Non-Consolidated Annual Report 2020

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 76 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2020 (Expressed in Barbados dollars) 59 23. Financial Risk Management, continued Credit risk, continued Exposure to credit risk before collateral held or other credit enhancements, continued Credit quality by class of financial assets Loans and advances The credit quality of the loans and advances is managed through the prudent underwriting principles established by the Credit Union. Financial investments The Credit Union has principally invested in government bonds issued by the Government of Barbados which in the 2019 financial year was initially downgraded to a SD (Selective Default) rating by Standard & Poor’s and later rated B-. During the financial year ended March 31, 2020, these bonds were rated B- (2019 - B - ). Cash resources The credit quality of financial institutions holding the Credit Union’s cash resources is assessed according to the level of their credit worthiness and by comparison to other financial institutions. The Credit Union places its cash resources with reputable financial institutions. The tables below show the credit quality and aging analysis by class of financial assets. 2020 Neither past due Past due but Individually nor impaired not impaired impaired Total Cash resources $ 294,962,669 - - 294,962,669 Financial investments: Amortised cost 5,102,271 - 13,458,342 18,560,613 Loans and advances: Consumer 523,338,681 137,002,463 52,920,266 713,261,410 Mortgages 233,558,692 88,885,874 20,509,101 342,953,667 Business 1,673,384 2,829,586 851,844 5,354,814 Total $ 1,058,635,697 228,717,923 87,739,553 1,375,093,173