Separate Annual Report 2021

32 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2021 9 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Separate 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 Profit for the year $ 8,019,720 17,091,949 Adjustments for: Depreciation 12 4,413,406 4,992,113 Expected credit losses 5 9,247,176 6,122,757 Loss on disposal of property and equipment - 27,641 Interest income 3 (83,591,461) (89,896,942) Interest expense 3 23,176,617 23,546,849 Pension expense 13 627,711 707,218 Dividend income 4,403 (89,414) (38,102,428) (37,497,829) Changes in operating assets and liabilities Increase in loans and advances (17,934,141) (52,476,834) Decrease (increase) in other assets 420,634 (2,618,412) Increase in deposits 94,709,827 104,983,112 Increase in reimbursable shares 1,472,840 939,920 Decrease (increase) in due from related companies 303,260 (9,433,344) Increase (decrease) in other liabilities 4,772,203 (2,876,328) Net cash from operations 45,642,195 1,020,285 Interest received 83,693,279 88,019,649 Interest paid (23,177,924) (23,782,617) Pension contributions paid 13 (828,007) (830,668) Net cash from operating activities 105,329,543 64,426,649 Cash Flows from Investing Activities Purchase of investments (15,284,186) (2,462,206) Investments redeemed 6,939,974 5,708,367 Purchase of property and equipment 12 (3,148,619) (852,891) Proceeds from sale of property and equipment - 24,584 Dividends (paid) received (4,403) 89,414 Net cash (used in) from investing activities $ (11,497,234) 2,507,268