Separate Annual Report 2021

97 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) 75 23. Financial Risk Management, continued Credit risk, continued Credit Quality Analysis 2021 Stage 1 Stage 2 Stage 3 Total Loans and advances at amortized cost Current $ 736,855,304 - - 736,855,304 Overdue <30 days 137,326,627 - - 137,326,627 Overdue 31 days to 89 days - 58,350,105 - 58,350,105 Overdue over 90 days - - 147,026,196 147,026,196 Total gross loans $ 874,181,931 58,350,105 147,026,196 1,079,558,232 Expected credit loss allowance Balance at March 31, 2020 (516,940) (1,442,785) (21,867,382) (23,827,107) Transfer to stage 1 (523,305) - - (523,305) Transfer to stage 2 - (232,130) - (232,130) Transfer to stage 3 - - (504,069) (504,069) Net re-measurement of loss allowance (1,013,913) 214,855 (7,242,814) (8,041,872) Amounts charged-off/write-off - - - - Total expected credit loss allowance (2,054,158) (1,460,060) (29,614,265) (33,128,483) Balance at March 31, 2021 872,127,773 56,890,045 117,411,931 1,046,429,749 Interest receivable 8,235,470 Net loans and advances $ 1,054,665,219