Separate Annual Report 2021

94 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) 72 23. Financial Risk Management, continued Credit risk, continued Credit quality by class of financial assets Loans and advances The credit quality of the loans and advances is managed through the prudent underwriting principles established by the Credit Union. Financial investments The Credit Union has principally invested in government bonds issued by the Government of Barbados which in the 2020 financial year was rated by Standard & Poor’s as B-. During the financial year ended March 31, 2021, these bonds remained rated B-. Cash resources The credit quality of financial institutions holding the Credit Union’s cash resources is assessed according to the level of their credit worthiness and by comparison to other financial institutions. The Credit Union places its cash resources with reputable financial institutions. The tables below show the credit quality and aging analysis by class of financial assets. 2021 Neither past due Past due but Individually nor impaired not impaired impaired Total Cash resources $ 387,851,864 - - 387,851,864 Financial investments: Amortized cost 9,526,626 - 14,136,810 23,663,436 Loans and advances: Consumer 484,864,762 132,039,789 74,642,185 691,546,736 Mortgages 250,849,672 100,589,020 31,249,429 382,688,121 Business 1,540,237 2,594,908 1,188,230 5,323,375 Total $ 1,134,633,161 235,223,717 121,216,654 1,491,073,532