Consolidated Annual Report 2016

19 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2016 7 BARBADOS PUBLIC WORKERSʼ CO-OPERATIVE CREDIT UNION LIMITED Consolidated Statement of Cash Flows For the year ended March 31, 2016 With comparative figures for 2015 (Expressed in Barbados dollars) Notes 2016 2015 Cash Flows from Operating Activities Income before taxation $ 13,451,101 9,777,286 Adjustments for: Depreciation 4,065,185 3,359,516 Loan impairment expense 4,246,393 3,951,296 Gain on disposal of property and equipment (5,301) (44,511) Interest income (89,462,275) (80,929,951) Interest expense 32,977,686 31,175,977 Dividend income (116,078) (114,792) Tax on assets 2,326,813 1,604,120 (32,516,476) (31,221,059) Changes in operating assets and liabilities Increase in mandatory reserve deposits with Central Bank (700,000) (250,000) Increase in other term deposits (1,935,125) (2,038,789) Increase in loans and advances (97,399,709) (84,033,827) (Decrease) increase in pension plan asset (40,067) 22,795 Increase in other assets (5,044,234) (544,252) Increase in deposits 120,938,705 74,805,188 Increase in reimbursable shares 464,869 1,348,789 Increase (decrease) in other liabilities 2,692,980 (1,930,562) Net cash used in operations (13,539,057) (43,841,717) Interest received 86,944,519 80,102,075 Interest paid (32,056,157) (29,721,120) Levies paid (2,798,842) (529,153) Income taxes paid (187,783) (171,318) Net cash from operating activities 38,362,680 5,838,767 Cash Flows from Investing Activities Net increase in financial investments (3,442,913) (5,390,080) Purchase of property and equipment (5,720,512) (3,453,404) Proceeds from sale of property and equipment 8,663 87,393 Dividend income received 116,078 114,792 Net cash used in investing activities (9,038,684) (8,641,299)