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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2022 105GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2022(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)2022 202116. Revenue and income from operating activities $ $Advertising income 104,127 90,902Circulation income 12,966 13,034Printing and other income 695 777Total revenue 117,788 104,713Cost of sales (59,868) (51,007)Gross profit 57,920 53,706Administrative costs (41,211) (34,854)Distribution costs (16,422) (15,979)Other income (see below) 4,329 4,372Profit from operating activities 4,616 7,245Components of other income:Rental income 2,730 2,694Interest and investment income 773 698Loss on foreign exchange (33) (60)Other income 669 632Dividend income 120 75Unrealised gain on revaluation of investment securities 70 333 4,329 4,372Administrative and distribution costs included above:Salaries and wages 25,959 25,488Depreciation and amortisation (excl. right-to-use-assets) 3,493 3,893Depreciation on right-to-use-assets 3,195 2,911Directors%u2019 fees 1,055 1,062Depreciation expense charged to cost of sales for the year amounted to $7.4 million (2021: $7.2 million).Staff cost included in cost of sales amount to $25.3 million (2021: $25.5 million).