69 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2022 (Expressed in Barbados dollars) 42 13. Pension Plan Asset, continued The current instruction is to invest all new cash flows 50% in the Bonds Fund and 50% in the Equity Fund. At present, approximately 50% of the Plan’s assets are invested in the Equity Fund and 50% are invested in the Bonds Fund. a) The amounts recognised in the statement of financial position are determined as follows: 2022 2021 Present value of obligation to plan members $ (12,998,135) (14,435,966) Pension plan assets at fair value 17,173,993 15,612,223 Asset recognised in the statement of financial position $ 4,175,858 1,176,257 b) Movement in the amounts recognised in the statement of financial position is as follows: 2022 2021 Asset, beginning of year $ 1,176,257 1,032,311 Contributions paid 818,261 828,006 Pension expense recognised in statement of income (709,626) (627,711) Re-measurement recognised in other comprehensive income 2,890,966 (56,349) Asset, end of year $ 4,175,858 1,176,257
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