BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2015
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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
Non-consolidated Statement of Cash Flows
For the year ended March 31, 2015
With comparative figures for 2014
(Expressed in Barbados dollars)
Note
2015
2014
Cash Flows from Operating Activities
Net income for the year
$
9,606,265
10,427,064
Adjustments for:
Depreciation
2,752,046
2,489,432
Loan impairment expense
3,711,957
4,409,329
(Gain) loss on disposal of property and equipment
(14,801)
312
Interest income
(69,150,966)
(67,486,468)
Interest expense
24,711,555
23,763,271
Dividend income
(108,288)
(103,820)
Tax on assets
1,350,916
-
(27,141,316)
(26,500,880)
Changes in operating assets and liabilities
Increase in loans and advances
(65,431,036)
(36,192,364)
Decrease (increase) in pension plan asset
22,795
(14,281)
Increase in other assets
(763,570)
(3,011,601)
Increase in deposits
52,945,199
49,275,362
Increase (decrease) in reimbursable shares
1,348,789
(374,616)
Increase in due from related companies
(317,812)
(4,072,887)
(Decrease) increase in other liabilities
(548,767)
3,751,821
Net cash used in operations
(39,885,718)
(17,139,446)
Interest received
68,704,585
66,805,974
Interest paid
(24,307,299)
(23,675,148)
Tax levies paid
(444,511)
-
Net cash provided by operating activities
4,067,057
25,991,380
Cash Flows from Investing Activities
Net decrease in financial investments
1,841,891
433,882
Purchase of property and equipment
(2,558,892)
(3,399,975)
Investment in subsidiary
-
(6,500,000)
Proceeds from sale of property and equipment
42,703
877
Dividends received
108,288
103,820
Net cash used in investing activities
(566,010) (9,361,396)
Cash Flows from Financing Activities
Net decrease in loans payable
(10,243,341)
(11,743,901)
Issue of shares
584,280
521,400
Entrance fees received
24,345
21,725
Redemption of shares
(60,720)
(41,520)
Distributions to members
(1,958,497) (1,888,408)
Net cash used in financing activities
(11,653,933) (13,130,704)
