BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2016
38
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2016
(Expressed in Barbados dollars)
22
7. Tax on Assets
Under the Tax on Asset Act, 2015, every credit union registered under Section 193 of the Co-operative
Societies Act, Cap 378 with total gross assets of which is $40 million or more, shall pay within four (4)
months after each assessment quarter, a levy of 0.20% per annum on the average domestic assets of
the Credit Union. This Act came into effect on July 1, 2014 and is expected to expire on March 31, 2016.
Tax on assets expense for the year amounted to $1,948,737 ( 2015 - $1,350,916).
8. 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).
9. Cash Resources
2016
2015
Cash on hand
$
9,664,017
6,627,130
Cash and cash equivalents
39,847,532
28,788,744
Short term deposits
- 9,524,610
Total cash and cash equivalents
49,511,549
44,940,484
Other term deposits
52,650,680 48,832,238
Total cash resources
$ 102,162,229 93,772,722
The average effective yield on cash resources during the year was 0.06% (2015 - 0.18%).
