61 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2020 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2020 (Expressed in Barbados dollars) 44 15. Pension Plan Asset, continued g) Sensitivity analysis on projected benefit obligation: Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below: Increase Decrease Discount rate (1% movement) $ (2,209,126) (2,935,854) Future salary growth (0.5% movement) $ 1,185,562 1,069,786 As mortality continues to improve, estimates of life expectancy are expected to increase. The effect on the projected benefit obligation of an increase of one year in the life expectancy is approximately $252,992. 16. Other Assets Other assets are comprised of the following: 2020 2019 Accounts receivable $ 12,494,851 11,672,685 Prepaid employee benefit (Note 20) 2,268,845 3,034,372 Prepaid expenses 2,720,844 1,897,177 Premiums receivable 618,152 878,324 Interest receivable on cash resources 23 3,873 Dividend receivable 30,000 60,000 Other Assets re Goodwill Group (Note 29) 39,786 39,786 $ 18,172,501 17,586,217 17. Intangible Asset 2020 2019 Balance, beginning of year $ - 2,910,000 Less impairment loss - (2,910,000) Balance, end of year $ - -
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