74 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2024 (expressed in Barbados dollars) 34 4 Other Income 2024 $ 2023 $ Fee income 9,042,992 6,895,604 Legal income 846,474 1,030,549 Rental income 183,418 158,348 Bad debt recoveries 1,226,449 1,152,987 Insurance agency commissions 1,552,065 1,525,308 Dividend income 149,685 60,600 Gain on disposal of property and equipment 471,302 71,885 Lease income 1,251,608 1,350,981 14,723,993 12,246,262 5 Staff Costs Note 2024 $ 2023 $ Salaries 22,884,201 25,331,046 National insurance scheme contributions 2,091,657 1,902,145 Pension plan - defined contribution plan 58,759 63,728 Pension plan - defined benefit plan 15 395,770 (938,003) Other costs 2,245,277 2,000,009 27,675,664 28,358,925 6 Expected Credit Losses Notes 2024 $ 2023 $ Loans and advances 13 2,913,994 6,895,524 Undrawn loan commitments 24 (49,503) (101,489) Financial investments 12 129,056 (3,240) Term deposits 11 8,410 32,780 3,001,957 6,823,575
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