Non-Consolidated Annual Report 2016

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED NON-CONSOLIDATED ANNUAL REPORT 2016 36 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2016 (Expressed in Barbados dollars) 20 2. Accounting Policies, continued (e) Standards in issue but not yet effective , continued IFRS 9 — Financial Instruments, continued Requirements for financial liabilities carried forward existing requirements in IAS 39, except that fair value changes due to credit risk for liabilities designated at fair value through profit and loss would generally be recorded in the statement of other comprehensive income. . It also includes guidance on hedge accounting. The standard is effective for annual periods beginning on or after January 1, 2018, with earlier application permitted. The Credit Union is currently evaluating the impact of the standard on its financial statements. 3. Net Interest Income 2016 2015 Interest income Loans and advances $ 72,886,997 65,504,246 Financial investments 1,915,658 1,676,025 Cash resources 1,565,759 1,970,695 $ 76,368,414 69,150,966 Interest expense Deposits $ 24,439,698 22,725,612 Loans payable 1,477,049 1,985,943 25,916,747 24,711,555 Net interest income $ 50,451,667 44,439,411 4. Other Income 2016 2015 Fee income $ 1,167,697 955,577 Legal income 1,145,884 1,016,349 Rental income 90,612 75,264 Bad debt recoveries 1,035,086 396,008 Dividend income 109,512 108,288 (Loss) gain on disposal of equipment (143) 14,801 $ 3,548,648 2,566,287