Consolidated Annual Report 2015

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2015 38 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2015 (Expressed in Barbados dollars) 25 6. Operating Expenses 2015 2014 Anniversary expenses $ 260,430 290,317 Advertising 1,061,627 1,339,959 Affiliation 75,000 75,000 Amortisation and write-off of deferred expenses - 272,947 Audit fees 461,025 521,342 Bank charges 78,991 106,272 Committee travelling allowances 175,650 121,075 Development expenses 280,310 242,857 Direct cost of services 418,826 445,183 Educational grant and scholarship expenses 445,215 294,776 Elected Officials and Committee Training 223,895 202,723 Entertaining 70,011 56,353 Insurance 582,893 514,760 Janitorial services 371,164 352,267 Legacy Foundation – Donations 100,000 100,000 Legal and professional fees 1,109,982 1,375,722 Meetings and conferences 487,458 687,160 Membership security 2,400,415 2,168,718 Sundry expenses 97,953 125,225 National development expenses 98,783 72,673 Office stationery and supplies 970,309 1,116,148 Postage 165,044 103,118 Property taxes 176,951 175,700 Publicity and promotion 2,312,605 2,015,748 Regulatory licences 217,814 213,439 Rent 1,424,898 1,018,686 Repairs and maintenance 2,847,557 2,624,265 Security services 863,271 709,989 Social outreach expenses 141,506 130,439 Staff and membersʼ training 825,039 815,868 Utilities 1,412,086 1,432,151 $ 20,156,708 19,720,880 7. Tax on Assets Under the Tax on Asset Act, 2015, every credit union registered under Section 193 of the Co-operative Societies Act, Cap 378 with total gross assets of $40 million or more, shall pay within four (4) months after each assessment quarter, a levy of 0.20% per annum on the average domestic assets of the Credit Union. This Act came into effect on July 1, 2014 and is expected to expire on March 31, 2016.