BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2013
(Expressed in Barbados dollars)
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8. Cash Resources
2013
2012
Cash on hand
$
5,348,876
4,640,720
Cash at bank
40,511,900
23,317,308
Total cash and cash equivalents
45,860,776 27,958,028
Term deposits
64,379,644
62,733,150
Total cash resources
$ 110,240,420
90,691,178
Term deposits amounting to $5,000,000 (2012 - $5,000,000) were pledged as security for a line of
credit facility with a commercial bank. (Note 17)
The average effective yield on cash equivalents during the year was 0.42% (2012 - 1.7%).
9. Financial Investments
The amount comprises:
2013
2012
Held to maturity
Government securities
$ 16,109,000
11,109,000
Interest receivable
268,955
208,370
$ 16,377,955
11,317,370
The average effective yield during the year on held to maturity investments was 6.03% (2012 - 6.1%).
2013
2012
Available-for-sale
Equities – quoted (i)
$
1,250,000
1,345,000
Equities - unquoted
604,710
594,000
$ 1,854,710
1,939,000
(i) This represents the Credit Union’s investment in 500,000 (2012: 500,000) common shares. As at
March 31, 2013 the quoted price of these common shares was $2.50 per share (2012: $2.69).
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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
