Consolidated Annual Report 2014

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED ANNUAL REPORT 2014 40 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2014 (Expressed in Barbados dollars) 26 3. Net Interest Income 2014 2013 Interest income Loans and advances $ 73,108,355 69,207,771 Financial investments 1,142,636 1,630,450 Cash resources 3,653,139 3,123,540 77,904,130 73,961,761 Interest expense Deposits 25,616,139 24,141,316 Loans payable 3,556,286 4,302,894 29,172,425 28,444,210 Net interest income $ 48,731,705 45,517,551 4. Other Income 2014 2013 Fee income $ 1,539,775 1,319,446 Legal income 863,695 582,752 Rental income 64,974 815,422 Bad debt recoveries 278,639 448,515 Insurance agency commissions 556,625 396,475 Dividend income 112,292 120,394 Realised gain on sale of investments 4,945 265,290 (Loss) gain on disposal of equipment (15,774) 46,911 Lease income 13,560 13,560 Other 27,479 23,329 $ 3,446,210 4,032,094 5. Staff Costs 2014 2013 Restated* Salaries $ 10,902,235 9,716,929 National Insurance scheme contributions 880,808 770,567 Pension plan – defined contribution plan 89,681 92,083 Pension plan – defined benefit plan (Note 13) 506,725 378,267 Other costs 1,235,263 1,079,135 $ 13,614,712 12,036,981 * See Note 2.4 (iii)