BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2015
33
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2015
(Expressed in Barbados dollars)
21
6. Operating Expenses
2015
2014
Anniversary expenses
$
260,430
290,317
Advertising
706,995
1,027,244
Affiliation
75,000
75,000
Amortisation and write-off of deferred expenses
-
272,947
Audit fees
294,000
409,346
Bank charges
57,018
90,277
Committee travelling allowances
120,600
121,075
Development expenses
280,310
242,857
Direct cost of services
418,826
420,163
Educational grant and scholarship expenses
445,215
294,776
Elected Officials and Committee Training
223,895
202,723
Entertaining
70,011
56,353
Insurance
402,062
361,911
Janitorial services
304,570
325,074
Legacy Foundation – Donations
100,000
100,000
Legal and professional fees
804,914
961,489
Meetings and conferences
384,305
570,011
Membership security
2,343,792
2,099,872
Sundry expenses
8,272
15,452
National development expenses
98,783
72,673
Office stationery and supplies
862,315
1,025,363
Postage
165,044
103,118
Property taxes
166,754
165,779
Publicity and promotion
2,198,410
1,940,571
Rent
753,149
285,915
Repairs and maintenance
2,633,975
2,445,277
Security services
782,180
648,375
Social outreach expenses
141,506
130,439
Staff and membersʼ training
653,645
735,608
Utilities
1,167,215
1,271,953
$ 16,923,191
16,761,958
7. Taxation 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 which is $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. Tax on assets expense for the year amounted to $1,350,916.
