Non-Consolidated Annual Report 2018

24 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2018 9 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Non-consolidated Statement of Cash Flows For the year ended March 31, 2018 With comparative figures for 2017 (Expressed in Barbados dollars) Note 2018 2017 Cash Flows from Operating Activities Net income for the year $ 16,596,697 16,016,500 Adjustments for: Depreciation 4,593,878 3,405,398 Loan impairment expense 6,535,134 4,645,234 Gain on disposal of property and equipment (40,300) (8,786) Interest income (86,589,366) (81,362,831) Interest expense 25,150,936 26,172,425 Dividend income (101,022) (103,923) (33,854,043) (31,235,983) Changes in operating assets and liabilities Increase in loans and advances (63,738,123) (87,118,206) Increase in pension plan asset (211,776) (105,932) Increase in other assets (2,837,775) (983,360) Increase in deposits 100,033,747 93,426,070 Increase in reimbursable shares 1,885,646 710,385 Decrease (increase) in due from related companies 1,806,207 (3,130,709) Increase (decrease) in other liabilities 1,703,912 (176,495) Net cash from (used in) operations 4,787,795 (28,614,230) Interest received 86,164,828 81,235,033 Interest paid (25,472,621) (26,362,989) Tax levies paid - (502,607) Net cash from operating activities 65,480,002 25,755,207 Cash Flows from Investing Activities Net decrease in financial investments 5,059,191 10,312,101 Purchase of property and equipment (18,647,606) (15,648,581) Proceeds from sale of property and equipment 40,300 15,269 Dividends received 101,022 103,923 Net cash used in investing activities (13,447,093) (5,217,288)