BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2016
37
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2016
(Expressed in Barbados dollars)
21
5.
Staff Costs
2016
2015
Salaries
$ 11,596,320
9,854,658
National Insurance Scheme contributions
915,532
866,057
Pension plan – defined benefit plan (Note 13)
567,412
604,268
Other costs
1,791,992
1,336,340
$ 14,871,256
12,661,323
6. Operating Expenses
2016
2015
Anniversary expenses
$
322,960
260,430
Advertising
549,980
706,995
Affiliation
75,000
75,000
Audit fees
299,288
294,000
Bank charges
64,430
57,018
Committee travelling allowances
120,768
120,600
Development expenses
61,905
280,310
Direct cost of services
457,648
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
399,346
402,062
Janitorial services
299,600
304,570
Legacy Foundation – Donations
-
100,000
Legal and professional fees
551,205
804,914
Meetings and conferences
477,121
384,305
Membership security
2,465,088
2,343,792
Sundry expenses
35,832
8,272
National development expenses
82,812
98,783
Office stationery and supplies
942,329
862,315
Postage
91,317
165,044
Property taxes
238,569
166,754
Publicity and promotion
2,163,783
2,198,410
Rent
870,716
753,149
Repairs and maintenance
2,672,189
2,633,975
Security services
857,735
782,180
Social outreach expenses
127,746
141,506
Staff and members’ training
573,361
653,645
Utilities
974,090
1,167,215
$ 16,595,746
16,923,191
