39
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2016
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)
27
8.
Taxation,
continued
The accumulated losses for tax purposes which may be carried forward and set off against future taxable
income as follows:
St. Lucia Branch
Year of
Losses
Losses
Expiry
Loss
B/fwd
Incurred
Utilised
Expired
C/fwd
Date
2010 $ 42,141
-
(31,930)
(10,211)
-
2016
2011
58,128
-
-
-
58,128
2017
2012
207,101
-
-
-
207,101
2018
2013
45,750
-
-
-
45,750
2019
$ 353,120
-
(31,930)
(10,211)
310,979
BPW Financial Holdings Inc.
Year of
Losses
Losses
Expiry
Loss
B/fwd
Incurred
Utilised
Expired
C/fwd
Date
2016
637,807
-
-
-
637,807
2023
$ 637,807
-
-
-
637,807
These losses are as computed by the subsidiary in its corporation tax returns and have as yet neither
been confirmed nor disputed by the tax authorities.
9.
Distributions to Members
Distributions to members include a dividend of $0.238 (2015 - $0.238) per share amounting to $417,329
(2015 - $393,544) and interest rebate amounting to $1,620,780 (2015 - $1,564,953).
10. Cash Resources
2016
2015
Cash
$ 72,623,606 48,119,406
Short-term deposits
441,718 8,009,783
Cash and cash equivalents
73,065,324 56,129,189
Other term deposits
50,402,514 48,467,389
Mandatory reserve deposits with Central Bank of Barbados
4,875,828 4,175,828
Total cash resources
$ 128,343,666 108,772,406
