Non-Consolidated Annual Report 2015

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED NON-CONSOLIDATED ANNUAL REPORT 2015 33 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2015 (Expressed in Barbados dollars) 21 6. Operating Expenses 2015 2014 Anniversary expenses $ 260,430 290,317 Advertising 706,995 1,027,244 Affiliation 75,000 75,000 Amortisation and write-off of deferred expenses - 272,947 Audit fees 294,000 409,346 Bank charges 57,018 90,277 Committee travelling allowances 120,600 121,075 Development expenses 280,310 242,857 Direct cost of services 418,826 420,163 Educational grant and scholarship expenses 445,215 294,776 Elected Officials and Committee Training 223,895 202,723 Entertaining 70,011 56,353 Insurance 402,062 361,911 Janitorial services 304,570 325,074 Legacy Foundation – Donations 100,000 100,000 Legal and professional fees 804,914 961,489 Meetings and conferences 384,305 570,011 Membership security 2,343,792 2,099,872 Sundry expenses 8,272 15,452 National development expenses 98,783 72,673 Office stationery and supplies 862,315 1,025,363 Postage 165,044 103,118 Property taxes 166,754 165,779 Publicity and promotion 2,198,410 1,940,571 Rent 753,149 285,915 Repairs and maintenance 2,633,975 2,445,277 Security services 782,180 648,375 Social outreach expenses 141,506 130,439 Staff and membersʼ training 653,645 735,608 Utilities 1,167,215 1,271,953 $ 16,923,191 16,761,958 7. Taxation 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 which is $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. Tax on assets expense for the year amounted to $1,350,916.