Consolidated Annual Report 2019

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2019 48 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2019 (Expressed in Barbados dollars) 33 4. Other Income 2019 2018 Fee income $ 1,824,165 1,759,574 Legal income 988,423 942,256 Rental income 50,804 48,572 Bad debt recoveries 1,063,131 1,755,487 Insurance agency commissions 1,174,469 1,127,441 Dividend income 138,376 101,022 Gain on disposal of equipment 27,458 50,429 Lease income - 225,818 Other 622,927 118,505 $ 5,889,753 6,129,104 5. Staff Costs 2019 2018 Salaries $ 18,027,240 14,958,173 National insurance scheme contributions 1,532,949 1,243,731 Pension plan – defined contribution plan 83,706 84,330 Pension plan – defined benefit plan (Note 15) 465,744 482,153 Other costs 2,602,430 2,019,821 $ 22,712,069 18,788,208 6. Expected Credit Losses 2019 2018 Loans and advances and undrawn loan commitments $ 4,253,760 6,942,341 Financial investments (110,000) - Term deposits 7,688 - $ 4,151,448 6,942,341