Consolidated Annual Report 2014

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED ANNUAL REPORT 2014 43 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2014 (Expressed in Barbados dollars) 29 7. Taxation…(continued) Deferred taxation…(continued) 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: Year of Losses Losses Expiry Loss B/fwd Incurred Utilised Expired C/Fwd Date 2008 $ 234,314 - 52,437 181,877 - 2014 2009 97,383 - - - 97,383 2015 2010 44,017 - - - 44,017 2016 2011 57,777 - - 57,777 2017 2012 205,852 - - - 205,852 2018 2013 45,474 - - - 45,474 2019 2014 - 102,616 - - 102,616 2020 $ 684,817 102,616 5 2 ,437 181,877 553,119 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 $0.233 (2013 - $0.244) per share amounting to $372,400 (2013 - $355,499) and interest rebate amounting to $1,516,008 (2013 - $1,187,520). -