Separate Annual Report 2021

56 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2021 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 33 6. Staff Costs Note 2021 2020 Salaries $ 14,715,816 15,908,933 National Insurance Scheme contributions 1,469,779 1,511,517 Pension plan – defined benefit plan 13 627,711 707,218 Other costs 1,734,560 2,072,324 $ 18,547,866 20,199,992 7. Operating Expenses 2021 2020 Anniversary expenses $ 442,329 117,015 Advertising 533,074 602,811 Affiliation 100,000 100,000 Audit fees 325,000 286,460 Bank charges 212,478 204,658 Committee travelling allowances 186,000 185,480 Development expenses 41,167 53,500 Direct cost of services 1,075,245 526,900 Educational grant and scholarship expenses 207,319 344,068 Elected Officials and Committee Training 2,518 387,381 Entertaining 37,581 46,425 Insurance 535,080 572,612 Janitorial services 748,370 506,578 Legacy Foundation – Donations 300,000 200,000 Legal and professional fees 2,146,930 1,023,025 Meetings and conferences 843,646 476,062 Membership security 4,621,957 4,137,915 Sundry expenses 32,926 1,897 National development expenses 60,000 60,000 Office stationery and supplies 1,065,800 1,246,671 Postage 54,213 122,036 Property taxes 382,486 426,330 Publicity and promotion 1,954,936 3,021,913 Regulatory fees 500,000 506,007 Rent - 8,828 Repairs and maintenance 4,016,902 3,771,240 Security services 1,378,363 1,374,254 Social outreach expenses 175,815 202,732 Staff and members’ training 656,897 382,699 Utilities 1,270,887 1,559,573 $ 23,907,919 22,455,070