Non-Consolidated Annual Report 2015

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED NON-CONSOLIDATED ANNUAL REPORT 2015 32 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2015 (Expressed in Barbados dollars) 20 3. Net Interest Income 2015 2014 Interest income Loans and advances $ 65,504,246 63,592,246 Financial investments 1,676,025 1,142,636 Cash resources 1,970,695 2,751,586 $ 69,150,966 67,486,468 Interest expense Deposits $ 22,725,612 20,993,802 Loans payable 1,985,943 2,769,469 24,711,555 23,763,271 Net interest income $ 44,439,411 43,723,197 4. Other Income 2015 2014 Fee income $ 955,577 1,107,733 Legal income 1,016,349 863,695 Rental income 75,264 64,974 Bad debt recoveries 396,008 278,639 Dividend income 108,288 103,820 Gain (loss) on disposal of equipment 14,801 (312) $ 2,566,287 2,418,549 5. Staff Costs 2015 2014 Salaries $ 9,854,658 9,605,649 National Insurance Scheme contributions 866,057 796,961 Pension plan – defined benefit plan (Note 13) 604,268 506,725 Other costs 1,336,340 1,144,628 $ 12,661,323 12,053,963