48 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Consolidated Statement of Cash Flows For the year ended March 31, 2024 (expressed in Barbados dollars) 8 Notes 2024 $ 2023 $ Cash flows from operating activities Net income before taxation 10,206,027 7,705,000 Adjustments for: Depreciation 14 6,133,500 6,614,139 Expected credit losses 6 3,001,957 6,823,575 Gain on disposal of property and equipment (471,302) (71,885) Interest income 3 (101,450,924) (105,720,729) Interest expense 3 24,908,253 26,965,840 Dividend income (149,685) (60,600) Pension expense/(gain) 15 395,770 (938,003) Tax on assets 8 960,000 879,925 (56,466,404) (57,802,738) Changes in operating assets and liabilities Increase in mandatory reserve deposits with Central Bank (9,020) (1,411,779) Decrease/(increase) in loans and advances 29,225,688 (31,805,323) (Increase)/decrease in other assets (4,428,437) 16,084 Increase in deposits 5,063,574 15,518,780 Increase in reimbursable shares 4,635,858 1,969,210 Increase/(decrease) in other liabilities 2,656,321 (2,430,857) Net cash used in operations (19,322,420) (75,946,623) Interest received 100,088,348 104,110,295 Interest paid (27,500,308) (29,700,991) Pension contributions paid 15 (852,615) (773,403) Levies paid (1,017,595) (1,074,870) Income taxes paid (7,424) (103,600) Net cash from/(used in) operating activities 51,387,986 (3,489,192) Cash flows from investing activities Purchase of investments (23,982,048) (9,923,345) Redemption of term deposits 3,410,071 1,857,169 Purchase of property and equipment 14 (4,931,882) (1,882,817) Proceeds from sale of property and equipment 1,575,991 372,614 Dividends received 149,685 60,600 Net cash used in investing activities (23,778,183) (9,515,779) Carried forward 27,609,803 (13,004,971)
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