42 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, 2024 (expressed in Barbados dollars) 8 Notes 2024 $ 2023 $ Cash flows from operating activities Net income for the year 8,820,458 9,401,583 Adjustments for: Depreciation 12 3,698,210 4,275,974 Expected credit losses 5 2,675,729 4,765,757 Loss/(gain) on disposal of property and equipment 4 13,498 (8,824) Interest income 3 (87,099,001) (88,928,158) Interest expense 3 19,644,110 21,272,682 Pension expense/(income) 13 395,770 (938,003) Dividend income 4 (149,685) (60,600) (52,000,911) (50,219,589) Changes in operating assets and liabilities Decrease/(increase) in loans and advances 13,254,668 (35,611,808) (Increase)/decrease in other assets (2,349,191) 641,363 Increase in deposits 23,777,772 47,950,108 Increase in reimbursable shares 4,635,858 1,969,209 Decrease in due from related companies 1,512,917 1,736,447 Increase/(decrease) in other liabilities 3,850,650 (2,784,721) Net cash from operations (7,318,237) (36,318,991) Interest received 85,849,479 88,362,499 Interest paid (19,523,622) (21,470,050) Pension contributions paid 13 (852,613) (773,403) Net cash generated from operating activities 58,155,007 29,800,055 Cash flows from investing activities Purchase of investments (47,934,899) (46,623,009) Investments redeemed 3,410,071 1,858,127 Purchase of property and equipment 12 (2,310,948) (1,576,871) Proceeds from sale of property and equipment 91,000 28,838 Dividends received 4 149,685 60,600 Net cash used in investing activities (46,595,091) (46,252,315) Carried forward 11,559,916 (16,452,260)
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