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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2014
16
6
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
Non-consolidated Statement of Cash Flows
For the year ended March 31, 2014
With comparative figures for 2013
(Expressed in Barbados dollars)
Note
2014
2013
Restated*
Cash Flows from Operating Activities
Net income for the year
$
10,427,064
11,993,400
Adjustments for:
Depreciation
2,489,432
2,070,677
Loan impairment expense
4,409,329
4,790,002
Loss (gain) on disposal of property and equipment
312
(46,911)
Interest income
(
67,486,468
)
(64,638,538)
Interest expense
23,763,271
23,442,142
Dividend income
(103,820)
(100,852)
(26,500,880)
(22,490,080)
Changes in operating assets and liabilities
Increase in loans and advances
(36,192,364)
(13,784,288)
Increase in pension plan asset
(14,281)
(74,054)
Increase in other assets
(3,011,601)
(711,415)
Increase in deposits
49,275,362
25,424,406
(Decrease) increase in reimbursable shares
(374,616)
1,193,901
Increase in due from related companies
(4,072,887)
(193,463)
Increase in other liabilities
3,751,821
1,834,720
Net cash used in operations
(17,139,446)
(8,800,273)
Interest received
66,805,974
64,561,540
Interest paid
(23,675,148) (22,898,439)
Net cash provided by operating activities
25,991,380
32,862,828
Cash Flows from Investing Activities
Net decrease (increase) in financial investments
351,877
(6,717,789)
Purchase of property and equipment
(3,399,975)
(3,008,211)
Investment in subsidiary
(6,500,000)
-
Proceeds from sale of property and equipment
877
52,565
Dividends received
103,820
100,852
Net cash used in investing activities
(9,443,401)
(9,572,583)
Cash Flows from Financing Activities
Net decrease in loans payable
(11,743,901)
(4,228,633)
Issue of shares
521,400
418,440
Entrance fees received
21,725
17,435
Redemption of shares
(41,520)
(51,720)
Distributions to members
(1,888,408)
(1,543,019)
Net cash used in financing activities
(13,130,704)
(5,387,497)
Net increase in cash and cash equivalents
3,417,275
17,902,748
Cash and cash equivalents, beginning of year
45,860,776
27,958,028
Cash and cash equivalents, end of year
8
$
49,278,051
45,860,776
* See Note 2 (d) (iii)
The accompanying notes form an integral part of these non-consolidated financial statements.