78 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2025 (expressed in Barbados dollars) 46 16 Deposits…continued Concentration of deposits Deposits (excluding interest payable) comprised the following: 2025 $ 2024 $ Personal 1,560,082,974 1,516,732,682 Commercial 3,903,834 6,122,413 1,563,986,808 1,522,855,095 At March 31, 2025, deposits pledged as security for loans to members and not available for withdrawal totalled $300,370,030 (2024: $313,416,122). The average cost of funds associated with deposits held during the year was 1.15% (2024: 1.29%). 17 Other liabilities Notes 2025 $ 2024 $ Accounts payable and accrued expenses (i) 10,370,525 6,095,708 Amounts payable re Goodwill Credit Union 89,286 89,286 Fair value adjustment - staff loans (ii) 2,142,227 2,683,766 Interest rebate payable 203,026 203,026 Lease liability 12 586,555 1,349,159 Unallocated receipts to members 3,073,643 3,926,295 16,465,262 14,347,240 (i) Included in accounts payable and accrued expenses at March 31, 2025, is expected credit losses on undrawn loan commitments of $232,560 (2024: $266,602) and legal litigations of $250,000 (2024: $250,000). (ii) Fair value adjustment staff loans The fair value adjustment - staff loans represents the deferred interest income on staff loans associated with the difference between the market value and the carrying value of the loans as a result of the interest rates on the staff loans being lower than the market interest rate. This balance is related to the prepaid employee benefit recorded and included in other assets (Note 15). The deferred interest income will be recognised over the term of the staff loans.
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