72 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2023 (expressed in Barbados dollars) 40 12 Financial Investments 2023 $ 2022 $ Debt securities: Amortised cost Sovereign bonds 25,974,931 28,139,337 Interest receivable 5,163 1,522 Gross debt securities 25,980,094 28,140,859 Less: expected credit loss allowance (3,147) (6,387) Total debt securities 25,976,947 28,134,472 Equities securities: FVOCI Corporate equity - quoted 1,230,770 1,281,395 Corporate equity - unquoted 2,847,777 2,577,438 Total equity securities 4,078,547 3,858,833 Debt securities: FVTPL Preferred shares (i) 10,000,000 – Total financial investments 40,055,494 31,993,305 During the year ended March 31, 2023, interest rates varied from 1.0% to 8.0% per annum (2022 - 1.0% to 8.0%) per annum. Investments include treasury bills and notes of $8,739,681 (2022 - $7,327,902) held as a result of CAPITA Financial Services Inc.’s regulatory requirement to maintain 1.50% of total domestic deposits as a statutory reserve. (i) Preferred shares represents the Credit Union’s investment in 10,000,000 (2022 - Nil) cumulative preferred shares. On March 31, 2023 the Credit Union purchased 10,000,000 cumulative redeemable preferred shares with a par value of a $1.00 (2022 - $Nil) each. The shares carry a sixty-four (64) months tenure and pays a 7.00% dividend. The movement in expected credit loss allowance is as follows: 2023 $ 2022 $ Balance at beginning of year 6,387 19,539 Derecognition of expected credit loss allowance – 1,375 Expected credit loss on investments (3,240) (14,527) Balance at end of year 3,147 6,387
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