36 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 8 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Separate Statement of Cash Flows For the year ended March 31, 2022 (Expressed in Barbados dollars) Notes 2022 2021 Cash Flows from Operating Activities Net income for the year $ 10,266,837 8,019,720 Adjustments for: Depreciation 12 4,508,769 4,413,406 Expected credit losses 5 6,498,336 9,247,176 Gain on disposal of property and equipment (48,605) - Interest income 3 (86,601,215) (83,591,461) Interest expense 3 22,138,818 23,176,617 Pension expense 13 709,626 627,711 Dividend income 4 (67,954) 4,403 (42,595,388) (38,102,428) Changes in operating assets and liabilities Increase in loans and advances (67,731,867) (17,934,141) (Increase) decrease in other assets (2,719,959) 420,634 Increase in deposits 79,038,120 94,709,827 Increase in reimbursable shares 6,054,462 1,472,840 Decrease in due from related companies 2,402,337 303,260 Increase in other liabilities 834,077 4,772,203 Net cash from operations (24,718,218) 45,642,195 Interest received 87,520,378 83,693,279 Interest paid (22,337,089) (23,177,925) Pension contributions paid 13 (818,261) (828,006) Net cash from operating activities 39,646,810 105,329,543 Cash Flows from Investing Activities Purchase of investments (7,403,335) (15,284,186) Investment in Allied Co-Operators Inc. (1,000,000) - Investments redeemed 431,591 6,939,974 Purchase of property and equipment 12 (3,399,837) (3,148,619) Proceeds from sale of property and equipment 70,406 - Dividends received (paid) 67,954 (4,403) Net cash (used in) from investing activities $ (11,233,221) (11,497,234)
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