31
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
Notes to the Consolidated Financial Statements
For the year ended March 31, 2013, with comparative figures for 2012
(Expressed in Barbados dollars)
The deferred tax liability consists of accelerated tax depreciation. The deferred tax asset not recognised comprises losses and
accelerated tax depreciation of the St. Lucia Branch of a subsidiary.
The accumulated losses for tax purposes which may be carried forward and set off against future taxable income as follows:
Losses
Losses
Expiry
Year of loss
b/fwd
Incurred
Expired
c/fwd
Date
2007
$ 366,947
-
366,947
-
2013
2008
234,314
-
-
234,314
2014
2009
97,384
-
-
97,384
2015
2010
44,017
-
-
44,017
2016
2011
57,777
-
-
57,777
2017
2012
205,852
-
-
205,852
2018
2013
-
52,368
-
52,368
2019
$ 1,006,291
52,368
366,947
691,712
These losses are as computed by the subsidiary in its corporation tax returns and have as yet neither been confirmed nor disputed by
the Commissioner of Inland Revenue.
8. DISTRIBUTIONS TO MEMBERS
Distributions to members include a dividend of $0.244 (2012: $0.238) per share amounting to $355,499 (2012 - $335,281) and
interest rebate amounting to $1,187,520 (2012 - $1,079,327).
9. CASH RESOURCES
2013
2012
Cash
$ 19,853,505
25,897,867
Short-term deposits
45,283,952
23,317,308
Cash balances maturing within 90 days
65,137,457
49,215,175
Other term deposits
48,920,167
50,559,954
Mandatory reserve deposits with Central Bank of Barbados
3,375,829
3,125,829
Total cash resources
$ 117,433,453
102,900,958
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.
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, 2013, cash resources with the exception of mandatory reserve deposits with Central Bank carry interest rates varying
from 0.50% to 1% per annum (2012 - 0.50% to 1%).
For the purposes of the cash flow statements, cash and cash equivalents comprise:
2013
2012
Cash balances maturing within 90 days
$ 65,137,457
49,215,175
