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)
26
13. Investment in Subsidiary
2013
2012
BPW Financial Holdings Inc. – 100%
$ 2,000,000
2,000,000
On April 16, 2011, the Board of Directors of the Credit Union approved a resolution to capitalize BPW
Financial Holdings Inc. its wholly owned subsidiary, by investing $2,000,000 in the subsidiary. This
represented the purchase of 20,000 shares.
14. Deferred Expenses
Deferred expenses represent expenditure incurred in the implementation of new and automated
services and were previously amortised over a three year period. All amounts incurred are now
expensed immediately.
The movement during the year is as follows:
2013
2012
Balance, beginning of year
$
-
1,215,996
Amounts incurred during the year
179,822
88,460
Amortisation charge and write-offs for the year (Note 6)
(179,822) (1,304,456)
Balance, end of year
$
-
-
15. Other Assets
Other assets are comprised of the following:
2013
2012
Accounts receivable
$
2,754,627
2,173,218
Prepaid expenses
1,497,743
1,401,783
Interest receivable on cash resources
124,141
90,095
Dividend receivable
55,000
55,000
$ 4,431,511
3,720,096
35
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
