BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2013
(Expressed in Barbados dollars)
17
2.
Accounting Policies...(continued)
(e) Standards in issue but not yet effective…(continued)
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
$ 60,897,516
59,703,810
Financial investments
825,868
632,080
Cash resources
2,915,154
2,680,300
$ 64,638,538
63,016,190
Interest expense
Deposits
$ 19,984,927
20,403,415
Loans payable
3,457,215
3,634,126
23,442,142
24,037,541
Net interest income
$ 41,196,396
38,978,649
4.
Other Income
2013
2012
Fee income
$
908,271
853,861
Legal income
582,752
706,254
Rental income
815,422
786,228
Bad debt recoveries
448,515
448,059
Dividend income
100,852
102,505
Gain on disposal of equipment
46,911
14,390
$ 2,902,723
2,911,297
5.
Staff Costs
2013
2012
Salaries
$
8,440,250
8,144,044
National Insurance Scheme contributions
692,847
644,825
Pension plan – defined benefit plan (Note 12)
289,553
381,395
Other costs
977,112
711,393
$ 10,399,762
9,881,657
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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
