73 CONSOLIDATED FINANCIAL STATEMENTS 2025 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2025 (expressed in Barbados dollars) 35 7 Operating Expenses 2025 $ 2024 $ Anniversary expenses 261,242 166,747 Advertising 674,160 559,572 Affiliation 100,000 100,000 Audit fees 1,286,747 1,818,448 Accounts receivable written off – 15,441 Bank charges 634,316 1,010,076 Committee travelling allowances 183,327 447,047 Development expenses 85,000 157,333 Direct cost of services 10,766,926 8,396,078 Education grant and scholarship expenses 265,425 213,750 Elected Officials and Committee Training 294,932 342,040 Entertaining 10,516 18,724 Insurance 849,492 719,064 Janitorial services 1,050,536 1,025,100 Legacy Foundation - Donations 300,000 500,000 Legal and professional fees 2,706,452 3,262,215 Meetings and conferences 1,361,526 1,028,589 Membership security 5,586,082 5,818,959 Sundry expenses 90,644 56,258 National development expenses 60,000 60,000 Office stationery and supplies 1,228,222 932,454 Postage 60,062 130,716 Property taxes 437,501 342,753 Publicity and promotion 4,392,560 2,775,561 Regulatory licences 930,121 1,072,332 Rent 1,093,189 683,492 Repairs and maintenance 7,589,820 6,719,789 Security services 1,960,680 2,279,868 Social outreach expenses 114,788 232,444 Staff and members’ training 420,809 519,957 Utilities 1,830,350 1,884,709 46,625,425 43,289,516 The Group engaged PricewaterhouseCoopers SRL as its external auditor for the fiscal years ended 2025 and 2024. The audit fees for 2025 amounted to $1,286,747 (2024 - $1,818,448). These fees include the aggregate costs incurred for the audit of the Group’s annual consolidated financial statements as well as the audit of subsidiaries of the Group. No fees related to non-audit services were incurred for the year (2024 - $82,626).
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