68 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2023 (expressed in Barbados dollars) 36 7 Operating Expenses 2023 $ 2022 $ Anniversary expenses 6,484 – Advertising 746,148 815,259 Affiliation 100,000 100,000 Audit fees 1,401,796 981,624 Accounts receivable written off 18,379 211,077 Bank charges 464,040 464,384 Committee travelling allowances 522,085 520,772 Development expenses 71,666 73,167 Direct cost of services 1,938,811 1,931,267 Education grant and scholarship expenses 196,610 262,284 Elected Officials and Committee Training 505,371 56,161 Entertaining 35,867 35,556 Insurance 838,977 797,048 Janitorial services 1,078,411 1,361,452 Legacy Foundation - Donations 500,000 300,000 Legal and professional fees 4,382,447 3,159,432 Meetings and conferences 1,396,531 824,789 Membership security 5,171,725 4,500,460 Sundry expenses 275,792 115,841 National development expenses 60,000 60,000 Office stationery and supplies 752,253 1,038,797 Postage 106,056 180,220 Property taxes 425,967 416,097 Publicity and promotion 2,959,215 3,236,068 Regulatory licences 968,889 940,120 Rent 328,332 107,406 Repairs and maintenance 6,129,149 5,243,270 Security services 1,943,364 1,925,574 Social outreach expenses 261,611 238,600 Staff and members’ training 575,468 977,952 Utilities 2,214,852 1,995,273 36,376,296 32,869,950 8 Tax on Assets The Group’s subsidiary CAPITA Financial Services Inc, 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, 2023 amounted to $879,925 (2022 - $993,068).
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