67 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) 33 10 Financial investments 2024 $ 2023 $ Debt securities Amortised cost Sovereign bonds 32,496,763 21,689,057 Securitized deposits (note 21) 29,400,141 – Interest receivable 138,264 4,509 62,035,168 21,693,566 Less: expected credit loss allowance (132,203) (3,147) 61,902,965 21,690,419 Equities securities FVOCI Corporate equity - quoted (i) 940,000 890,000 Corporate equity – unquoted 2,105,116 2,040,336 3,045,116 2,930,336 Debt securities FVTPL Preferred shares (ii) 10,000,000 10,000,000 Interest receivable 59,452 – 10,059,452 10,000,000 Balance at end of year 75,007,533 34,620,755 The average effective yield during the year on amortised cost investments was 6.05% (2022: 5.76%). (i) Quoted equities represent the Credit Union’s investment in ICBL 500,000 (2023: 500,000) common shares. As at March 31, 2024, the quoted bid price of these common shares was $1.88 (2023: $1.78) per share. (ii) Preferred shares represent 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.
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