79 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) 45 15 Other assets Other assets are comprised of the following: Notes 2024 $ 2023 $ Accounts receivable 14,323,478 14,560,245 Prepaid employee benefit 17 2,337,665 432,119 Prepaid expenses 3,804,837 3,124,425 Other assets re Goodwill Credit Union 39,786 39,786 20,505,766 18,156,575 16 Deposits This amount comprises: 2024 $ 2023 $ Saving deposits 682,445,030 668,240,830 Deposits payable on fixed date 789,327,980 780,539,296 Registered retirement savings plan deposits (i) 51,082,085 50,297,197 1,522,855,095 1,499,077,323 Interest payable 1,941,970 1,821,482 1,524,797,065 1,500,898,805 (i) The Credit Union operates two registered retirement savings plans for the benefit of its members. The legacy plan guarantees a minimum return on plan deposits of 5.0% while the new plan guarantees 1.0% above the minimum deposit rate. At March 31, 2024, the minimum deposit rate was 0.5% (2023: 0.5%). Concentration of deposits Deposits (excluding interest payable) comprised the following: 2024 $ 2023 $ Personal 1,516,732,682 1,490,532,343 Commercial 6,122,413 8,544,980 1,522,855,095 1,499,077,323 At March 31, 2024, deposits pledged as security for loans to members and not available for withdrawal totalled $313,416,122 (2023: $323,628,932). The average yield of deposits during the year was 1.29% (2023: 1.44%).
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