37
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2016
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2016
(Expressed in Barbados dollars)
25
6.
Operating Expenses
2016
2015
Anniversary expenses
$
329,846
260,430
Advertising
1,100,736 1,061,627
Affiliation
75,000
75,000
Audit fees
459,600
461,025
Bank charges
94,432
78,991
Committee travelling allowances
158,268
175,650
Development expenses
61,905
280,310
Direct cost of services
489,356
418,826
Educational grant and scholarship expenses
329,430
445,215
Elected Officials and Committee Training
407,944
223,895
Entertaining
83,554
70,011
Insurance
574,062
582,893
Janitorial services
355,343
371,164
Legacy Foundation – Donations
-
100,000
Legal and professional fees
827,573 1,109,982
Meetings and conferences
658,343
487,458
Membership security
2,530,109 2,400,415
Sundry expenses
83,257
97,953
National development expenses
82,812
98,783
Office stationery and supplies
1,078,650
970,309
Postage
94,987
165,044
Property taxes
251,076
176,951
Publicity and promotion
2,465,785 2,312,605
Regulatory licences
254,977
217,814
Rent
1,515,480 1,424,898
Repairs and maintenance
2,903,698 2,847,557
Security services
933,690
863,271
Social outreach expenses
127,746
141,506
Staff and members’ training
636,042
825,039
Utilities
1,232,455 1,412,086
$ 20,196,156 20,156,708
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 expired on March 31, 2016.
Capita Financial Services Inc., being a deposit-taking licensee, was also impacted by the Act. The Act
stated that effective June 1, 2014, entities licensed under Section 22 of the Financial Institutions Act,
Cap 324A with total gross assets of which is $40 million or more and accepts deposits from third parties,
shall pay by the 15th of the sixth (6th) month after each assessment quarter, a levy of 0.20% per annum
on the average domestic assets of the deposit taking licensee.
Tax on assets expense incurred by the Group for the year amounted to $2,326,813.
