62 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) 34 10. Financial Investments 2022 2021 Debt securities Amortised cost Sovereign bonds $ 23,694,671 23,345,210 Interest receivable 1,522 318,226 23,696,193 23,663,436 Less: expected credit loss allowance (6,387) (19,539) 23,689,806 23,643,897 Equities securities FVOCI Corporate equity – quoted (i) 890,000 890,000 Corporate equity – unquoted 1,770,000 1,581,253 2,660,000 2,471,253 Balance at end of year $ 26,349,806 26,115,150 The average effective yield during the year on amortised cost investments was 6.76% (2021: 6.96%). (i) This represents the Credit Union’s investment in 500,000 (2021: 500,000) common shares. As at March 31, 2022, the quoted bid price of these common shares was $1.78 (2021: $1.78) per share. The movement in expected credit loss allowance on debt investments is as follows: Note 2022 2021 Balance at beginning of year $ 19,539 324,541 Expected credit loss on investments 5 (13,152) (305,002) Balance at end of year $ 6,387 19,539 There was nil (2021: nil) expected credit loss allowance at March 31, 2022 related to debt securities classified as stage 3 and $6,387 (2021: $19,539) related to debt securities classified as stage 1.
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