BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2020 26 9 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Consolidated Statement of Cash Flows For the year ended March 31, 2020 With comparative figures for 2019 (Expressed in Barbados dollars) Notes 2020 2019 Cash Flows from Operating Activities Income before taxation $ 18,563,077 10,716,108 Adjustments for: Depreciation 6,846,652 5,779,966 Expected credit losses 6,445,239 4,151,448 Loss on derecognition of investments 12 - 4,037,931 Impairment loss on goodwill 17 - 2,910,000 Loss (gain) on disposal of property and equipment 47,376 (27,458) Interest income (106,306,987) (104,657,383) Interest expense 30,956,989 33,491,259 Dividend income (89,414) (138,376) Tax on assets 842,378 799,800 (42,694,690) (42,936,705) Changes in operating assets and liabilities Increase in mandatory reserve deposits with Central Bank (1,000,015) (550,000) Decrease in other term deposits 9,045,368 8,183,998 Increase in loans and advances (80,190,825) (65,108,400) Increase in pension plan asset (123,450) (317,172) Increase in other assets (586,284) (652,035) Increase in deposits 127,940,319 139,112,086 Increase in reimbursement shares 939,920 2,528,283 Decrease (increase) in other liabilities (3,460,506) 1,551,814 Net cash from operations 9,869,837 41,811,869 Interest received 104,089,787 104,116,457 Interest paid (30,988,384) (32,451,209) Levies paid (919,611) (670,688) Income taxes paid (44,470) (49,229) Net cash from operating activities 82,007,159 112,757,200 Cash Flows from Investing Activities Net decrease in financial investments 689,140 490,890 Purchase of property and equipment (2,912,147) (5,858,556) Proceeds from sale of property and equipment 150,645 75,249 Dividend income received 89,414 138,376 Net cash used in investing activities $ (1,982,948) (5,154,041)
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