81 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) 49 15 Pension Plan Asset …continued 2) Movement in the amounts recognised in the consolidated statement of financial position is as follows: 2023 $ 2022 $ Asset, beginning of year 4,175,858 1,176,257 Contributions paid 773,403 818,261 Pension expense gain/(expense) recognised in the consolidated statement of income 938,003 (709,626) Re-measurement recognised in other comprehensive (loss)/income (2,771,590) 2,890,966 Asset, end of year 3,115,674 4,175,858 3) Changes in the present value of the obligation for defined benefit pension plans were as follows: 2023 $ 2022 $ Obligation, beginning of the year 12,998,135 14,435,966 Interest cost 1,098,158 1,172,394 Current service cost 593,739 743,520 Employees’ contributions 152,353 204,712 Past service cost (1,234,388) – Benefits paid (822,607) (406,116) Actuarial gains/(losses) arising from experience adjustments 1,173,390 (3,152,341) Obligation, end of year 13,958,780 12,998,135 i) Changes in the fair value of the defined benefit pension plan assets were as follows: 2023 $ 2022 $ Opening fair value of plan assets 17,173,993 15,612,223 Actual return (178,104) 971,446 Employer’s contributions 773,402 818,261 Employees’ contributions 152,353 204,712 Benefits paid (822,607) (406,116) Administrative expenses (24,583) (26,533) Closing fair value of plan assets 17,074,454 17,173,993
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