67 CONSOLIDATED FINANCIAL STATEMENTS 2023 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2023 (expressed in Barbados dollars) 35 4 Other Income 2023 $ 2022 $ Fee income 2,652,313 2,626,406 Legal income 1,030,549 1,191,798 Rental income 158,348 146,757 Bad debt recoveries 1,152,987 1,117,780 Insurance agency commissions 1,525,308 1,435,419 Dividend income 60,600 62,898 Gain on disposal of property and equipment 71,885 108,918 Lease income 1,350,981 1,302,561 Other – 40,916 8,002,971 8,033,453 5 Staff Costs Note 2023 $ 2022 $ Salaries 25,331,046 19,158,158 National insurance scheme contributions 1,902,145 1,869,083 Pension plan - defined contribution plan 63,728 57,512 Pension plan - defined benefit plan 15 (938,003) 709,626 Other costs 2,000,009 1,900,340 28,358,925 23,694,719 6 Expected Credit Losses Notes 2023 $ 2022 $ Loans and advances 13 6,895,524 7,529,152 Undrawn loan commitments 24 (101,489) (30,384) Financial investments 12 (3,240) (14,527) Term deposits 11 32,780 (106,690) 6,823,575 7,377,551
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