BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2021 64 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 37 7. Operating Expenses 2021 2020 Anniversary expenses $ 442,329 117,015 Advertising 655,648 604,661 Affiliation 100,000 100,000 Audit fees 621,200 532,058 Accounts receivable written off 88,175 167,054 Bank charges 402,646 356,222 Committee travelling allowances 399,341 326,280 Development expenses 41,167 53,500 Direct cost of services 1,129,104 653,754 Educational grant and scholarship expenses 207,319 344,068 Elected Officials and Committee Training 2,518 387,581 Entertaining 37,581 58,253 Insurance 958,790 921,559 Janitorial services 854,779 582,968 Legacy Foundation – Donations 300,000 200,000 Legal and professional fees 2,634,258 1,327,950 Meetings and conferences 858,412 476,889 Membership security 4,621,957 4,137,915 Sundry expenses 94,087 38,121 National development expenses 60,000 60,000 Office stationery and supplies 1,484,267 1,477,713 Postage 48,142 122,036 Property taxes 405,118 486,202 Publicity and promotion 2,072,370 3,394,801 Regulatory licences 895,548 889,689 Rent 153,935 8,828 Repairs and maintenance 4,095,536 4,028,548 Security services 1,455,712 1,463,183 Social outreach expenses 184,197 202,732 Staff and members’ training 673,190 616,225 Utilities 1,522,935 1,786,438 VAT (Levy – leases) - 114,294 $ 27,500,261 26,036,537 8. Tax on Assets A subsidiary, being a deposit-taking licensee, is required to pay tax on its assets effective from June 1, 2016 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 which is $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, 2021 amounted to $960,711 (2020: $842,378).
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