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28 URBAN DEVELOPMENT CORPORATION Notes to the Non-Consolidated Financial Statements (Continued) Year ended March 31, 2010

11.

Cash and cash equivalents 2010 $’000 Cash at bank and short-term deposits Bank overdraft (unsecured)

805,808 ( 87,790)

2009 $’000 (

718,018

12.

1,407,553 51,415) 1,356,138

(i)

At March 31, 2010, interest rates on bank deposits range from 1% to 6% (2009: 3.5% to 6.25%) for United States dollars and 6.5% to 13.75% (2009: 7.0% to 18.65%) for investments in Jamaica dollars.

(ii)

Bank overdraft balances resulted from unpresented cheques.

Capital reserve (a) This comprises: Surplus on revaluation of property, plant and equipment: In prior years In current year Land and building Deferred tax Loss on disposal

(

2010 $’000

2009 $’000

5,941,169

6,199,898

119,881 80,971) -

( 230,879) ( 13,850) ( 14,000)

5,980,079

5,941,169

Deduct: Transfer to revenue reserve in respect of exchange losses on foreign currency loans utilized for erecting and/or acquiring the assets revalued in prior years

(

Transfer to revenue reserve in respect of assets sold in prior years

( 201,237)

( 201,237)

Transfer to revenue reserve in respect of gains realised through depreciation charges against income: In prior years In current year

( 540,983) -

( 521,773) ( 19,210)

( 540,983)

( 540,983)

5,219,990

5,181,080

2010 $’000

2009 $’000

17,869)

(

17,869)

(b) The net transfer to revenue reserve is made up as follows:

Depreciation charges against income: The corporation 13.

-

19,210

General reserve During 1998 the board of directors of the corporation made a decision to establish a reserve account for the purpose of funding projects approved by the Government of Jamaica from time to time. The interest earned on a fixed deposit, which was established from the proceeds of the sale of a hotel property, was transferred to a general reserve.

Annreport09 10  
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