71 CONSOLIDATED FINANCIAL STATEMENTS 2023 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2023 (expressed in Barbados dollars) 39 11 Cash Resources 2023 $ 2022 $ Cash on hand 369,213,216 386,247,705 Short-term deposits 2,726,599 2,632,344 Cash and cash equivalents 371,939,815 388,880,049 Term deposits 12,149,860 12,230,205 Mandatory reserve deposits with Central Bank of Barbados 8,739,681 7,327,902 Total cash resources 392,829,356 408,438,156 Less: expected credit loss allowance (72,225) (39,445) Balance at end of year 392,757,131 408,398,711 The average effective yield on cash resources during the year was 0.46% (2022 - 0.04%). The movement in expected credit loss allowance is as follows: 2023 $ 2022 $ Balance at beginning of year 39,445 146,135 Expected credit loss on other term deposits 32,780 (106,690) Balance at end of year 72,225 39,445 At March 31, 2023, $72,225 (2022 - $39,445) of the expected credit losses relates to term deposits classified as stage 1, while $Nil (2022 - $Nil) relates to term deposits classified as stage 2. Mandatory reserve deposits with the Central Bank are non-interest bearing and represent a CAPITA Financial Services Inc.’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, 2023, 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 (2022 - 0.0% to 4.5%).
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