71 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2022 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2022 (Expressed in Barbados dollars) 39 11. Cash Resources Note 2022 2021 Cash on hand $ 386,247,705 357,792,523 Short-term deposits 2,632,344 4,742,215 Cash and cash equivalents 388,880,049 362,534,738 Term deposits 2(g)ii 12,230,205 12,105,245 Mandatory reserve deposits with Central Bank of Barbados 7,327,902 7,350,843 Total cash resources 408,438,156 381,990,826 Less: expected credit loss allowance (39,445) (146,135) Balance at end of year $ 408,398,711 381,844,691 The average effective yield on cash resources during the year was 0.0% (2021 - 0.04%). The movement in expected credit loss allowance is as follows: 2022 2021 Balance at beginning of year $ 146,135 68,383 Expected credit loss on other term deposits (106,690) 77,752 Balance at end of year $ 39,445 146,135 At March 31, 2022, $39,445 (2021 - $146,135) of the expected credit losses relate to term deposits classified as stage 1, and $NIL (2021 - $NIL) relates to term deposits classified as stage 2. Mandatory reserve deposits with the Central Bank are non-interest bearing and represent a subsidiary’s regulatory requirement to maintain a percentage of deposit liabilities as cash or deposits with the Central Bank. These non-interest bearing funds are not available to finance day-to-day operations and as such, are excluded from cash resources to arrive at cash and cash equivalents for the purpose of the consolidated statement of cash flows. At March 31, 2022, cash resources with the exception of mandatory reserve deposits with Central Bank of Barbados carry interest rates varying from 0.0 to 4.5 % per annum (2021 - 0.0% to 4.5%).
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