Non-Consolidated Annual Report 2016

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED NON-CONSOLIDATED ANNUAL REPORT 2016 37 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2016 (Expressed in Barbados dollars) 21 5. Staff Costs 2016 2015 Salaries $ 11,596,320 9,854,658 National Insurance Scheme contributions 915,532 866,057 Pension plan – defined benefit plan (Note 13) 567,412 604,268 Other costs 1,791,992 1,336,340 $ 14,871,256 12,661,323 6. Operating Expenses 2016 2015 Anniversary expenses $ 322,960 260,430 Advertising 549,980 706,995 Affiliation 75,000 75,000 Audit fees 299,288 294,000 Bank charges 64,430 57,018 Committee travelling allowances 120,768 120,600 Development expenses 61,905 280,310 Direct cost of services 457,648 418,826 Educational grant and scholarship expenses 329,430 445,215 Elected Officials and Committee Training 407,944 223,895 Entertaining 83,554 70,011 Insurance 399,346 402,062 Janitorial services 299,600 304,570 Legacy Foundation – Donations - 100,000 Legal and professional fees 551,205 804,914 Meetings and conferences 477,121 384,305 Membership security 2,465,088 2,343,792 Sundry expenses 35,832 8,272 National development expenses 82,812 98,783 Office stationery and supplies 942,329 862,315 Postage 91,317 165,044 Property taxes 238,569 166,754 Publicity and promotion 2,163,783 2,198,410 Rent 870,716 753,149 Repairs and maintenance 2,672,189 2,633,975 Security services 857,735 782,180 Social outreach expenses 127,746 141,506 Staff and members’ training 573,361 653,645 Utilities 974,090 1,167,215 $ 16,595,746 16,923,191