29
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
Notes to the Consolidated Financial Statements
For the year ended March 31, 2013, with comparative figures for 2012
(Expressed in Barbados dollars)
6. OPERATING EXPENSES
2013
2012
Anniversary expenses
$ 267,423
384,434
Acquisition costs
-
586,102
Advertising
954,914
1,111,859
Affiliation
75,000
75,000
Amortization and write-off of deferred expenses (Note 14)
179,822
1,304,456
Amortization of intangible asset (Note 16)
-
291,192
Audit fees
383,097
523,480
Bank charges
105,850
172,443
Committee travelling allowances
143,908
149,387
Development expenses
335,189
415,492
Direct cost of services
409,883
408,042
Educational grant & scholarship expenses
274,290
188,876
Elected Officials & Committee Training
207,630
146,078
Entertaining
43,872
39,494
Insurance
448,207
387,633
Janitorial services
243,572
197,033
Legacy Foundation donation
100,000
300,000
Legal and professional fees
1,194,007
1,148,519
Meetings and conferences
479,638
405,263
Membership security
2,112,787
2,058,326
Sundry expenses
129,721
260,879
National development expenses
60,000
125,732
Office stationery and supplies
1,051,982
937,658
Postage
113,909
123,718
Property taxes
165,779
165,779
Publicity and promotion
1,924,739
1,886,466
Regulatory licences
130,500
122,976
Rent
589,067
372,590
Repairs and maintenance
2,374,360
2,522,866
Security services
488,066
383,241
Social outreach expenses
120,949
135,951
Staff and members’ training
556,473
564,517
Utilities
1,472,578
1,541,727
$ 17,137,212
19,437,209
