,869 19,346,702 5,347,637 24,694,339 Transfer to Stage 1 227,556 - - 227,556 - - - Transfer to Stage 2 - 630,392 - 630,392 - - - Transfer to Stage 3 - - 492,862 492,862 - - - Net remeasurement of loss allowance (339,073) (622,653) 3,864,676 2,902,950 8,912,356 (1,970,015) 6,942,341 Amounts Charged-off - - (3,283,866) (3,283,866) (4,917,675) - (4,917,675) Balance at March 31 2,359,004 1,995,213 23,799,546 28,153,763 23,341,383 3,377,622 26,719,005