BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2016
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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
Non-consolidated Statement of Cash Flows
For the year ended March 31, 2016
With comparative figures for 2015
(Expressed in Barbados dollars)
Note
2016
2015
Cash Flows from Operating Activities
Net income for the year
$
13,542,727
9,606,265
Adjustments for:
Depreciation
3,252,662
2,752,046
Loan impairment expense
3,789,187
3,711,957
Loss (gain) on disposal of property and equipment
143
(14,801)
Interest income
(76,368,414)
(69,150,966)
Interest expense
25,916,747
24,711,555
Dividend income
(109,512)
(108,288)
Tax on assets
1,948,737
1,350,916
(28,027,723)
(27,141,316)
Changes in operating assets and liabilities
Increase in loans and advances
(73,393,032)
(65,431,036)
(Increase) decrease in pension plan asset
(40,067)
22,795
Increase in other assets
(1,896,822)
(763,570)
Increase in deposits
87,703,321
52,945,199
Increase in reimbursable shares
464,869
1,348,789
Decrease (increase) in due from related companies
117,660
(317,812)
Increase (decrease) in other liabilities
1,139,405
(548,767)
Net cash used in operations
(13,932,389)
(39,885,718)
Interest received
74,630,428
68,704,585
Interest paid
(25,836,662)
(24,307,299)
Tax levies paid
(2,352,535)
(444,511)
Net cash provided by operating activities
32,508,842
4,067,057
Cash Flows from Investing Activities
Net decrease in financial investments
(7,126,079)
1,841,891
Purchase of property and equipment
(5,395,657)
(2,558,892)
Investment in subsidiary
(3,000,000)
-
Proceeds from sale of property and equipment
513
42,703
Dividends received
109,512
108,288
Net cash used in investing activities
(15,411,711)
(566,010)
