Consolidated Annual Report 2019

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2019 24 9 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Consolidated Statement of Cash Flows For the year ended March 31, 2019 With comparative figures for 2018 (Expressed in Barbados dollars) Notes 2019 2018 Cash Flows from Operating Activities Income before taxation $ 10,716,108 17,545,791 Adjustments for: Depreciation 5,779,966 4,751,513 Expected credit losses (2018 – impairment loss) 4,151,448 6,942,341 Loss on derecognition of investments 12 4,037,931 - Impairment loss on goodwill 17 2,910,000 - Gain on disposal of property and equipment (27,458) (50,429) Interest income (104,657,383) (101,056,083) Interest expense 33,491,259 32,165,647 Dividend income (138,376) (101,022) Tax on assets 799,800 752,574 (42,936,705) (39,049,668) Changes in operating assets and liabilities Increase in mandatory reserve deposits with Central Bank (550,000) (425,000) Decrease in other term deposits 8,183,998 5,474,994 Increase in loans and advances (65,108,400) (82,381,467) Increase in pension plan asset (317,172) (211,776) Increase in other assets (652,035) (2,710,514) Increase in deposits 139,112,086 121,875,393 Increase in reimbursement shares 2,528,283 1,885,646 Increase (decrease) in other liabilities 1,551,814 (637,170) Net cash from operations 41,811,869 3,820,438 Interest received 104,116,457 101,136,560 Interest paid (32,451,209) (33,604,941) Levies paid (670,688) (734,340) Income taxes paid (49,229) (49,616) Net cash from operating activities 112,757,200 71,568,101 Cash Flows from Investing Activities Net decrease in financial investments 490,890 2,303,035 Purchase of property and equipment (5,858,556) (19,780,023) Proceeds from sale of property and equipment 75,249 62,906 Dividend income received 138,376 101,022 Net cash used in investing activities $ (5,154,041) (17,313,060)