82 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2023 (expressed in Barbados dollars) 50 15 Pension Plan Asset …continued 3) Changes in the present value of the obligation for defined benefit pension plans were as follows: …continued ii) Plan assets consist of the follow: 2023 $ 2022 $ Equities 8,606,672 8,897,019 Bonds 8,447,581 8,264,730 Other 20,201 12,244 17,074,454 17,173,993 The assets of the plan are invested in segregated funds. The major asset categories underlying the plan assets are as follows: 2023 2022 Mortgages 12.96% 12.78% Bonds 32.28% 35.34% Equities 45.06% 41.16% Property 4.20% 4.48% Other 5.50% 6.24% 4) The amounts recognised in the consolidated statement of income are as follows: Note 2023 $ 2022 $ Current service cost 593,739 743,520 Past service cost (1,234,388) – Interest cost on obligation 1,098,158 1,172,394 Expected return on plan assets (1,420,095) (1,232,822) Administrative expenses 24,583 26,534 Net pension expense included in staff costs 5 (938,003) 709,626 5) The amounts recognised in other comprehensive income are as follows: 2023 $ 2022 $ Remeasurement loss/(gain) on obligation 1,173,391 (1,842,664) Remeasurement loss/(gain) on plan assets 1,598,199 (1,048,302) 2,771,590 (2,890,966)
RkJQdWJsaXNoZXIy MTA2MDM=