68 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) 34 10 Financial investments…continued The movement in expected credit loss allowance on debt investments at amortised cost as follows: Note 2024 $ 2023 $ Balance at beginning of year 3,147 6,387 Expected credit loss on investments 5 129,056 (3,240) Balance at end of year 132,203 3,147 There was $69,889 (2023: nil) expected credit loss allowance at March 31, 2024 related to debt securities classified as stage 3 and $39,614 (2023: $3,147) related to debt securities classified as stage 1. 11 Loans and advances (i) Loans and advances are comprised of the following: 2024 Consumer $ Business $ Mortgages $ Total $ Gross loans 641,370,224 3,664,576 517,165,132 1,162,199,932 Less: ECL allowance (32,679,892) (485,507) (6,432,900) (39,598,299) 608,690,332 3,179,069 510,732,232 1,122,601,633 Add: Interest receivable 9,131,489 1,131,733,122 2023 Consumer $ Business $ Mortgages $ Total $ Gross loans 678,442,712 4,271,815 496,505,048 1,179,219,575 Less: ECL allowance (32,718,637) (540,547) (7,451,060) (40,710,244) 645,724,075 3,731,268 489,053,988 1,138,509,331 Add: Interest receivable 7,881,966 1,146,391,297 The average yield on loans for the year was 7.22% (2023: 7.60%).
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