109 SEPARATE FINANCIAL STATEMENTS 2023 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2023 (expressed in Barbados dollars) 81 23 Financial risk management …continued Market risk …continued Interest rate risk Interest rate risk is the risk of loss from the fluctuations in the future cash flows or fair values of financial instruments because of a change in market interest rates. It arises when there is a mismatch between interestbearing assets and interest-bearing liabilities, which are subject to interest rate adjustments, within a specified period. It can be reflected as a loss of future net interest income and/or a loss of current market values. Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2023 (expressed in Barbados dollars) 23 Financial risk management …continued Market risk …continued Interest rate risk …continued A summary of the Credit Union’s interest rate gap position is as follows: 2023 Up to 3 months $ Within 3 - 12 months $ Within 1 - 5 years $ Over 5 years $ Non-inter beari Cash resources 357,042,421 7,724,987 70,941,034 – Financial investments Debt securities - amortised cost – 1,485,901 12,697,987 7,506,531 Debt securities - FVTPL – – – 10,000,000 Loans and advances 41,313,771 29,129,436 231,190,615 844,757,475 Due from related companies 287,299 770,532 4,760,430 1,743,851 17,029,0 Other assets – – – – 14,600,0 Total assets 398,643,491 39,110,856 319,590,066 864,007,857 31,629,0 Deposits 795,901,600 137,501,807 531,072,268 36,423,130 Reimbursable shares – – – – 22,725,8 Other liabilities 224,492 682,949 1,371,932 966 9,147,4 Total liabilities 796,126,092 138,184,756 532,444,200 36,424,096 31,873,2 Interest rate gap (397,482,601) (99,073,900) (212,854,134) 827,583,761 (244,1 N e arbados Public Workers’ Co-operative Credit Union Limited tes to the Separate Financial Statements rch 31, 2023 pressed in Barbados dollars) Financial risk management …continued Market risk …continued Interest rate risk …continued A summary of the Credit Union’s interest rate gap position is as follows: 2023 Up to 3 months $ Within 3 - 12 months $ Within 1 - 5 years $ Over 5 years $ Non-interest bearing $ Cash resources 357,042,421 7,724,987 70,941,034 – – 435 Financial investments Debt securities - amortised cost – 1,485,901 12,697,987 7,506,531 – 21 Debt securities - FVTPL – – – 10,000,000 10 Loans and advances 41,313,771 29,129,436 231,190,615 844,757,475 – 1,146 Due from related companies 287,299 770,532 4,760,430 1,743,851 17,029,066 24 Other assets – – – – 14,600,031 14 Total assets 398,643,491 39,110,856 319,590,066 864,007,857 31,629,097 1,652 Deposits 795,901,600 137,501,807 531,072,268 36,423,130 – 1,500 Reimbursable shares – – – – 22,725,836 22 Other liabilities 224,492 682,949 1,371,932 966 9,147,431 11 Total liabilities 796,126,092 138,184,756 532,444,200 36,424,096 31,873,267 1,535 Interest rate gap (397,482,601) (99,073,900) (212,854,134) 827,583,761 (244,170) 117 bados Public Workers’ Co- perative Credit Union Limited to the Sep rate Financial Statements h 31, 2023 ssed in Barb dos dollars) inancial risk management …continued arket risk …continued terest rate risk …continued summary of the Credit Unio ’s interest ra e gap position is as follows: 2023 Up to 3 months $ Within 3 - 12 months $ Within 1 - 5 years $ Over 5 years $ Non-interest bearing $ ash resources 357,042,421 7,724,987 70,941,034 – – 435,70 nancial investments Debt securities - amortised cost – 1,485,901 12,697,987 7,506,531 – 21,69 Debt securities - FVTPL – – – 10,000, 00 10,00 oans and advances 41,313,771 29,129,436 231,190,615 844,757,475 – ,146,39 ue from related compani s 287,299 770,532 4,760,430 1,743,851 17,029,066 24,59 ther assets – – – – 14,600,031 14,60 otal asset 398,643,491 39,110,856 319,590,066 864,007,857 31,629,097 1,652,98 eposits 795,901,600 137,501,807 531,072,268 36,423,130 – 1,500,89 eimbursable shares – – – – 22,725,836 22,72 ther liabilities 224,492 682,949 1,371,932 966 9,147,431 11,42 otal liab lities 796,126,092 138,184,756 532,444,200 36,424,096 31,873,267 1,535,05 terest ra e gap (397,482,601) (99,073,900) (212,854,134) 827,583,761 (244,170) 117,92 dos Public Worke s’ Co-operative Credit Union Limited the Separate Financial Statements 1, 2023 d in Barbados dollars) a cial risk management …conti ued ket risk …conti ued rest rate risk …conti ued mmary of the Credit Union’s interest rate gap position is a foll ws: 2023 Up to 3 months $ Within 3 - 12 months $ Within 1 - 5 years $ Over 5 years $ Non-interest bearing $ To h resources 357,042,421 7,724,987 70,941, 34 – – 435,708,4 ncial investments ebt securities - amortised cost – 1,485,901 12,697,987 7,506,531 – 21,690,4 ebt securities - FVTPL – – – 10,000,000 10,000,0 ns and advances 41,313,771 29,129,436 231,190,615 844,75 , 75 – 1,146 391 2 from related companie 287,299 770,532 4,760,430 1,743,851 17,029,066 24 591 1 r assets – – – – 14,600,031 14,600,0 al sset 398,643,491 39,110,856 319,590,066 864,007,857 31,629,097 1,652,981,3 osits 795,901,600 137,501,807 531,072,268 36,423,130 – 1,500 898 mbursable shar s – – – – 22,725,836 22 725 8 r liabilit es 224,492 682,94 1,371,932 966 9,147,431 11,427,7 al liabilit es 796,126,092 138,184,756 532,44 , 00 36,42 ,096 31,873,267 1,53 ,052,4 est rat gap (397,482,601) (99,073, 00) (21 ,854,134) 827,583, 61 (244,170) 117,928,9 os Public Workers’ Co-oper tiv Credit Union Limited e Separate Financial Statements 023 Barbados llars) 82 al risk management …continued risk …continued at risk …continued ary of the Credit Union’s i terest rate gap positi n as follows: 2023 Up to 3 months $ Within 3 - 12 months $ Within 1 - 5 years $ Over 5 years $ Non-interest bearing $ Total $ ourc s 357,042,421 7,724,98 70,941,034 – – 435,708,4 2 l investment securities - amortised cost – 1,485,901 12,697,987 ,506,531 – 21,690,419 securities - FVTPL – – – 10,000,000 10,000,000 d advances 41,313,771 29,129,436 231,190,615 844,757,475 – 1,146 391,297 m related companies 287,299 770,532 4,760,430 1,743,851 17,029,066 24,591,178 sets – – – – 14,600,031 14,600,031 sets 398,643,491 39,110,856 319,590,066 8 4,007,857 31,629,097 1,652 981,3 7 795,901,600 137,501,807 531,072,268 36,423,130 – 1,500 898,805 sable sha es – – – – 22,725,836 22,725,836 bilities 224,492 682,949 1,371,932 966 9,147,431 11,427,770 bilities 796,126,092 138,184,756 532,444,200 36,424,096 31,873,267 1,535 052,411 ate gap (397,482,601) (99,073,900) (212,854,134) 827,583,761 (244,170) 117,928,956 Public Workers’ Co-operative Credi Un on Lim ted parate Financial Statements bados ollars) 82 sk management …continued …continued ri k …continued of the Credit Union’s i terest rate g p positi n is as follows: 2023 Up to 3 months $ Within 3 - 12 months $ Within 1 - 5 years $ Over 5 years $ Non-interest bearing $ Total $ e 357,042 421 7 7 4 98 70 41 034 – – 435,708 442 estme ts rities - amortised c s – 1,485 901 12 697 98 7 506 531 – 21,690 419 ritie - FVTPL – – – 10,000 000 10,000 000 vances 41,313,771 29 12 436 231 190 615 844 757 475 – 1,146 391 297 ated companies 287, 99 770,532 4 760 430 1 743 851 17 029 66 24,591 178 – – – – 14,600 031 14,600 031 398,643 4 1 39 110 856 3 9 590 066 864 07 5 31 629 097 1 652 98 367 795,901 6 0 137 5 1 8 7 3 072 268 36 423 130 – 1,500 898 805 e shares – – – – 22,725 836 22,725 836 ies 224,492 68 ,949 1 371 932 966 9,147 431 11,427 770 ies 796,12 0 2 38 184 756 532 444 200 36 424 09 31 873 267 1 535 052 411 gap (397,482 601) (99 073,900) (212 854 13 ) 27 583 761 (244,170) 17,928 56 blic Workers’ Co-operative Credit Un on Limited ate Financial Statem nts o doll rs) 82 man gement …co tinued on inued …continued e Credit Union’s interest rat gap position s as follow : 2023 Up to 3 months $ Within 3 - 12 months $ Within 1 - 5 years $ Over 5 years $ Non-inter st bearing $ Total $ 357,042,421 7,724,987 70,941,034 – – 435,708,442 ments s - amortis d cost – 1,485,901 12,697,987 7,506,531 – 21,690,419 s - FVTPL – – – 10,000,000 10,000,000 ces 41,313,771 29,129,436 231,1 0,615 844,757,475 – 1,146,391,297 companies 287,299 770,532 4,760,430 1,743,851 17,029,066 24,591,178 – – – – 14,600,031 14,600,031 398,643, 91 39, 10,856 319,590,066 864,007,857 31,629,097 1,652,981,367 795, 01,600 37,501,807 531,072,268 36,423,130 – 1,500,898,805 ares – – – – 22,7 5,836 22,725,836 224,492 682,949 1,371,932 966 9,147,431 11,427,770 796,126,092 138,184,756 532,444,200 36,424,096 31,873,267 1,535,05 ,4 1 (397,482,601) (99,073,900) (212,854,134) 827,583,761 (244,170) 117,928,956 rbados Public Workers’ Co-op rative Cred t Un on L mited es to the Separ te Financial Statements ch 31, 2023 essed in Barbados dollars) Financi l risk ma agement …continued Market risk …continued In re t rate risk…continued A su mary of the Credi Unio ’s int rest r te ga p sit on is as follows: 2023 Up to 3 months $ Within 3 - 12 months $ Within 1 - 5 years $ Over 5 years $ Non-int rest bearing $ Cash resources 357,042, 21 ,724,987 70,941,034 – – 35,7 Financial investments Debt securities - amor ised cost – 1,485,901 12,697,987 7,506,531 – 21,6 Debt securities - FVTPL – – – 1 ,00 ,00 10,0 Loans and advances 41,313,7 1 9,1 9,436 231,190,615 844,757,475 – ,146,3 Due f om related companies 87,299 770,532 4,760,430 1,743,851 17,029,066 24,5 O her assets – – – – 14,60 , 31 14,6 Total assets 3 8,64 ,49 39,110,8 6 319,59 ,066 64,0 7,857 31,6 9,097 1,652,9 Deposits 795,901,60 137,501,8 531,07 ,268 6,423,130 – 1,500,8 Reimbursable shares – – – – 22,7 5,836 22,7 Other liabilit es 2 ,492 682,94 1,371,932 966 9, 47,431 11,4 Total iabil ties 7 6,126,092 38,184,756 532,4 4,20 3 ,424,096 31,873,267 ,535,0 Int rest r te gap (397,482,6 1) (99,073,90 ) (212,854,134) 827,583,76 (244,170) 117, arbados Public Workers’ Co-operative Credit Union Limited tes to the Separate Financial Statements rch 31, 2023 pressed in Barbados dollars) Financial risk management …continu d Market risk …continued Interest rate risk …continued A summary of the Credit Union’s interest rate gap position is s follows: 2023 Up to 3 months $ Within 3 - 12 mo ths $ Within 1 - 5 years $ Over 5 y ars $ Non-interest bearing $ Cash resources 357,042,421 7,724,987 70,941,034 – – 435 Financial inve tments Debt securities - amortised cost – 1,485,901 12,697,987 7,506,531 – 21 FVTPL – – 10 0 0 000 10 Loans and advance 41,313,771 29,129,436 231,190 615 844 757 475 – 1,146 Due from related companies 287 29 770 5 2 4 76 430 1 43 851 17,029,066 24 Other asse s – – – – 4 600 31 1 Total as ets 398,643,491 39,110,856 319,590,066 864,007,857 31,629,097 1,652 Deposits 795,901,600 137,501,807 531,072,268 36,423,130 – 1,500 R imbursable shares – – – – 22,725, 36 22 Other liabi ities 224,492 682,949 1,371,932 966 9 147 4 1 11 Total liabilities 796,126,092 138,184,756 532,444,200 36,424,096 31,873,267 1,535 Interest rate gap (397,482,601) (99,073,900) (212,854,134) 827,583,761 (244,170) 117 bados Public Workers’ Co- pe ative Credit Union L mited to the Separate Financial Statements h 31, 2023 ssed in Barb dos dollars) inancial risk management …continued arket risk …continued terest rate risk …continued summary of the Credit Unio ’s interest ra e gap position is as follows: 2023 Up to 3 months $ Within 3 - 12 months $ Within 1 - 5 years $ Over 5 years $ Non-interest bearing $ ash resources 357,042, 21 7,724,987 70,941,034 – – 435,70 n ncial nve tments Debt securities - amortised cost – 1,485,901 12,697,987 7,506,531 – 21,69 FVTPL – – 10 0 0 000 10 00 oans and advances 41,313,771 29,129,436 231,190,615 844 757 475 – ,146 39 ue from related companies 287 299 770 5 2 4 76 430 1 43 851 1 ,029 066 24 59 ther assets – – – – 4 600 31 1 60 otal asset 398,643,491 39,110,856 319,590,066 864,007,857 31,629,097 1,652,98 eposits 795,901,600 137,501,807 531,072,268 36,423,130 – 1,500,89 imbursable shares – – – – 22,725 836 22 72 th r liabilitie 224,492 682,949 1,371,932 966 9 147 431 11 4 otal liab lities 796,126,092 138,184,756 532,444,200 36,424,096 31,873,267 1,535,05 terest ra e gap (397,482,601) (99,073,900) (212,854,134) 827,583,761 (244,170) 117,92 dos Public W rkers’ Co-operative Credit Union Limited the Separate Financial Statements 1, 2023 d in Barbados dollars) ancial risk management …continued ket risk …continued rest rate risk …continued mmary of the Credit Union’s interest ra e gap pos tion is a follows: 20 3 Up to 3 m nths $ With n 3 - 12 months $ With n 1 - 5 years $ Over 5 years $ Non-inter st bear g $ To h resources 357,042,421 7,72 ,987 70,941, 34 – – 435,708,4 ncial i v tments ebt securities - amortised cost – 1,485,901 12,697,987 7,506,531 – 21,690,4 FVTPL – – 10 0 0 000 0 00 0 ns and advances 41,3 ,771 29,129,436 231,190,615 844 75 75 – 1 146 391 2 from related companies 287 299 770 5 2 4 76 430 1 3 851 17,029,066 24 591 1 r assets – – – – 4 60 31 1 600 0 al assets 398,643,491 ,110,856 319,590,066 864,007,857 31,629,097 1,652 981 3 osits 795,901,600 137,501,807 531,072,268 36,423,130 – 1,500,898,8 mbursable shar s – – – – 22,725,836 r liabilitie 224,492 682,949 1,371,932 966 9 147 4 1 11 4 7 7 al liabilities 796,126,092 138,184,756 532,44 , 00 36,42 ,096 31,873,267 1,53 052 4 est rat gap (397,482,601) (9 ,073,900) (21 ,854,134) 827,583,761 (244,170) 117,928 9 os Public Workers’ Co-operativ Credit Union Limited e Separate Financial St tements 023 Barbados llars) 82 al risk management …continued risk …continued ate risk …continued ary of the Credit Union’s i terest rate gap positi n as follows: 2023 Up to 3 months $ Within 3 - 12 months $ Within 1 - 5 years $ Over 5 years $ Non-interest bearing $ Tot l $ ourc 357,042,421 7,724,987 70,941,034 – – 435,708,4 2 l inv stment securities - amor ised cost – 1,485,901 12,697,987 7,506,531 – 21,690,419 FVTPL – – 10 0 0 0 0 10 00 000 d advances 41,313,771 29,129,436 231,190,615 844 757 475 – 1 146 391 297 m related comp ies 287 299 770 5 2 4 76 430 1 43 851 17,029,066 24 5 1 78 sets – – – – 4 600 3 1 600 031 sets 398,643,491 39,110,856 319,590,066 8 4,007,857 31,629,097 1,652 981,367 795,901,600 137,501,807 531,072,268 36,423,130 – 1,500 898,805 sable ha es – – – – 22,725,836 22 725 36 bil tie 224,492 682,949 1,371,932 966 9 147 4 1 11 4 7 770 bilities 796,126,092 138,184,756 532,444,200 36,424,096 31,873,267 1,535 052,411 ate gap (397,482,601) (99,073,900) (212,854,134) 827,583,761 (244,170) 117,928,956 Public Workers’ Co-operative Credit Un on Lim ted p rate Financial Stat ments bados dollars) 82 sk management …continu d …continued risk …continued of the Credit Union’s i terest rate g p positi n is as follows: 2023 Up to 3 months $ Within 3 - 12 months $ Within 1 - 5 years $ Over 5 years $ No -interest bear ng $ Total $ e 357,042 421 7 7 4 987 70 41 034 – – 435,708 442 estme t ritie - amortised c s – 1,485 901 12 697 987 506 31 – 21,690 419 FVTPL – – 10 000 000 10 00 00 vanc s 41,313 771 29 129 436 231 190 615 844 757 475 – 1,146 391 297 ated companies 287 99 0 5 2 4 76 430 1 743 851 17 029 66 24 59 178 – – – – 4 600 31 1 600 03 398,643 4 1 3 110 856 3 9 590 066 864 07 5 31 629 097 1 652,98 367 795,901 600 137 501 807 531 072 268 3 423 130 – 1,500,898 805 shares – – – – 2 725 836 22 725 36 ie 224,492 682,949 1 371 932 966 9 147 4 1 11 4 7 770 ies 796,12 0 2 138 184 756 532 444 200 36 424 09 31 873 267 1 535,052 411 gap (397,482 601) (99 073,900) (212 854 134) 827 583 761 (244,170) 17,928 956 blic Workers’ Co-operative Credit Un on Limited ate Fin ncial Statem nts os doll rs) 82 management …co tinued on inued …continued e Credit Union’s interest rat gap position is as follow : 2023 Up to 3 months $ Within 3 - 12 months $ Within 1 - 5 years $ Over 5 years $ Non-inter st bearing $ To al $ 357,042, 1 7,724,987 70,941,034 – – 435,708,442 ment s - mort d cost – 1,485,901 12,697,987 7,506,531 – 21,690,419 FVTPL – – 10 0 0 000 10 00 0 0 ces 41,313,771 29,129,436 231,190,615 844 757 475 – 1,146 391 297 comp nie 287 299 770 5 2 4 76 430 1 43 851 17,029,066 24 591 178 – – – – 4 600 31 1 600 031 398,643, 91 39,110,856 319,590,066 864,007,857 31, 29,097 1,652,981,367 795, 01,600 137,501,807 531, 72,268 36,423,130 – 1,500,898,805 ar s – – – – 22,725,836 22 725 36 224,492 682,949 1,371,932 966 9 147 4 1 11 4 7 770 796,126,092 138,184,756 532,444,200 36,424,096 31,873,267 1,535,052,4 1 (397,482,601) (99,073,900) (212,854,134) 827,583,761 (2 4,170) 117,928,956 Bar ad s Public Worke s’ Co-operative Cred t Union Limited Notes to the Separate Financial Statements March 31, 2023 (expressed in Barbados dollars) 23 Fin cial risk managem nt …continued Mark t risk …continued Interest rate risk …continued A summary of the Credi Union’s nterest rate g p position is as follows: 2023 Up to 3 months $ Within 3 - 12 months $ Within 1 - 5 years $ Over 5 years $ Non-inte be ri Cash resourc s 357,0 2,421 7,724,987 70,941,034 – F nancial investments amortised cost 1,485,901 12,697,987 7 5 6 531 Debt securities - FVTPL – – – 10 000 000 Loans and advances 41,313 771 29,129 4 6 231 190,615 844 57 475 Due from r lated companies 287,299 770,532 4,760,430 1,743,851 7 029 Other assets – – – – 4 600 Total assets 8,643,491 39,110,856 319,590,0 6 864,007,857 31 629 0 D posits 795,901,6 0 137,501,807 531,07 ,268 36,423,130 Reimbursable hares – – – – 2 Other liabilities 2 4, 92 682,949 1,371,932 966 9 147 4 Total liabilities 796,126,092 138,184,756 532,4 4,200 36,424,096 1 873 2 Interest rate gap (3 7,482,601) (99,073,900) ( 12,854,13 ) 827,583,761 (244 1 rbados Public Workers’ Co-operative Credit Union Limited es to the Separate Financial Statements rch 31, 2023 ressed in Barbados dollars) Financial risk management …continued Market risk …continued Interest rate risk …con inu d A summary of the Credit Union’s interest rate gap position is as follows: 2023 Up to 3 months $ Within 3 - 12 months $ Within 1 - 5 years $ Over 5 years $ Non-interest bearing $ Cash re ources 357,0 2,421 7,724,987 70 94 ,034 – – 435, Financial inves men s Debt securities - amortised cost – 1 485,901 12 697,987 7,506, 31 – 21, Debt securities - FVTPL – – – 1 000,0 0 10, Loans and advances 41,313,771 29 129,436 231 190,615 844 757,475 – 1,146, Due f om related companies 287,299 770,532 4,760,430 1,743,85 17,029,0 6 24, Other as ets – – – – 14,600,031 14, T tal as ets 398,643,491 39, 10,85 319,590,066 864,007,857 31,629, 97 1,652, Deposits 795,901,600 137 501,807 531 072,268 36 423,130 – 1,500, Reimbursable shares – – – – 22,725,836 22, Other liabilities 224,492 68 ,949 1,371,932 96 9, 47,431 11, Tot l liabilities 796,126,0 2 138 184,756 532 44,200 36 4 ,096 3 ,873,267 1,535, Interest rate gap (397,482,601) (99,073,900) (212,854,134) 827,583,761 (244,170) 117, arbados Public Workers’ Co-operative Credit Union Limited tes to the Separate Financial Statements rch 31, 2023 pressed in Barbados do lars) Financial risk management …continued Marke isk …continued Int rest rate risk …continued A summary of the Credit Union’s interest rate gap position is as fo lows: 2023 Up to 3 months $ Within 3 - 12 months $ Within 1 - 5 years $ Over 5 years $ Non-interes bearing $ Ca h resources 357,042 2 7 724 87 70 941 034 – 435 Financial inves ment amortised co t 1 485 901 12 6 7 98 7 506 531 21 Debt securities - FVTPL – – – 10 000 000 10 Loan and advances 41,313 1 29,129 4 6 231 19 615 8 4 57 475 – 1,146 Due from related companies 287,2 9 770,532 4,760,430 1,743 851 7 029 6 2 Oth r s – – – – 14 00 31 14 Total a ets 3 8 643 49 9 110 56 319 590 0 6 864 007 857 31,629,097 6 2 Deposits 795,901 600 137,501 807 53 0 2 268 36,4 3 130 – ,500 Reimbursable shares – – – – 2 725 8 6 2 Other bilities 2 4 4 6 9 9 1 371 9 2 96 9 147 431 11 Tot l li bilities 7 126 0 2 138 184 756 53 4 200 36 424 096 3 ,873 267 1,535 Interest rate gap (397,482,601) ( 9,073,900) (212,854,134) 827,583,761 (2 4,170) 117 b dos Public Workers’ Co- perative Credit Union Limited to he Sep rate Financial Sta ements h 31, 2023 ssed in Barb dos dollars) inancial is management …continued arke risk …co inued terest rate risk …continued summary of the Credit Unio ’s interest ra e gap position is as follows: 20 3 Up to 3 months $ Withi 3 - 12 months $ Within 1 - 5 years $ Over 5 years $ Non-interest bearing $ ash resourc 357,042, 21 7 724 87 70 941 034 – 435 70 nancial inve tm nts amortised cost 1 485 901 12 6 7 987 7 506 531 21 6 Deb securities - FVTPL – – – 10 000 000 10 00 oans an advanc s 41,313 771 29,129 4 6 231 19 615 844 5 475 – ,146 39 ue from rela ed compani s 287,299 770,532 4,760,430 1,743,851 7 029 66 2 59 ther s e – – – – 14 00 31 14 60 tal e 3 8 643 49 9 110 56 319 590 0 6 864 007 857 31,629 097 652 98 posit 795,901 600 137,501 807 53 0 2 268 36,423,130 – 1,500 89 eimburs ble shares – – – – 22 725 836 22 7 ther bilit es 2 4 4 6 2 949 1 371 932 96 9 147 4 1 11 42 otal liab liti s 7 6 126 0 2 138 184 756 53 4 00 36 42 096 31,873 26 1,53 05 terest ra e gap (397,482,601) (99,073,900) (21 ,854,134) 827,583,761 (244,170) 117,92 dos Public Workers’ Co-operative Credit Unio Limited the Separate Financial St tements 1, 2023 d in B rbados dollars) anc al risk management …conti ued ke risk …co i ued rest rate risk …co tinued mmary of the Credit Union’s interest rate gap position s a foll ws: 2023 Up to 3 months $ Within 3 - 12 months $ Within 1 - 5 years $ Over 5 years $ Non-interes bearing $ To h resource 357,042,421 7 72 87 70 941 034 – 435 708 ncial nve tments amortised cost 1 485 01 1 697 987 7 506 53 21 6 4 ebt s curities - FVTPL – – – 10 000 000 10 000 0 ns and advance 41,3 3 771 29,129 4 6 231 19 615 844 5 75 – 146 391 2 from related companie 287,299 770,532 4,760, 30 1,743,851 7 29 66 2 591 1 r s – – – – 14 00 31 14 600 0 al assets 3 8 643 491 11 56 319 59 0 6 864 00 857 31,629,097 652 981 3 osits 7 5,901 600 137,501 807 53 0 2 268 36,423,130 – 1 500 898 8 mbursable shar – – – – 22 725 8 6 22 5 8 r iabilit es 2 4 4 6 949 1 371 932 96 9 147 431 1 427 7 al liabilities 7 6 126 092 138 184 756 53 44 200 36 424 096 31,8 3 267 1 535 0 2 4 est rat gap (397,482,601) (99,073, 00) (21 ,854,134) 827,583, 61 (244,170) 117,928,9 os Public Worker ’ Co-oper tiv Credit Union Limited e Separate Financial St tements 023 B rbados llars) 82 al risk management …continued k …continued rate risk …c ntinued ary of the Credi Union’s interest rate gap positi n s as follows: 2023 Up t 3 months $ Within 3 - 12 months $ Within 1 - 5 years $ Over 5 years $ Non- nter st bearing $ Total $ ource 357,042,421 7 724 87 0 941 034 – 435 708 42 l investment amortised cost 1 85 901 12 6 7 987 7 506 531 21 6 419 securities - FVTPL – – – 10 000 000 10 000 000 d advance 41,313 771 2 129 4 6 231 19 615 844 7 475 – 1 146 391 297 m related companies 287,299 770,532 4,760, 30 1,743,85 7 029 66 2 591 178 s t – – – – 14 00 31 14 600 03 set 3 8 43 491 9 110 56 319 590 0 6 8 4 007 857 1,629,097 652 981 367 795 901 600 137 501 807 53 0 2 268 6,423,130 – 1 500 898 805 sable ha es – – – – 22 725 8 6 22 7 5 836 bili ies 2 4 4 6 2 949 1 371 932 96 9 14 431 11 27 770 bilities 7 6 126 092 138 184 756 53 44 200 36 424 096 31,873 267 1,535 052 4 1 ate gap (397,482,601) (99,073,90 ) (212,854,134) 827,583,761 (244,170) 117,928, 56 Public Workers’ Co-op rative Credi Un on Lim ted parate Fin ncial Statements bados dollars) 82 sk manageme t …continu d …continued ri k …continued of the Credit Union’s i terest rate gap positi n is as follows: 2023 Up to 3 months $ Within - 12 months $ Within 1 - 5 years $ Over 5 years $ Non-interest bearing $ Total $ e 357,042 421 7 724 7 70 4 034 – 435 708 42 estme ts amortised c st 1 485 901 12 6 7 987 7 506 531 21 69 419 rities - FVTPL – – – 10 000 000 10 000 000 vances 41,313 771 29 12 4 6 231 19 615 844 757 475 – 1 146 391 2 7 ated companies 287, 99 770,532 4 760 43 1 743 851 7 029 66 2 591 178 – – – – 14 00 31 14 00 03 3 8 643 4 1 9 10 56 3 9 590 0 6 864 07 57 31 629 097 652 98 367 795,901 600 137 501 807 53 072 268 36 423 130 – 1 00 898 80 e hares – – – – 22 725 8 6 22 7 5 836 ies 2 4 4 6 2 949 1 371 932 96 147 43 11 427 770 i s 7 6 126 09 38 184 756 53 44 200 36 42 096 31 873 67 1 535 052 411 gap (397,482 601) (99 073,900) (212 854 13 ) 27 583 761 (244,170) 17,928 56 blic Workers’ Co-op ative Credit Union Limited a e Fin ncial Statem nts o dollars) 82 man gement …continued ontinu d …continued e Credit Uni n’s interest rat gap position s as follow : 2023 Up to 3 months $ Within 3 - 12 months $ Within 1 - 5 years $ Over 5 years $ Non-inte est bearing $ Total $ 357,042,421 7 724 87 70 94 034 – 435 708 42 m nts amortis d cost 1 485 901 12 6 7 987 7 506 531 21 6 419 s - FVTPL – – – 10 000 000 10 000 000 c s 41,313 771 29,129 4 6 231 1 615 844 57 475 – ,146 391 297 c mp nies 287,299 7 0,532 4,760,430 1,743,851 7 029 66 2 591 178 – – – – 14 00 31 14 60 031 3 8 643 491 9 10 56 3 9 590 0 6 864 07 857 31, 29,097 652 81 367 795, 01 600 137,501 807 53 0 2 268 36,423,130 – 1,500 898 805 ar s – – – – 22 7 5 8 6 22 7 5 836 2 4 4 6 2 49 1 371 932 96 9 147 431 11 427 770 7 6 126 092 138 84 56 53 44 200 36 2 096 31,873 267 1,535 052 4 1 (397,482,601) (99,073,900) 212,854,134) 827,583,761 (244,170) 1 ,928,956 B rbad s Public Workers’ Co-operative Cred t Union Limited Notes o the Separate Financial Statements March 31, 2023 (expresse in Ba bad s dollars) 23 Fina cial risk managem nt …continued Marke risk…continued Inter s rate risk …continued A summary of the Cred Union’s interest rate g p position is as follows: 2023 Up to 3 months $ Within 3 - 12 months $ Within 1 - 5 years $ Over 5 years $ Non-inte be ri Ca h resources 357,042,4 1 7 724 87 0 941 034 – F nancial investments amortised cost 1 4 5 901 12 6 987 7 506 531 Debt securities - FVTPL – – – 10 000 000 L an and advances 41,313 771 29,129 4 6 231 190,615 844 57 475 Due from related companies 287,299 770 532 4,760 43 1, 43,851 7 029 Other – – – – 4 0 Total a sets 8 64 491 9 1 0 56 19 590 0 6 864 007 857 31 629 Deposits 795,901,6 0 137,501,807 53 0 ,268 36,423,130 Reimbursable hares – – – – 22 7 5 8 Other i i 224,4 6 2 949 1 371,932 96 9 47 4 Total liabilities 7 6 26, 92 138 1 4,7 6 53 444,200 36 424 096 31 873 2 Interest rate gap (3 7,482 601) (99,073 900) ( 12, 54 13 ) 827,583,761 (244 1 ados Public Workers’ Co- p rative Credit U on imited o the Separ te Fin ncial St tements 31, 2023 ed in Barbados do lars) nc al risk m nagement …conti ued rket risk …continued r st ra i k…continued ummary of he Cred t U ion’s interest r te gap position s as fo lows: 2023 Up to 3 months $ ithin 3 - 12 months $ it - 5 years $ Over 5 years $ Non-interes bea ing $ To h resou ces 357,042,421 , 24,987 70,941 03 – – 435,708, ncial inv s ments Debt sec ities - amorti ed cost – 1,4 5 901 12,69 987 7,506 531 – 21,690 D b securities - FVTPL – 1 ,000,0 , 0, ns and advances 41,313,771 2 , 29 436 23 ,190 615 844, 5 475 – 1, 46,39 from r lat d companies 87,299 770,53 4,76 , 30 1,743,851 7,029,066 24,591 e assets – – – – 14,600,031 14 600 al assets 398,64 ,49 39,110 856 31 ,59 66 864,007 857 31,629 097 1,652,981 osit 795,901 60 137,501 807 5 1,072 268 36,423 130 – 1,500, 98 mbursable share – 22,72 ,836 22,725, r liabilities 224 92 682 949 1,37 93 966 9,147,431 1 ,427 al liabilities 79 ,126,09 138,18 756 5 2,444 200 36,424,096 1,87 26 ,535,0 2 r t r te gap (397,482 601) (99,07 900) (212,8 4 13 ) 8 7,5 761 (244 170) 17 928 2 s Public Workers’ C -operative Credit U ion Limited t the Separate Fi ancial Stat ments 1, 2023 ( x re sed in Barbados dollars) 81 2 inancial risk management …continued Market risk …continued terest rate risk Interest rate risk is the risk of loss from the fluctuations in the future cash flows or fair values of financial instruments because of a change in marke inte est rates. It arises w en there a mismatch betwe n interestbearing assets and interest-bearing l abilities, which are subject to inter st rate adju tments, within a specified p riod. It can be reflected s a loss of future et interest income and/ r a loss of current m rket values.
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