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.