49 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2020 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2020 (Expressed in Barbados dollars) 32 11. Cash Resources 2020 2019 Cash $ 276,860,547 215,271,356 Short-term deposits 3,008,990 838,182 Cash and cash equivalents 279,869,537 216,109,538 Other term deposits 21,008,917 30,054,285 Mandatory reserve deposits with Central Bank of Barbados 7,350,843 6,350,828 Total cash resources 308,229,297 252,514,651 Less: expected credit loss allowance (68,383) (22,551) Balance at end of year $ 308,160,914 252,492,100 The average effective yield on cash resources during the year was 0.14% (2019 - 0.28%). The movement in expected credit loss allowance is as follows: 2020 2019 Balance at beginning of year $ 22,551 - Adjustment on initial impact of IFRS 9 - 14,863 Balance at beginning of year (adjusted) 22,551 14,863 Expected credit loss on other term deposits 45,832 7,688 Balance at end of year $ 68,383 22,551 $19,111 (2019 - $22,551) of the expected credit losses allowance at March 31, 2020 relate to term deposits classified as stage 1. $49,272 (2019 - $NIL) relates to term deposits classified as stage 2. 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, 2020, 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 (2019 - 0.0% to 4.5%).
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