63 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2021 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 36 4. Other Income 2021 2020 Fee income $ 1,431,990 2,054,737 Legal income 1,326,721 1,443,202 Rental income 19,494 48,292 Bad debt recoveries 893,004 1,172,506 Insurance agency commissions 1,424,670 1,268,303 Dividend income (4,403) 89,414 Gain (loss) on disposal of property and equipment 51,920 (47,376) Lease income 1,135,380 848,693 Other 57,782 5,595 $ 6,336,558 6,883,366 5. Staff Costs Note 2021 2020 Salaries $ 17,442,671 18,586,722 National insurance scheme contributions 1,716,884 1,751,107 Pension plan – defined contribution plan 88,720 71,516 Pension plan – defined benefit plan 15 627,711 707,218 Other costs 1,892,800 2,382,918 $ 21,768,786 23,499,481 6. Expected Credit Losses Notes 2021 2020 Loans and advances 13 $ 10,174,601 6,689,610 Undrawn loan commitments 24 189,762 19,722 Financial investments 12 (371,009) (309,925) Term deposits 11 77,752 45,832 $ 10,071,106 6,445,239
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