Non-Consolidated Annual Report 2014

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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED NON-CONSOLIDATED ANNUAL REPORT 2014
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BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2014
(Expressed in Barbados dollars)
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6. Operating Expenses
2014 2013
Anniversary expenses $ 290,317 267,423
Advertising 1,027,244 578,184
Affiliation 75,000 75,000
Amortization and write-off of deferred expenses 272,947 179,822
Audit fees 409,346 283,101
Bank charges 90,277 84,360
Committee travelling allowances 121,075 119,608
Development expenses 242,857 335,189
Direct cost of services 420,163 379,576
Educational grant & scholarship expenses 294,776 274,290
Elected Officials & Committee Training 202,723 207,630
Entertaining 56,353 43,872
Insurance 361,911 351,281
Janitorial services 325,074 243,572
Legacy Foundation donation 100,000 100,000
Legal and professional fees 961,489 881,171
Meetings and conferences 570,011 414,831
Membership security 2,099,872 2,066,971
Sundry expenses 15,452 30,943
National development expenses 72,673 60,000
Office stationery and supplies 1,025,363 969,714
Postage 103,118 110,951
Property taxes 165,779 165,779
Publicity and promotion 1,940,571 1,860,813
Rent 285,915 171,665
Repairs and maintenance 2,445,277 2,118,285
Security services 648,375 446,915
Social outreach expenses 130,439 101,731
Staff and members’ training 735,608 545,820
Utilities 1,271,953 1,288,067
$ 16,761,958 14,756,564
7. Distributions to Members
Distributions to members include a dividend of $0.233 (2013 - $0.244) per share amounting to $372,400
(2013 - $355,499) and interest rebate amounting to $1,516,008 (2013 - $1,187,520).