61 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2022 (Expressed in Barbados dollars) 33 8. Distributions to Members Distributions to members include a dividend of $0.236 (2021: $0.250) per share amounting to $609,135 (2021: $585,225) and interest rebate amounting to $2,037,370 (2021: $3,022,948). 9. Cash Resources 2022 2021 Cash on hand $ 17,145,785 11,759,890 Cash and cash equivalents 359,243,847 339,228,886 Total cash and cash equivalents 376,389,632 350,988,776 Term deposits 43,645,290 36,863,088 Total gross cash resources 420,034,922 387,851,864 Less: expected credit loss allowance (36,765) (138,399) $ 419,998,157 387,713,465 The average effective yield on cash resources during the year was 0.23% (2021: 0.19%). The movement in expected credit loss allowance on term deposits is as follows: Note 2022 2021 Balance at beginning of year $ 138,399 60,619 Expected credit loss on term deposits 5 (101,634) 77,780 Balance at end of year $ 36,765 138,399 At March 31, 2022, $36,765 (2021: $138,399) of the expected credit losses allowance relating to term deposits related to those classified as stage 1, while nil (2021: nil) related to those classified as stage 2. At March 31, 2022, cash resources carry interest rates varying from 0.0% to 3.5% per annum (2021 - 0.0% to 3.5%).
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