BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2022 68 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2022 (Expressed in Barbados dollars) 36 7. Operating Expenses 2022 2021 Anniversary expenses $ - 442,329 Advertising 815,259 655,648 Affiliation 100,000 100,000 Audit fees 981,624 621,200 Accounts receivable written off 211,077 88,175 Bank charges 464,384 402,646 Committee travelling allowances 520,772 399,341 Development expenses 73,167 41,167 Direct cost of services 1,931,267 1,129,104 Educational grant and scholarship expenses 262,284 207,319 Elected Officials and Committee Training 56,161 2,518 Entertaining 35,556 37,581 Insurance 797,048 958,790 Janitorial services 1,361,452 854,779 Legacy Foundation – Donations 300,000 300,000 Legal and professional fees 3,159,432 2,634,258 Meetings and conferences 824,789 858,412 Membership security 4,500,460 4,621,957 Sundry expenses 115,841 94,087 National development expenses 60,000 60,000 Office stationery and supplies 1,038,797 1,484,267 Postage 180,220 48,142 Property taxes 416,097 405,118 Publicity and promotion 3,236,068 2,072,370 Regulatory licences 940,120 895,548 Rent 107,406 153,935 Repairs and maintenance 5,243,270 4,095,536 Security services 1,925,574 1,455,712 Social outreach expenses 238,600 184,197 Staff and members’ training 977,952 673,190 Utilities 1,995,273 1,522,935 $ 32,869,950 27,500,261 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, 2022 amounted to $993,068 (2021: $960,711). At March 31, 2022, asset tax payable totalled $561,612 (2021: $321,612).
RkJQdWJsaXNoZXIy MTA2MDM=