BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2020 90 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) 73 26. Financial Risk Management, continued 26.2 Credit risk, continued IFRS 9 – 2020 Stage 1 Stage 2 Stage 3 Total Loan and advances at Amortised cost Balance at April 1 $ 2,359,004 1,995,213 23,799,546 28,153,763 Impact of IFRS 9 Implementation - - - - Balance at April 1 (adjusted) 2,359,004 1,995,213 23,799,546 28,153,763 Transfer to Stage 1 29,339 (196,735) (129,430) (296,826) Transfer to Stage 2 (20,101) (1,207,317) (9,578) (1,236,996) Transfer to Stage 3 (2,464) (39,266) 3,064,717 3,022,987 Net re-measurement of loss allowance (876,734) 1,210,218 4,647,101 4,980,585 Amounts Charged-off - - (7,106,210) (7,106,210) Balance at March 31 $ 1,489,044 1,762,113 24,266,146 27,517,303 IFRS 9 – 2019 Stage 1 Stage 2 Stage 3 Total Loan and advances at Amortised cost Balance at April 1 $ 1856,184 1565,070 23,297,751 26,719,005 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 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 re-measurement of loss allowance (339,073) (622,653) 3,864,676 2,902,950 Amounts Charged-off - - (3,283,866) (3,283,866) Balance at March 31 $ 2,359,004 1,995,213 23,799,546 28,153,763
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