69 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) 42 12. Financial Investments, continued The movement in expected credit loss allowance is as follows: 2021 2020 Balance at beginning of year $ 387,859 697,784 Derecognition of expected credit loss allowance 2,689 - Expected credit loss on investments (371,009) (309,925) Balance at end of year $ 19,539 387,859 The expected credit loss allowance at March 31, 2021 relating to debt securities classified as stage 1 and stage 3 were $19,539 and $Nil (2020 - $36,101 and $351,758) respectively. 13. Loans and Advances (i) Loans and advances are comprised of the following: 2021 Consumer Business Mortgages Total Gross loans $ 754,458,806 39,584,328 562,377,133 1,356,420,267 Less: ECL allowance (29,742,717) (801,178) (7,148,009) (37,691,904) $ 724,716,089 38,783,150 555,229,124 1,318,728,363 Add: interest receivable 11,411,755 $ 1,330,140,118
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