Consolidated Annual Report 2016

51 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) 39 15. Other Assets Other assets are comprised of the following: 2016 2015 Accounts receivable $ 9,211,719 5,365,761 Prepaid employee benefit (Note 19) 3,120,994 2,354,990 Prepaid expenses 2,131,905 2,102,420 Premiums receivable 1,322,565 720,807 Interest receivable on cash resources 17,620 54,985 Dividend receivable 55,000 55,000 Other Assets re Goodwill Credit Union (Note 28) 42,534 186,505 $ 15,902,337 10,840,468 16. Intangible Asset 2016 2015 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 20% and a growth rate of 7%. 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.