Sprott Physical Silver Trust Statements of cash flows (in U.S. dollars) The accompanying notes are an integral part of these financial statements. 14 For the year ended  December 31, 2014 For the year ended  December 31, 2013 $ $ Cash flows from operating activities Net loss for the year (192,496,861) (543,485,732) Adjustments to reconcile net loss for the period to net cash from operating activities Unrealized losses on silver bullion 185,608,263 536,089,139 Net changes in operating assets and liabilities Decrease (increase) in accounts receivable 39,607 (39,607) Increase (decrease) in accounts payable 284,666 (47,705) Net cash used in operating activities (6,564,325) (7,483,905) Cash flows from investing activities Purchase of silver bullion - - Net cash used in investing activities - - Cash flows from financing activities Proceeds from issuance of Units  (note 8) - - Payments on redemption of Units  (note 8) (38,183) (15,237) Underwriting commissions and issue (expenses) recovery - 109,725 Net cash provided by (used in) financing activities (38,183) 94,488 Net decrease in cash during the year (6,602,508) (7,389,416) Cash at beginning of year 7,960,067 15,349,483 Cash at end of year  (note 6) 1,357,559 7,960,067