36 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Separate Statement of Cash Flows For the year ended March 31, 2023 (expressed in Barbados dollars) 8 Notes 2023 $ 2022 $ Cash flows from operating activities Net income for the year 9,401,583 10,266,837 Adjustments for: Depreciation 12 4,275,974 4,508,769 Expected credit losses 5 4,765,757 6,498,336 Gain on disposal of property and equipment 4 (8,824) (48,605) Interest income 3 (88,928,158) (86,601,215) Interest expense 3 21,272,682 22,138,818 Pension (income)/expense 13 (938,003) 709,626 Dividend income 4 (60,600) (67,954) (50,219,589) (42,595,388) Changes in operating assets and liabilities Increase in loans and advances (35,611,808) (67,731,867) Decrease/(increase) in other assets 641,363 (2,719,959) Increase in deposits 47,950,108 79,038,120 Increase in reimbursable shares 1,969,209 6,054,462 Decrease in due from related companies 1,736,447 2,402,337 Decrease/(increase) in other liabilities (2,784,721) 834,077 Net cash from operations (36,318,991) (24,718,218) Interest received 88,362,499 87,520,378 Interest paid (21,470,050) (22,337,089) Pension contributions paid 13 (773,403) (818,261) Net cash generated from operating activities 29,800,055 39,646,810 Cash flows from investing activities Purchase of investments (46,623,009) (7,403,335) Investment in Allied Co-Operators Inc. – (1,000,000) Investments redeemed 1,858,127 431,591 Purchase of property and equipment 12 (1,576,871) (3,399,837) Proceeds from sale of property and equipment 28,838 70,406 Dividends received 4 60,600 67,954 Net cash used in investing activities (46,252,315) (11,233,221) Carried forward (16,452,260) 28,413,589
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