19
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2016
7
BARBADOS PUBLIC WORKERSʼ CO-OPERATIVE CREDIT UNION LIMITED
Consolidated Statement of Cash Flows
For the year ended March 31, 2016
With comparative figures for 2015
(Expressed in Barbados dollars)
Notes
2016
2015
Cash Flows from Operating Activities
Income before taxation
$ 13,451,101 9,777,286
Adjustments for:
Depreciation
4,065,185 3,359,516
Loan impairment expense
4,246,393 3,951,296
Gain on disposal of property and equipment
(5,301)
(44,511)
Interest income
(89,462,275) (80,929,951)
Interest expense
32,977,686 31,175,977
Dividend income
(116,078)
(114,792)
Tax on assets
2,326,813 1,604,120
(32,516,476) (31,221,059)
Changes in operating assets and liabilities
Increase in mandatory reserve deposits with Central Bank
(700,000)
(250,000)
Increase in other term deposits
(1,935,125)
(2,038,789)
Increase in loans and advances
(97,399,709) (84,033,827)
(Decrease) increase in pension plan asset
(40,067)
22,795
Increase in other assets
(5,044,234)
(544,252)
Increase in deposits
120,938,705 74,805,188
Increase in reimbursable shares
464,869 1,348,789
Increase (decrease) in other liabilities
2,692,980 (1,930,562)
Net cash used in operations
(13,539,057) (43,841,717)
Interest received
86,944,519 80,102,075
Interest paid
(32,056,157) (29,721,120)
Levies paid
(2,798,842)
(529,153)
Income taxes paid
(187,783)
(171,318)
Net cash from operating activities
38,362,680 5,838,767
Cash Flows from Investing Activities
Net increase in financial investments
(3,442,913)
(5,390,080)
Purchase of property and equipment
(5,720,512)
(3,453,404)
Proceeds from sale of property and equipment
8,663
87,393
Dividend income received
116,078
114,792
Net cash used in investing activities
(9,038,684)
(8,641,299)
