BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2015
20
7
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
Consolidated Statement of Cash Flows
For the year ended March 31, 2015
With comparative figures for 2014
(Expressed in Barbados dollars)
Notes
2015
2014
Cash Flows from Operating Activities
Income before taxation
$
9,777,286
11,347,099
Adjustments for:
Depreciation
3,359,516
2,795,895
Loan impairment expense
3,951,296
4,699,329
(Gain)/ loss on disposal of property and equipment
(44,511)
15,774
Interest income
(80,929,951) (77,904,130)
Interest expense
31,175,977
29,172,425
Dividend income
(108,288)
(112,292)
Tax on assets
1,604,120
-
(31,214,555) (29,985,900)
Changes in operating assets and liabilities
Increase in mandatory reserve deposits with Central Bank
(250,000)
(549,999)
(Increase) decrease in other term deposits
(2,038,789)
2,491,566
Increase in loans and advances
(84,033,827) (53,722,416)
Decrease (increase) in pension plan asset
22,795
(14,281)
Increase in other assets
(544,252)
(3,719,718)
Increase in deposits
74,805,188
66,407,767
Increase (decrease) in reimbursable shares
1,348,789
(374,616)
(Decrease) Increase in other liabilities
(1,930,562)
546,839
Net cash used in operations
(43,835,213) (18,920,758)
Interest received
80,102,075
76,231,580
Interest paid
(29,721,120) (28,848,637)
Levies paid
(529,153)
-
Income taxes paid
(171,318) (284,233)
Net cash provided by operating activities
5,845,271
28,177,952
Cash Flows from Investing Activities
Net increase in financial investments
(5,390,080)
(3,699,536)
Purchase of property and equipment
(3,453,404)
(5,557,844)
Proceeds from sale of property and equipment
87,393
-
Dividend income received
108,288
112,292
Net cash used in investing activities
(8,647,803) (9,145,088)
