78 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2024 (expressed in Barbados dollars) 38 9 Taxation …continued Deferred taxation BPW Financial Holdings Inc. Year of loss Losses b/fwd $ Incurred $ Utilised $ Expired $ Losses c/fwd $ Expiry date 2017 106,028 – – (106,028) – 2024 2018 157,403 – – – 157,403 2025 2019 160,171 – – – 160,171 2026 2020 156,602 – – – 156,602 2027 2021 136,987 – – – 136,987 2028 2022 119,942 – – – 119,942 2029 2023 249,480 – – – 249,480 2030 2024 – 49,109 – – 49,109 2031 1,086,613 49,109 – (106,028) 1,029,694 Deferred taxation These losses are as computed by the subsidiaries in its corporation tax returns and have as yet neither been confirmed nor disputed by the tax authorities. 10 Distributions to Members Distributions to members include a dividend of $0.247 (2023 - $0.246) per share amounting to $648,454 (2023 - $621,397) and interest rebate amounting to $2,134,271 (2023 - $2,131,219). 11 Cash Resources 2024 $ 2023 $ Cash on hand 395,427,726 369,213,216 Short-term deposits – 2,726,599 Cash and cash equivalents 395,427,726 371,939,815 Term deposits 20,291,821 12,149,860 Mandatory reserve deposits with Central Bank of Barbados 8,748,701 8,739,681 Total cash resources 424,468,248 392,829,356 Less: expected credit loss allowance (80,635) (72,225) Balance at end of year 424,387,613 392,757,131 The average effective yield on cash resources during the year was 0.46 % (2023 - 0.46%).
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