7
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
Non-consolidated Statement of Cash Flows
For the year ended March 31, 2013
With comparative figures for 2012
(Expressed in Barbados dollars)
Note
2013
2012
Cash Flows from Operating Activities
Net income for the year
$
12,082,114
9,939,382
Adjustments for:
Depreciation
2,070,677
1,992,875
Loan impairment expense
4,790,002
3,864,335
Amortisation of deferred expenses
-
1,304,456
Gain on disposal of property and equipment
(46,911)
(14,390)
Interest income
(64,638,538)
(63,016,190)
Interest expense
23,442,142
24,037,541
Dividend income
(100,852)
(102,505)
(22,401,366)
(21,994,496)
Changes in operating assets and liabilities
Increase in loans and advances
(13,784,288)
(39,979,739)
Increase in pension plan asset
(162,768)
(79,247)
Increase in other assets
(711,415)
(1,053,606)
Increase in deferred expenses
-
(88,460)
Increase in deposits
25,424,406
36,187,990
Increase in reimbursable shares
1,193,901
683,933
Increase in due from related companies
(193,463)
(832,000)
Increase in other liabilities
1,834,720
279,988
Net cash used in operations
(8,800,273)
(26,875,637)
Interest received
64,561,540
63,497,711
Interest paid
(22,898,439) (23,495,288)
Net cash provided by operating activities
32,862,828
13,126,786
Cash Flows from Investing Activities
Net increase in financial investments
(6,717,789)
(10,579,456)
Purchase of property and equipment
(3,008,211)
(564,688)
Investment in subsidiary
-
(2,000,000)
Proceeds from sale of property and equipment
52,565
14,390
Dividends received
100,852
47,505
Net cash used in investing activities
(9,572,583) (13,082,249)
Cash Flows from Financing Activities
Net decrease in loans payable
(4,228,633)
(509,449)
Issue of shares
418,440
387,720
Entrance fees received
17,435
16,155
Redemption of shares
(51,720)
(31,080)
Distributions to members
(1,543,019)
(1,414,608)
Net cash used in financing activities
(5,387,497)
(1,551,262)
Net increase (decrease) in cash and cash equivalents
17,902,748
(1,506,725)
Cash and cash equivalents, beginning of year
27,958,028
29,464,753
Cash and cash equivalents, end of year
8
$
45,860,776
27,958,028
The accompanying notes form an integral part of these non-consolidated financial statements.
16
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
