62 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2023 (expressed in Barbados dollars) 34 10 Financial investments 2023 $ 2022 $ Debt securities Amortised cost Sovereign bonds 21,689,057 23,694,671 Interest receivable 4,509 1,522 21,693,566 23,696,193 Less: expected credit loss allowance (3,147) (6,387) 21,690,419 23,689,806 Equities securities FVOCI Corporate equity - quoted (i) 890,000 890,000 Corporate equity - unquoted 2,040,336 1,770,000 2,930,336 2,660,000 Debt securities FVTPL Preferred shares (ii) 10,000,000 – Balance at end of year 34,620,755 26,349,806 The average effective yield during the year on amortised cost investments was 5.76% (2022: 6.76%). (i) Quoted equities represent the Credit Union’s investment in 500,000 (2022: 500,000) common shares. As at March 31, 2023, the quoted bid price of these common shares was $1.78 (2022: $1.78) per share. (ii) 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 on debt investments is as follows: Note 2023 $ 2022 $ Balance at beginning of year 6,387 19,539 Expected credit loss on investments 5 (3,240) (13,152) Balance at end of year 3,147 6,387 There was nil (2022: nil) expected credit loss allowance at March 31, 2023 related to debt securities classified as stage 3 and $3,147 (2022: $6,387) related to debt securities classified as stage 1.
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