Notes to Consolidated Financial Statements - Barbados Investment ...

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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
Notes to Consolidated Financial Statements March 31, 2009 (Expressed in Barbados dollars) 14. Special Technical Assistance Fund (STA) 2009 2008 $ $ Balance at beginning of year 5,960,946 10,609,282 Received from Government during the year for Special Technical Assistance to the manufacturing sector (note 19) 4,000,000 2,982,522 Disbursements from STA (6,047,207) (7,630,858) Balance at end of year 3,913,739 5,960,946 Represented by: Cash at bank (note 4) 1,130,030 5,989,203 Amount to be reimbursed from the Corporation’s capital account 1,500,000 - Other – Timing differences 1,283,709 (28,257) 3,913,739 5,960,946 15. Deferred revenue grant 2009 2008 $ $ Balance at beginning and end of year - 79,581 The grant relates to funds made available by the European Development Fund (EDF) to the former BEPC for financing certain projects agreed with the EDF. 16. Capital contributed by Government of Barbados 2009 2008 $ $ Balance at beginning and end of year 7,504,087 7,504,087 The balance represents capital appropriations from Government for the purchase of land vested in the Corporation by the Government. 17. Retail gross profit The amount represents the gross profit earned by the subsidiary on the sale of handicraft items. 2009 2008 $ $ Sales 671,647 539,135 Cost of sales (172,957) (291,287) Retail Gross Profit 498,690 247,848 BARBADOS INVESTMENT AND DEVELOPMENT CORPORATION ANNUAL REPORT 2009 43
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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