Non-Consolidated Annual Report 2017

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2017 40 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2017 (Expressed in Barbados dollars) 25 6. Operating Expenses 2017 2016 Anniversary expenses $ 353,288 322,960 Advertising 622,315 549,980 Affiliation 100,000 75,000 Audit fees 183,500 299,288 Bank charges 75,269 64,430 Committee travelling allowances 120,600 120,768 Development expenses 158,834 61,905 Direct cost of services 503,531 457,648 Educational grant and scholarship expenses 342,257 329,430 Elected Officials and Committee Training 399,942 407,944 Entertaining 88,393 83,554 Insurance 373,396 399,346 Janitorial services 338,529 299,600 Legacy Foundation – Donations 100,000 - Legal and professional fees 458,416 551,205 Meetings and conferences 508,521 477,121 Membership security 2,673,152 2,465,088 Sundry expenses 8,454 29,892 National development expenses 60,000 82,812 Office stationery and supplies 944,637 942,329 Postage 106,680 91,317 Property taxes 228,009 238,569 Publicity and promotion 3,134,670 2,163,783 Rent 960,959 870,716 Repairs and maintenance 3,302,058 2,672,189 Security services 956,626 857,735 Social outreach expenses 159,700 127,746 Staff and members’ training 811,804 573,361 Utilities 1,183,737 974,090 $ 19,257,27 7 16,595,746 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 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 expired on March 31, 2016. Tax on assets expense for the year amounted to $NIL ( 2016 - $1,948,737).