Consolidated Annual Report 2018

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2018 47 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2018 (Expressed in Barbados dollars) 32 6. Operating Expenses 2018 2017 Anniversary expenses $ 248,118 353,288 Advertising 1,503,223 1,119,344 Affiliation 100,000 100,000 Audit fees 343,354 533,597 Bank charges 239,748 183,390 Committee travelling allowances 168,761 174,000 Development expenses 138,609 158,834 Direct cost of services 628,111 503,531 Educational grant and scholarship expenses 390,493 342,257 Elected Officials and Committee Training 357,938 399,942 Entertaining 63,687 88,393 Insurance 772,659 572,801 Janitorial services 470,954 415,582 Legacy Foundation – Donations 200,000 100,000 Legal and professional fees 1,089,306 766,453 Meetings and conferences 558,968 529,932 Membership security 2,853,476 2,739,311 Sundry expenses 111,267 135,677 National development expenses 60,000 60,000 Office stationery and supplies 1,224,822 1,094,422 Postage 206,049 202,728 Property taxes 268,764 230,139 Publicity and promotion 3,488,567 3,218,510 Regulatory licences 278,288 183,728 Rent 1,711,721 1,584,495 Repairs and maintenance 3,987,568 3,538,291 Security services 1,366,618 1,052,757 Social outreach expenses 150,000 159,700 Staff and members’ training 1,669,292 1,062,545 Utilities 1,588,751 1,385,466 $ 26,239,113 22,989,113 7. Tax on Assets A subsidiary being a deposit-taking licensee, is required to pay tax on its assets effective June 1, 2014 for entities licensed under Section 22 of the Financial Institutions Act, Cap 324A. The Act states that a deposit taking licensee with total gross assets of $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. In the financial year 2017, the levy was increased to 0.35%. Tax on assets expense incurred by the Group for 2018 amounted to $752,574 (2017: $728,304).