74 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) 46 15 Other assets Other assets are comprised of the following: Notes 2023 $ 2022 $ Accounts receivable 14,560,245 13,559,635 Prepaid employee benefit 17 432,119 2,018,414 Prepaid expenses 3,124,425 3,466,775 Other assets re Goodwill Credit Union 26 39,786 39,786 18,156,575 19,084,610 16 Deposits This amount comprises: 2023 $ 2022 $ Saving deposits 668,240,830 641,041,399 Deposits payable on fixed date 780,539,296 760,634,502 Registered retirement savings plan deposits (i) 50,297,197 49,451,314 1,499,077,323 1,451,127,215 Interest payable 1,821,482 2,018,850 1,500,898,805 1,453,146,065 (i) The Credit Union operates two registered retirement savings plans for the benefit of its members the legacy plan guarantees a minimum return on plan deposits of 5.0% while the new plan guarantees 1.0% above the minimum deposit rate. At March 31, 2023, the minimum deposit rate was 0.5% (2022: 0.5%). Concentration of deposits Deposits (excluding interest payable) comprised the following: 2023 $ 2022 $ Personal 1,490,532,343 1,439,551,123 Commercial 8,544,980 11,576,092 1,499,077,323 1,451,127,215 At March 31, 2023, deposits pledged as security for loans to members and not available for withdrawal totalled $323,628,932 (2022: $326,641,212). The average yield of deposits during the year was 1.44% (2022: 1.55%).
RkJQdWJsaXNoZXIy MTA2MDM=