64 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2024 (expressed in Barbados dollars) 30 4 Other income 2024 $ 2023 $ Fee income 3,335,687 2,455,347 Legal income 846,474 1,030,549 Rental income 166,508 158,348 Bad debt recoveries 1,178,472 1,152,987 Dividend income 149,685 60,600 (Loss)/gain on disposal of property and equipment (13,498) 8,824 5,663,328 4,866,655 5 Expected credit losses Notes 2024 $ 2023 $ Loans and advances 11 2,587,768 4,838,664 Undrawn loan commitments 22 (49,504) (101,488) Financial investments 10 129,056 (3,240) Term deposits 9 8,409 31,821 2,675,729 4,765,757 6 Staff costs Note 2024 $ 2023 $ Salaries 19,629,792 21,554,989 National Insurance Scheme contributions 1,801,029 1,622,847 Pension plan - defined benefit plan 13 395,770 (938,003) Other costs 2,023,165 1,652,383 23,849,756 23,892,216
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