BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2022 40 8 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Consolidated Statement of Cash Flows For the year ended March 31, 2022 With comparative figures for the year ended 2021 (Expressed in Barbados dollars) Notes 2022 2021 Cash Flows from Operating Activities Net income before taxation $ 11,224,299 9,624,400 Adjustments for: Depreciation 14 6,892,860 6,662,394 Expected credit losses 6 7,377,551 10,071,106 Gain on disposal of property and equipment (108,918) (51,920) Interest income 3 (103,466,399) (100,003,581) Interest expense 3 28,447,405 29,752,481 Dividend (income)/expense (62,898) 4,403 Pension expense 15 709,626 627,711 Tax on assets 8 993,068 960,711 (47,993,406) (42,352,295) Changes in operating assets and liabilities Increase in mandatory reserve deposits with Central Bank 22,941 - Increase in loans and advances (77,367,028) (27,933,034) Increase in other assets (5,005,517) (2,681,883) Increase in deposits 82,683,003 87,732,943 Increase in reimbursable shares 6,054,462 1,472,840 Increase in other liabilities 1,080,196 5,281,829 Net cash (used in)/generated from operations (40,525,348) 21,520,400 Interest received 104,752,250 99,209,739 Interest paid (28,002,971) (28,892,189) Pension contributions paid 15 (818,261) (828,006) Levies paid (753,068) (953,477) Income taxes paid (153,853) (94,588) Net cash from operating activities 34,498,749 89,961,879 Cash Flows used in Investing Activities Purchase of investments (1,043,257) (5,357,365) Redemption of term deposits 431,591 8,903,672 Purchase of property and equipment (4,402,441) (6,642,017) Proceeds from sale of property and equipment 764,587 279,261 Dividends received (paid) 67,954 (4,893) Net cash used in investing activities $ (4,181,566) (2,821,342)
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