60 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2022 (Expressed in Barbados dollars) 32 6. Staff Costs Note 2022 2021 Salaries $ 15,530,731 14,715,816 National Insurance Scheme contributions 1,573,340 1,469,779 Pension plan – defined benefit plan 13 709,626 627,711 Other costs 1,727,162 1,734,560 $ 19,540,859 18,547,866 7. Operating Expenses 2022 2021 Anniversary expenses $ - 442,329 Advertising 680,171 533,074 Affiliation 100,000 100,000 Amortisation of deferred expenses 169,454 - Audit fees 615,911 325,000 Bank charges 251,863 212,478 Committee travelling allowances 187,080 186,000 Development expenses 73,167 41,167 Direct cost of services 815,193 1,075,245 Educational grant and scholarship expenses 262,284 207,319 Elected Officials and Committee Training 56,161 2,518 Entertaining 35,556 37,581 Insurance 570,625 535,080 Janitorial services 1,226,146 748,370 Legacy Foundation – Donations 300,000 300,000 Legal and professional fees 2,758,045 2,146,930 Meetings and conferences 807,200 843,646 Membership security 4,500,460 4,621,957 Sundry expenses 48,158 32,926 National development expenses 60,000 60,000 Office stationery and supplies 604,815 1,065,800 Postage 201,660 54,213 Property taxes 393,465 382,486 Publicity and promotion 3,148,148 1,954,936 Regulatory fees 500,000 500,000 Rent 51,347 - Repairs and maintenance 5,150,092 4,016,902 Security services 1,818,793 1,378,363 Social outreach expenses 226,397 175,815 Staff and members’ training 956,583 656,897 Utilities 1,658,524 1,270,887 $ 28,227,298 23,907,919
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