46 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, 2025 (expressed in Barbados dollars) 8 Notes 2025 $ 2024 $ Cash flows from operating activities Net income before taxation 6,179,159 10,206,027 Adjustments for: Depreciation 14 5,953,416 6,133,500 Expected credit losses 6 821,718 3,001,957 Gain on disposal of property and equipment (282,736) (471,302) Interest income 3 (99,961,026) (101,450,924) Interest expense 3 22,851,933 24,908,253 Dividend income 4 (49,090) (149,685) Pension expense 15 483,073 395,770 Tax on assets 8 1,014,502 960,000 (62,989,051) (56,466,404) Changes in operating assets and liabilities Increase in mandatory reserve deposits with Central Bank - (9,020) Decrease in loans and advances 18,405,219 29,225,688 Increase in other assets (22,373,189) (4,428,437) Increase in deposits 36,224,913 5,063,574 Increase in reimbursable shares 5,257,543 4,635,858 Increase in other liabilities 4,121,196 2,656,321 Net cash used in operations (21,353,369) (19,322,420) Interest received 97,384,494 100,088,348 Interest paid (23,144,815) (27,500,308) Pension contributions paid 15 (910,296) (852,615) Levies paid (1,043,877) (1,017,595) Income taxes paid (23,636) (7,424) Net cash from operating activities 50,908,501 51,387,986 Cash flows from investing activities Purchase of investments (9,123,423) (23,982,048) Redemption of term deposits 1,858,127 3,410,071 Purchase of property and equipment 14 (7,331,612) (4,931,882) Proceeds from sale of property and equipment 568,837 1,575,991 Dividends received 49,090 149,685 Net cash used in investing activities (13,978,981) (23,778,183) Carried forward 36,929,520 27,609,803
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