61 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) 33 8 Distributions to members Distributions to members include a dividend of $0.246 (2022: $0.236) per share amounting to $621,397 (2022: $609,135) and interest rebate amounting to $2,131,219 (2022: $2,037,370). 9 Cash resources 2023 $ 2022 $ Cash on hand 10,017,974 17,145,785 Cash and cash equivalents 346,934,494 359,243,847 Total cash and cash equivalents 356,952,468 376,389,632 Term deposits 78,824,560 43,645,290 Total gross cash resources 435,777,028 420,034,922 Less: expected credit loss allowance (68,586) (36,765) 435,708,442 419,998,157 The average effective yield on cash resources during the year was 0.40% (2022: 0.23%). The movement in expected credit loss allowance on term deposits is as follows: Note 2023 $ 2022 $ Balance at beginning of year 36,765 138,399 Expected credit loss on term deposits 5 31,821 (101,634) Balance at end of year 68,586 36,765 At March 31, 2023, $68,586 (2022: $36,765) of the expected credit losses allowance relating to term deposits related to those classified as stage 1. At March 31, 2023, cash resources carry interest rates varying from 0.0 % to 3.5% per annum (2022 - 0.0% to 3.5%).
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