Non-Consolidated Annual Report 2017

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2017 24 9 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Non-consolidated Statement of Cash Flows For the year ended March 31, 2017 With comparative figures for 2016 (Expressed in Barbados dollars) Note 2017 2016 Cash Flows from Operating Activities Net income for the year $ 16,016,500 13,542,727 Adjustments for: Depreciation 3,405,398 3,252,662 Loan impairment expense 4,645,234 3,789,187 (Gain) loss on disposal of property and equipment (8,786) 143 Interest income (81,362,831) (76,368,414) Interest expense 26,172,425 25,916,747 Dividend income (103,923) (109,512) Tax on assets - 1,948,737 (31,235,983) (28,027,723) Changes in operating assets and liabilities Increase in loans and advances (87,118,206) (73,393,032) Increase in pension plan asset (105,932) (40,067) Increase in other assets (983,360) (1,896,822) Increase in deposits 93,426,070 87,703,321 Increase in reimbursable shares 710,385 464,869 (Increase) decrease in due from related companies (3,130,709) 117,660 (Decrease) increase in other liabilities (176,495) 1,139,405 Net cash used in operations (28,614,230) (13,932,389) Interest received 81,235,033 74,630,428 Interest paid (26,362,989) (25,836,662) Tax levies paid (502,607) (2,352,535) Net cash provided by operating activities 25,755,207 32,508,842 Cash Flows from Investing Activities Net decrease in financial investments 10,312,101 (7,126,079) Purchase of property and equipment (15,648,581) (5,395,657) Investment in subsidiary - (3,000,000) Proceeds from sale of property and equipment 15,269 513 Dividends received 103,923 109,512 Net cash used in investing activities (5,217,288) (15,411,711)