Notes to Consolidated Financial Statements - Barbados Investment ...

Notes to Consolidated Financial Statements
March 31, 2009
(Expressed in Barbados dollars)
11. Land conveyance deposit
A deposit of $100,000 was received in a previous period for the sale of lands at Wildey Industrial Park at a price of $1,000,000. This land was originally vested
in the Corporation by the Government at no cost. The sale of the land had been completed in 2009.
12. Due to Government of Barbados
This represents principal repayments, interest and commitment fees paid on the CDB loan by Government. (Note 10 (b))
2009 2008
$ $
Balance at beginning of year 14,713,102 13,627,303
Paid by Government during the year:
Interest 65,019 122,996
Loan repayments 1,019,306 962,803
Balance at end of year 15,797,427 14,713,102
This balance is interest free and has no fixed terms of repayment.
13. Deferred capital grants
Grants received
2009 2008
$ $
Balance - beginning of year 79,962,853 79,962,853
Amortisation
Balance - beginning of year 33,894,570 31,506,360
Amortisation for the year 2,388,210 2,388,210
Balance - end of year 36,282,780 33,894,570
Net balance deferred - end of year 43,680,073 46,068,283
Net balance deferred - beginning of year 46,068,283 48,456,493
Deferred capital grants are amounts received from Government for capital expenditure. The grants are amortised over the useful life of the assets purchased
with grant funds. (See note 2(h))
42
BARBADOS INVESTMENT AND DEVELOPMENT CORPORATION ANNUAL REPORT 2009