Non-Consolidated Annual Report 2019

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2019 54 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2019 (Expressed in Barbados dollars) 39 13. Pension Plan Asset, continued b) Movement in the amounts recognised in the non-consolidated statement of financial position is as follows: 2019 2018 Asset, beginning of year $ 1,808,321 1,232,061 Contributions paid 782,916 693,929 Pension expense recognised in statement of income (465,744) (482,153) Re-measurement recognised in other comprehensive income (1,548,205) 364,484 Asset, end of year $ 577,288 1,808,321 c) Changes in the present value of the obligation for defined benefit pension plans were as follows: 2019 2018 Obligation, beginning of the year $ 10,390,567 9,407,862 Interest cost 842,320 777,197 Current service cost 560,818 536,927 Employees’ contributions 197,840 147,347 Benefits paid (454,327) (62,059) Actuarial losses arising from experience adjustments 537,521 (416,707) Obligation, end of year $ 12,074,739 10,390,567