Consolidated Annual Report 2016

37 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2016 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2016 (Expressed in Barbados dollars) 25 6. Operating Expenses 2016 2015 Anniversary expenses $ 329,846 260,430 Advertising 1,100,736 1,061,627 Affiliation 75,000 75,000 Audit fees 459,600 461,025 Bank charges 94,432 78,991 Committee travelling allowances 158,268 175,650 Development expenses 61,905 280,310 Direct cost of services 489,356 418,826 Educational grant and scholarship expenses 329,430 445,215 Elected Officials and Committee Training 407,944 223,895 Entertaining 83,554 70,011 Insurance 574,062 582,893 Janitorial services 355,343 371,164 Legacy Foundation – Donations - 100,000 Legal and professional fees 827,573 1,109,982 Meetings and conferences 658,343 487,458 Membership security 2,530,109 2,400,415 Sundry expenses 83,257 97,953 National development expenses 82,812 98,783 Office stationery and supplies 1,078,650 970,309 Postage 94,987 165,044 Property taxes 251,076 176,951 Publicity and promotion 2,465,785 2,312,605 Regulatory licences 254,977 217,814 Rent 1,515,480 1,424,898 Repairs and maintenance 2,903,698 2,847,557 Security services 933,690 863,271 Social outreach expenses 127,746 141,506 Staff and members’ training 636,042 825,039 Utilities 1,232,455 1,412,086 $ 20,196,156 20,156,708 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 expired on March 31, 2016. Capita Financial Services Inc., being a deposit-taking licensee, was also impacted by the Act. The Act stated that effective June 1, 2014, entities licensed under Section 22 of the Financial Institutions Act, Cap 324A with total gross assets of which is $40 million or more and accepts deposits from third parties, shall pay by the 15th of the sixth (6th) month after each assessment quarter, a levy of 0.20% per annum on the average domestic assets of the deposit taking licensee. Tax on assets expense incurred by the Group for the year amounted to $2,326,813.