Consolidated Annual Report 2018

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2018 49 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2018 (Expressed in Barbados dollars) 34 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 2012 $ 207,101 - - (207,101) - 2018 2013 45,750 - - - 45,750 2019 2017 43,572 - - - 43,572 2023 2018 - 107,650 - - 107,650 2024 $ 296,423 107,650 - (207,101) 196,972 BPW Financial Holdings Inc. Year of Losses Losses Expiry Loss B/fwd Incurred Utilised Expired C/fwd Date 2016 637,807 - - - 637,807 2023 2017 106,028 - - - 106,028 2024 2018 - 157,403 - - 157,403 2025 $ 743,835 157,403 - - 901,238 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 $0.246 (2017 - $0.238) per share amounting to $479,140 (2017 - $447,769) and interest rebate amounting to $2,748,966 (2017 - $2,188,556). 10. Cash Resources 2018 2017 Cash $ 112,019,130 67,803,584 Short-term deposits 829,926 459,404 Cash and cash equivalents 112,849,056 68,262,988 Other term deposits 38,238,283 43,713,277 Mandatory reserve deposits with Central Bank of Barbados 5,800,828 5,375,828 Total cash resources $ 156,888,167 117,352,093