79 CONSOLIDATED FINANCIAL STATEMENTS 2023 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2023 (expressed in Barbados dollars) 47 14 Property and Equipment …continued Maturities of Leases Maturities of lease liabilities on an undiscounted basis as of March 31, 2023 are presented below along with the current and non-current lease liabilities on a discounted basis. 2023 $ 2022 $ Within 1 months 1,705,012 1,876,239 Within 1 - 5 years 4,698,289 5,625,887 Thereafter 824,789 1,454,290 Total future payments on an undiscounted basis 7,228,090 8,956,416 Less: Present value discount (917,167) (1,316,114) Present value of lease liabilities 6,310,923 7,640,302 Current portion 1,689,619 1,723,652 Non-current portion 4,621,304 5,916,650 Weighted-average remaining lease term (in years) 5.46 years 5.96 years Weighted-average discount rate 4.95% 4.95% Lease liability is presented as part of ‘Other Liabilities’ in Note 19. 15 Pension Plan Asset The Group participates in a defined benefit pension plan operated by a reputable insurance provider. The pension plan is jointly funded by payments from the Group and certain employees, taking-into account the recommendations of independent qualified actuaries. The Actuary periodically (at least every three years) evaluates the financial position of the Plan and recommends the future contribution rate for the Group. The last full actuarial valuation of the pension plan for eligible employees was carried out on March 31, 2021. The next full review will be performed in 2024. In a Defined Benefit Pension Plan the employees’ entitlement is determined by a formula based on their years of pensionable service and pensionable salary. It is typical for the employees’ benefit to be integrated with the retirement benefits provided by the National Insurance. The contribution rate paid by the employee is fixed and the Credit Union pays the balance of the ultimate cost of the benefits and hence the Credit Union’s contribution is unknown. The Credit Union is expected to pay $802,470 in contributions to its defined benefit plan in 2024 (2023 - $819,109).
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