Consolidated Annual Report 2016

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