45 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2020 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2020 (Expressed in Barbados dollars) 28 4. Other Income 2020 2019 Fee income $ 2,054,737 1,824,165 Legal income 1,443,202 988,423 Rental income 48,292 50,804 Bad debt recoveries 1,172,506 1,063,131 Insurance agency commissions 1,268,303 1,174,469 Dividend income 89,414 138,376 (Loss) gain on disposal of property and equipment (47,376) 27,458 Lease income 848,693 549,728 Other 5,595 73,199 $ 6,883,366 5,889,753 5. Staff Costs 2020 2019 Salaries $ 18,586,722 18,027,240 National insurance scheme contributions 1,751,107 1,532,949 Pension plan – defined contribution plan 71,516 83,706 Pension plan – defined benefit plan (Note 15) 707,218 465,744 Other costs 2,382,918 2,602,430 $ 23,499,481 22,712,069 6. Expected Credit Losses 2020 2019 Loans and advances $ 6,689,610 4,253,760 Undrawn loan commitments 19,722 - Financial investments (309,925) (110,000) Term deposits 45,832 7,688 $ 6,445,239 4,151,448
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