Consolidated Annual Report 2014

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED ANNUAL REPORT 2014 41 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2014 (Expressed in Barbados dollars) 27 6. Operating Expenses 2014 2013 Anniversary expenses $ 290,317 267,423 Advertising 1,339,959 954,914 Affiliation 75,000 75,000 Amortization and write-off of deferred expenses 272,947 179,822 Audit fees 521,342 383,097 Bank charges 106,272 105,850 Committee travelling allowances 121,075 143,908 Development expenses 242,857 335,189 Direct cost of services 445,183 409,883 Educational grant & scholarship expenses 294,776 274,290 Elected Officials & Committee Training 202,723 207,630 Entertaining 56,353 43,872 Insurance 514,760 448,207 Janitorial services 352,267 243,572 Legacy Foundation donation 100,000 100,000 Legal and professional fees 1,375,722 1,194,007 Meetings and conferences 687,160 479,638 Membership security 2,168,718 2,112,787 Sundry expenses 125,225 129,721 National development expenses 72,673 60,000 Office stationery and supplies 1,116,148 1,051,982 Postage 103,118 113,909 Property taxes 175,700 165,779 Publicity and promotion 2,015,748 1,924,739 Regulatory licences 213,439 130,500 Rent 1,018,686 589,067 Repairs and maintenance 2,624,265 2,374,360 Security services 709,989 488,066 Social outreach expenses 130,439 120,949 Staff and members’ training 815,868 556,473 Utilities 1,432,151 1,472,578 $ 19,720,880 17,137,212