Consolidated Annual Report 2018

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2018 24 9 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Consolidated Statement of Cash Flows For the year ended March 31, 2018 With comparative figures for 2017 (Expressed in Barbados dollars) Notes 2018 2017 Cash Flows from Operating Activities Income before taxation $ 17,545,791 16,037,893 Adjustments for: Depreciation 4,751,513 4,171,231 Loan impairment expense 6,942,341 5,032,441 Gain on disposal of property and equipment (50,429) (13,997) Interest income (101,056,083) (95,242,200) Interest expense 32,165,647 33,399,527 Dividend income (101,022) (109,342) Tax on assets 752,574 728,304 (39,049,668) (35,996,143) Changes in operating assets and liabilities Increase in mandatory reserve deposits with Central Bank (425,000) (500,000) Decrease in other term deposits 5,474,994 6,689,237 Increase in loans and advances (82,381,467) (102,678,133) Increase in pension plan asset (211,776) (105,932) (Increase) decrease in other assets (2,710,514) 1,664,922 Increase in deposits 121,875,393 101,786,856 Increase in reimbursable shares 1,885,646 710,385 (Decrease) increase in other liabilities (637,170) 989,931 Net cash from (used in) operations 3,820,438 (27,438,877) Interest received 101,136,560 95,842,568 Interest paid (32,604,941) (33,872,411) Levies paid (734,340) (1,086,977) Income taxes paid (49,616) (191,641) Net cash from operating activities 71,568,101 33,252,662 Cash Flows from Investing Activities Net increase (decrease) in financial investments 2,303,035 (378,168) Purchase of property and equipment (19,780,023) (17,190,742) Proceeds from sale of property and equipment 62,906 20,480 Dividend income received 101,022 109,342 Net cash used in investing activities (17,313,060) (17,439,088)