19
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
Consolidated Statement of Cash Flows
For the year ended March 31, 2013, with comparative figures for 2012
(Expressed in Barbados dollars)
Notes
2013
2012
Cash Flows from Operating Activities
Income before taxation
$ 13,214,356
9,423,147
Adjustments for:
Depreciation
2,359,808
2,296,389
Loan impairment expense
4,890,002
3,993,335
Amortisation of deferred expenses
-
1,304,456
Amortisation of intangible assets
-
291,192
Gain on sale of investment
(265,290)
-
Gain on disposal of property and equipment
(46,911)
(14,540)
Interest income
(73,961,761)
(71,554,676)
Interest expense
28,444,210
28,614,796
Dividend income
(120,394)
(114,994)
(25,485,980)
(25,760,895)
Changes in operating assets and liabilities
Increase in mandatory reserve deposits with Central Bank
(250,000)
(699,904)
Decrease (increase) in other term deposits
1,639,787
(14,983,469)
Increase in loans and advances
(29,313,721)
(41,243,696)
Increase in pension plan asset
(162,768)
(79,247)
Increase in other assets
(1,173,761)
(1,174,357)
Increase in deferred expenses
-
(88,460)
Increase in deposits
36,703,820
60,068,790
Increase in reimbursable shares
1,193,901
683,933
Increase in other liabilities
1,552,172
385,590
Net cash used in operations
(15,296,550)
(22,891,715)
Interest received
73,392,957
72,310,175
Interest paid
(28,736,731)
(26,547,710)
Income taxes paid
(205,799)
(156,088)
Net cash provided by operating activities
29,153,877
22,714,662
Cash Flows from Investing Activities
Net increase in financial investments
(3,545,540)
(2,299,629)
Purchase of property and equipment
(3,075,767)
(655,529)
Proceeds from sale of property and equipment
52,565
15,319
Dividend income received
120,394
59,994
Net cash used in investing activities
(6,448,348)
(2,879,845)
