Notes to Consolidated Financial Statements - Barbados Investment ...

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Notes to Consolidated Financial Statements March 31, 2009 (Expressed in Barbados dollars) 6. Investments The investment held by the Corporation is classified as available-for-sale and is stated at fair value, with any resultant gain or loss being recognised directly in equity. The investment is represented by shares held in a publicly listed entity. When the investment classified as available-for-sale is sold, collected or otherwise disposed of, or when the carrying amount of the investment is impaired, the cumulative gain or loss recognized in equity is transferred to the income statement. Investments available-for-sale are recognised/derecognised by the Corporation on the date it commits to purchase/sell the investments. 7. Sinking fund investments Under the terms of the Prospectus issued in relation to the issue of $12,000,000 - 8 3/4% Investment and Development Bonds 2008, the Corporation was required to set up a sinking fund by half yearly appropriations from its resources in order to provide for the redemption of bonds surrendered or maturing under the bond issue. The bonds were redeemed on March 31, 2008. In April 2008, the Corporation set up a sinking fund by monthly appropriations from its resources to provide for the repayment of the principal on the RBTT $38 million loan (US$19 million) in the year 2022. The balance in the sinking fund account is made up as follows: 2009 2008 $ $ Balance at beginning of year 1,703,410 - Appropriation to Sinking Fund 1,670,682 1,670,682 Interest earned on amounts invested 56,350 32,728 3,430,442 1,703,410 Cash transfers to Capital Account (to be replenished) (2,000,030) - Balance at end of year 1,430,412 1,703,410 Represented by: Investment in term deposits 1,430,412 1,703,410 38 BARBADOS INVESTMENT AND DEVELOPMENT CORPORATION ANNUAL REPORT 2009
Notes to Consolidated Financial Statements March 31, 2009 (Expressed in Barbados dollars) 8. Development projects Land and Development Construction Buildings Cost in Progress Total $ $ $ $ Cost Balance at April 1, 2007 124,009,355 7,361,171 1,221,672 132,592,198 Additions 531,716 1,243,258 40,099,559 41,874,533 Transfers from construction in progress 1,475,733 - (750,347) 725,386 Disposals - - - - Balance at March 31, 2008 126,016,804 8,604,429 40,570,884 175,192,117 Balance at April 1, 2008 126,016,804 8,604,429 40,570,884 175,192,117 Additions 95,002 7,449 9,443,879 9,546,330 Transfers from construction in progress 989,741 138,877 (40,590) 1,088,028 Disposals (2,455,177) (19,196) - (2,474,373) Other costs - - 3,548,825 3,548,825 Balance at March 31, 2009 124,646,370 8,731,559 53,522,998 186,900,927 Accumulated Depreciation Balance at April 1, 2007 36,566,979 - - 36,566,979 Charge for the year 3,531,947 - - 3,531,947 Disposal of buildings - - - - Balance at March 31, 2008 40,098,926 - - 40,098,926 Balance at April 1, 2008 40,098,926 - - 40,098,926 Charge for the year 3,510,054 - - 3,510,054 Disposal of buildings (1,398,472) - - (1,398,472) Balance at March 31, 2009 42,210,508 - - 42,210,508 Net Book Value At April 1, 2007 87,442,376 7,361,171 1,221,672 96,025,219 At March 31, 2008 85,917,878 8,604,429 40,570,884 135,093,191 At April 1, 2008 85,917,878 8,604,429 40,570,884 135,093,191 At March 31, 2009 82,435,863 8,731,559 53,322,998 144,690,419 BARBADOS INVESTMENT AND DEVELOPMENT CORPORATION ANNUAL REPORT 2009 39
Page 1: BARBADOS INVESTMENT AND DEVELOPMENT
Page 4 and 5: Mission To be a dynamic Business De
Page 6 and 7: Board Of Directors Members of the B
Page 8 and 9: Chairman’s Report The Year in Rev
Page 10 and 11: Operating Environment Global Indust
Page 12 and 13: FIGURE 1 DISTRIBUTION OF INVESTMENT
Page 14 and 15: 2. The development of a viable, hig
Page 16 and 17: partnership was developed with the
Page 18 and 19: assistance aimed at overall export
Page 20 and 21: Table lV DOMESTIC EXPORTS TO CARICO
Page 22 and 23: appraisals were completed. Emphasis
Page 24 and 25: 2008/09 IN PICTURES The BIDC’s bo
Page 26 and 27: 26 BARBADOS INVESTMENT AND DEVELOPM
Page 28 and 29: Auditors’ Report To the Board of
Page 30 and 31: Consolidated Statement of Changes i
Page 32 and 33: Consolidated Statement of Cash Flow
Page 34 and 35: Notes to Consolidated Financial Sta
Page 50: 50 BARBADOS INVESTMENT AND DEVELOPM

Notes to Consolidated Financial Statements - Barbados Investment ...

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