28
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
Notes to the Consolidated Financial Statements
For the year ended March 31, 2013, with comparative figures for 2012
(Expressed in Barbados dollars)
2. ACCOUNTING POLICIES (CONTINUED)
2.5 Standards in issue but not yet effective
(continued)
cost and fair value through profit or loss. IFRS 9 also replaces the models for measuring equity instruments, and such instruments are
recognized either at fair value through profit or loss or at fair value through other comprehensive income. Where such equity instruments
are measured at fair value through other comprehensive income, dividends are recognized in profit or loss insofar as they do not clearly
represent a return on investment; however, other gains and losses (including impairments) associated with such instruments remain in
accumulated comprehensive income indefinitely.
Requirements for financial liabilities were added in October 2010, and they largely carried forward existing requirements in IAS 39,
except that fair value changes due to credit risk for liabilities designated at fair value through profit and loss would generally be recorded
in statement of other comprehensive income.
3. NET INTEREST INCOME
2013
2012
Interest income
Loans and advances
$ 69,207,771
68,303,152
Financial investments
1,630,450
447,673
Cash resources
3,123,540
2,803,851
73,961,761
71,554,676
Interest expense
Deposits
24,141,316
24,043,451
Loans payable
4,302,894
4,571,345
28,444,210
28,614,796
Net interest income
$ 45,517,551
42,939,880
4. OTHER INCOME
2013
2012
Fee income
$ 1,319,446
1,204,229
Legal income
582,752
706,254
Rental income
815,422
786,228
Bad debt recoveries
448,515
448,059
Insurance agency commissions
396,475
251,358
Dividend income
120,394
114,994
Realized gain on sale of investments
265,290
-
Gain on disposal of equipment
46,911
14,540
Lease income
13,560
64,212
Other
23,329
49,900
$ 4,032,094
3,639,774
5. STAFF COSTS
2013
2012
Salaries
$ 9,716,929
9,405,400
National Insurance scheme contributions
770,567
722,246
Pension plan – defined contribution plan
92,083
94,714
Pension plan – defined benefit plan (Note 13)
289,553
381,395
Other costs
1,079,135
825,819
$ 11,948,267
11,429,574
