66 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2024 (expressed in Barbados dollars) 32 8 Distributions to members Distributions to members include a dividend of $0.247 (2023: $0.246) per share amounting to $648,454 (2023: $621,397) and interest rebate amounting to $2,134,271 (2023: $2,131,219). 9 Cash resources 2024 $ 2023 $ Cash on hand 12,782,139 10,017,974 Cash and cash equivalents 352,350,855 346,934,494 Total cash and cash equivalents 365,132,994 356,952,468 Term deposits 83,448,689 78,824,560 Total gross cash resources 448,581,683 435,777,028 Less: expected credit loss allowance (76,995) (68,586) 448,504,688 435,708,442 The average effective yield on cash resources during the year was 0.48% (2023 - 0.40%). The movement in expected credit loss allowance on term deposits is as follows: Note 2024 $ 2023 $ Balance at beginning of year 68,586 36,765 Expected credit loss on term deposits 5 8,409 31,821 Balance at end of year 76,995 68,586 At March 31, 2024, $76,995(2023: $68,586) of the expected credit losses allowance relating to term deposits related to those classified as stage 1. At March 31, 2024, cash resources carry interest rates varying from 0.0% to 3.5% per annum (2023 - 0.0% to 3.5%).
RkJQdWJsaXNoZXIy MTA2MDM=