67 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2022 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2022 (Expressed in Barbados dollars) 35 4. Other Income 2022 2021 Fee income $ 2,626,406 1,431,990 Legal income 1,191,798 1,326,721 Rental income 146,757 19,494 Bad debt recoveries 1,117,780 893,004 Insurance agency commissions 1,435,419 1,424,670 Dividend income 62,898 (4,403) Gain (loss) on disposal of property and equipment 108,918 51,920 Lease income 1,302,561 1,135,380 Other 40,916 57,782 $ 8,033,453 6,336,558 5. Staff Costs Note 2022 2021 Salaries $ 19,158,158 17,442,671 National insurance scheme contributions 1,869,083 1,716,884 Pension plan - defined contribution plan 57,512 88,720 Pension plan - defined benefit plan 15 709,626 627,711 Other costs 1,900,340 1,892,800 $ 23,694,719 21,768,786 6. Expected Credit Losses Notes 2022 2021 Loans and advances 13 $ 7,529,152 10,174,601 Undrawn loan commitments 24 (30,384) 189,762 Financial investments 12 (14,527) (371,009) Term deposits 11 (106,690) 77,752 $ 7,377,551 10,071,106
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