Separate Annual Report 2021

60 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) 37 11. Loans and Advances, continued 2020 Stage 1 Stage 2 Stage 3 Total Consumer $ 612,965,741 32,281,799 68,013,870 713,261,410 Business 2,975,927 676,689 1,702,198 5,354,814 Mortgages 286,517,116 21,577,448 34,859,103 342,953,667 Gross loans 902,458,784 54,535,936 104,575,171 1,061,569,891 Less: ECL allowance (516,940) (1,442,785) (21,867,382) (23,827,107) $ 901,941,844 53,093,151 82,707,789 1,037,742,784 Add: interest receivable 8,337,287 $ 1,046,080,071 (iii) The movement in the expected credit loss allowance is as follows: 2021 Consumer Business Mortgages Total Balance, beginning of year $ 20,237,160 305,528 3,284,419 23,827,107 Expected credit loss 6,177,723 327,763 2,795,890 9,301,376 Balance, end of year $ 26,414,883 633,291 6,080,309 33,128,483 2020 Consumer Business Mortgages Total Balance, beginning of year $ 20,354,171 534,792 3,782,546 24,671,509 Reclasification of ECL - Undrawn commitments (219,860) - - (219,860) Amounts charged/written off (6,704,109) (218,109) - (6,922,218) Expected credit loss 6,806,958 (11,155) (498,127) 6,297,676 Balance, end of year $ 20,237,160 305,528 3,284,419 23,827,107