BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2016
40
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2016
(Expressed in Barbados dollars)
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10. Cash Resources,
continued
Mandatory reserve deposits with the Central Bank are non-interest bearing and represent a subsidiary’s
regulatory requirement to maintain a percentage of deposit liabilities as cash or deposits with the Central
Bank. These non-interest bearing funds are not available to finance day-to-day operations and as such,
are excluded from cash resources to arrive at cash and cash equivalents for the purpose of the statement
of cash flows.
At March 31, 2016, cash resources with the exception of mandatory reserve deposits with Central Bank
carry interest rates varying from 0.50% to 5% per annum (2015 - 0.50% to 5%).
11. Financial Investments
Financial investments comprise:
2016
2015
Held to maturity
Government securities
$ 28,061,741 25,109,000
Interest receivable
1,012,442
729,462
$ 29,074,183 25,838,462
During the year ended March 31, 2016, interest rates varied from 4.25% to 7.50% per annum
(2015 - 4.13% to 8.50% per annum).
2016
2015
Available-for-sale
Equities - quoted
$ 1,650,939 1,350,698
Equities - unquoted
754,438
682,522
$ 2,405,377 2,033,220
2016
2015
Loans and receivables
Government securities
$ 3,470,869 3,045,493
Interest receivable
79,986
67,287
$ 3,550,855 3,112,780
During the year ended March 31, 2016, interest rates varied from 4.25% to 7.38% per annum
(2015 – 6.12% to 7.38% per annum).
Investments include treasury bills of $2,650,000 (2015 – $2,150,000) held as a result of a subsidiary’s
regulatory requirement to maintain 1.5% of total domestic deposits as a statutory reserve.
