80 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2024 (expressed in Barbados dollars) 40 12 Financial Investments 2024 $ 2023 $ Debt securities: Amortised cost Sovereign bonds 38,206,850 25,974,931 Interest receivable 156,491 5,163 Gross debt securities 38,363,341 25,980,094 Less: expected credit loss allowance (132,203) (3,147) Total debt securities 38,231,138 25,976,947 Equities securities: FVOCI Corporate equity - quoted 1,203,436 1,230,770 Corporate equity - unquoted 2,912,553 2,847,777 Total equity securities 4,115,989 4,078,547 Debt securities: FVTPL Preferred shares (i) 10,000,000 10,000,000 Interest receivable 59,452 – Total equity securities 10,059,452 10,000,000 Total financial investments 52,406,579 40,055,494 (i) Preferred shares represents the Credit Union’s investment in $10,000,000 (2023 - $10,000,000) 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 (2023 - $1.00) 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 at amortised cost is as follows: 2024 $ 2023 $ Balance at beginning of year 3,147 6,387 Expected credit loss on investments 129,056 (3,240) Balance at end of year 132,203 3,147 The expected credit loss allowance at March 31, 2024 relating to debt securities classified as stage 1 was $132,203 (2023 - $3,147).
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