Non-Consolidated Annual Report 2016

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED NON-CONSOLIDATED ANNUAL REPORT 2016 22 6 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Non-consolidated Statement of Cash Flows For the year ended March 31, 2016 With comparative figures for 2015 (Expressed in Barbados dollars) Note 2016 2015 Cash Flows from Operating Activities Net income for the year $ 13,542,727 9,606,265 Adjustments for: Depreciation 3,252,662 2,752,046 Loan impairment expense 3,789,187 3,711,957 Loss (gain) on disposal of property and equipment 143 (14,801) Interest income (76,368,414) (69,150,966) Interest expense 25,916,747 24,711,555 Dividend income (109,512) (108,288) Tax on assets 1,948,737 1,350,916 (28,027,723) (27,141,316) Changes in operating assets and liabilities Increase in loans and advances (73,393,032) (65,431,036) (Increase) decrease in pension plan asset (40,067) 22,795 Increase in other assets (1,896,822) (763,570) Increase in deposits 87,703,321 52,945,199 Increase in reimbursable shares 464,869 1,348,789 Decrease (increase) in due from related companies 117,660 (317,812) Increase (decrease) in other liabilities 1,139,405 (548,767) Net cash used in operations (13,932,389) (39,885,718) Interest received 74,630,428 68,704,585 Interest paid (25,836,662) (24,307,299) Tax levies paid (2,352,535) (444,511) Net cash provided by operating activities 32,508,842 4,067,057 Cash Flows from Investing Activities Net decrease in financial investments (7,126,079) 1,841,891 Purchase of property and equipment (5,395,657) (2,558,892) Investment in subsidiary (3,000,000) - Proceeds from sale of property and equipment 513 42,703 Dividends received 109,512 108,288 Net cash used in investing activities (15,411,711) (566,010)