Consolidated Annual Report 2015

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2015 20 7 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Consolidated Statement of Cash Flows For the year ended March 31, 2015 With comparative figures for 2014 (Expressed in Barbados dollars) Notes 2015 2014 Cash Flows from Operating Activities Income before taxation $ 9,777,286 11,347,099 Adjustments for: Depreciation 3,359,516 2,795,895 Loan impairment expense 3,951,296 4,699,329 (Gain)/ loss on disposal of property and equipment (44,511) 15,774 Interest income (80,929,951) (77,904,130) Interest expense 31,175,977 29,172,425 Dividend income (108,288) (112,292) Tax on assets 1,604,120 - (31,214,555) (29,985,900) Changes in operating assets and liabilities Increase in mandatory reserve deposits with Central Bank (250,000) (549,999) (Increase) decrease in other term deposits (2,038,789) 2,491,566 Increase in loans and advances (84,033,827) (53,722,416) Decrease (increase) in pension plan asset 22,795 (14,281) Increase in other assets (544,252) (3,719,718) Increase in deposits 74,805,188 66,407,767 Increase (decrease) in reimbursable shares 1,348,789 (374,616) (Decrease) Increase in other liabilities (1,930,562) 546,839 Net cash used in operations (43,835,213) (18,920,758) Interest received 80,102,075 76,231,580 Interest paid (29,721,120) (28,848,637) Levies paid (529,153) - Income taxes paid (171,318) (284,233) Net cash provided by operating activities 5,845,271 28,177,952 Cash Flows from Investing Activities Net increase in financial investments (5,390,080) (3,699,536) Purchase of property and equipment (3,453,404) (5,557,844) Proceeds from sale of property and equipment 87,393 - Dividend income received 108,288 112,292 Net cash used in investing activities (8,647,803) (9,145,088)