75 CONSOLIDATED FINANCIAL STATEMENTS 2024 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2024 (expressed in Barbados dollars) 35 7 Operating Expenses 2024 $ 2023 $ Anniversary expenses 166,747 6,484 Advertising 559,572 746,148 Affiliation 100,000 100,000 Audit fees 1,818,448 1,401,796 Accounts receivable written off 15,441 18,379 Bank charges 1,010,076 464,040 Committee travelling allowances 447,047 522,085 Development expenses 157,333 71,666 Direct cost of services 8,396,078 8,069,512 Education grant and scholarship expenses 213,750 196,610 Elected Officials and Committee Training 342,040 505,371 Entertaining 18,724 35,867 Insurance 719,064 838,977 Janitorial services 1,025,100 1,078,411 Legacy Foundation - Donations 500,000 500,000 Legal and professional fees 3,262,215 2,495,037 Meetings and conferences 1,028,589 1,396,531 Membership security 5,818,959 5,171,725 Sundry expenses 56,258 275,792 National development expenses 60,000 60,000 Office stationery and supplies 932,454 752,253 Postage 130,716 106,056 Property taxes 342,753 425,967 Publicity and promotion 2,775,561 2,959,215 Regulatory licences 1,072,332 968,889 Rent 683,492 328,332 Repairs and maintenance 6,719,789 6,129,149 Security services 2,279,868 1,943,364 Social outreach expenses 232,444 261,611 Staff and members’ training 519,957 575,468 Utilities 1,884,709 2,214,852 43,289,516 40,619,587 The Group engaged PricewaterhouseCoopers SRL as its external auditor for the fiscal years ended 2024 and 2023. The audit fees for 2024 amounted to $1,818,448 (2023 - $1,401,796). These fees include the aggregate costs incurred for the audit of the Group’s annual financial statements as well as the audit of subsidiaries of the Group. During 2024 and 2023 the Group also engaged PricewaterhouseCoopers SRL to provide certain non-audit services. The non-audit services include an independent assessment of the Internal Audit (IA) function and an assessment of the current governance and compliance system of the Barbados Public Workers Co-operative Credit Union Limited. Total fees related to non-audit services amounted to $82,626 (2023 - $29,375).
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