BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2021 36 9 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Consolidated Statement of Cash Flows For the year ended March 31, 2021 With comparative figures for 2020 (Expressed in Barbados dollars) Notes 2021 2020 Cash Flows from Operating Activities Net income before taxation $ 9,624,400 18,563,077 Adjustments for: Depreciation 14 6,662,394 6,846,652 Expected credit losses 6 10,071,106 6,445,239 (Gain) loss on disposal of property and equipment (51,920) 47,376 Interest income 3 (100,003,581) (106,306,987) Interest expense 3 29,752,481 30,956,989 Dividend income 4,403 (89,414) Pension expense 15 627,711 707,218 Tax on assets 8 960,711 842,378 (42,352,295) (41,987,472) Changes in operating assets and liabilities Increase in mandatory reserve deposits with Central Bank - (1,000,015) Increase in loans and advances (27,933,034) (80,190,825) Increase in other assets (2,681,883) (586,284) Increase in deposits 87,732,943 127,940,319 Increase in reimbursable shares 1,472,840 939,920 Increase (decrease) in other liabilities 5,281,829 (3,460,506) Net cash from operations 21,520,400 824,469 Interest received 99,209,739 104,089,787 Interest paid (28,892,189) (30,988,384) Pension contributions paid 15 (828,006) (830,668) Levies paid (953,477) (919,611) Income taxes paid (94,588) (44,470) Net cash from operating activities 89,961,879 72,961,791 Cash Flows from Investing Activities Purchase of investments (5,357,365) (3,674,206) Redemption of term deposits 8,903,672 13,408,714 Purchase of property and equipment (6,642,017) (2,912,147) Proceeds from sale of property and equipment 279,261 150,645 Dividends (paid) received (4,893) 89,414 Net cash (used in) from investing activities $ (2,821,342) 7,062,420
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