Consolidated Annual Report 2014

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED ANNUAL REPORT 2014 55 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2014 (Expressed in Barbados dollars) 41 14. Other Assets Other assets are comprised of the following: 2014 2013 Accounts receivable $ 4,264,716 4,059,362 Prepaid employee benefit (Note 18) 2,581,584 - Prepaid expenses 1,996,394 1,649,210 Premiums receivable 1,364,848 779,252 Interest receivable on cash resources 33,674 124,141 Dividend receivable 55,000 55,000 $ 10,296,216 6,666,965 15. Intangible Asset 2014 2013 Goodwill $ 2,910,000 2,910,000 Impairment tests for goodwill Goodwill is allocated to one cash-generating unit (CGU). The recoverable amount for the CGU has been determined using value-in-use calculations. These calculations use cash flow projections based on financial budgets approved by management covering a three year period. Cash flows beyond the three year period are extrapolated using the estimated growth rate stated below. The growth rate does not exceed the long-term average growth rates for the country in which the CGU operates. Key assumptions used for value-in-use calculations Key assumptions are those to which the CGU's recoverable amount is most sensitive. The value-in- use calculation was based on a discount rate of 7% and a growth rate of 5%. Sensitivity to changes in assumptions Management believes that no reasonably possible change in any of the above key assumptions would cause the carrying value of the unit to exceed its recoverable amount.