BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 26 9 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Non-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 Net income for the year $ 17,091,949 11,962,207 Adjustments for: Depreciation 4,992,113 4,801,208 Expected credit loss 6,122,757 3,770,600 Loss on derecognition of investments 10 (ii) - 3,634,651 Loss on disposal of property and equipment 27,641 - Interest income (89,896,942) (89,383,131) Interest expense 23,546,849 26,140,047 Dividend income (89,414) (138,376) Impairment loss on subsidiary - 1,307,400 (38,205,047) (37,905,394) Changes in operating assets and liabilities Increase in loans and advances (52,476,834) (42,167,360) Increase in pension plan asset (123,450) (317,172) Increase in other assets (2,618,412) (239,843) Increase in deposits 104,983,112 119,242,657 Increase in reimbursable shares 939,920 2,528,283 Increase in due from related companies (9,433,344) (681,089) (Decrease) increase in other liabilities (2,876,328) 702,828 Net cash from operations 189,617 41,162,910 Interest received 88,019,649 88,869,648 Interest paid (23,782,617) (26,226,219) Net cash from operating activities 64,426,649 103,806,339 Cash Flows from Investing Activities Net decrease in financial investments 3,246,161 4,904,963 Purchase of property and equipment (852,891) (3,688,527) Proceeds from sale of property and equipment 24,584 - Dividends received 89,414 138,376 Net cash from investing activities $ 2,507,268 1,354,812
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