Non-Consolidated Annual Report 2015

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED NON-CONSOLIDATED ANNUAL REPORT 2015 18 6 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Non-consolidated Statement of Cash Flows For the year ended March 31, 2015 With comparative figures for 2014 (Expressed in Barbados dollars) Note 2015 2014 Cash Flows from Operating Activities Net income for the year $ 9,606,265 10,427,064 Adjustments for: Depreciation 2,752,046 2,489,432 Loan impairment expense 3,711,957 4,409,329 (Gain) loss on disposal of property and equipment (14,801) 312 Interest income (69,150,966) (67,486,468) Interest expense 24,711,555 23,763,271 Dividend income (108,288) (103,820) Tax on assets 1,350,916 - (27,141,316) (26,500,880) Changes in operating assets and liabilities Increase in loans and advances (65,431,036) (36,192,364) Decrease (increase) in pension plan asset 22,795 (14,281) Increase in other assets (763,570) (3,011,601) Increase in deposits 52,945,199 49,275,362 Increase (decrease) in reimbursable shares 1,348,789 (374,616) Increase in due from related companies (317,812) (4,072,887) (Decrease) increase in other liabilities (548,767) 3,751,821 Net cash used in operations (39,885,718) (17,139,446) Interest received 68,704,585 66,805,974 Interest paid (24,307,299) (23,675,148) Tax levies paid (444,511) - Net cash provided by operating activities 4,067,057 25,991,380 Cash Flows from Investing Activities Net decrease in financial investments 1,841,891 433,882 Purchase of property and equipment (2,558,892) (3,399,975) Investment in subsidiary - (6,500,000) Proceeds from sale of property and equipment 42,703 877 Dividends received 108,288 103,820 Net cash used in investing activities (566,010) (9,361,396) Cash Flows from Financing Activities Net decrease in loans payable (10,243,341) (11,743,901) Issue of shares 584,280 521,400 Entrance fees received 24,345 21,725 Redemption of shares (60,720) (41,520) Distributions to members (1,958,497) (1,888,408) Net cash used in financing activities (11,653,933) (13,130,704)