Consolidated Annual Report 2014

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED ANNUAL REPORT 2014 21 7 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Consolidated Statement of Cash Flows For the year ended March 31, 2014 With comparative figures for 2013 (Expressed in Barbados dollars) Notes 2014 2013 Restated* Cash Flows from Operating Activities Income before taxation $ 11,347,099 13,125,642 Adjustments for: Depreciation 2,795,895 2,359,808 Loan impairment expense 4,699,329 4,890,002 Gain on sale of investment - (265,290) Loss (gain) on disposal of property and equipment 15,774 (46,911) Interest income (77,904,130) (73,961,761) Interest expense 29,172,425 28,444,210 Dividend income (112,292) (120,394) (29,985,900) (25,574,694) Changes in operating assets and liabilities Increase in mandatory reserve deposits with Central Bank (549,999) (250,000) (Increase) decrease in other term deposits (1,323,753) 1,639,787 Increase in loans and advances (53,722,416) (29,313,721) Increase in pension plan asset (14,281) (74,054) Increase in other assets (3,719,718) (1,173,761) Increase in deposits 66,407,767 36,703,820 (Decrease) increase in reimbursable shares (374,616) 1,193,901 Increase in other liabilities 546,839 1,552,172 Net cash used in operations (22,736,077) (15,296,550) Interest received 76,231,580 73,392,957 Interest paid (28,848,637) (28,736,731) Income taxes paid (284,233) (205,799) Net cash provided by operating activities 24,362,632 29,153,877 Cash Flows from Investing Activities Net increase in financial investments (3,699,536) (3,545,540) Purchase of property and equipment (5,557,844) (3,075,767) Proceeds from sale of property and equipment - 52,565 Dividend income received 112,292 120,394 Net cash used in investing activities (9,145,088) (6,448,348) * See Note 2.4 (iii)