BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2013
(Expressed in Barbados dollars)
18
6.
Operating Expenses
2013
2012
Anniversary expenses
$
267,423
384,434
Advertising
578,184
878,344
Affiliation
75,000
75,000
Amortization and write-off of deferred expenses (Note 14)
179,822
1,304,456
Audit fees
283,101
341,228
Bank charges
84,360
148,181
Committee travelling allowances
119,608
119,087
Development expenses
335,189
415,492
Direct cost of services
379,576
358,767
Educational grant & scholarship expenses
274,290
188,876
Elected Officials & Committee Training
207,630
146,078
Entertaining
43,872
39,494
Insurance
351,281
346,620
Janitorial services
243,572
197,033
Legacy Foundation – Donations
100,000
300,000
Legal and professional fees
881,171
717,069
Meetings and conferences
414,831
329,555
Membership security
2,066,971
1,999,041
Sundry expenses
30,943
67,203
National development expenses
60,000
125,732
Office stationery and supplies
969,714
864,603
Postage
110,951
96,024
Property taxes
165,779
165,779
Publicity and promotion
1,860,813
1,844,220
Rent
171,665
21,996
Repairs and maintenance
2,118,285
2,372,745
Security services
446,915
354,148
Social outreach expenses
101,731
109,667
Staff and members’ training
545,820
552,463
Utilities
1,288,067
1,348,362
$ 14,756,564
16,211,697
7.
Distributions to Members
Distributions to members include a dividend of $0.244 (2012 - $0.238) per share amounting to $355,499
(2012 - $335,281) and interest rebate amounting to $1,187,520 (2012 - $1,079,327).
27
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
