67 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2021 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 40 11. Cash Resources Note 2021 2020 Cash on hand $ 357,792,523 276,860,547 Short-term deposits 4,742,215 3,008,990 Cash and cash equivalents 362,534,738 279,869,537 Other term deposits 2(g)ii 12,105,245 21,008,917 Mandatory reserve deposits with Central Bank of Barbados 7,350,843 7,350,843 Total cash resources 381,990,826 308,229,297 Less: expected credit loss allowance (146,135) (68,383) Balance at end of year $ 381,844,691 308,160,914 The average effective yield on cash resources during the year was 0.04% (2020 - 0.28%). The movement in expected credit loss allowance is as follows: 2021 2020 Balance at beginning of year $ 68,383 22,551 Expected credit loss on other term deposits 77,752 45,832 Balance at end of year $ 146,135 68,383 At March 31, 2021, $146,135 (2020 - $19,111) of the expected credit losses relate to term deposits classified as stage 1, and $Nil (2020 - $49,272) 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, 2021, 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 (2020 - 0.0% to 4.5%).
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