111 SEPARATE FINANCIAL STATEMENTS 2024 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2024 (expressed in Barbados dollars) 77 23 Financial risk management …continued Liquidity risk and funding management …continued Analysis of financial liabilities by remaining contractual maturities The table below summarises the maturity profile of the undiscounted cash flows (including estimated interest payments) of the Credit Union’s financial liabilities as of March 31, 2024 and March 31, 2023 on the basis of their earliest possible contractual maturity. Liquidity risk - Financial liabilities 2024 Within 3 months $ Within 3-12 months $ Within 1-5 years $ Over 5 years $ Total $ Deposits 816,572,386 120,051,138 588,610,233 63,186,764 1,588,420,521 Reimbursable shares – – 27,361,694 – 27,361,694 Other liabilities 246,312 12,998,082 634,840 – 13,879,234 816,818,698 133,049,220 616,606,767 63,186,764 1,629,661,449 2023 Within 3 months $ Within 3-12 months $ Within 1-5 years $ Over 5 years $ Total $ Deposits 799,742,597 142,056,538 558,950,193 64,663,625 1,565,412,953 Reimbursable shares – – 22,725,836 – 22,725,836 Other liabilities 251,788 9,756,874 1,442,305 139,545 11,590,512 799,994,385 151,813,412 583,118,334 64,803,170 1,599,729,301 Market risk Market risk is the risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market variables such as interest rates, foreign exchange rates and equity prices. The Credit Union is mainly exposed to interest rate risk. The Credit Union’s exposure to currency risk is minimal since it does not have any significant foreign currency denominated assets. Interest rate risk Interest rate risk is the risk of loss from the fluctuations in the future cash flows or fair values of financial instruments because of a change in market interest rates. It arises when there is a mismatch between interestbearing assets and interest-bearing liabilities, which are subject to interest rate adjustments, within a specified period. It can be reflected as a loss of future net interest income and/or a loss of current market values.
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