Consolidated Annual Report 2019

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2019 49 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2019 (Expressed in Barbados dollars) 34 7. Operating Expenses 2019 2018 Anniversary expenses $ 163,756 248,118 Advertising 750,697 1,503,223 Affiliation 100,000 100,000 Audit fees 440,138 343,354 Bank charges 406,366 239,748 Committee travelling allowances 248,000 168,761 Development expenses 290,997 138,609 Direct cost of services 604,269 628,111 Educational grant and scholarship expenses 385,943 390,493 Elected Officials and Committee Training 498,115 357,938 Entertaining 32,894 63,687 Insurance 748,094 772,659 Janitorial services 556,652 470,954 Legacy Foundation – Donations 200,000 200,000 Legal and professional fees 1,093,742 1,089,306 Meetings and conferences 564,077 558,968 Membership security 3,142,001 2,853,476 Sundry expenses 62,729 111,268 National development expenses 60,000 60,000 Office stationery and supplies 1,226,634 1,224,822 Postage 105,432 206,049 Property taxes 329,958 268,764 Publicity and promotion 3,284,693 3,488,567 Regulatory licences 351,835 278,288 Rent 1,689,647 1,711,721 Repairs and maintenance 3,950,627 3,987,568 Security services 1,595,273 1,366,618 Social outreach expenses 178,430 150,000 Staff and members’ training 1,148,643 1,669,292 Utilities 1,738,913 1,588,751 $ 25,948,555 26,239,113 8. 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 2019 amounted to $799,800 (2018: $752,574).