41 CONSOLIDATED FINANCIAL STATEMENTS 2023 Barbados Public Workers’ Co-operative Credit Union Limited Consolidated Statement of Cash Flows For the year ended March 31, 2023 (expressed in Barbados dollars) 9 Notes 2023 $ 2022 $ Cash flows from operating activities Net income before taxation 7,705,000 11,224,299 Adjustments for: Depreciation 14 6,614,139 6,892,860 Expected credit losses 6 6,823,575 7,377,551 Gain on disposal of property and equipment (71,885) (108,918) Interest income 3 (105,720,729) (103,466,399) Interest expense 3 26,965,840 28,447,405 Dividend income (60,600) (62,898) Pension (gain)/expense 15 (938,003) 709,626 Tax on assets 8 879,925 993,068 (57,802,738) (47,993,406) Changes in operating assets and liabilities Increase in mandatory reserve deposits with Central Bank (1,411,779) 22,941 Increase in loans and advances (31,805,323) (77,367,028) Decrease/(increase) in other assets 16,084 (5,005,517) Increase in deposits 15,518,780 82,683,003 Increase in reimbursable shares 1,969,210 6,054,462 Decrease/(increase) in other liabilities (2,430,857) 1,080,196 Net cash used in operations (75,946,623) (40,525,349) Interest received 104,110,295 104,752,250 Interest paid (29,700,991) (28,002,971) Pension contributions paid 15 (773,403) (818,261) Levies paid (1,074,870) (753,068) Income taxes paid (103,600) (153,853) Net cash used in/(from) operating activities (3,489,192) 34,498,748 Cash flows used in investing activities Purchase of investments (9,923,345) (1,043,257) Redemption of term deposits 1,857,169 431,591 Purchase of property and equipment 14 (1,882,817) (4,402,441) Proceeds from sale of property and equipment 372,614 764,587 Dividends received 60,600 67,954 Net cash used in investing activities (9,515,779) (4,181,566) Carried forward (13,004,971) 30,317,182
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