79 CONSOLIDATED FINANCIAL STATEMENTS 2024 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2024 (expressed in Barbados dollars) 39 11 Cash Resources …continued The movement in expected credit loss allowance is as follows: 2024 $ 2023 $ Balance at beginning of year 72,225 39,445 Expected credit loss on other term deposits 8,410 32,780 Balance at end of year 80,635 72,225 At March 31, 2024, $80,635 (2023 - $72,225) of the expected credit losses relates to term deposits classified as stage 1. Mandatory reserve deposits with the Central Bank are non-interest bearing and represent a CAPITA Financial Services Inc.’s regulatory requirement to maintain a percentage of deposit liabilities as cash or deposits with the Central Bank. These non-interest bearing funds are not available to finance day-to-day operations and as such, are excluded from cash resources to arrive at cash and cash equivalents for the purpose of the consolidated statement of cash flows. At March 31, 2024, cash resources with the exception of mandatory reserve deposits with Central Bank of Barbados carry interest rates varying from 0.0% to 4.5 % per annum (2023 - 0.0% to 4.5%).
RkJQdWJsaXNoZXIy MTA2MDM=