Non-Consolidated Annual Report 2016

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%).