BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2016
36
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2016
(Expressed in Barbados dollars)
20
2.
Accounting Policies,
continued
(e) Standards in issue but not yet effective
, continued
IFRS 9 —
Financial Instruments,
continued
Requirements for financial liabilities 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 the statement of other comprehensive income. . It also includes guidance on
hedge accounting. The standard is effective for annual periods beginning on or after January 1, 2018,
with earlier application permitted. The Credit Union is currently evaluating the impact of the standard on
its financial statements.
3.
Net Interest Income
2016
2015
Interest income
Loans and advances
$ 72,886,997
65,504,246
Financial investments
1,915,658
1,676,025
Cash resources
1,565,759
1,970,695
$ 76,368,414
69,150,966
Interest expense
Deposits
$ 24,439,698
22,725,612
Loans payable
1,477,049
1,985,943
25,916,747
24,711,555
Net interest income
$ 50,451,667
44,439,411
4.
Other Income
2016
2015
Fee income
$
1,167,697
955,577
Legal income
1,145,884
1,016,349
Rental income
90,612
75,264
Bad debt recoveries
1,035,086
396,008
Dividend income
109,512
108,288
(Loss)
gain on disposal of equipment
(143)
14,801
$ 3,548,648
2,566,287
