Non-Consolidated Annual Report 2020

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 43 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2020 (Expressed in Barbados dollars) 26 6. Staff Costs 2020 2019 Salaries $ 15,908,933 15,825,823 National Insurance Scheme contributions 1,511,517 1,348,319 Pension plan – defined benefit plan (Note 13) 707,218 465,744 Other costs 2,072,324 2,407,064 $ 20,199,992 20,046,950 7. Operating Expenses 2020 2019 Anniversary expenses $ 117,015 163,756 Advertising 602,811 606,929 Affiliation 100,000 100,000 Audit fees 286,460 227,576 Bank charges 204,658 212,430 Committee travelling allowances 185,480 172,400 Development expenses 53,500 178,342 Direct cost of services 526,900 553,001 Educational grant and scholarship expenses 344,068 385,943 Elected Officials and Committee Training 387,381 498,115 Entertaining 46,425 32,640 Insurance 572,612 509,368 Janitorial services 506,578 487,479 Legacy Foundation – Donations 200,000 200,000 Legal and professional fees 1,023,025 770,386 Meetings and conferences 476,062 547,940 Membership security 4,137,915 3,054,140 Sundry expenses 1,897 34,831 National development expenses 60,000 60,000 Office stationery and supplies 1,246,671 1,140,964 Postage 122,036 92,590 Property taxes 426,330 291,757 Publicity and promotion 3,021,913 2,676,497 Regulatory fees 506,007 - Rent 8,828 760,567 Repairs and maintenance 3,771,240 3,702,609 Security services 1,374,254 1,505,129 Social outreach expenses 202,732 178,430 Staff and members’ training 382,699 838,094 Utilities 1,559,573 1,510,083 $ 22,455,070 21,491,996