BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2020 46 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2020 (Expressed in Barbados dollars) 29 7. Operating Expenses 2020 2019 Anniversary expenses $ 117,015 163,756 Advertising 604,661 750,697 Affiliation 100,000 100,000 Audit fees 532,058 440,138 Accounts receivable written off 167,054 - Bank charges 356,222 406,366 Committee travelling allowances 326,280 248,000 Development expenses 53,500 290,997 Direct cost of services 653,754 604,269 Educational grant and scholarship expenses 344,068 385,943 Elected Officials and Committee Training 387,581 498,115 Entertaining 58,253 32,894 Insurance 921,559 748,094 Janitorial services 582,968 556,652 Legacy Foundation – Donations 200,000 200,000 Legal and professional fees 1,327,950 1,093,742 Meetings and conferences 476,889 564,077 Membership security 4,137,915 3,142,001 Sundry expenses 38,121 62,729 National development expenses 60,000 60,000 Office stationery and supplies 1,477,713 1,226,634 Postage 122,036 105,432 Property taxes 486,202 329,958 Publicity and promotion 3,394,801 3,284,693 Regulatory licences 889,689 351,835 Rent 8,828 1,689,647 Repairs and maintenance 4,028,548 3,950,627 Security services 1,463,183 1,595,273 Social outreach expenses 202,732 178,430 Staff and members’ training 616,225 1,148,643 Utilities 1,786,438 1,738,913 VAT (Levy – leases) 114,294 - $ 26,036,537 25,948,555 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 the financial year ended March 31, 2020 amounted to $842,378 (2019: $799,800).
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