Separate Annual Report 2021

58 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2021 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 35 10. Financial Investments 2021 2020 Debt securities Amortized cost Sovereign bonds $ 23,345,210 18,509,103 Interest receivable 318,226 51,510 23,663,436 18,560,613 Less: expected credit loss allowance (19,539) (324,541) 23,643,897 18,236,072 Equities securities FVOCI Corporate equity – quoted (i) 890,000 1,550,000 Corporate equity – unquoted 1,581,253 1,415,242 2,471,253 2,965,242 Balance at end of year $ 26,115,150 21,201,314 The average effective yield during the year on amortized cost investments was 6.96% (2020: 6.29%). (i) This represents the Credit Union’s investment in 500,000 (2020: 500,000) common shares. As at March 31, 2021, the quoted bid price of these common shares was $1.78 (2020: $3.10) per share. The movement in expected credit loss allowance on debt investments is as follows: Note 2021 2020 Balance at beginning of year $ 324,541 564,263 Expected credit loss on investments 5 (305,002) (239,722) Balance at end of year $ 19,539 324,541 There was $Nil (2020: $288,440) expected credit loss allowance at March 31, 2021 related to debt securities classified as stage 3 and $19,539 (2020: $36,101) related to debt securities classified as stage 1.