BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2015
38
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2015
(Expressed in Barbados dollars)
25
6.
Operating Expenses
2015
2014
Anniversary expenses
$
260,430
290,317
Advertising
1,061,627
1,339,959
Affiliation
75,000
75,000
Amortisation and write-off of deferred expenses
-
272,947
Audit fees
461,025
521,342
Bank charges
78,991
106,272
Committee travelling allowances
175,650
121,075
Development expenses
280,310
242,857
Direct cost of services
418,826
445,183
Educational grant and scholarship expenses
445,215
294,776
Elected Officials and Committee Training
223,895
202,723
Entertaining
70,011
56,353
Insurance
582,893
514,760
Janitorial services
371,164
352,267
Legacy Foundation – Donations
100,000
100,000
Legal and professional fees
1,109,982
1,375,722
Meetings and conferences
487,458
687,160
Membership security
2,400,415
2,168,718
Sundry expenses
97,953
125,225
National development expenses
98,783
72,673
Office stationery and supplies
970,309
1,116,148
Postage
165,044
103,118
Property taxes
176,951
175,700
Publicity and promotion
2,312,605
2,015,748
Regulatory licences
217,814
213,439
Rent
1,424,898
1,018,686
Repairs and maintenance
2,847,557
2,624,265
Security services
863,271
709,989
Social outreach expenses
141,506
130,439
Staff and membersʼ training
825,039
815,868
Utilities
1,412,086
1,432,151
$ 20,156,708
19,720,880
7. Tax on Assets
Under the Tax on Asset Act, 2015, every credit union registered under Section 193 of the Co-operative
Societies Act, Cap 378 with total gross assets of $40 million or more, shall pay within four (4) months
after each assessment quarter, a levy of 0.20% per annum on the average domestic assets of the Credit
Union. This Act came into effect on July 1, 2014 and is expected to expire on March 31, 2016.
