35 (Expressed in Trinidad and Tobago Dollars) STATEMENT OF CASH FLOWS Year ended 30 June 2017 2016 $’000 $’000 Cash flows from operating activities Surplus/(shortfall) of income under expenditure 1,134,420 (524,532) Adjustments: Unrealised investment (income)/loss (393,069) 1,151,394 Depreciation 5,792 6,069 Pension expense 13,476 11,497 Revaluation of subsidiaries (149,433) (103,434) Sale of property, plant and equipment profit – (157) Surplus before working capital changes 611,186 540,837 Decrease in mortgage advances 3,294 3,688 Decrease investment property 1,224 – Decrease in property being developed for sale 13,288 14,934 Increase in other assets (36,718) (29,748) (Decrease)/increase in other liabilities (28,094) 48,373 Net cash generated by operating activities 564,180 578,084 Cash flows from investing activities Proceeds from the sale of fixed assets – 155 Purchase of property, plant and equipment (184,080) (5,948) Purchase of investments (4,624,596) (5,631,008) Sale/maturity of investments 3,773,498 4,823,917 Net cash used in investing activities (1,035,178) (812,884) Net decrease in cash and cash equivalents (470,998) (234,800) Cash and cash equivalent at beginning of the period 3,201,399 3,436,199 Cash and cash equivalent at the end of the period 2,730,401 3,201,399 The notes on pages 37 to 65 are an integral part of these special purpose financial statements